220 Carrington Pl #206

Loveland, OH 45140

$189,000D+

2 bd · 2.0 ba · 1,112 sqft · Built 1992 · Condo · Active · 172 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,034/mo
• Mortgage (P&I): −$991
• Tax + insurance: −$315
• HOA: −$391
• Vac / Maint / Mgmt: −$427
• Net cashflow: $-90/mo
• Annual: $-1,079/yr
• Cap rate: 5.72%
• Cash-on-cash: -2.04%
• DSCR: 0.91
• 1% rule: 1.08%
• Cash to close: $52,920

Investor read

• This is a 2-bed/2.0-bath condo listed at $189k.
• At list price, monthly cash flow is $-90 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $176k (6.9% below list).
• Meets the 1% rule at list price ($2k rent vs $189k).
• It's been on market 172 days — a 12% lower offer ($166k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $166k (12.0% below list) — sets the bar for market timing.
• 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 84/100 on livability (#49 in OH, #696 nationally) — a professional / high-income tenant draw. Strengths: schools A+, crime A+, amenities A+; Watch: commute F.
• Sycamore Community City (suburban): math 83% / reading 84% proficiency, ranked #30 of 656 in OH (top 5%) — strong family-tenant draw, lease renewals of 3-5y typical; only 13% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising fast (+4.4%/yr); 161 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 801 units permitted in Hamilton County in 2024 (190 in 5+ unit buildings).
• 8 sale attempts since 28y ago; this cycle's ask has dropped $41k (18%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $115k; list at $189k implies a 64% gain — meaningful room to come down on a strong offer.
• Cap rate 5.7% vs local median 3.1% in Loveland — 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 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 172 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?