5444 Bluesky Dr #17

Dent, OH 45247

$139,900C+

2 bd · 1.5 ba · 1,008 sqft · Built 1985 · Condo · Active · 30 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,860/mo
• Mortgage (P&I): −$734
• Tax + insurance: −$199
• HOA: −$200
• Vac / Maint / Mgmt: −$391
• Net cashflow: $337/mo
• Annual: $4,048/yr
• Cap rate: 9.19%
• Cash-on-cash: 10.33%
• DSCR: 1.46
• 1% rule: 1.33%
• Cash to close: $39,172

Investor read

• This is a 2-bed/1.5-bath condo listed at $140k.
• At list price, monthly cash flow is $337 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• It's been on market 30 days — a 2% lower offer ($138k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $138k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $967 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 75/100 on livability (#245 in OH, #3,901 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: health & safety C-, amenities F, commute 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.
• Market conditions: 51 active listings in the ZIP; solid renter incomes; 801 units permitted in Hamilton County in 2024 (190 in 5+ unit buildings).
• 5 sale attempts since 17y ago; this cycle's ask has dropped $9k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $90k; list at $140k implies a 55% gain — meaningful room to come down on a strong offer.
• Cap rate 9.2% vs local median 2.9% in Dent — 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 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.
• 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.