124 Fairborn Dr

Hamilton, OH 45013

$259,000D+

4 bd · 2.0 ba · 2,116 sqft · Built 1975 · SingleFamily · Active · 73 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,045/mo
• Mortgage (P&I): −$1,358
• Tax + insurance: −$346
• HOA: −$0
• Vac / Maint / Mgmt: −$429
• Net cashflow: $-89/mo
• Annual: $-1,068/yr
• Cap rate: 5.88%
• Cash-on-cash: -1.47%
• DSCR: 0.93
• 1% rule: 0.79%
• Cash to close: $72,520

Investor read

• This is a 4-bed/2.0-bath single-family listed at $259k.
• At list price, monthly cash flow is $-89 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $243k (6.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $204k (21.1% below list).
• It's been on market 73 days — a 6% lower offer ($243k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $204k (21.1% below list) — sets the bar for 1% rule.
• 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 73/100 on livability (#332 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime C-, amenities C-, employment D.
• Hamilton City (suburban): math 42% / reading 45% proficiency, ranked #517 of 656 in OH (top 79%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 63% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Ridgeway Elementary School (math 53% / reading 56%, grade C, #788 of 1,584 statewide, top 52%, 728 students, 0% FRL); Wilson Middle School (math 53% / reading 52%, grade C+, #378 of 654 statewide, top 59%, 655 students, 0% FRL); Hamilton High School (math 32% / reading 51%, grade F, #515 of 781 statewide, top 66%, 2,507 students, 0% FRL) — zoned schools average 0% FRL vs 63% district-wide (63 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising (+3.7%/yr); 121 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 10d on market — plan ~1-2 weeks tenant-placement turnaround); 1,163 units permitted in Butler County in 2024 (356 in 5+ unit buildings).
• 5 sale attempts since 24y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $139k; list at $259k implies a 86% gain — meaningful room to come down on a strong offer.
• This rent runs 33% of the median local income ($74k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 73 days. Have you received any prior offers? Is the seller open to a 21% concession, seller financing, or rate buy-down credit?
• Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 B-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?
• 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.