3244 Grand Falls Blvd

Landen, OH 45039

$220,000C-

2 bd · 2.0 ba · 1,248 sqft · Built 2006 · Condo · Active · 73 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,957/mo
• Mortgage (P&I): −$1,154
• Tax + insurance: −$345
• HOA: −$390
• Vac / Maint / Mgmt: −$411
• Net cashflow: $-343/mo
• Annual: $-4,114/yr
• Cap rate: 4.42%
• Cash-on-cash: -6.68%
• DSCR: 0.70
• 1% rule: 0.89%
• Cash to close: $61,600

Investor read

• This is a 2-bed/2.0-bath condo listed at $220k.
• At list price, monthly cash flow is $-343 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $159k (27.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $196k (11.1% below list).
• It's been on market 73 days — a 6% lower offer ($207k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $159k (27.5% below list) — sets the bar for cash-flow.
• In year one you build about $24k of equity ($2k loan paydown + $22k appreciation (10.0% local appreciation)).
• Location reads 80/100 on livability (#121 in OH, #1,779 nationally) — a professional / high-income tenant draw. Strengths: crime A+, employment A+, cost of living A+; Watch: amenities D, commute F.
• Kings Local (suburban): math 76% / reading 78% proficiency, ranked #61 of 656 in OH (top 9%) — strong family-tenant draw, lease renewals of 3-5y typical; only 16% free/reduced lunch — higher-income household profile.
• Zoned schools: Kings Mills Elementary School (math 81% / reading 73%, grade A, #221 of 1,584 statewide, top 16%, 532 students, 9% FRL); Kings Junior High School (math 73% / reading 77%, grade A, #83 of 654 statewide, top 13%, 714 students, 15% FRL); Kings High School (math 67% / reading 81%, grade B+, #83 of 781 statewide, top 11%, 1,435 students, 14% FRL) — zoned schools at 13% FRL track the district average.
• Market conditions: Rents rising fast (+7.4%/yr); 130 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,224 units permitted in Warren County in 2024 (474 in 5+ unit buildings).
• Warren County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 6 sale attempts since 14y 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 $168k; 31% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• By year 2, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 4.4% vs local median 3.6% in Landen — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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 73 days. Have you received any prior offers? Is the seller open to a 28% concession, seller financing, or rate buy-down credit?
• 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 B-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?
• 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.