160 Old Pond Rd

Springboro, OH 45066

$266,000D-

2 bd · 2.0 ba · 1,457 sqft · Built 2021 · Condo · Pending · 166 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,218/mo
• Mortgage (P&I): −$1,395
• Tax + insurance: −$405
• HOA: −$220
• Vac / Maint / Mgmt: −$466
• Net cashflow: $-268/mo
• Annual: $-3,216/yr
• Cap rate: 5.08%
• Cash-on-cash: -4.32%
• DSCR: 0.81
• 1% rule: 0.83%
• Cash to close: $74,480

Investor read

• This is a 2-bed/2.0-bath condo listed at $266k.
• At list price, monthly cash flow is $-268 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $219k (17.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $222k (16.6% below list).
• It's been on market 166 days — a 12% lower offer ($234k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $219k (17.8% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 81/100 on livability (#93 in OH, #1,395 nationally) — a professional / high-income tenant draw. Strengths: schools A+, crime A+, employment A+; Watch: health & safety C-, amenities F, commute F.
• Springboro Community City (rural): math 77% / reading 79% proficiency, ranked #42 of 656 in OH (top 6%) — strong family-tenant draw, lease renewals of 3-5y typical; only 7% free/reduced lunch — higher-income household profile.
• Market conditions: 219 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 12d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 1,224 units permitted in Warren County in 2024 (474 in 5+ unit buildings).
• Warren County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Cap rate 5.1% vs local median 3.0% in Springboro — 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 166 days. Have you received any prior offers? Is the seller open to a 18% 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?