11050 Fancher Rd #54

Columbus, OH 43082

$45,900D+

3 bd · 2.0 ba · 950 sqft · Built 1997 · SingleFamily · Active · 9 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,112/mo
• Mortgage (P&I): −$241
• Tax + insurance: −$76
• HOA: −$908
• Vac / Maint / Mgmt: −$443
• Net cashflow: $443/mo
• Annual: $5,315/yr
• Cap rate: 17.87%
• Cash-on-cash: 41.35%
• DSCR: 2.84
• 1% rule: 4.60%
• Cash to close: $12,852

Investor read

• This is a 3-bed/2.0-bath single-family listed at $46k. Condition is rated good.
• At list price, monthly cash flow is $443 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $46k).
• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $317 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Location reads 81/100 on livability (#97 in OH, #1,491 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: employment C-, crime F.
• Big Walnut Local (rural): math 68% / reading 75% proficiency, ranked #103 of 656 in OH (top 16%) — strong family-tenant draw, lease renewals of 3-5y typical; only 15% free/reduced lunch — higher-income household profile.
• Zoned schools: Hylen Souders Elementary School (math 62% / reading 67%, grade B, #522 of 1,584 statewide, top 36%, 377 students, 26% FRL); Big Walnut Middle School (math 67% / reading 77%, grade A, #115 of 654 statewide, top 18%, 635 students, 13% FRL); Big Walnut High School (math 57% / reading 79%, grade B, #133 of 781 statewide, top 17%, 1,226 students, 12% FRL) — zoned schools at 17% FRL track the district average.
• Watch-outs: HOA is 43% of rent.
• Market conditions: Rents rising (+1.7%/yr); 125 active listings in the ZIP; 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.
• At projected returns (-3.0% appreciation + 1.7% rent growth), your $13k cash investment doubles in ~3 years — after that, you're playing with house money.
• Cap rate 17.9% vs local median 3.8% in Columbus — 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 is only 17% of the median local income ($148k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Questions for listing agent

• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.