843 Neeb Rd #1 · Covedale, OH 45233

$184,900

2 bd · 2.0 ba · 1,215 sqft · Condo · 13 Days on market

Built 1998 $220/mo HOA · 12% 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 +10.9/30.0
• ARV discount +7.5/15.0
• Schools +6.0/10.0
• 1% rule +4.7/10.0
• Livability +3.8/5.0
• DSCR +3.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Oak Tree Condominums. the Savannah. 1st Floor Unit. No Steps. 2 Bdrms, 2 Full Baths, Eat-in Kitchen, Deck Area W/Storage Room. Attached Garage. Tremendous Value.

Key facts

• Covered deck
• Plenty of storage
• Formal dining area

Tags

• EAT-IN KITCHEN
• WOOD CABINETRY
• PLENTY OF STORAGE
• FORMAL DINING AREA
• WALKOUT ACCESS
• COVERED DECK

Property features AI

Finance

• Other: Residential zoning; Lease not considered
• HOA & community: HOA managed by Towne Properties; Monthly association fee of $220 paid by owner; Association covers water, trash, snow removal, landscaping, and association dues

Exterior

• Parking: Attached front garage (1 garage space); Driveway parking; On-street parking
• Utilities: Public water; Public sewer; Natural gas
• Home design: Traditional style; One-level unit with entry on level 1; Common hallway entry; unit entry level 1; Pets allowed; Wheelchair accessible building features
• Construction: Brick and vinyl siding exterior; Shingle roof; Poured foundation; Built as a one-story unit
• Exterior features: Covered deck/patio; Walkout from living area; Vinyl windows (insulated)

Interior

• Kitchen: Eat-in kitchen with vinyl flooring and wood cabinets; Includes microwave, oven/range, refrigerator
• Bedrooms: Two bedrooms on main level — Primary ~15 x 14, Second ~15 x 12
• Flooring: Vinyl flooring in kitchen; Wall-to-wall carpet in living room; Carpet in dining room
• Bathrooms: Two full bathrooms on main level; Primary bathroom with shower and additional features
• Heating & cooling: Forced air heating (gas); Central air conditioning; Gas water heating
• Interior features: Multi-panel doors; Closet in entry/foyer
• Laundry & utility: Washer and dryer included; Laundry in unit

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $185k.

Deal economics

• At list price, monthly cash flow is $-80 ($-957/yr) — negative.
• To cash-flow at today's rent, offer at most $173k (6.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $180k (2.9% below list).
• Recommended offer: $173k (6.2% below list) — sets the bar for cash-flow.
• Cap rate 5.8% vs local median 4.2% in Covedale — 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 76/100 on livability (#235 in OH, #3,713 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: amenities F, health & safety F.
• Oak Hills Local (suburban): math 68% / reading 70% proficiency, ranked #141 of 656 in OH (top 22%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: C O Harrison Elementary School (math 78% / reading 71%, grade A, #272 of 1,584 statewide, top 19%, 943 students, 38% FRL); Rapid Run Middle School (math 70% / reading 70%, grade A, #136 of 654 statewide, top 22%, 605 students, 0% FRL); Oak Hills High School (math 8% / reading 69%, grade F, #557 of 781 statewide, top 72%, 2,325 students, 0% FRL).
• Market conditions: 83 active listings in the ZIP; 1 comparable units currently listed for rent nearby; high-income renter base; 801 units permitted in Hamilton County in 2024 (190 in 5+ unit buildings).

Forward outlook

• 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.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 28y ago; this cycle's ask has dropped $15k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $131k; 41% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $173,360 (6.2% 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 0.97% ✗
• Cap rate: 5.78%
• Cash-on-cash: -1.85%
• DSCR: 0.92
• GRM: 8.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -19.2%
• Equity multiple: 0.33×
• Total profit: $-34,879
• Equity at exit: $27,569

10-year hold

• IRR: -11.7%
• Equity multiple: 0.30×
• Total profit: $-36,253
• Equity at exit: $15,987

Cash invested: $51,772 (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 45233

• Active inventory: 83
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $1,795 medium
• Mortgage (P&I): −$970
• Tax est. 1.5%: −$231 /mo · $2,774/yr
• Insurance: −$77
• HOA: −$220
• Vacancy / Maint / Mgmt: −$377
• Net cashflow: $-80

Break-even live

Break-even rent $1,896

Max offer price $173,360

Occupancy floor 99%

Sensitivity live

Price	-10% $48	-5% $-16	+0% $-80	+5% $-144	+10% $-208
Rent	-10% $-222	-5% $-151	+0% $-80	+5% $-9	+10% $62
Rate	-1.0pp $13	-0.5pp $-33	base $-80	+0.5pp $-128	+1.0pp $-176

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: $46,225
• Closing costs: $5,547
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5695 Victoryview Ln Cincinnati, OH	3.0	2.0	1140	$1,795	$1.57	5d	1	0.03mi

HOA detail condo

• Monthly dues: $220 · $2,640/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 8 events

1. 2026-06-21
   days on market $184,900 Active 13 DOM
2. 2026-06-18
   days on market $184,900 Active 10 DOM
3. 2026-06-17
   pricedays on market $184,900 Active 9 DOM
4. 2026-06-16
   days on market $199,900 Active 8 DOM
5. 2026-06-15
   days on market $199,900 Active 7 DOM
6. 2026-06-13
   days on market $199,900 Active 5 DOM
7. 2026-06-08
   remarks 679-char remark
8. 2026-06-08
   listed $199,900 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 ≥103°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,540
• − Mortgage interest: −$10,357
• − Property taxes: −$2,774
• − Insurance: −$924
• − Repairs & maintenance: −$1,723
• − Management: −$1,723
• − HOA: −$2,640
• − Depreciation: −$5,379
• Taxable loss: −$3,981
• Est. tax savings @ 24.0%: +$955
• After-tax cash flow: $-2/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: Oak Hills Local
• NCES district ID: 3904737
• Math proficiency: 68% ▼ -11.00%
• Reading proficiency: 70% ▼ -8.00%
• Median HH income: $67,889
• Composite: 60.25/100
• National rank: #858
• State rank: #141 of 656 in OH

Livability — Covedale

• Score: 76/100
• State rank: #235
• US rank: #3713

Category grades

Amenities F Commute A- 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: Hamilton · 838,887 people
• Metro: Cincinnati, OH-KY-IN
• Population (ZIP): 15,362
• Household income: $110,408
• Rent vs Own: 18.2% rent · 81.8% own
• Severe rent burden: 7.9

Population outlook (Hamilton County) Hauer SSP2

• Today (2025): 826,054 people
• By 2030: 830,947 · +0.6%
• By 2040: 832,319 · +0.8%
• By 2050: 822,428 · -0.4%
• By 2075: 788,688 · -4.5%
• By 2100: 710,674 · -14.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Black 4% Two or more races 3%
• Common ancestry: Slovak 3% Iranian 2% Romanian 1%
• Foreign-born: 1%
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Hamilton

• 2024 margin: D (+14.9) · D 57.0% · R 42.1%
• 2008→2024 swing: +7.9pp toward D · 2008: 7.0pp · 2024: 14.9pp
• All cycles: 2024: D+14.9 2020: D+15.9 2016: D+9.5 2012: D+4.9 2008: D+7.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -143.43%
• Current HPI: 214.0365
• Rent YoY: —
• Metro: —
• 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

+55.1% since first listed

3 events — show timeline

• 2026-06-08 Listed $199,900 Cincy MLS
• 1999-01-12 Sold (MLS) $130,714 Cincy MLS
• 1998-07-23 Listed $128,900 Cincy MLS