Princeton III Plan

Sunbury, OH 43074

$252,347F

3 bd · 2.0 ba · 1,947 sqft · Built — · SingleFamily · Active · 953 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,108/mo
• Mortgage (P&I): −$2,492
• Tax + insurance: −$792
• HOA: −$0
• Vac / Maint / Mgmt: −$443
• Net cashflow: $-1,619/mo
• Annual: $-19,430/yr
• Cap rate: 2.20%
• Cash-on-cash: -14.60%
• DSCR: 0.35
• 1% rule: 0.44%
• Cash to close: $133,069

Investor read

• This is a 3-bed/2.0-bath single-family listed at $252k. Condition is rated poor.
• At list price, monthly cash flow is $-2k ($-19k/yr) — negative.
• To cash-flow at today's rent, offer at most $241k (4.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $211k (16.5% below list).
• It's been on market 953 days — a 12% lower offer ($222k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $211k (16.5% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $14k of value loss. Plan a longer hold.
• Location reads 74/100 on livability (#274 in OH, #4,498 nationally) — a middle-class / working-renter tenant base. Strengths: schools A+, crime A+, employment A+; Watch: amenities F, commute F, health & safety F.
• Olentangy Local (rural): math 81% / reading 84% proficiency, ranked #18 of 656 in OH (top 3%) — strong family-tenant draw, lease renewals of 3-5y typical; only 5% free/reduced lunch — higher-income household profile.
• Watch-outs: property tax is 2.8% of price.
• Market conditions: Rents flat; 249 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); high-income renter base; 2,233 units permitted in Delaware County in 2024 (304 in 5+ unit buildings).
• Delaware County population projected at +37% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

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 953 days. Have you received any prior offers? Is the seller open to a 16% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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 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?

Repairs flagged (vision-AI assessment)

• Major: roof — Significant damage visible in the independent image.
• Major: siding — Significant damage visible in the independent image.
• Major: landscaping — Overgrown vegetation and lack of curb appeal in the independent image.
• Major: exterior paint — Significant wear and tear in the independent image.
• Major: HVAC/mechanicals — No photos of HVAC/mechanicals are provided, but the exterior suggests a lack of recent maintenance.
• Major: interior paint — No photos of interior paint are provided, but the exterior suggests a lack of recent maintenance.