5679 Monroe St Unit 311

Sylvania, OH 43560

$134,900D

2 bd · 1.0 ba · 1,061 sqft · Built 1970 · Condo · Active · 75 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,444/mo
• Mortgage (P&I): −$707
• Tax + insurance: −$291
• HOA: −$318
• Vac / Maint / Mgmt: −$303
• Net cashflow: $-176/mo
• Annual: $-2,112/yr
• Cap rate: 4.73%
• Cash-on-cash: -5.59%
• DSCR: 0.75
• 1% rule: 1.07%
• Cash to close: $37,772

Investor read

• This is a 2-bed/1.0-bath condo listed at $135k.
• At list price, monthly cash flow is $-176 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $104k (23.0% below list).
• Meets the 1% rule at list price ($1k rent vs $135k).
• It's been on market 75 days — a 6% lower offer ($127k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $104k (23.0% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $933 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 88/100 on livability (#18 in OH, #191 nationally) — a professional / high-income tenant draw. Strengths: crime A+, employment A+, cost of living A+; Watch: amenities C-, commute F.
• Sylvania Schools (suburban): math 63% / reading 71% proficiency, ranked #157 of 656 in OH (top 24%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 18% free/reduced lunch — higher-income household profile.
• Zoned schools: Whiteford Elementary School (math 52% / reading 62%, grade C+, #729 of 1,584 statewide, top 48%, 403 students, 39% FRL); Sylvania Arbor Hills Junior High School (math 56% / reading 58%, grade B, #305 of 654 statewide, top 48%, 502 students, 34% FRL); Sylvania Northview High School (math 59% / reading 78%, grade B, #130 of 781 statewide, top 17%, 1,352 students, 20% FRL).
• Watch-outs: HOA is 22% of rent.
• Market conditions: 196 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 70% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 415 units permitted in Lucas County in 2024 (122 in 5+ unit buildings).
• Lucas County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 6 sale attempts since 16y 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.
• Cap rate 4.7% vs local median 2.8% in Sylvania — 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.
• This rent is only 16% of the median local income ($109k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

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?
• It's been on market 75 days. Have you received any prior offers? Is the seller open to a 23% concession, seller financing, or rate buy-down credit?
• Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?