3285 Southdale Dr #4

Kettering, OH 45409

$149,900D

3 bd · 2.0 ba · 1,392 sqft · Built 1966 · Condo · Active · 125 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,652/mo
• Mortgage (P&I): −$786
• Tax + insurance: −$287
• HOA: −$618
• Vac / Maint / Mgmt: −$347
• Net cashflow: $-386/mo
• Annual: $-4,627/yr
• Cap rate: 3.74%
• Cash-on-cash: -9.12%
• DSCR: 0.59
• 1% rule: 1.10%
• Cash to close: $41,972

Investor read

• This is a 3-bed/2.0-bath condo listed at $150k.
• At list price, monthly cash flow is $-386 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $82k (45.4% below list).
• Meets the 1% rule at list price ($2k rent vs $150k).
• It's been on market 125 days — a 12% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $82k (45.4% 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 $4k of value loss. Plan a longer hold.
• Location reads 83/100 on livability (#61 in OH, #922 nationally) — a professional / high-income tenant draw. Strengths: crime A+, cost of living A+, housing A+; Watch: commute F.
• Kettering City School District (suburban): math 54% / reading 68% proficiency, ranked #277 of 656 in OH (top 42%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Kettering Fairmont High School (math 49% / reading 75%, grade B-, #202 of 781 statewide, top 29%, 2,486 students, 32% FRL) — zoned schools at 32% FRL track the district average.
• Watch-outs: flood insurance adds $66/mo; HOA is 37% of rent.
• Market conditions: Rents rising fast (+10.8%/yr); 53 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 907 units permitted in Montgomery County in 2024 (416 in 5+ unit buildings).
• Montgomery County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts; this cycle's ask has dropped $25k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

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 125 days. Have you received any prior offers? Is the seller open to a 45% concession, seller financing, or rate buy-down credit?
• Built in 1966 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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.