4214 N Golden Clove Bnd Unit 56-102

Bellbrook, OH 45459

$229,900C+

2 bd · 2.0 ba · 1,314 sqft · Built 2025 · Condo · Active · 323 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,323/mo
• Mortgage (P&I): −$1,206
• Tax + insurance: −$383
• HOA: −$79
• Vac / Maint / Mgmt: −$488
• Net cashflow: $167/mo
• Annual: $2,005/yr
• Cap rate: 7.16%
• Cash-on-cash: 3.11%
• DSCR: 1.14
• 1% rule: 1.01%
• Cash to close: $64,372

Investor read

• This is a 2-bed/2.0-bath condo listed at $230k. Condition is rated good.
• At list price, monthly cash flow is $167 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $230k).
• It's been on market 323 days — a 12% lower offer ($202k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $202k (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: schools A+, crime A+, employment 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.
• Market conditions: Rents rising (+2.6%/yr); 114 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 22d 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).
• 5 sale attempts; this cycle's ask has dropped $43k (16%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Cap rate 7.2% 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 323 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?
• 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.