2106 Wellington Ct

Fairborn, OH 45324

$125,000D

2 bd · 2.5 ba · 1,280 sqft · Built 1975 · Condo · Active · 2 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,403/mo
• Mortgage (P&I): −$656
• Tax + insurance: −$155
• HOA: −$315
• Vac / Maint / Mgmt: −$295
• Net cashflow: $-17/mo
• Annual: $-207/yr
• Cap rate: 6.13%
• Cash-on-cash: -0.59%
• DSCR: 0.97
• 1% rule: 1.12%
• Cash to close: $35,000

Investor read

• This is a 2-bed/2.5-bath condo listed at $125k.
• At list price, monthly cash flow is $-17 ($-207/yr) — negative.
• To cash-flow at today's rent, offer at most $122k (2.4% below list).
• Meets the 1% rule at list price ($1k rent vs $125k).
• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $122k (2.4% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $864 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 72/100 on livability (#374 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, employment D+, amenities D-.
• Fairborn City (suburban): math 36% / reading 49% proficiency, ranked #520 of 656 in OH (top 79%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Fairborn Primary School (1,253 students, 0% FRL); Baker Middle School (math 34% / reading 46%, grade F, #511 of 654 statewide, top 79%, 939 students, 0% FRL); Fairborn High School (math 33% / reading 65%, grade D, #422 of 781 statewide, top 54%, 1,048 students, 46% FRL) — zoned schools average 15% FRL vs 51% district-wide (35 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: HOA is 22% of rent.
• Market conditions: Rents rising fast (+5.8%/yr); 181 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 797 units permitted in Greene County in 2024 (148 in 5+ unit buildings).
• Current owner paid $83k; list at $125k implies a 51% gain — meaningful room to come down on a strong offer.
• Cap rate 6.1% vs local median 3.8% in Fairborn — 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?
• Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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?
• 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.