12041 Carrington Ln #103

Loveland, OH 45140

$192,900D

2 bd · 2.0 ba · 1,112 sqft · Built 1995 · Condo · Active · 66 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,030/mo
• Mortgage (P&I): −$1,012
• Tax + insurance: −$322
• HOA: −$470
• Vac / Maint / Mgmt: −$426
• Net cashflow: $-199/mo
• Annual: $-2,390/yr
• Cap rate: 5.05%
• Cash-on-cash: -4.42%
• DSCR: 0.80
• 1% rule: 1.05%
• Cash to close: $54,012

Investor read

• This is a 2-bed/2.0-bath condo listed at $193k. Condition is rated fair.
• At list price, monthly cash flow is $-199 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $164k (14.9% below list).
• Meets the 1% rule at list price ($2k rent vs $193k).
• It's been on market 66 days — a 6% lower offer ($181k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $164k (14.9% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 84/100 on livability (#49 in OH, #696 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, cost of living A+; Watch: commute F.
• Sycamore Community City (suburban): math 83% / reading 84% proficiency, ranked #30 of 656 in OH (top 5%) — strong family-tenant draw, lease renewals of 3-5y typical; only 13% free/reduced lunch — higher-income household profile.
• Zoned schools: Symmes Elementary School (math 88% / reading 75%, grade A+, #149 of 1,584 statewide, top 10%, 648 students, 15% FRL); Edwin H Greene Intermediate Middle School (math 80% / reading 86%, grade A+, #29 of 654 statewide, top 5%, 876 students, 12% FRL); Sycamore High School (math 71% / reading 85%, grade A-, #50 of 781 statewide, top 6%, 1,639 students, 15% FRL) — zoned schools at 14% FRL track the district average.
• Watch-outs: HOA is 23% of rent.
• Market conditions: Rents rising fast (+4.4%/yr); 157 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals leasing fast (median 0d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 801 units permitted in Hamilton County in 2024 (190 in 5+ unit buildings).
• 4 sale attempts since 4y 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.
• Current owner paid $156k; 24% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Cap rate 5.1% vs local median 3.0% in Loveland — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

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 66 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• 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 A-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?

Repairs flagged (vision-AI assessment)

• Moderate: kitchen cabinets — outdated and worn
• Moderate: bathroom cabinets — outdated and worn
• Minor: exterior siding — some discoloration