8992 Canoe Dr

Lake Darby, OH 43119

$1D-

3 bd · 1.5 ba · 1,372 sqft · Built 1978 · SingleFamily · Pending · 29 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,234/mo
• Mortgage (P&I): −$1,556
• Tax + insurance: −$495
• HOA: −$0
• Vac / Maint / Mgmt: −$469
• Net cashflow: $-286/mo
• Annual: $-3,430/yr
• Cap rate: 5.14%
• Cash-on-cash: -4.13%
• DSCR: 0.82
• 1% rule: 0.75%
• Cash to close: $83,077

Investor read

• This is a 3-bed/1.5-bath single-family listed at $1. Condition is rated good.
• At list price, monthly cash flow is $-286 ($-3k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $1).
• It's been on market 29 days — a 2% lower offer ($0) is reasonable based on typical stale-listing flexibility.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Location reads 67/100 on livability (#609 in OH) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, cost of living A+; Watch: amenities F, commute F, health & safety F.
• Hilliard City (suburban): math 57% / reading 62% proficiency, ranked #246 of 656 in OH (top 38%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 20% free/reduced lunch — higher-income household profile.
• Zoned schools: Brown Elementary School (math 51% / reading 59%, grade C, #778 of 1,584 statewide, top 50%, 447 students, 21% FRL); Hilliard Memorial Middle School (math 66% / reading 58%, grade B+, #242 of 654 statewide, top 38%, 790 students, 29% FRL); Hilliard Bradley High School (math 47% / reading 68%, grade C, #272 of 781 statewide, top 35%, 1,623 students, 25% FRL).
• Watch-outs: property tax is 445057.3% of price.
• Market conditions: Rents rising fast (+4.3%/yr); 111 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 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.
• 2 sale attempts since 9y 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.

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?
• Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.
• 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.