915 Old Leonard Ave

Columbus, OH 43203

$150,000B

3 bd · 2.0 ba · 1,836 sqft · Built 1900 · SingleFamily · Active · 161 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,962/mo
• Mortgage (P&I): −$787
• Tax + insurance: −$329
• HOA: −$0
• Vac / Maint / Mgmt: −$412
• Net cashflow: $434/mo
• Annual: $5,206/yr
• Cap rate: 9.76%
• Cash-on-cash: 12.39%
• DSCR: 1.55
• 1% rule: 1.31%
• Cash to close: $42,000

Investor read

• This is a 3-bed/2.0-bath single-family listed at $150k. Condition is rated poor.
• At list price, monthly cash flow is $434 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• It's been on market 161 days — a 12% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $132k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k 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.
• Columbus City School District (urban): math 15% / reading 26% proficiency, ranked #626 of 656 in OH (top 95%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 72% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Indianola Informal K-8 School (math 43% / reading 58%, grade D+, #896 of 1,584 statewide, top 57%, 684 students, 0% FRL); Arts Impact Middle School (Aims) (math 17% / reading 25%, grade F, #608 of 654 statewide, top 93%, 532 students, 0% FRL); Columbus Alternative High School (math 27% / reading 74%, grade D+, #380 of 781 statewide, top 49%, 758 students, 0% FRL) — zoned schools average 0% FRL vs 72% district-wide (72 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 41% at this address vs 20% district-wide (+20 pts) — the actual schools serving this property are materially stronger than the Columbus City School District average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+5.0%/yr); 133 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 39d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 60% of comp listings sitting > 30 days — soft ceiling on asking rent; 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.
• At projected returns (-3.0% appreciation + 5.0% rent growth), your $42k cash investment doubles in ~8 years — after that, you're playing with house money.
• Cap rate 9.8% vs local median 3.9% 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.
• At $1,962/mo this rent would consume 49% of the median local household income ($48k/yr) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 161 days. Have you received any prior offers? Is the seller open to a 12% 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?
• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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?
• 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.

Repairs flagged (vision-AI assessment)

• Major: Kitchen cabinets — The cabinets are old and worn, indicating a need for replacement or significant repair.
• Major: Kitchen appliances — The appliances appear outdated and in need of replacement.
• Major: Flooring — The flooring in the living room and kitchen is worn and in need of replacement.
• Major: Stairs — The stairs show significant wear and tear, indicating a need for repair or replacement.
• Major: Exterior siding — The exterior siding is peeling and in need of repainting or replacement.
• Major: Paint — The interior walls and ceilings show signs of peeling paint, indicating a need for repainting.