9511 Canyon Pass Dr

Hamilton, OH 45011

$155,000B-

2 bd · 1.5 ba · 904 sqft · Built 1989 · Condo · Active · 6 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,131/mo
• Mortgage (P&I): −$813
• Tax + insurance: −$200
• HOA: −$240
• Vac / Maint / Mgmt: −$447
• Net cashflow: $431/mo
• Annual: $5,167/yr
• Cap rate: 9.63%
• Cash-on-cash: 11.91%
• DSCR: 1.53
• 1% rule: 1.37%
• Cash to close: $43,400

Investor read

• This is a 2-bed/1.5-bath condo listed at $155k.
• At list price, monthly cash flow is $431 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $155k).
• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 73/100 on livability (#332 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, schools B; Watch: crime C-, amenities C-, employment D.
• 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.
• Market conditions: Rents rising (+3.0%/yr); 196 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 1,163 units permitted in Butler County in 2024 (356 in 5+ unit buildings).
• 7 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 $110k; 41% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $43k cash investment doubles in ~10 years — after that, you're playing with house money.
• Cap rate 9.6% vs local median 4.6% in Hamilton — 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 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 B-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?
• 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.
• 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.