5679 Monroe St Unit 319

Sylvania, OH 43560

$164,900D-

2 bd · 2.0 ba · 1,316 sqft · Built 1970 · Condo · Active · 63 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,826/mo
• Mortgage (P&I): −$865
• Tax + insurance: −$341
• HOA: −$411
• Vac / Maint / Mgmt: −$383
• Net cashflow: $-174/mo
• Annual: $-2,088/yr
• Cap rate: 5.03%
• Cash-on-cash: -4.52%
• DSCR: 0.80
• 1% rule: 1.11%
• Cash to close: $46,172

Investor read

• This is a 2-bed/2.0-bath condo listed at $165k.
• At list price, monthly cash flow is $-174 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $134k (18.6% below list).
• Meets the 1% rule at list price ($2k rent vs $165k).
• It's been on market 63 days — a 6% lower offer ($155k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $134k (18.6% below list) — sets the bar for cash-flow.
• 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.
• Location reads 88/100 on livability (#18 in OH, #191 nationally) — a professional / high-income tenant draw. Strengths: schools A+, crime A+, employment A+; Watch: amenities C-, commute F.
• Sylvania Schools (suburban): math 63% / reading 71% proficiency, ranked #157 of 656 in OH (top 24%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 18% free/reduced lunch — higher-income household profile.
• Watch-outs: HOA is 23% of rent.
• Market conditions: 195 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 415 units permitted in Lucas County in 2024 (122 in 5+ unit buildings).
• Lucas County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $102k; list at $165k implies a 62% gain — meaningful room to come down on a strong offer.
• Cap rate 5.0% vs local median 2.8% in Sylvania — 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 63 days. Have you received any prior offers? Is the seller open to a 19% concession, seller financing, or rate buy-down credit?
• Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?