3252 Coleen Dr

Northbrook, OH 45251

$189,900C-

3 bd · 1.5 ba · 1,350 sqft · Built 1960 · SingleFamily · Active · 4 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,835/mo
• Mortgage (P&I): −$996
• Tax + insurance: −$386
• HOA: −$0
• Vac / Maint / Mgmt: −$385
• Net cashflow: $68/mo
• Annual: $811/yr
• Cap rate: 7.14%
• Cash-on-cash: 3.03%
• DSCR: 1.13
• 1% rule: 0.97%
• Cash to close: $53,172

Investor read

• This is a 3-bed/1.5-bath single-family listed at $190k.
• At list price, monthly cash flow is $68 ($811/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 $183k (3.4% below list).
• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $183k (3.4% below list) — sets the bar for 1% rule.
• 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 68/100 on livability (#555 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime C-, health & safety C-, employment D+.
• Northwest Local (suburban): math 38% / reading 46% proficiency, ranked #508 of 656 in OH (top 77%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Taylor Elementary School (math 37% / reading 40%, grade F, #1,080 of 1,584 statewide, top 68%, 821 students, 0% FRL); Pleasant Run Middle School (math 31% / reading 38%, grade F, #547 of 654 statewide, top 84%, 689 students, 45% FRL); Northwest High School (math 17% / reading 41%, grade F, #627 of 781 statewide, top 81%, 948 students, 57% FRL).
• Watch-outs: flood insurance adds $66/mo.
• Market conditions: 53 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 801 units permitted in Hamilton County in 2024 (190 in 5+ unit buildings).
• 3 sale attempts since 26y 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 $85k; list at $190k implies a 123% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.