3938 Cold Stream Way

Beavercreek, OH 45430

$210,000D

3 bd · 3.5 ba · 2,346 sqft · Built 1993 · Condo · Pending · 13 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,401/mo
• Mortgage (P&I): −$1,101
• Tax + insurance: −$451
• HOA: −$472
• Vac / Maint / Mgmt: −$504
• Net cashflow: $-127/mo
• Annual: $-1,523/yr
• Cap rate: 5.57%
• Cash-on-cash: -2.59%
• DSCR: 0.88
• 1% rule: 1.14%
• Cash to close: $58,800

Investor read

• This is a 3-bed/3.5-bath condo listed at $210k.
• At list price, monthly cash flow is $-127 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $188k (10.7% below list).
• Meets the 1% rule at list price ($2k rent vs $210k).
• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $188k (10.7% below list) — sets the bar for cash-flow.
• 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 88/100 on livability (#26 in OH, #239 nationally) — a professional / high-income tenant draw. Strengths: employment A+, cost of living A+, housing A+; Watch: commute F.
• Beavercreek City (suburban): math 70% / reading 78% proficiency, ranked #79 of 656 in OH (top 12%) — strong family-tenant draw, lease renewals of 3-5y typical; only 10% free/reduced lunch — higher-income household profile.
• Zoned schools: Valley Elementary School (math 71% / reading 69%, grade A-, #380 of 1,584 statewide, top 25%, 474 students, 14% FRL); Herman K Ankeney Middle School (math 69% / reading 77%, grade A, #105 of 654 statewide, top 17%, 704 students, 17% FRL); Beavercreek High School (math 35% / reading 86%, grade C+, #236 of 781 statewide, top 30%, 1,637 students, 13% FRL) — zoned schools at 15% FRL track the district average.
• Market conditions: 35 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 5d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 797 units permitted in Greene County in 2024 (148 in 5+ unit buildings).
• 2 sale attempts; this cycle's ask has dropped $40k (16%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $138k; list at $210k implies a 52% gain — meaningful room to come down on a strong offer.
• Cap rate 5.6% vs local median 3.2% in Beavercreek — 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?
• 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 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.
• 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.