4611 Court Yard Dr · Mason, OH 45040

$229,000

2 bd · 2.0 ba · 1,190 sqft · Condo public records · 17 Days on market

Built 2000 $280/mo HOA · 14% of rent

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Why this score? — see what drove the D grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +9.0/30.0
• ARV discount +7.5/15.0
• Schools +7.2/10.0
• Livability +4.2/5.0
• 1% rule +3.9/10.0
• Rent growth +3.4/5.0
• DSCR +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Second floor 2 BR 2 BA condo with attached garage, whole house water filter, includes washer & dryer with home warranty.

Key facts

• Walk-in closet
• Private balcony
• Large kitchen

Tags

• PRIVATE ENTRANCE
• VAULTED CEILINGS
• WALK-IN CLOSET
• LARGE KITCHEN
• SEPARATE LAUNDRY ROOM
• PRIVATE BALCONY

Property features AI

Finance

• HOA & community: HOA present with a $280 monthly fee; Association fee covers trash, water, and community landscaping

Exterior

• Parking: Built-in front garage with 2 garage spaces; Driveway parking; On-street parking
• Utilities: Public water; Public sewer; Natural gas
• Home design: Traditional single-family home; Two levels; Poured foundation
• Construction: Brick construction; Shingle roof
• Exterior features: Balcony; Double-hung vinyl windows

Interior

• Kitchen: Pantry; Quartz counters; Counter bar; Window treatments; Laminate flooring; Dishwasher; Garbage disposal; Microwave; Oven/Range; Refrigerator
• Bedrooms: Two bedrooms total; Primary bedroom (Level 2) with walkout
• Flooring: Laminate floors in living, dining, entry, and kitchen areas
• Bathrooms: Two full bathrooms; Primary bathroom includes bidet and shower
• Heating & cooling: Gas heating; Central air conditioning; Gas water heating
• Interior features: 9-foot ceilings and cathedral ceiling; Ceiling fan; Seven total rooms

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $229k.

Deal economics

• At list price, monthly cash flow is $-181 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $197k (14.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $204k (11.0% below list).
• Recommended offer: $197k (14.0% below list) — sets the bar for cash-flow.
• Cap rate 5.3% vs local median 3.2% in Mason — 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.

Location & tenants

• Location reads 85/100 on livability (#43 in OH, #590 nationally) — a professional / high-income tenant draw. Strengths: crime A+, employment A+, housing A+; Watch: health & safety C-, commute F.
• Mason City (suburban): math 81% / reading 81% proficiency, ranked #33 of 656 in OH (top 5%) — strong family-tenant draw, lease renewals of 3-5y typical; only 6% free/reduced lunch — higher-income household profile.
• Zoned schools: Mason Early Childhood Center Elementary School (2,085 students, 10% FRL); Mason Middle School (math 77% / reading 80%, grade A+, #58 of 654 statewide, top 9%, 1,662 students, 8% FRL); William Mason High School (math 74% / reading 86%, grade A, #31 of 781 statewide, top 4%, 3,414 students, 8% FRL) — zoned schools at 8% FRL track the district average.
• Market conditions: Rents rising (+3.5%/yr); 136 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 13d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 1,224 units permitted in Warren County in 2024 (474 in 5+ unit buildings).

Forward outlook

• 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.
• Warren County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($226k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 27y 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 $138k; list at $229k implies a 67% gain — meaningful room to come down on a strong offer.

Recommended offer $197,028 (14.0% below list)

Questions for the listing agent

1. 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?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.89% ✗
• Cap rate: 5.34%
• Cash-on-cash: -3.39%
• DSCR: 0.85
• GRM: 9.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.51% rent growth · sell at horizon

5-year hold

• IRR: -21.2%
• Equity multiple: 0.26×
• Total profit: $-47,425
• Equity at exit: $34,145

10-year hold

• IRR: -13.3%
• Equity multiple: 0.20×
• Total profit: $-51,137
• Equity at exit: $19,800

Cash invested: $64,120 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 73 Landlord-Friendly
• State Ohio: 73 Landlord-Friendly · R+6
• County: — inherits STATE
• City: — inherits STATE

3-day notice; Cleveland / Columbus have some habitability code enforcement; otherwise landlord-leaning.

Methodology + full state rankings →

ZIP-level market 45040

• Rents YoY: 3.5%
• Active inventory: 136
• Price-to-rent: 9.4×

Monthly cashflow live

• Estimated rent: $2,038 medium
• Mortgage (P&I): −$1,201
• Tax from tax record: −$215 /mo · $2,576/yr
• Insurance: −$95
• HOA: −$280
• Vacancy / Maint / Mgmt: −$428
• Net cashflow: $-181

Break-even live

Break-even rent $2,267

Max offer price $197,028

Occupancy floor —

Sensitivity live

Price	-10% $-51	-5% $-116	+0% $-181	+5% $-246	+10% $-311
Rent	-10% $-342	-5% $-261	+0% $-181	+5% $-100	+10% $-20
Rate	-1.0pp $-66	-0.5pp $-123	base $-181	+0.5pp $-240	+1.0pp $-301

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $57,250
• Closing costs: $6,870
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4676 Court Yard Dr Mason, OH	2.0	2.0	1232	$2,050	$1.66	45d	1	0.08mi
4150 Spanish Bay Dr Mason, OH	2.0	1.5	1208	$1,825	$1.51	12d	1	1.00mi
4114 Spanish Bay Dr Mason, OH	2.0	1.5	1144	$2,995	$2.62	0d	1	1.03mi
4068 Spanish Bay Dr Mason, OH	2.0	1.5	1144	$1,700	$1.49	12d	1	1.05mi

HOA detail condo

• Monthly dues: $280 · $3,360/yr
• Likely covers: water
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 10 events

1. 2026-06-21
   days on market $229,000 Active 17 DOM
2. 2026-06-18
   days on market $229,000 Active 14 DOM
3. 2026-06-17
   days on market $229,000 Active 13 DOM
4. 2026-06-16
   days on market $229,000 Active 12 DOM
5. 2026-06-15
   days on market $229,000 Active 11 DOM
6. 2026-06-13
   pricedays on market $229,000 Active 9 DOM
7. 2026-06-09
   days on market $235,000 Active 5 DOM
8. 2026-06-08
   days on market $235,000 Active 4 DOM
9. 2026-06-07
   remarks 493-char remark
10. 2026-06-07
    listed $235,000 Active 3 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast OH · Partial reset (capped growth)

• Current annual tax: $2,576 · $215/mo
• Projected year-2 tax: $3,074 · $256/mo
• Expected delta: +$498/yr (+$42/mo · 19.3%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥103°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,456
• − Mortgage interest: −$12,828
• − Property taxes: −$2,576
• − Insurance: −$1,145
• − Repairs & maintenance: −$1,956
• − Management: −$1,956
• − HOA: −$3,360
• − Depreciation: −$6,662
• Taxable loss: −$6,028
• Est. tax savings @ 24.0%: +$1,447
• After-tax cash flow: $-725/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Mason City
• NCES district ID: 3905045
• Math proficiency: 81% ▼ -8.00%
• Reading proficiency: 81% ▼ -5.00%
• Median HH income: $91,430
• Composite: 72.46/100
• National rank: #200
• State rank: #33 of 656 in OH

Livability — Mason

• Score: 85/100
• State rank: #43
• US rank: #590

Category grades

Amenities B- Commute F Cost of living C Crime A+ Employment A+ Housing A+ Health & safety C- User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mason, OH
• County: Warren County · 196,906 people
• City population: 59,518
• Metro: Cincinnati, OH-KY-IN
• Population (ZIP): 59,518
• Household income: $133,240
• Rent vs Own: 22.3% rent · 77.7% own
• Severe rent burden: 562.0

Population outlook (Warren County) Hauer SSP2

• Today (2025): 248,603 people
• By 2030: 259,345 · +4.3%
• By 2040: 277,666 · +11.7%
• By 2050: 289,599 · +16.5%
• By 2075: 311,681 · +25.4%
• By 2100: 302,738 · +21.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (70%)
• Race & ethnicity: White 70% Asian 19% Two or more races 6% Black 4% Hispanic / Latino 3%
• Common ancestry: Romanian 2% Slovak 2% Lithuanian 1%
• Foreign-born: 20% · China, Canada, Vietnam
• Languages at home: 77% English-only · Other Asian/Pacific 6% Other Indo-European 6% Chinese 4%

Political lean MEDSL · Warren

• 2024 margin: Solid R (+31.5) · D 33.8% · R 65.3%
• 2008→2024 swing: +4.5pp toward D · 2008: -36.1pp · 2024: -31.5pp
• All cycles: 2024: R+31.5 2020: R+30.8 2016: R+37.6 2012: R+39.5 2008: R+36.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -210.08%
• Current HPI: 234.0754
• Rent YoY: ▲ 3.51%
• Metro: Cincinnati, OH-KY-IN
• State GDP YoY: ▲ 1.98%
• F500 in state: 48

Industry mix (Fortune 500 HQ in OH)

Industry	F500 HQs	Revenue
▸Insurance	3	$145B
▸Industrial Machinery	3	$49B
▸Financial Services	3	$24B
▸Consumer Goods	2	$93B
▸Aerospace / Defense	2	$47B
▸Utilities	2	$33B

Price history

+136.2% since first listed

14 events — show timeline

• 2026-06-04 Listed $235,000 Cincy MLS
• 2020-02-25 Sold (MLS) $137,500 Cincy MLS
• 2020-02-06 Contingent — Cincy MLS
• 2020-02-05 Listed $130,000 Cincy MLS
• 2005-10-24 Sold (Public Records) $116,900 Public Records
• 2005-10-20 Sold (MLS) $116,900 Cincy MLS
• 2005-09-08 Listed $114,950 Cincy MLS
• 2002-06-24 Listing Removed — Cincy MLS
• 2001-03-15 Sold (Public Records) $99,500 Public Records
• 2001-02-26 Sold (MLS) $99,500 Cincy MLS
• 2001-01-21 Listed $101,500 Cincy MLS
• 2000-03-24 Sold (MLS) $96,900 Cincy MLS
• 2000-03-19 Listed $99,900 Cincy MLS
• 1999-09-13 Listed $99,500 Cincy MLS

Property tax history

+3.4%/yr

Latest (2025): $2,576 · -0.5% YoY. Source: county tax records.