1836 Epic Way #38

Grove City, OH 43123

$270,000D

3 bd · 2.5 ba · 1,504 sqft · Built 2006 · Condo · Active · 44 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,282/mo
• Mortgage (P&I): −$1,416
• Tax + insurance: −$437
• HOA: −$320
• Vac / Maint / Mgmt: −$479
• Net cashflow: $-369/mo
• Annual: $-4,433/yr
• Cap rate: 4.65%
• Cash-on-cash: -5.86%
• DSCR: 0.74
• 1% rule: 0.85%
• Cash to close: $75,600

Investor read

• This is a 3-bed/2.5-bath condo listed at $270k.
• At list price, monthly cash flow is $-369 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $205k (24.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $228k (15.5% below list).
• It's been on market 44 days — a 3% lower offer ($262k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $205k (24.2% below list) — sets the bar for cash-flow.
• 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 77/100 on livability (#190 in OH, #2,911 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, cost of living A+, housing A+; Watch: commute D, amenities F, health & safety F.
• South-Western City (suburban): math 40% / reading 48% proficiency, ranked #500 of 656 in OH (top 76%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Monterey Elementary School (math 52% / reading 52%, grade C-, #851 of 1,584 statewide, top 56%, 426 students, 43% FRL); Park Street Intermediate School (math 41% / reading 55%, grade C-, #441 of 654 statewide, top 68%, 700 students, 51% FRL); Grove City High School (math 45% / reading 74%, grade C+, #243 of 781 statewide, top 33%, 1,881 students, 24% FRL).
• Market conditions: Rents rising (+3.7%/yr); 329 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 8,139 units permitted in Franklin County in 2024 (5,940 in 5+ unit buildings).
• Franklin County population projected at +34% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 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 $150k; list at $270k implies a 80% gain — meaningful room to come down on a strong offer.
• Cap rate 4.7% vs local median 2.7% in Grove City — 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.
• This rent runs 30% of the median local income ($91k/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 44 days. Have you received any prior offers? Is the seller open to a 24% concession, seller financing, or rate buy-down credit?
• 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.