119 Gertrude Ave

Springboro, OH 45036

$242,000C-

3 bd · 2.0 ba · 1,300 sqft · Built 1959 · SingleFamily · Active · 129 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,062/mo
• Mortgage (P&I): −$1,269
• Tax + insurance: −$390
• HOA: −$0
• Vac / Maint / Mgmt: −$433
• Net cashflow: $-30/mo
• Annual: $-357/yr
• Cap rate: 6.15%
• Cash-on-cash: -0.53%
• DSCR: 0.98
• 1% rule: 0.85%
• Cash to close: $67,760

Investor read

• This is a 3-bed/2.0-bath single-family listed at $242k.
• At list price, monthly cash flow is $-30 ($-357/yr) — negative.
• To cash-flow at today's rent, offer at most $237k (2.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $206k (14.8% below list).
• It's been on market 129 days — a 12% lower offer ($213k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $206k (14.8% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 81/100 on livability (#93 in OH, #1,395 nationally) — a professional / high-income tenant draw. Strengths: schools A+, crime A+, employment A+; Watch: health & safety C-, amenities F, commute F.
• Lebanon City (suburban): math 67% / reading 69% proficiency, ranked #151 of 656 in OH (top 23%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1959 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+8.3%/yr); 291 active listings in the ZIP; solid renter incomes; 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.
• 10 sale attempts since 12y ago; this cycle's ask has dropped $30k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Cap rate 6.1% vs local median 3.0% in Springboro — 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 129 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
• Built in 1959 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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.