5701 Leyden Ln

Huber Heights, OH 45424

$103,900C-

2 bd · 2.5 ba · 1,208 sqft · Built 1988 · Condo · Pending · 5 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,355/mo
• Mortgage (P&I): −$545
• Tax + insurance: −$167
• HOA: −$266
• Vac / Maint / Mgmt: −$285
• Net cashflow: $93/mo
• Annual: $1,114/yr
• Cap rate: 7.36%
• Cash-on-cash: 3.83%
• DSCR: 1.17
• 1% rule: 1.30%
• Cash to close: $29,092

Investor read

• This is a 2-bed/2.5-bath condo listed at $104k.
• At list price, monthly cash flow is $93 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $104k).
• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $718 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 71/100 on livability (#436 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B; Watch: amenities F, commute F, health & safety F.
• Huber Heights City (suburban): math 29% / reading 47% proficiency, ranked #544 of 656 in OH (top 83%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Monticello Elementary School (math 35% / reading 45%, grade F, #1,051 of 1,584 statewide, top 66%, 583 students, 47% FRL); Weisenborn Junior High (math 26% / reading 46%, grade F, #541 of 654 statewide, top 83%, 937 students, 55% FRL); Wayne High School (math 14% / reading 53%, grade F, #598 of 781 statewide, top 77%, 1,743 students, 51% FRL).
• Market conditions: Rents flat; 200 active listings in the ZIP; 30 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 907 units permitted in Montgomery County in 2024 (416 in 5+ unit buildings).
• Montgomery County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 5 sale attempts since 16y 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 $81k; 28% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Cap rate 7.4% vs local median 3.5% in Huber Heights — 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 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 B-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?
• 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 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.