427 Hopkins St #5

Cincinnati, OH 45203

$210,000D-

1 bd · 1.0 ba · 612 sqft · Built 1890 · Condo · Active · 117 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,386/mo
• Mortgage (P&I): −$1,101
• Tax + insurance: −$350
• HOA: −$459
• Vac / Maint / Mgmt: −$291
• Net cashflow: $-816/mo
• Annual: $-9,786/yr
• Cap rate: 1.63%
• Cash-on-cash: -16.64%
• DSCR: 0.26
• 1% rule: 0.66%
• Cash to close: $58,800

Investor read

• This is a 1-bed/1.0-bath condo listed at $210k. Condition is rated good.
• At list price, monthly cash flow is $-816 ($-10k/yr) — negative.
• To cash-flow at today's rent, offer at most $92k (56.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $139k (34.0% below list).
• It's been on market 117 days — a 9% lower offer ($191k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $92k (56.2% below list) — sets the bar for cash-flow.
• In year one you build about $6k of equity ($1k loan paydown + $5k appreciation (2.1% local appreciation)).
• Location reads 80/100 on livability (#130 in OH, #1,856 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: employment D, crime F.
• Cincinnati Public Schools (urban): math 25% / reading 36% proficiency, ranked #581 of 656 in OH (top 89%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 70% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Sands Montessori School (math 70% / reading 77%, grade A, #311 of 1,584 statewide, top 20%, 683 students, 22% FRL); Hartwell School (math 17% / reading 31%, grade F, #593 of 654 statewide, top 91%, 447 students, 0% FRL); Walnut Hills High School (math 79% / reading 89%, grade A, #17 of 781 statewide, top 2%, 2,582 students, 14% FRL) — zoned schools average 12% FRL vs 70% district-wide (59 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 60% at this address vs 30% district-wide (+30 pts) — the actual schools serving this property are materially stronger than the Cincinnati Public Schools average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: HOA is 33% of rent; built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 17 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 58d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 801 units permitted in Hamilton County in 2024 (190 in 5+ unit buildings).
• By year 6, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 1.6% vs local median 4.0% in Cincinnati — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.
• At $1,386/mo this rent would consume 49% of the median local household income ($34k/yr) — very limited rent-growth headroom before tenants either downsize or default.

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?
• It's been on market 117 days. Have you received any prior offers? Is the seller open to a 56% concession, seller financing, or rate buy-down credit?
• Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?