4236 Apple Branch Dr Unit 55-103

Bellbrook, OH 45459

$224,900D+

2 bd · 2.0 ba · 1,314 sqft · Built 2025 · Condo · Pending · 241 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,297/mo
• Mortgage (P&I): −$1,179
• Tax + insurance: −$375
• HOA: −$209
• Vac / Maint / Mgmt: −$482
• Net cashflow: $52/mo
• Annual: $619/yr
• Cap rate: 6.57%
• Cash-on-cash: 0.98%
• DSCR: 1.04
• 1% rule: 1.02%
• Cash to close: $62,972

Investor read

• This is a 2-bed/2.0-bath condo listed at $225k.
• At list price, monthly cash flow is $52 ($619/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $225k).
• It's been on market 241 days — a 12% lower offer ($198k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $198k (12.0% below list) — sets the bar for market timing.
• 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 80/100 on livability (#134 in OH, #1,892 nationally) — a professional / high-income tenant draw. Strengths: crime A+, employment A+, cost of living A+; Watch: amenities F, commute F, health & safety F.
• Bellbrook-Sugarcreek Local (suburban): math 79% / reading 78% proficiency, ranked #45 of 656 in OH (top 7%) — strong family-tenant draw, lease renewals of 3-5y typical; only 15% free/reduced lunch — higher-income household profile.
• Zoned schools: Bell Creek Intermediate School (math 80% / reading 75%, grade A, #213 of 1,584 statewide, top 14%, 628 students, 12% FRL); Bellbrook Middle School (math 81% / reading 80%, grade A+, #41 of 654 statewide, top 7%, 612 students, 13% FRL); Bellbrook High School (math 72% / reading 83%, grade A-, #52 of 781 statewide, top 7%, 863 students, 13% FRL) — zoned schools at 12% FRL track the district average.
• Market conditions: Rents rising (+2.6%/yr); 119 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); solid renter incomes; 797 units permitted in Greene County in 2024 (148 in 5+ unit buildings).
• Cap rate 6.6% vs local median 2.2% in Bellbrook — 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.
• This rent runs 31% of the median local income ($90k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 241 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• 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?
• 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?
• 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.