3 Cedar Cv Unit B · Lebanon, OH 45036

$214,000

3 bd · 1.5 ba · 1,180 sqft · Condo public records · 45 Days on market

Built 1973 $181/sqft · 26% below area Est $288k · 26% under $109/mo HOA · 6% of rent

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Why this score? — see what drove the C- 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).

• ARV discount +15.0/15.0
• Cash flow +12.7/30.0
• Schools +5.9/10.0
• Rent growth +4.6/5.0
• DSCR +3.8/10.0
• 1% rule +3.7/10.0
• Livability +3.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Carefree lifestyle - 1st floor room used as bedroom but no closet. New carpet, neutral paint. Townhouse lando in well kept community with pool. All appliances stay including washer and dryer. Reasonable fees. This unit is tucked away in community on a quiet street. 1 car garage. No yard work.

Key facts

• Private fenced patio
• New carpet upstairs
• Remodeled kitchen

Tags

• 2 STORY TOWNHOUSE CONDO
• PRIVATE FENCED PATIO
• REMODELED KITCHEN
• NEW LVP FLOORING
• NEW CARPET UPSTAIRS
• REMODELED UPSTAIRS BATHROOM

Property features AI

Finance

• HOA & community: Homeowners association with a monthly fee of $109 covering association management, grounds maintenance, pool(s) and snow removal

Exterior

• Parking: Attached one-car garage with garage door opener
• Security: Smoke detector(s)
• Utilities: Public water; Storm sewer; Sewer available; Water available; Cable available
• Home design: 2-story property; Entry level is 1
• Construction: Vinyl siding; Slab foundation
• Exterior features: Partial fencing; Patio; Fence

Interior

• Kitchen: Dishwasher; Microwave; Range; Refrigerator; Quartz and solid surface counters
• Bedrooms: Main level bedroom (16 x 12); Second level bedroom (11 x 9); Second level bedroom (18 x 10)
• Bathrooms: 1 full bathroom; 1 half bathroom; 1 main level bathroom
• Interior features: Ceiling fan(s); Quartz counters; Solid surface counters; Walk-in closet(s)
• Laundry & utility: Washer; Dryer; Electric water heater; Utility room (Main level, 6 x 5)

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath condo listed at $214k.

Deal economics

• At list price, monthly cash flow is $-24 ($-283/yr) — negative.
• To cash-flow at today's rent, offer at most $210k (1.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $186k (13.2% below list).
• Recommended offer: $186k (13.2% below list) — sets the bar for 1% rule.
• Cap rate 6.2% vs local median 2.5% in Lebanon — 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 70/100 on livability (#457 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: amenities F, commute F, health & safety F.
• Lebanon City (suburban): math 67% / reading 69% proficiency, ranked #151 of 656 in OH (top 23%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+8.3%/yr); 289 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 1,224 units permitted in Warren County in 2024 (474 in 5+ unit buildings).

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.
• Warren County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 45 days — a 3% lower offer ($208k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 9y ago; this cycle's ask has dropped $14k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $85k; list at $214k implies a 152% gain — meaningful room to come down on a strong offer.

Recommended offer $185,853 (13.2% 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. It's been on market 45 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
3. Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 0.87% ✗
• Cap rate: 6.16%
• Cash-on-cash: -0.47%
• DSCR: 0.98
• GRM: 9.6

CMA / ARV

• ARV (median comp): $288,278
• List price: $214,000
• Delta: -25.77%
• Verdict: UNDERPRICED
• Comps: 14 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -11.6%
• Equity multiple: 0.56×
• Total profit: $-26,323
• Equity at exit: $31,908

10-year hold

• IRR: 3.8%
• Equity multiple: 1.33×
• Total profit: $19,992
• Equity at exit: $18,503

Cash invested: $59,920 (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 45036

• Rents YoY: 8.3%
• Active inventory: 289
• Price-to-rent: 9.6×

Monthly cashflow live

• Estimated rent: $1,859 medium
• Mortgage (P&I): −$1,122
• Tax from tax record: −$171 /mo · $2,057/yr
• Insurance: −$89
• HOA: −$109
• Vacancy / Maint / Mgmt: −$390
• Net cashflow: $-24

Break-even live

Break-even rent $1,888

Max offer price $209,829

Occupancy floor 96%

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: $53,500
• Closing costs: $6,420
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
870 Franklin Rd Lebanon, OH	2.0	2.0	1225	$2,164	$1.77	2d	8	0.99mi
800 Franklin Rd Lebanon, OH	2.0	1.0	900	$1,275	$1.42	44d	1	1.09mi
800 Franklin Rd Lebanon, OH	2.0	1.0	900	$1,325	$1.47	2d	4	1.09mi
15 N West St Lebanon, OH	2.0	1.0	887	$1,150	$1.30	2d	4	1.35mi

HOA detail condo

• Monthly dues: $109 · $1,308/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 18 events

1. 2026-06-09
   status $214,000 Pending 45 DOM
2. 2026-06-08
   days on market $214,000 Active 45 DOM
3. 2026-06-07
   days on market $214,000 Active 44 DOM
4. 2026-06-03
   days on market $214,000 Active 40 DOM
5. 2026-06-02
   days on market $214,000 Active 39 DOM
6. 2026-06-01
   days on market $214,000 Active 38 DOM
7. 2026-06-01
   price $214,000 Active 37 DOM
8. 2026-05-31
   days on market $219,000 Active 37 DOM
9. 2026-05-04
   price $219,000 631-char remark
10. 2026-04-24
    listed $228,000 Active 631-char remark
11. 2017-08-07
    soldstatus $85,000 Closed 293-char remark

    Show marketing remark (293 chars)

    Carefree lifestyle - 1st floor room used as bedroom but no closet. New carpet, neutral paint. Townhouse lando in well kept community with pool. All appliances stay including washer and dryer. Reasonable fees. This unit is tucked away in community on a quiet street. 1 car garage. No yard work.

12. 2017-08-07
    soldstatus $85,000 Sold 293-char remark

    Show marketing remark (293 chars)

    Carefree lifestyle - 1st floor room used as bedroom but no closet. New carpet, neutral paint. Townhouse lando in well kept community with pool. All appliances stay including washer and dryer. Reasonable fees. This unit is tucked away in community on a quiet street. 1 car garage. No yard work.

13. 2017-06-06
    status Pending 293-char remark

    Show marketing remark (293 chars)

    Carefree lifestyle - 1st floor room used as bedroom but no closet. New carpet, neutral paint. Townhouse lando in well kept community with pool. All appliances stay including washer and dryer. Reasonable fees. This unit is tucked away in community on a quiet street. 1 car garage. No yard work.

14. 2017-05-26
    listed $90,000 Active 293-char remark

    Show marketing remark (293 chars)

    Carefree lifestyle - 1st floor room used as bedroom but no closet. New carpet, neutral paint. Townhouse lando in well kept community with pool. All appliances stay including washer and dryer. Reasonable fees. This unit is tucked away in community on a quiet street. 1 car garage. No yard work.

15. 2000-12-01
    soldstatus $71,333
16. 1996-08-09
    soldstatus $64,000
17. 1992-07-27
    soldstatus $56,000
18. 1988-09-09
    soldstatus $50,000

ⓘ 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: $2,057 · $171/mo
• Projected year-2 tax: $2,698 · $225/mo
• Expected delta: +$641/yr (+$53/mo · 31.1%)

ⓘ 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 · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,302
• − Mortgage interest: −$11,987
• − Property taxes: −$2,057
• − Insurance: −$1,070
• − Repairs & maintenance: −$1,784
• − Management: −$1,784
• − HOA: −$1,308
• − Depreciation: −$6,225
• Taxable loss: −$3,914
• Est. tax savings @ 24.0%: +$939
• After-tax cash flow: $656/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: Lebanon City
• NCES district ID: 3904421
• Math proficiency: 67% ▼ -2.00%
• Reading proficiency: 69% ▼ -3.00%
• Median HH income: $66,118
• Composite: 59.25/100
• National rank: #936
• State rank: #151 of 656 in OH

Livability — Lebanon

• Score: 70/100
• State rank: #457
• US rank: #7561

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lebanon, OH
• County: Warren County · 196,906 people
• City population: 42,204
• Metro: Cincinnati, OH-KY-IN
• Population (ZIP): 42,204
• Household income: $99,128
• Rent vs Own: 27.1% rent · 72.9% own
• Severe rent burden: 904.0

Population outlook (Warren County) Hauer SSP2

• Today (2025): 248,603 people
• By 2030: 259,345 · +4.3%
• By 2040: 277,666 · +11.7%
• By 2050: 289,599 · +16.5%
• By 2075: 311,681 · +25.4%
• By 2100: 302,738 · +21.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Black 8% Two or more races 3% Asian 3% Hispanic / Latino 2%
• Common ancestry: Slovak 2% Romanian 2% Italian 2%
• Foreign-born: 3% · Canada
• Languages at home: 97% English-only · Spanish 1% Other Asian/Pacific 1% Other Indo-European 1%

Political lean MEDSL · Warren

• 2024 margin: Solid R (+31.5) · D 33.8% · R 65.3%
• 2008→2024 swing: +4.5pp toward D · 2008: -36.1pp · 2024: -31.5pp
• All cycles: 2024: R+31.5 2020: R+30.8 2016: R+37.6 2012: R+39.5 2008: R+36.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -165.95%
• Current HPI: 239.4833
• Rent YoY: ▲ 8.33%
• 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

+328.0% since first listed

12 events — show timeline

• 2026-06-08 Pending — Dayton MLS
• 2026-05-31 Price Changed $214,000 Dayton MLS
• 2026-05-04 Price Changed $219,000 Dayton MLS
• 2026-04-24 Listed $228,000 Dayton MLS
• 2017-08-07 Sold (MLS) $85,000 Dayton MLS
• 2017-08-07 Sold (MLS) $85,000 Dayton MLS
• 2017-06-06 Pending — Dayton MLS
• 2017-05-26 Listed $90,000 Dayton MLS
• 2000-12-01 Sold (Public Records) $71,333 Public Records
• 1996-08-09 Sold (Public Records) $64,000 Public Records
• 1992-07-27 Sold (Public Records) $56,000 Public Records
• 1988-09-09 Sold (Public Records) $50,000 Public Records

Property tax history

+3.3%/yr

Latest (2025): $2,057 · -2.3% YoY. Source: county tax records.