107 Marco Ln #11

Dayton, OH 45458

$117,900C-

2 bd · 1.5 ba · 952 sqft · Built 1974 · Condo · Active · 84 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,404/mo
• Mortgage (P&I): −$618
• Tax + insurance: −$196
• HOA: −$326
• Vac / Maint / Mgmt: −$295
• Net cashflow: $-31/mo
• Annual: $-377/yr
• Cap rate: 5.97%
• Cash-on-cash: -1.14%
• DSCR: 0.95
• 1% rule: 1.19%
• Cash to close: $33,012

Investor read

• This is a 2-bed/1.5-bath condo listed at $118k. Condition is rated average.
• At list price, monthly cash flow is $-31 ($-377/yr) — negative.
• To cash-flow at today's rent, offer at most $113k (3.9% below list).
• Meets the 1% rule at list price ($1k rent vs $118k).
• It's been on market 84 days — a 6% lower offer ($111k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $111k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $815 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 65/100 on livability (#716 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A; Watch: amenities C-, crime F, commute F.
• Centerville City (suburban): math 62% / reading 71% proficiency, ranked #163 of 656 in OH (top 25%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 12% free/reduced lunch — higher-income household profile.
• Zoned schools: Centerville Primary Village South (712 students, 19% FRL); Magsig Middle School (math 54% / reading 65%, grade B, #271 of 654 statewide, top 43%, 577 students, 23% FRL); Centerville High School (math 60% / reading 84%, grade B+, #89 of 781 statewide, top 12%, 2,755 students, 15% FRL).
• Watch-outs: HOA is 23% of rent.
• Market conditions: Rents rising (+2.0%/yr); 478 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 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.
• This rent is only 15% of the median local income ($110k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

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 84 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1974 — 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.
• Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?

Repairs flagged (vision-AI assessment)

• Minor: Kitchen cabinets — Slight wear
• Minor: Bathroom vanity — Slight wear
• Moderate: Air conditioning unit — Visible dirt and debris