1321 Massachusetts Dr

Xenia, OH 45385

$209,900C-

3 bd · 2.5 ba · 1,461 sqft · Built 1987 · SingleFamily · Pending · 116 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,886/mo
• Mortgage (P&I): −$1,101
• Tax + insurance: −$302
• HOA: −$0
• Vac / Maint / Mgmt: −$396
• Net cashflow: $87/mo
• Annual: $1,041/yr
• Cap rate: 6.79%
• Cash-on-cash: 1.77%
• DSCR: 1.08
• 1% rule: 0.90%
• Cash to close: $58,772

Investor read

• This is a 3-bed/2.5-bath single-family listed at $210k.
• At list price, monthly cash flow is $87 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $189k (10.1% below list).
• It's been on market 116 days — a 9% lower offer ($191k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $189k (10.1% below list) — sets the bar for 1% rule.
• 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 75/100 on livability (#244 in OH, #3,892 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety B+; Watch: amenities D+, commute F, employment F.
• Xenia Community City (suburban): math 42% / reading 53% proficiency, ranked #478 of 656 in OH (top 73%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Mckinley Elementary School (math 57% / reading 62%, grade B-, #670 of 1,584 statewide, top 45%, 319 students, 0% FRL); Warner Middle School (math 35% / reading 45%, grade F, #511 of 654 statewide, top 79%, 848 students, 0% FRL); Xenia High School (math 25% / reading 63%, grade F, #489 of 781 statewide, top 63%, 985 students, 48% FRL) — zoned schools average 16% FRL vs 50% district-wide (34 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising fast (+5.5%/yr); 240 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 797 units permitted in Greene County in 2024 (148 in 5+ unit buildings).
• 4 sale attempts since 12y 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 $140k; 50% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Cap rate 6.8% vs local median 3.6% in Xenia — 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

• It's been on market 116 days. Have you received any prior offers? Is the seller open to a 10% concession, seller financing, or rate buy-down credit?
• 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.
• 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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.