412 Lombardy St

Elmwood Place, OH 45216

$129,900D

2 bd · 1.5 ba · 1,038 sqft · Built 1922 · SingleFamily · Active · 90 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,288/mo
• Mortgage (P&I): −$681
• Tax + insurance: −$304
• HOA: −$0
• Vac / Maint / Mgmt: −$270
• Net cashflow: $32/mo
• Annual: $382/yr
• Cap rate: 7.10%
• Cash-on-cash: 2.88%
• DSCR: 1.13
• 1% rule: 0.99%
• Cash to close: $36,372

Investor read

• This is a 2-bed/1.5-bath single-family listed at $130k.
• At list price, monthly cash flow is $32 ($382/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $129k (0.9% below list).
• It's been on market 90 days — a 6% lower offer ($122k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $122k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $898 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 68/100 on livability (#553 in OH) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing B; Watch: employment D+, crime F, amenities F.
• St Bernard-Elmwood Place City (suburban): math 36% / reading 48% proficiency, ranked #529 of 656 in OH (top 81%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 69% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Elmwood Place Elementary School (math 37% / reading 47%, grade F, #1,030 of 1,584 statewide, top 66%, 132 students, 74% FRL); St Bernard-Elmwood Place High School (math 32% / reading 47%, grade F, #528 of 781 statewide, top 71%, 351 students, 74% FRL).
• Watch-outs: flood insurance adds $56/mo; built in 1922 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 17 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 801 units permitted in Hamilton County in 2024 (190 in 5+ unit buildings).
• 15 sale attempts since 20y ago; this cycle's ask has dropped $10k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $93k; 40% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Climate carrying-cost: severe flood risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• This rent runs 35% of the median local income ($44k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 90 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1922 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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 F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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?
• 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?