6643 Cloudscape Way · South Lebanon, OH 45039

$214,900

2 bd · 2.0 ba · 1,064 sqft · Condo public records · 23 Days on market

Built 2006 $303/mo HOA · 12% of rent

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Why this score? — see what drove the C+ 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 +17.9/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• 1% rule +6.3/10.0
• Schools +6.1/10.0
• DSCR +5.6/10.0
• Rent growth +4.4/5.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Well maintained 2nd floor end unit, on a cul-de-sac; Open floor plan, vaulted ceilings w/ a lot of natural light; Nice workable kitchen w/ newer refrigerator & dishwasher; Features a master suite w/ WIC & ADJ bath; Easy living community w/ many amenities; Connected to Little Miami bike trail; 1 yr limited HER HomeGard Warranty; Close to Amusement Parks, Golf, Restaurants, I-71 & Shopping * Added Bonus: Paid Water & Trash included in HOA

Key facts

• Open floor plan
• Natural light
• 2nd floor end unit

Tags

• 2ND FLOOR END UNIT
• CUL-DE-SAC
• OPEN FLOOR PLAN
• VAULTED CEILINGS
• NATURAL LIGHT
• NEW LUXURY VINYL FLOORING

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $215k.

Deal economics

• At list price, monthly cash flow is $182 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $215k).
• Recommended offer: $212k (1.5% below list) — sets the bar for market timing.
• Cap rate 7.3% vs local median 3.5% in South Lebanon — 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 74/100 on livability (#279 in OH, #4,589 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, cost of living A+; Watch: schools F, amenities F, commute F.
• Little Miami Local (rural): math 67% / reading 70% proficiency, ranked #140 of 656 in OH (top 21%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 17% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising fast (+7.4%/yr); 130 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 1,224 units permitted in Warren County in 2024 (474 in 5+ unit buildings).

Forward outlook

• In year one you build about $23k of equity ($1k loan paydown + $21k appreciation (10.0% local appreciation)).
• Warren County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (10.0% appreciation + 7.4% rent growth), your $60k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 23 days — a 2% lower offer ($212k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 15y 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 $93k; list at $215k implies a 131% gain — meaningful room to come down on a strong offer.

Recommended offer $211,676 (1.5% below list)

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. 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?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
5. 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.
6. 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.
7. 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: 1.13% ✓
• Cap rate: 7.31%
• Cash-on-cash: 3.64%
• DSCR: 1.16
• GRM: 7.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 7.42% rent growth · sell at horizon

5-year hold

• IRR: 28.9%
• Equity multiple: 3.33×
• Total profit: $140,147
• Equity at exit: $193,599

10-year hold

• IRR: 26.7%
• Equity multiple: 8.17×
• Total profit: $431,306
• Equity at exit: $417,503

Cash invested: $60,172 (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 45039

• Home prices YoY: 7.3%
• Rents YoY: 7.4%
• Active inventory: 130
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $2,431 medium
• Mortgage (P&I): −$1,127
• Tax from tax record: −$219 /mo · $2,624/yr
• Insurance: −$90
• HOA: −$303
• Vacancy / Maint / Mgmt: −$511
• Net cashflow: $182

Break-even live

Break-even rent $2,200

Max offer price $214,900

Occupancy floor 87%

Sensitivity live

Price	-10% $304	-5% $243	+0% $182	+5% $122	+10% $61
Rent	-10% $-10	-5% $86	+0% $182	+5% $279	+10% $375
Rate	-1.0pp $291	-0.5pp $237	base $182	+0.5pp $127	+1.0pp $70

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: $53,725
• Closing costs: $6,447
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1409 Grandin Rd Maineville, OH	2.0	2.0	1460	$4,200	$2.88	3d	1	0.67mi

HOA detail condo

• Monthly dues: $303 · $3,636/yr
• Likely covers: watertrash
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 22 events

1. 2026-03-13
   status Pending
2. 2026-02-18
   listed $214,900 Active
3. 2026-02-18
   listed $214,900 Active
4. 2016-08-17
   soldstatus $93,000
5. 2016-08-12
   soldstatus $93,000 Sold 466-char remark

   Show marketing remark (466 chars)

   Well maintained 2nd floor end unit, on a cul-de-sac; Open floor plan, vaulted ceilings w/ a lot of natural light; Nice workable kitchen w/ newer refrigerator & dishwasher; Features a master suite w/ WIC & ADJ bath; Easy living community w/ many amenities; Connected to Little Miami bike trail; 1 yr limited HER HomeGard Warranty; Close to Amusement Parks, Golf, Restaurants, I-71 & Shopping * Added Bonus: Paid Water & Trash included in HOA

6. 2016-08-12
   soldstatus $93,000 Closed 466-char remark

   Show marketing remark (466 chars)

   Well maintained 2nd floor end unit, on a cul-de-sac; Open floor plan, vaulted ceilings w/ a lot of natural light; Nice workable kitchen w/ newer refrigerator & dishwasher; Features a master suite w/ WIC & ADJ bath; Easy living community w/ many amenities; Connected to Little Miami bike trail; 1 yr limited HER HomeGard Warranty; Close to Amusement Parks, Golf, Restaurants, I-71 & Shopping * Added Bonus: Paid Water & Trash included in HOA

7. 2016-08-12
   soldstatus $93,000 Sold

   Show marketing remark (466 chars)

   Well maintained 2nd floor end unit, on a cul-de-sac; Open floor plan, vaulted ceilings w/ a lot of natural light; Nice workable kitchen w/ newer refrigerator & dishwasher; Features a master suite w/ WIC & ADJ bath; Easy living community w/ many amenities; Connected to Little Miami bike trail; 1 yr limited HER HomeGard Warranty; Close to Amusement Parks, Golf, Restaurants, I-71 & Shopping * Added Bonus: Paid Water & Trash included in HOA

8. 2016-07-12
   status Pending 466-char remark

   Show marketing remark (466 chars)

   Well maintained 2nd floor end unit, on a cul-de-sac; Open floor plan, vaulted ceilings w/ a lot of natural light; Nice workable kitchen w/ newer refrigerator & dishwasher; Features a master suite w/ WIC & ADJ bath; Easy living community w/ many amenities; Connected to Little Miami bike trail; 1 yr limited HER HomeGard Warranty; Close to Amusement Parks, Golf, Restaurants, I-71 & Shopping * Added Bonus: Paid Water & Trash included in HOA

9. 2016-07-12
   historical Accept Backup Offers

   Show marketing remark (466 chars)

   Well maintained 2nd floor end unit, on a cul-de-sac; Open floor plan, vaulted ceilings w/ a lot of natural light; Nice workable kitchen w/ newer refrigerator & dishwasher; Features a master suite w/ WIC & ADJ bath; Easy living community w/ many amenities; Connected to Little Miami bike trail; 1 yr limited HER HomeGard Warranty; Close to Amusement Parks, Golf, Restaurants, I-71 & Shopping * Added Bonus: Paid Water & Trash included in HOA

10. 2016-06-25
    listed $97,513 Active

    Show marketing remark (466 chars)

    Well maintained 2nd floor end unit, on a cul-de-sac; Open floor plan, vaulted ceilings w/ a lot of natural light; Nice workable kitchen w/ newer refrigerator & dishwasher; Features a master suite w/ WIC & ADJ bath; Easy living community w/ many amenities; Connected to Little Miami bike trail; 1 yr limited HER HomeGard Warranty; Close to Amusement Parks, Golf, Restaurants, I-71 & Shopping * Added Bonus: Paid Water & Trash included in HOA

11. 2016-06-25
    listed $97,513 Active 466-char remark

    Show marketing remark (466 chars)

    Well maintained 2nd floor end unit, on a cul-de-sac; Open floor plan, vaulted ceilings w/ a lot of natural light; Nice workable kitchen w/ newer refrigerator & dishwasher; Features a master suite w/ WIC & ADJ bath; Easy living community w/ many amenities; Connected to Little Miami bike trail; 1 yr limited HER HomeGard Warranty; Close to Amusement Parks, Golf, Restaurants, I-71 & Shopping * Added Bonus: Paid Water & Trash included in HOA

12. 2012-06-08
    soldstatus $65,000
13. 2012-05-29
    soldstatus $65,000
14. 2012-03-16
    historical
15. 2012-03-16
    listed $69,900
16. 2012-02-21
    listed $74,900
17. 2012-02-21
    historical
18. 2011-11-02
    listed $79,900
19. 2011-10-28
    historical
20. 2011-08-22
    listed $87,000
21. 2011-08-08
    historical
22. 2011-02-08
    listed $89,000

ⓘ 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: $2,624 · $219/mo
• Projected year-2 tax: $2,988 · $249/mo
• Expected delta: +$364/yr (+$30/mo · 13.9%)

ⓘ 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 ≥102°F today · 20 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $29,175
• − Mortgage interest: −$12,038
• − Property taxes: −$2,624
• − Insurance: −$1,074
• − Repairs & maintenance: −$2,334
• − Management: −$2,334
• − HOA: −$3,636
• − Depreciation: −$6,252
• Taxable loss: −$1,118
• Est. tax savings @ 24.0%: +$268
• After-tax cash flow: $2,458/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: Little Miami Local
• NCES district ID: 3905044
• Math proficiency: 67% ▼ -11.00%
• Reading proficiency: 70% ▼ -6.00%
• Median HH income: $74,949
• Composite: 60.5/100
• National rank: #844
• State rank: #140 of 656 in OH

Livability — South Lebanon

• Score: 74/100
• State rank: #279
• US rank: #4589

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Warren County · 196,906 people
• City population: 7,053
• Metro: Cincinnati, OH-KY-IN
• Population (ZIP): 28,335
• Household income: $108,794
• Rent vs Own: 16.2% rent · 83.8% own
• Severe rent burden: 307.0

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 (88%)
• Race & ethnicity: White 88% Hispanic / Latino 5% Two or more races 5% Asian 3% Black 2%
• Common ancestry: Romanian 2% Scotch-Irish 2% Lithuanian 2%
• Foreign-born: 8% · Canada, Jamaica
• Languages at home: 92% English-only · Spanish 3% Russian/Polish/Slavic 2% Other Indo-European 1%

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: ▲ 38.63%
• Current HPI: 568.09
• Rent YoY: ▲ 7.42%
• 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

+141.5% since first listed

22 events — show timeline

• 2026-03-13 Pending — Dayton MLS
• 2026-02-18 Listed $214,900 Cincy MLS
• 2026-02-18 Listed $214,900 Dayton MLS
• 2016-08-17 Sold (Public Records) $93,000 Public Records
• 2016-08-12 Sold (MLS) $93,000 Dayton MLS
• 2016-08-12 Sold (MLS) $93,000 Cincy MLS
• 2016-08-12 Sold (MLS) $93,000 Dayton MLS
• 2016-07-12 Pending — Dayton MLS
• 2016-07-12 Contingent — Cincy MLS
• 2016-06-25 Listed $97,513 Cincy MLS
• 2016-06-25 Listed $97,513 Dayton MLS
• 2012-06-08 Sold (Public Records) $65,000 Public Records
• 2012-05-29 Sold (MLS) $65,000 Cincy MLS
• 2012-03-16 Listed $69,900 Cincy MLS
• 2012-03-16 Listing Removed — Cincy MLS
• 2012-02-21 Listing Removed — Cincy MLS
• 2012-02-21 Listed $74,900 Cincy MLS
• 2011-11-02 Listed $79,900 Cincy MLS
• 2011-10-28 Listing Removed — Cincy MLS
• 2011-08-22 Listed $87,000 Cincy MLS
• 2011-08-08 Listing Removed — Cincy MLS
• 2011-02-08 Listed $89,000 Cincy MLS

Property tax history

+3.7%/yr

Latest (2025): $2,624 · -0.0% YoY. Source: county tax records.