6246 Lake Spgs · Mason, OH 45040

$319,900

3 bd · 2.0 ba · 1,415 sqft · Condo public records · 123 Days on market

Built 2000 $226/sqft · 20% above area Est $267k · 20% over $349/mo HOA · 11% of rent

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Why this score? — see what drove the D- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +13.6/30.0
• Schools +7.2/10.0
• 1% rule +4.8/10.0
• Livability +4.2/5.0
• DSCR +4.1/10.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Rare opportunity to own a better than new 3BR/2BA condo in Mason's sought-after Lake Springs community. This Drees Tamarack model features soaring 9ft ceilings throughout and a vaulted 23x13 living area for a grand, open feel. The home boasts a 2024 total kitchen remodel with premium granite countertops, new cabinetry, and all-new stainless steel appliances. Peace of mind is guaranteed with a new HOA-maintained roof (2024), high-efficiency HVAC (2020) and a new 2024 washer and dryer included. Enjoy a private balcony, garage, and resort-style amenities including a pool and clubhouse. Located in top-rated Mason City Schools-truly turn-key!

Key facts

• High efficiency hvac
• New cabinetry
• $349 HOA

Tags

• TOTAL KITCHEN REMODEL
• PREMIUM GRANITE COUNTERTOPS
• NEW CABINETRY
• STAINLESS STEEL APPLIANCES
• NEW HOA MAINTAINED ROOF
• HIGH EFFICIENCY HVAC

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $320k.

Deal economics

• At list price, monthly cash flow is $16 ($197/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 $314k (2.0% below list).
• Recommended offer: $282k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.4% vs local median 3.2% in Mason — 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.

Location & tenants

• Location reads 85/100 on livability (#43 in OH, #590 nationally) — a professional / high-income tenant draw. Strengths: crime A+, employment A+, housing A+; Watch: health & safety C-, commute F.
• Mason City (suburban): math 81% / reading 81% proficiency, ranked #33 of 656 in OH (top 5%) — strong family-tenant draw, lease renewals of 3-5y typical; only 6% free/reduced lunch — higher-income household profile.
• Zoned schools: Mason Early Childhood Center Elementary School (2,085 students, 10% FRL); Mason Middle School (math 77% / reading 80%, grade A+, #58 of 654 statewide, top 9%, 1,662 students, 8% FRL); William Mason High School (math 74% / reading 86%, grade A, #31 of 781 statewide, top 4%, 3,414 students, 8% FRL) — zoned schools at 8% FRL track the district average.
• Market conditions: Rents rising (+3.5%/yr); 136 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 1,224 units permitted in Warren County in 2024 (474 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Warren County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 123 days — a 12% lower offer ($282k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 21y 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 $203k; list at $320k implies a 58% gain — meaningful room to come down on a strong offer.

Recommended offer $281,512 (12.0% below list)

Questions for the listing agent

1. It's been on market 123 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. 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.
9. 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.
10. 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.

Investment metrics

• 1% rule: 0.98% ✗
• Cap rate: 6.35%
• Cash-on-cash: 0.22%
• DSCR: 1.01
• GRM: 8.5

CMA / ARV

• ARV (median comp): $266,821
• List price: $319,900
• Delta: 19.89%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.51% rent growth · sell at horizon

5-year hold

• IRR: -15.2%
• Equity multiple: 0.45×
• Total profit: $-48,971
• Equity at exit: $47,698

10-year hold

• IRR: -5.7%
• Equity multiple: 0.62×
• Total profit: $-33,771
• Equity at exit: $27,659

Cash invested: $89,572 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 73 Landlord-Friendly
• State Ohio: 73 Landlord-Friendly · R+6
• County: — inherits STATE
• City: — inherits STATE

3-day notice; Cleveland / Columbus have some habitability code enforcement; otherwise landlord-leaning.

Methodology + full state rankings →

ZIP-level market 45040

• Rents YoY: 3.5%
• Active inventory: 136
• Price-to-rent: 8.5×

Monthly cashflow live

• Estimated rent: $3,136 medium
• Mortgage (P&I): −$1,678
• Tax from tax record: −$301 /mo · $3,617/yr
• Insurance: −$133
• HOA: −$349
• Vacancy / Maint / Mgmt: −$659
• Net cashflow: $16

Break-even live

Break-even rent $3,116

Max offer price $319,900

Occupancy floor 94%

Sensitivity live

Price	-10% $198	-5% $107	+0% $16	+5% $-74	+10% $-165
Rent	-10% $-231	-5% $-107	+0% $16	+5% $140	+10% $264
Rate	-1.0pp $178	-0.5pp $98	base $16	+0.5pp $-66	+1.0pp $-151

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $79,975
• Closing costs: $9,597
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6342 Coverage CT Mason, OH	3.0	2.5	1676	$3,250	$1.94	45d	1	0.39mi
105 Boyd Ln Mason, OH	4.0	2.0	1485	$4,995	$3.36	18d	1	0.81mi
996 Brookcrest Dr Mason, OH	3.0	2.0	1073	$2,100	$1.96	45d	1	1.11mi
1041 Sheffield Dr Mason, OH	3.0	1.5	1086	$2,350	$2.16	25d	1	1.35mi

HOA detail condo

• Monthly dues: $349 · $4,188/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 22 events

1. 2026-06-21
   statusdays on market $319,900 Contingency Pending 123 DOM
2. 2026-06-18
   days on market $319,900 Active 120 DOM
3. 2026-06-17
   days on market $319,900 Active 119 DOM
4. 2026-06-16
   days on market $319,900 Active 118 DOM
5. 2026-06-15
   days on market $319,900 Active 117 DOM
6. 2026-06-13
   days on market $319,900 Active 115 DOM
7. 2026-06-09
   days on market $319,900 Active 111 DOM
8. 2026-06-08
   days on market $319,900 Active 110 DOM
9. 2026-06-07
   days on market $319,900 Active 109 DOM
10. 2026-06-03
    days on market $319,900 Active 105 DOM
11. 2026-06-02
    days on market $319,900 Active 104 DOM
12. 2026-06-01
    days on market $319,900 Active 103 DOM
13. 2026-05-31
    days on market $319,900 Active 102 DOM
14. 2026-03-28
    price $319,900 645-char remark

    Show marketing remark (645 chars)

    Rare opportunity to own a better than new 3BR/2BA condo in Mason's sought-after Lake Springs community. This Drees Tamarack model features soaring 9ft ceilings throughout and a vaulted 23x13 living area for a grand, open feel. The home boasts a 2024 total kitchen remodel with premium granite countertops, new cabinetry, and all-new stainless steel appliances. Peace of mind is guaranteed with a new HOA-maintained roof (2024), high-efficiency HVAC (2020) and a new 2024 washer and dryer included. Enjoy a private balcony, garage, and resort-style amenities including a pool and clubhouse. Located in top-rated Mason City Schools-truly turn-key!

15. 2026-02-18
    listed $324,900 Active 645-char remark

    Show marketing remark (645 chars)

    Rare opportunity to own a better than new 3BR/2BA condo in Mason's sought-after Lake Springs community. This Drees Tamarack model features soaring 9ft ceilings throughout and a vaulted 23x13 living area for a grand, open feel. The home boasts a 2024 total kitchen remodel with premium granite countertops, new cabinetry, and all-new stainless steel appliances. Peace of mind is guaranteed with a new HOA-maintained roof (2024), high-efficiency HVAC (2020) and a new 2024 washer and dryer included. Enjoy a private balcony, garage, and resort-style amenities including a pool and clubhouse. Located in top-rated Mason City Schools-truly turn-key!

16. 2020-12-09
    soldstatus $203,000
17. 2020-11-25
    soldstatus $203,000 Sold 232-char remark

    Show marketing remark (232 chars)

    Everything NEW! HVAC 2020, all flooring 2020, freshly painted, newly refreshed kitchen w/new countertops & painted cabinets, both toilets brand new. Do nothing but move into this better than new condo in great location of Mason.

18. 2020-10-21
    historical Contingency Pending 232-char remark

    Show marketing remark (232 chars)

    Everything NEW! HVAC 2020, all flooring 2020, freshly painted, newly refreshed kitchen w/new countertops & painted cabinets, both toilets brand new. Do nothing but move into this better than new condo in great location of Mason.

19. 2020-10-20
    listed $198,500 Active 232-char remark

    Show marketing remark (232 chars)

    Everything NEW! HVAC 2020, all flooring 2020, freshly painted, newly refreshed kitchen w/new countertops & painted cabinets, both toilets brand new. Do nothing but move into this better than new condo in great location of Mason.

20. 2005-03-08
    soldstatus $139,500
21. 2005-03-01
    soldstatus $139,500
22. 2005-01-17
    listed $138,500

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast OH · Partial reset (capped growth)

• Current annual tax: $3,617 · $301/mo
• Projected year-2 tax: $4,304 · $359/mo
• Expected delta: +$687/yr (+$57/mo · 19.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥101°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $37,636
• − Mortgage interest: −$17,919
• − Property taxes: −$3,617
• − Insurance: −$1,600
• − Repairs & maintenance: −$3,011
• − Management: −$3,011
• − HOA: −$4,188
• − Depreciation: −$9,306
• Taxable loss: −$5,015
• Est. tax savings @ 24.0%: +$1,204
• After-tax cash flow: $1,401/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Mason City
• NCES district ID: 3905045
• Math proficiency: 81% ▼ -8.00%
• Reading proficiency: 81% ▼ -5.00%
• Median HH income: $91,430
• Composite: 72.46/100
• National rank: #200
• State rank: #33 of 656 in OH

Livability — Mason

• Score: 85/100
• State rank: #43
• US rank: #590

Category grades

Amenities B- Commute F Cost of living C Crime A+ Employment A+ Housing A+ Health & safety C- User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mason, OH
• County: Warren County · 196,906 people
• City population: 59,518
• Metro: Cincinnati, OH-KY-IN
• Population (ZIP): 59,518
• Household income: $133,240
• Rent vs Own: 22.3% rent · 77.7% own
• Severe rent burden: 562.0

Population outlook (Warren County) Hauer SSP2

• Today (2025): 248,603 people
• By 2030: 259,345 · +4.3%
• By 2040: 277,666 · +11.7%
• By 2050: 289,599 · +16.5%
• By 2075: 311,681 · +25.4%
• By 2100: 302,738 · +21.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (70%)
• Race & ethnicity: White 70% Asian 19% Two or more races 6% Black 4% Hispanic / Latino 3%
• Common ancestry: Romanian 2% Slovak 2% Lithuanian 1%
• Foreign-born: 20% · China, Canada, Vietnam
• Languages at home: 77% English-only · Other Asian/Pacific 6% Other Indo-European 6% Chinese 4%

Political lean MEDSL · Warren

• 2024 margin: Solid R (+31.5) · D 33.8% · R 65.3%
• 2008→2024 swing: +4.5pp toward D · 2008: -36.1pp · 2024: -31.5pp
• All cycles: 2024: R+31.5 2020: R+30.8 2016: R+37.6 2012: R+39.5 2008: R+36.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -210.08%
• Current HPI: 234.0754
• Rent YoY: ▲ 3.51%
• Metro: Cincinnati, OH-KY-IN
• State GDP YoY: ▲ 1.98%
• F500 in state: 48

Industry mix (Fortune 500 HQ in OH)

Industry	F500 HQs	Revenue
▸Insurance	3	$145B
▸Industrial Machinery	3	$49B
▸Financial Services	3	$24B
▸Consumer Goods	2	$93B
▸Aerospace / Defense	2	$47B
▸Utilities	2	$33B

Price history

+131.0% since first listed

9 events — show timeline

• 2026-03-28 Price Changed $319,900 Cincy MLS
• 2026-02-18 Listed $324,900 Cincy MLS
• 2020-12-09 Sold (Public Records) $203,000 Public Records
• 2020-11-25 Sold (MLS) $203,000 Cincy MLS
• 2020-10-21 Contingent — Cincy MLS
• 2020-10-20 Listed $198,500 Cincy MLS
• 2005-03-08 Sold (Public Records) $139,500 Public Records
• 2005-03-01 Sold (MLS) $139,500 Cincy MLS
• 2005-01-17 Listed $138,500 Cincy MLS

Property tax history

+3.1%/yr

Latest (2025): $3,617 · -0.5% YoY. Source: county tax records.