8341 Pippin Rd

Groesbeck, OH 45239

$222,900D

4 bd · 1.0 ba · 1,172 sqft · Built 1953 · SingleFamily · Active · 26 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,802/mo
• Mortgage (P&I): −$1,169
• Tax + insurance: −$284
• HOA: −$0
• Vac / Maint / Mgmt: −$378
• Net cashflow: $-29/mo
• Annual: $-352/yr
• Cap rate: 6.14%
• Cash-on-cash: -0.56%
• DSCR: 0.97
• 1% rule: 0.81%
• Cash to close: $62,412

Investor read

• This is a 4-bed/1.0-bath single-family listed at $223k.
• At list price, monthly cash flow is $-29 ($-352/yr) — negative.
• To cash-flow at today's rent, offer at most $218k (2.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $180k (19.2% below list).
• It's been on market 26 days — a 2% lower offer ($220k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $180k (19.2% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 84/100 on livability (#48 in OH, #629 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+.
• Northwest Local (suburban): math 38% / reading 46% proficiency, ranked #508 of 656 in OH (top 77%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Struble Elementary School (math 44% / reading 49%, grade D-, #973 of 1,584 statewide, top 62%, 875 students, 0% FRL); White Oak Middle School (math 41% / reading 44%, grade D-, #493 of 654 statewide, top 76%, 729 students, 46% FRL); Colerain High School (math 26% / reading 50%, grade F, #560 of 781 statewide, top 72%, 1,747 students, 54% FRL).
• Watch-outs: built in 1953 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+6.0%/yr); 57 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 801 units permitted in Hamilton County in 2024 (190 in 5+ unit buildings).
• 2 sale attempts since 22y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• This rent runs 36% of the median local income ($60k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• Built in 1953 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
• What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.