843 Neeb Rd #1

Covedale, OH 45233

$184,900D

2 bd · 2.0 ba · 1,215 sqft · Built 1998 · Condo · Active · 13 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,795/mo
• Mortgage (P&I): −$970
• Tax + insurance: −$308
• HOA: −$220
• Vac / Maint / Mgmt: −$377
• Net cashflow: $-80/mo
• Annual: $-957/yr
• Cap rate: 5.78%
• Cash-on-cash: -1.85%
• DSCR: 0.92
• 1% rule: 0.97%
• Cash to close: $51,772

Investor read

• This is a 2-bed/2.0-bath condo listed at $185k.
• 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).
• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $173k (6.2% 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 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).
• 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.
• 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.

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.
• 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.
• 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.