5138 Cassidy Pass Dr #38

Beckett Ridge, OH 45011

$198,000D

2 bd · 2.0 ba · 1,008 sqft · Built 1989 · Condo · Active · 6 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,943/mo
• Mortgage (P&I): −$1,038
• Tax + insurance: −$267
• HOA: −$300
• Vac / Maint / Mgmt: −$408
• Net cashflow: $-70/mo
• Annual: $-844/yr
• Cap rate: 5.87%
• Cash-on-cash: -1.52%
• DSCR: 0.93
• 1% rule: 0.98%
• Cash to close: $55,440

Investor read

• This is a 2-bed/2.0-bath condo listed at $198k.
• At list price, monthly cash flow is $-70 ($-844/yr) — negative.
• To cash-flow at today's rent, offer at most $186k (6.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $194k (1.9% below list).
• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $186k (6.3% 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 70/100 on livability (#479 in OH) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities D-, commute F, health & safety F.
• Lakota Local (suburban): math 68% / reading 72% proficiency, ranked #107 of 656 in OH (top 16%) — strong family-tenant draw, lease renewals of 3-5y typical; only 18% free/reduced lunch — higher-income household profile.
• Zoned schools: Freedom Elementary School (math 72% / reading 70%, grade A-, #371 of 1,584 statewide, top 24%, 677 students, 29% FRL); Lakota Ridge Junior School (math 56% / reading 68%, grade B+, #242 of 654 statewide, top 38%, 679 students, 30% FRL); Lakota West High School (math 54% / reading 75%, grade B-, #164 of 781 statewide, top 24%, 2,740 students, 22% FRL).
• Market conditions: Rents rising (+3.0%/yr); 197 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 6d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 1,163 units permitted in Butler County in 2024 (356 in 5+ unit buildings).
• 3 sale attempts since 14y 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.
• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

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.