4611 Court Yard Dr

Mason, OH 45040

$229,000D

2 bd · 2.0 ba · 1,190 sqft · Built 2000 · Condo · Active · 17 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,038/mo
• Mortgage (P&I): −$1,201
• Tax + insurance: −$310
• HOA: −$280
• Vac / Maint / Mgmt: −$428
• Net cashflow: $-181/mo
• Annual: $-2,172/yr
• Cap rate: 5.34%
• Cash-on-cash: -3.39%
• DSCR: 0.85
• 1% rule: 0.89%
• Cash to close: $64,120

Investor read

• This is a 2-bed/2.0-bath condo listed at $229k.
• 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).
• It's been on market 17 days — a 2% lower offer ($226k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $197k (14.0% below list) — sets the bar for cash-flow.
• 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 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).
• Warren County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 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.
• 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.

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?
• 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?
• 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?
• 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.