805 Dipper Ln #2

Aurora, OH 44202

$388,000D-

3 bd · 2.5 ba · 1,839 sqft · Built 2023 · Townhouse · Pending · 48 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,900/mo
• Mortgage (P&I): −$2,035
• Tax + insurance: −$629
• HOA: −$90
• Vac / Maint / Mgmt: −$609
• Net cashflow: $-462/mo
• Annual: $-5,548/yr
• Cap rate: 4.86%
• Cash-on-cash: -5.11%
• DSCR: 0.77
• 1% rule: 0.75%
• Cash to close: $108,640

Investor read

• This is a 3-bed/2.5-bath townhouse listed at $388k.
• At list price, monthly cash flow is $-462 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $306k (21.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $290k (25.3% below list).
• It's been on market 48 days — a 3% lower offer ($376k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $290k (25.3% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• Location reads 75/100 on livability (#258 in OH, #4,104 nationally) — a middle-class / working-renter tenant base. Strengths: schools A+, crime A+, employment A+; Watch: amenities F, commute F, health & safety F.
• Aurora City (suburban): math 79% / reading 84% proficiency, ranked #35 of 656 in OH (top 5%) — strong family-tenant draw, lease renewals of 3-5y typical; only 7% free/reduced lunch — higher-income household profile.
• Market conditions: 136 active listings in the ZIP; 2 comparable units currently listed for rent nearby; high-income renter base; 196 units permitted in Portage County in 2024 (10 in 5+ unit buildings).
• 3 sale attempts 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.
• Cap rate 4.9% vs local median 2.5% in Aurora — 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?
• It's been on market 48 days. Have you received any prior offers? Is the seller open to a 25% 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?
• 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.