1901 Waterstone Blvd #208 · Centerville, OH 45342

$160,000

3 bd · 2.0 ba · 1,355 sqft · Condo public records · 19 Days on market

Built 2002 $330/mo HOA · 19% of rent ↓ 6% since listing

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Why this score? — see what drove the D grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +8.7/30.0
• ARV discount +7.5/15.0
• 1% rule +5.8/10.0
• Schools +5.8/10.0
• Livability +4.2/5.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• DSCR +2.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

? Your New Home Awaits! ? Congratulations, you’ve found it! This spacious 3-bedroom, 2-bath condominium offers the perfect blend of convenience and serenity. Located near shopping, dining, and major highways, yet tucked away for peace and quiet, it’s the best of both worlds. Step inside and fall in love with the brand-new flooring and updated lighting, giving the home a fresh, modern feel. The open-concept kitchen flows seamlessly into the dining and living areas, making entertaining a breeze. Each bedroom is designed to provide privacy and space, ensuring everyone has their own retreat. Start your mornings with coffee or unwind in the evenings on your private balcony—a perfect spot to soak in the tranquil surroundings. The natural light pouring into the living spaces will brighten your days, quite literally! Practicality meets comfort with a new water heater (installed October 2024) and a 2-year-old HVAC system for your peace of mind. You’ll also appreciate the convenience of in-unit laundry, reserved parking, and community amenities to enhance your lifestyle. Don’t miss your chance to make this gem your home—schedule your tour today!

Key facts

• Open concept
• Private balcony
• New flooring

Tags

• PRIVATE BALCONY
• OPEN CONCEPT
• NEW FLOORING
• UPDATED LIGHTING
• LAUNDRY HOOKUP
• RESERVED PARKING SPACE

Property features AI

Finance

• Other: Property is listed for sale
• HOA & community: Homeowners association: Towne Properties; Monthly association fee of $330; Association fee includes insurance, pool(s), trash and water

Exterior

• Parking: No garage
• Utilities: Natural gas available; Sewer available; Water available; Public water
• Home design: Single-story; Entry level: 2; Brick and vinyl siding
• Construction: Slab foundation
• Exterior features: Deck; Residential lot

Interior

• Kitchen: Dishwasher; Microwave; Range; Refrigerator
• Bedrooms: Main level bedroom (13 x 9); Main level bedroom (14 x 11)
• Bathrooms: 2 full bathrooms (both on the main level)
• Heating & cooling: Central air conditioning; Forced air heating (natural gas)
• Interior features: High speed internet; Kitchen and family room combo; Laminate countertops
• Laundry & utility: Gas water heater; Main level utility room (8 x 8)

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $160k.

Deal economics

• At list price, monthly cash flow is $-135 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $136k (14.9% below list).
• Meets the 1% rule at list price ($2k rent vs $160k).
• Recommended offer: $136k (14.9% below list) — sets the bar for cash-flow.
• Cap rate 5.3% vs local median 2.9% in Centerville — 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.

Location & tenants

• Location reads 85/100 on livability (#45 in OH, #604 nationally) — a professional / high-income tenant draw. Strengths: schools A+, crime A+, cost of living A+; Watch: amenities D+, commute F.
• Centerville City (suburban): math 62% / reading 71% proficiency, ranked #163 of 656 in OH (top 25%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 12% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising (+3.3%/yr); 113 active listings in the ZIP; 21 comparable units currently listed for rent nearby; rentals leasing fast (median 4d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 907 units permitted in Montgomery County in 2024 (416 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Montgomery County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($158k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y 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.

Recommended offer $136,136 (14.9% below list)

Questions for the listing agent

1. 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?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.08% ✓
• Cap rate: 5.28%
• Cash-on-cash: -3.62%
• DSCR: 0.84
• GRM: 7.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.29% rent growth · sell at horizon

5-year hold

• IRR: -21.7%
• Equity multiple: 0.25×
• Total profit: $-33,761
• Equity at exit: $23,857

10-year hold

• IRR: -14.1%
• Equity multiple: 0.17×
• Total profit: $-37,317
• Equity at exit: $13,834

Cash invested: $44,800 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 73 Landlord-Friendly
• State Ohio: 73 Landlord-Friendly · R+6
• County: — inherits STATE
• City: — inherits STATE

3-day notice; Cleveland / Columbus have some habitability code enforcement; otherwise landlord-leaning.

Methodology + full state rankings →

ZIP-level market 45342

• Rents YoY: 3.3%
• Active inventory: 113
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $1,722 high
• Mortgage (P&I): −$839
• Tax from tax record: −$260 /mo · $3,122/yr
• Insurance: −$67
• HOA: −$330
• Vacancy / Maint / Mgmt: −$362
• Net cashflow: $-135

Break-even live

Break-even rent $1,893

Max offer price $136,136

Occupancy floor —

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $40,000
• Closing costs: $4,800
• Reserves months: —
• Total cash needed: —

Rent comps 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
8801 Motter Ln Miamisburg, OH	1.0–2.0	1.0–2.0	875	$1,785	$2.04	3d	9	0.11mi
1570 Spinnaker Way Dayton, OH	1.0–3.0	1.0–2.0	982	$1,760	$1.79	3d	5	0.38mi
9083 Marquis Dr Miamisburg, OH	3.0	2.0	1209	$2,300	$1.90	3d	1	0.53mi
1936 Washington West Dr Dayton, OH	2.0	2.0	1491	$1,750	$1.17	3d	1	0.62mi
9351 Captiva Bay Dr Miamisburg, OH	2.0	2.5	1088	$1,700	$1.56	23d	1	0.64mi
9403 Captiva Bay Dr Unit 9403 Miamisburg, OH	3.0	2.0	1276	$1,600	$1.25	23d	1	0.65mi
2436 Tarpon Bay Dr Miamisburg, OH	2.0	2.5	1056	$1,700	$1.61	3d	1	0.68mi
2480 Foxhill Dr Miamisburg, OH	2.0	1.0–2.0	795	$1,560	$1.96	3d	36	0.83mi
1250 Robbins Run Ct Washington Township, OH	2.0	1.5	1025	$1,400	$1.37	23d	1	0.83mi
1244 Robbins Run Ct Dayton, OH	2.0	1.5	1025	$1,650	$1.61	14d	1	0.84mi
2419 Cross Village Dr Miamisburg, OH	2.0	2.5	1232	$1,245	$1.01	19d	1	0.86mi
1215 Robbins Run Ct Dayton, OH	2.0	1.5	1050	$1,295	$1.23	23d	1	0.93mi
1031 Cambridge Station Rd Dayton, OH	1.0–3.0	1.0–2.0	907	$1,699	$1.87	3d	9	0.94mi
3091 Sagebrook Dr Miamisburg, OH	1.0–3.0	1.0–2.0	977	$1,650	$1.69	3d	48	0.96mi
2550 Steeplechase Dr Miamisburg, OH	1.0–2.0	1.0–2.0	838	$1,795	$2.14	3d	22	1.05mi
8911 Fox Glove Way Miamisburg, OH	3.0	2.5	1416	$1,725	$1.22	44d	1	1.08mi
2745 Brookshire Ln Miamisburg, OH	2.0	1.5	1040	$1,099	$1.06	19d	1	1.19mi
7967 Washington Park Dr Dayton, OH	3.0	1.0	1200	$2,500	$2.08	44d	1	1.27mi
853 Peach Hill Dr Washington Township, OH	2.0	1.5	950	$1,650	$1.74	23d	1	1.30mi
9600 Summit Point Dr Miamisburg, OH	2.0	1.0–2.0	869	$2,020	$2.32	2d	14	1.34mi
7605 Washington Village Dr Dayton, OH	2.0–3.0	2.0–2.5	1300	$2,145	$1.65	3d	3	1.36mi

HOA detail condo

• Monthly dues: $330 · $3,960/yr
• Likely covers: water
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 15 events

1. 2026-06-18
   days on market $160,000 Active 19 DOM
2. 2026-06-17
   days on market $160,000 Active 18 DOM
3. 2026-06-16
   pricedays on market $160,000 Active 17 DOM
4. 2026-06-15
   days on market $167,000 Active 16 DOM
5. 2026-06-14
   days on market $167,000 Active 14 DOM
6. 2026-06-10
   days on market $167,000 Active 11 DOM
7. 2026-06-09
   days on market $167,000 Active 10 DOM
8. 2026-06-08
   days on market $167,000 Active 9 DOM
9. 2026-06-07
   days on market $167,000 Active 8 DOM
10. 2026-06-05
    days on market $167,000 Active 5 DOM
11. 2026-06-03
    days on market $167,000 Active 4 DOM
12. 2026-06-02
    days on market $167,000 Active 3 DOM
13. 2026-06-01
    days on market $167,000 Active 2 DOM
14. 2026-05-31
    remarks 699-char remark
15. 2026-05-31
    listed $167,000 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast OH · Partial reset (capped growth)

• Current annual tax: $3,122 · $260/mo
• Projected year-2 tax: $3,122 · $260/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥100°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,670
• − Mortgage interest: −$8,962
• − Property taxes: −$3,122
• − Insurance: −$800
• − Repairs & maintenance: −$1,654
• − Management: −$1,654
• − HOA: −$3,960
• − Depreciation: −$4,655
• Taxable loss: −$4,136
• Est. tax savings @ 24.0%: +$993
• After-tax cash flow: $-628/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Centerville City
• NCES district ID: 3904373
• Math proficiency: 62% ▼ -12.00%
• Reading proficiency: 71% ▼ -8.00%
• Median HH income: $70,985
• Composite: 58.44/100
• National rank: #1005
• State rank: #163 of 656 in OH

Livability — Centerville

• Score: 85/100
• State rank: #45
• US rank: #604

Category grades

Amenities D+ Commute F Cost of living A+ Crime A+ Employment A Housing A+ Health & safety B+ User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Montgomery County · 459,541 people
• City population: 38,712
• Metro: Dayton-Kettering, OH
• Population (ZIP): 36,152
• Household income: $84,907
• Rent vs Own: 34.9% rent · 65.1% own
• Severe rent burden: 790.0

Population outlook (Montgomery County) Hauer SSP2

• Today (2025): 523,241 people
• By 2030: 514,948 · -1.6%
• By 2040: 493,378 · -5.7%
• By 2050: 469,639 · -10.2%
• By 2075: 418,360 · -20.0%
• By 2100: 353,315 · -32.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Black 6% Two or more races 4% Asian 4% Hispanic / Latino 3%
• Common ancestry: Slovak 2% Italian 2% Serbian 2%
• Foreign-born: 6% · Canada, China
• Languages at home: 93% English-only · Other Asian/Pacific 3% Spanish 2% Other Indo-European 1%

Political lean MEDSL · Montgomery

• 2024 margin: Toss-up / Even · D 49.8% · R 49.3%
• 2008→2024 swing: -5.8pp toward R · 2008: 6.2pp · 2024: 0.5pp
• All cycles: 2024: D+0.5 2020: D+2.2 2016: R+1.2 2012: D+3.1 2008: D+6.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -183.01%
• Current HPI: 227.3999
• Rent YoY: ▲ 3.29%
• Metro: Dayton-Kettering, OH
• State GDP YoY: ▲ 1.98%
• F500 in state: 48

Industry mix (Fortune 500 HQ in OH)

Industry	F500 HQs	Revenue
▸Insurance	3	$145B
▸Industrial Machinery	3	$49B
▸Financial Services	3	$24B
▸Consumer Goods	2	$93B
▸Aerospace / Defense	2	$47B
▸Utilities	2	$33B

Price history

-5.6% since first listed

10 events — show timeline

• 2026-05-30 Listed $167,000 Dayton MLS
• 2026-01-08 Listing Removed — Dayton MLS
• 2025-12-24 Price Changed $160,000 Dayton MLS
• 2025-11-28 Price Changed $167,000 Dayton MLS
• 2025-11-21 Listed $175,000 Dayton MLS
• 2025-05-23 Sold (MLS) $167,000 Dayton MLS
• 2025-05-08 Pending — Dayton MLS
• 2025-04-26 Price Changed $174,750 Dayton MLS
• 2025-01-20 Price Changed $176,500 Dayton MLS
• 2024-12-05 Listed $177,000 Dayton MLS

Property tax history

+2.0%/yr

Latest (2025): $3,122 · -0.2% YoY. Source: county tax records.