31 Indian Cove Cir #2 · Oxford, OH 45056

$199,000

4 bd · 2.0 ba · 1,216 sqft · Condo public records · 4 Days on market

Built 2003 $203/mo HOA · 11% of rent

---

Why this score? — see what drove the D grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +13.3/30.0
• ARV discount +7.5/15.0
• Schools +4.9/10.0
• 1% rule +4.6/10.0
• Livability +4.4/5.0
• DSCR +4.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Rare opportunity to buy an affordable condo! Lovely 4 Bedroom/2 Bath Condo with private attached garage. Move right in and appreciate the freshly painted interior and new LVP flooring throughout. The well-equipped kitchen with newer convection oven range has a counterbar and open to living room. Convenient first floor patio provides two entrances. Ideally located near MU can be great for owner occupied or investment. Low HOA fees take care of your exterior maintenance so you can enjoy everything Oxford!

Key facts

• First floor patio
• New lvp flooring
• $203 HOA

Tags

• PRIVATE ATTACHED GARAGE
• FRESHLY PAINTED INTERIOR
• NEW LVP FLOORING
• WELL-EQUIPPED KITCHEN
• NEWER CONVECTION OVEN RANGE
• FIRST FLOOR PATIO

Property features AI

Finance

• Other: Condo description: Other
• HOA & community: Monthly association fee of $203; HOA covers water, sewer, snow removal, landscaping, and association dues

Exterior

• Parking: Attached garage with 1 garage space
• Utilities: Public water; Public sewer
• Home design: Traditional style condo; One-story unit; building has two levels; Unit entry on level 1; Slab foundation
• Construction: Brick construction; Shingle roof
• Exterior features: Front porch; Level topography; Residential zoning

Interior

• Kitchen: Eat-in kitchen with wood cabinets; Counter bar
• Bedrooms: Four bedrooms, all on main level; Primary bedroom approximately 12 x 12; Second bedroom approximately 12 x 12; Third bedroom approximately 12 x 11; Fourth bedroom approximately 12 x 10
• Flooring: Laminate flooring in living room
• Bathrooms: Two full bathrooms, both on main level
• Heating & cooling: Electric heating with heat pump; Central air conditioning; Electric water heating
• Interior features: Multi-panel doors; Common hallway entry; Laundry in unit
• Laundry & utility: In-unit laundry room (about 8 x 7); Washer and dryer included

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath condo listed at $199k.

Deal economics

• At list price, monthly cash flow is $-1 ($-8/yr) — negative.
• To cash-flow at today's rent, offer at most $199k (0.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $190k (4.5% below list).
• Recommended offer: $190k (4.5% below list) — sets the bar for 1% rule.
• Cap rate 6.3% vs local median 3.6% in Oxford — 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.

Location & tenants

• Location reads 87/100 on livability (#30 in OH, #267 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: employment F.
• Talawanda City (rural): math 55% / reading 61% proficiency, ranked #323 of 656 in OH (top 49%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Kramer Elementary School (math 63% / reading 73%, grade B+, #439 of 1,584 statewide, top 28%, 537 students, 36% FRL); Talawanda Middle School (math 52% / reading 54%, grade C+, #372 of 654 statewide, top 58%, 698 students, 33% FRL); Talawanda High School (math 55% / reading 76%, grade B, #159 of 781 statewide, top 21%, 956 students, 29% FRL) — zoned schools at 33% FRL track the district average.
• Market conditions: 67 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 1,163 units permitted in Butler County in 2024 (356 in 5+ unit buildings).
• At $1,901/mo this rent would consume 46% of the median local household income ($49k/yr) (locally 1724% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 11 sale attempts since 19y 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 $154k; 29% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $190,119 (4.5% below list)

Questions for the listing agent

1. 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?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.96% ✗
• Cap rate: 6.29%
• Cash-on-cash: -0.01%
• DSCR: 1.00
• GRM: 8.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -16.3%
• Equity multiple: 0.42×
• Total profit: $-32,180
• Equity at exit: $29,672

10-year hold

• IRR: -7.9%
• Equity multiple: 0.50×
• Total profit: $-27,639
• Equity at exit: $17,206

Cash invested: $55,720 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 73 Landlord-Friendly
• State Ohio: 73 Landlord-Friendly · R+6
• County: — inherits STATE
• City: — inherits STATE

3-day notice; Cleveland / Columbus have some habitability code enforcement; otherwise landlord-leaning.

Methodology + full state rankings →

ZIP-level market 45056

• Home prices YoY: -29.6%
• Active inventory: 67
• Price-to-rent: 8.7×

Monthly cashflow live

• Estimated rent: $1,901 medium
• Mortgage (P&I): −$1,044
• Tax from tax record: −$173 /mo · $2,077/yr
• Insurance: −$83
• HOA: −$203
• Vacancy / Maint / Mgmt: −$399
• Net cashflow: $-1

Break-even live

Break-even rent $1,902

Max offer price $198,888

Occupancy floor 95%

Sensitivity live

Price	-10% $112	-5% $56	+0% $-1	+5% $-57	+10% $-113
Rent	-10% $-151	-5% $-76	+0% $-1	+5% $74	+10% $150
Rate	-1.0pp $100	-0.5pp $50	base $-1	+0.5pp $-52	+1.0pp $-105

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $49,750
• Closing costs: $5,970
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
212 N Main St Oxford, OH	1.0–4.0	1.0–3.0	725	$1,480	$2.04	3d	1	0.52mi

HOA detail condo

• Monthly dues: $203 · $2,436/yr
• Likely covers: exterior maint.
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 3 events

1. 2026-06-21
   days on market $199,000 Active 4 DOM
2. 2026-06-17
   remarks 508-char remark
3. 2026-06-17
   listed $199,000 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast OH · Partial reset (capped growth)

• Current annual tax: $2,077 · $173/mo
• Projected year-2 tax: $2,591 · $216/mo
• Expected delta: +$514/yr (+$43/mo · 24.7%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥101°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,814
• − Mortgage interest: −$11,147
• − Property taxes: −$2,077
• − Insurance: −$995
• − Repairs & maintenance: −$1,825
• − Management: −$1,825
• − HOA: −$2,436
• − Depreciation: −$5,789
• Taxable loss: −$3,280
• Est. tax savings @ 24.0%: +$787
• After-tax cash flow: $780/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Talawanda City
• NCES district ID: 3904615
• Math proficiency: 55% ▼ -20.00%
• Reading proficiency: 61% ▼ -13.00%
• Median HH income: $47,696
• Composite: 49.18/100
• National rank: #2043
• State rank: #323 of 656 in OH

Livability — Oxford

• Score: 87/100
• State rank: #30
• US rank: #267

Category grades

Amenities A+ Commute A+ Cost of living A+ Crime C+ Employment F Housing B- Health & safety A+ User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Oxford, OH
• County: Butler County · 381,674 people
• City population: 27,376
• Metro: Cincinnati, OH-KY-IN
• Population (ZIP): 27,376
• Household income: $49,233
• Rent vs Own: 52.2% rent · 47.8% own
• Severe rent burden: 1724.0

Population outlook (Butler County) Hauer SSP2

• Today (2025): 387,706 people
• By 2030: 392,028 · +1.1%
• By 2040: 395,307 · +2.0%
• By 2050: 391,116 · +0.9%
• By 2075: 378,642 · -2.3%
• By 2100: 343,248 · -11.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (81%)
• Race & ethnicity: White 81% Asian 7% Two or more races 5% Black 4% Hispanic / Latino 3%
• Common ancestry: Italian 2% Romanian 2% Lithuanian 1%
• Foreign-born: 10% · China, Vietnam, Canada
• Languages at home: 90% English-only · Chinese 5% Spanish 2% Other Indo-European 1%

Political lean MEDSL · Butler

• 2024 margin: Strong R (+26.3) · D 36.4% · R 62.7%
• 2008→2024 swing: -3.6pp toward R · 2008: -22.6pp · 2024: -26.3pp
• All cycles: 2024: R+26.3 2020: R+24.0 2016: R+28.3 2012: R+26.2 2008: R+22.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -93.81%
• Current HPI: 223.1217
• Rent YoY: —
• Metro: Cincinnati, OH-KY-IN
• State GDP YoY: ▲ 1.98%
• F500 in state: 48

Industry mix (Fortune 500 HQ in OH)

Industry	F500 HQs	Revenue
▸Insurance	3	$145B
▸Industrial Machinery	3	$49B
▸Financial Services	3	$24B
▸Consumer Goods	2	$93B
▸Aerospace / Defense	2	$47B
▸Utilities	2	$33B

Price history

+45.3% since first listed

24 events — show timeline

• 2026-06-17 Listed $199,000 Cincy MLS
• 2021-04-30 Sold (Public Records) $154,200 Public Records
• 2020-12-17 Listing Removed — Cincy MLS
• 2020-10-16 Price Changed $145,000 Cincy MLS
• 2020-08-28 Listed $149,000 Cincy MLS
• 2020-03-19 Listing Removed — Cincy MLS
• 2020-03-13 Listed $142,000 Cincy MLS
• 2018-08-06 Sold (Public Records) $129,000 Public Records
• 2018-07-31 Sold (MLS) $129,000 Cincy MLS
• 2018-07-16 Contingent — Cincy MLS
• 2018-06-22 Relisted — Cincy MLS
• 2018-05-31 Listed — Cincy MLS
• 2018-05-31 Listed $139,900 Cincy MLS
• 2015-08-27 Listing Removed — Cincy MLS
• 2014-08-28 Listed $109,900 Cincy MLS
• 2009-01-05 Listing Removed — Cincy MLS
• 2008-10-14 Listed — Cincy MLS
• 2008-09-29 Listing Removed — Cincy MLS
• 2008-06-30 Listed $131,000 Cincy MLS
• 2008-05-29 Listing Removed — Cincy MLS
• 2008-01-28 Listed $154,900 Cincy MLS
• 2008-01-01 Listing Removed — Cincy MLS
• 2007-09-25 Listed $164,900 Cincy MLS
• 2005-07-05 Sold (Public Records) $137,000 Public Records

Property tax history

+2.3%/yr

Latest (2025): $2,077 · +0.6% YoY. Source: county tax records.