6246 Lake Spgs

Mason, OH 45040

$319,900D-

3 bd · 2.0 ba · 1,415 sqft · Built 2000 · Condo · Contingency Pending · 123 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,136/mo
• Mortgage (P&I): −$1,678
• Tax + insurance: −$435
• HOA: −$349
• Vac / Maint / Mgmt: −$659
• Net cashflow: $16/mo
• Annual: $197/yr
• Cap rate: 6.35%
• Cash-on-cash: 0.22%
• DSCR: 1.01
• 1% rule: 0.98%
• Cash to close: $89,572

Investor read

• This is a 3-bed/2.0-bath condo listed at $320k.
• 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).
• It's been on market 123 days — a 12% lower offer ($282k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $282k (12.0% below list) — sets the bar for market timing.
• 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.
• 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).
• Warren County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 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.
• 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.

Questions for listing agent

• 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?
• 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 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?
• 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?
• 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.