4153 Spyglass Hl · Mason, OH 45040

$254,900

2 bd · 1.5 ba · 1,208 sqft · Condo public records · 76 Days on market

Built 2002 $170/mo HOA · 8% 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 +9.8/30.0
• ARV discount +7.5/15.0
• Schools +7.2/10.0
• Livability +4.2/5.0
• Rent growth +3.4/5.0
• 1% rule +3.3/10.0
• DSCR +2.8/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Updated Mason Townhome, 2 Beds, 1.5 Baths, 1-Car Garage! Rentals allowed! Beautifully updated with fresh paint, new carpet, and LVP flooring (Nov 2025). Spacious great room with dining area, and an eat-in kitchen featuring new refrigerator (Dec 2025), oven/range, microwave, and dishwasher, plus a walkout to a covered patio. Additional storage room included. Primary suite boasts a vaulted ceiling and big closet. Large bathroom with double vanities, tub/shower, linen closet, and tile floors. New windows being installed in both bedrooms. Enjoy a pool community with low HOA of $170/month. Prime location near I-71, Kings Island, shopping, and dining.

Key facts

• Fresh paint
• Spacious great room
• New carpet

Tags

• UPDATED MASON TOWNHOME
• RENTALS ALLOWED
• FRESH PAINT
• NEW CARPET
• LVP FLOORING
• SPACIOUS GREAT ROOM

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath condo listed at $255k.

Deal economics

• At list price, monthly cash flow is $-227 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $215k (15.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $210k (17.4% below list).
• Recommended offer: $210k (17.4% below list) — sets the bar for 1% rule.
• Cap rate 5.5% vs local median 3.1% 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: schools A+, crime A+, employment 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.
• Market conditions: Rents rising (+3.5%/yr); 141 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals leasing fast (median 11d 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 $8k 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 76 days — a 6% lower offer ($240k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 23y 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 $83k; list at $255k implies a 207% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $210,469 (17.4% 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. It's been on market 76 days. Have you received any prior offers? Is the seller open to a 17% concession, seller financing, or rate buy-down credit?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 0.83% ✗
• Cap rate: 5.53%
• Cash-on-cash: -2.71%
• DSCR: 0.88
• GRM: 10.1

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: -22.1%
• Equity multiple: 0.24×
• Total profit: $-54,597
• Equity at exit: $38,006

10-year hold

• IRR: -14.6%
• Equity multiple: 0.14×
• Total profit: $-61,247
• Equity at exit: $22,039

Cash invested: $71,372 (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: 141
• Price-to-rent: 10.1×

Monthly cashflow live

• Estimated rent: $2,105 high
• Mortgage (P&I): −$1,337
• Tax from tax record: −$211 /mo · $2,530/yr
• Insurance: −$106
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$170
• Vacancy / Maint / Mgmt: −$442
• Net cashflow: $-227

Break-even live

Break-even rent $2,393

Max offer price $214,714

Occupancy floor —

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: $63,725
• Closing costs: $7,647
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4150 Spanish Bay Dr Mason, OH	2.0	1.5	1208	$1,825	$1.51	10d	1	0.06mi
4114 Spanish Bay Dr Mason, OH	2.0	1.5	1144	$2,995	$2.62	1d	1	0.09mi
4068 Spanish Bay Dr Mason, OH	2.0	1.5	1144	$1,700	$1.49	10d	1	0.15mi
400 Sherwood Green Ct Mason, OH	2.0	2.0	1200	$1,700	$1.42	16d	1	0.66mi
512 Glencoe Ct Mason, OH	2.0	1.5	1336	$1,790	$1.34	10d	1	0.85mi
4676 Court Yard Dr Mason, OH	2.0	2.0	1232	$2,050	$1.66	43d	1	0.98mi

HOA detail condo

• Monthly dues: $170 · $2,040/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 22 events

1. 2026-06-03
   days on market $254,900 Active 76 DOM
2. 2026-06-02
   days on market $254,900 Active 75 DOM
3. 2026-06-01
   days on market $254,900 Active 74 DOM
4. 2026-05-31
   days on market $254,900 Active 73 DOM
5. 2026-04-23
   price $254,900 656-char remark

   Show marketing remark (656 chars)

   Updated Mason Townhome, 2 Beds, 1.5 Baths, 1-Car Garage! Rentals allowed! Beautifully updated with fresh paint, new carpet, and LVP flooring (Nov 2025). Spacious great room with dining area, and an eat-in kitchen featuring new refrigerator (Dec 2025), oven/range, microwave, and dishwasher, plus a walkout to a covered patio. Additional storage room included. Primary suite boasts a vaulted ceiling and big closet. Large bathroom with double vanities, tub/shower, linen closet, and tile floors. New windows being installed in both bedrooms. Enjoy a pool community with low HOA of $170/month. Prime location near I-71, Kings Island, shopping, and dining.

6. 2026-03-19
   listed $259,900 Active 656-char remark

   Show marketing remark (656 chars)

   Updated Mason Townhome, 2 Beds, 1.5 Baths, 1-Car Garage! Rentals allowed! Beautifully updated with fresh paint, new carpet, and LVP flooring (Nov 2025). Spacious great room with dining area, and an eat-in kitchen featuring new refrigerator (Dec 2025), oven/range, microwave, and dishwasher, plus a walkout to a covered patio. Additional storage room included. Primary suite boasts a vaulted ceiling and big closet. Large bathroom with double vanities, tub/shower, linen closet, and tile floors. New windows being installed in both bedrooms. Enjoy a pool community with low HOA of $170/month. Prime location near I-71, Kings Island, shopping, and dining.

7. 2012-10-08
   soldstatus $83,000
8. 2012-09-28
   soldstatus $83,000 179-char remark

   Show marketing remark (179 chars)

   This end unit has an open floor plan & full equipped kitchen. Patio overlooks wooded area. Garage directly across from unit. Community lake & pool. Storage area off patio.

9. 2012-02-20
   listed $90,000 179-char remark

   Show marketing remark (179 chars)

   This end unit has an open floor plan & full equipped kitchen. Patio overlooks wooded area. Garage directly across from unit. Community lake & pool. Storage area off patio.

10. 2009-07-10
    historical
11. 2009-01-14
    listed $116,900
12. 2009-01-01
    historical
13. 2008-08-15
    listed $119,900
14. 2008-08-15
    historical
15. 2008-02-18
    listed $119,900
16. 2006-07-03
    soldstatus $113,900
17. 2006-06-26
    soldstatus $113,900
18. 2006-03-06
    listed $113,900
19. 2004-11-09
    historical
20. 2004-07-08
    listed $127,500
21. 2004-02-16
    historical
22. 2003-11-11
    listed $131,900

ⓘ 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: $2,530 · $211/mo
• Projected year-2 tax: $3,253 · $271/mo
• Expected delta: +$723/yr (+$60/mo · 28.6%)

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

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone X (unshaded) · 99% 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: $25,256
• − Mortgage interest: −$14,278
• − Property taxes: −$2,530
• − Insurance: −$2,072
• − Repairs & maintenance: −$2,021
• − Management: −$2,021
• − HOA: −$2,040
• − Depreciation: −$7,415
• Taxable loss: −$7,120
• Est. tax savings @ 24.0%: +$1,709
• After-tax cash flow: $-1,021/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

+93.3% since first listed

18 events — show timeline

• 2026-04-23 Price Changed $254,900 Cincy MLS
• 2026-03-19 Listed $259,900 Cincy MLS
• 2012-10-08 Sold (Public Records) $83,000 Public Records
• 2012-09-28 Sold (MLS) $83,000 Cincy MLS
• 2012-02-20 Listed $90,000 Cincy MLS
• 2009-07-10 Listing Removed — Cincy MLS
• 2009-01-14 Listed $116,900 Cincy MLS
• 2009-01-01 Listing Removed — Cincy MLS
• 2008-08-15 Listing Removed — Cincy MLS
• 2008-08-15 Listed $119,900 Cincy MLS
• 2008-02-18 Listed $119,900 Cincy MLS
• 2006-07-03 Sold (Public Records) $113,900 Public Records
• 2006-06-26 Sold (MLS) $113,900 Cincy MLS
• 2006-03-06 Listed $113,900 Cincy MLS
• 2004-11-09 Listing Removed — Cincy MLS
• 2004-07-08 Listed $127,500 Cincy MLS
• 2004-02-16 Listing Removed — Cincy MLS
• 2003-11-11 Listed $131,900 Cincy MLS

Property tax history

+2.8%/yr

Latest (2025): $2,530 · -0.5% YoY. Source: county tax records.