219 Buckeye Cir

Columbus, OH 43217

$112,000D

2 bd · 1.5 ba · 1,085 sqft · Built 1962 · Condo · Active · 158 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,257/mo
• Mortgage (P&I): −$587
• Tax + insurance: −$187
• HOA: −$270
• Vac / Maint / Mgmt: −$264
• Net cashflow: $-51/mo
• Annual: $-608/yr
• Cap rate: 5.75%
• Cash-on-cash: -1.94%
• DSCR: 0.91
• 1% rule: 1.12%
• Cash to close: $31,360

Investor read

• This is a 2-bed/1.5-bath condo listed at $112k. Condition is rated good.
• At list price, monthly cash flow is $-51 ($-608/yr) — negative.
• To cash-flow at today's rent, offer at most $105k (6.5% below list).
• Meets the 1% rule at list price ($1k rent vs $112k).
• It's been on market 158 days — a 12% lower offer ($99k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $99k (12.0% below list) — sets the bar for market timing.
• In year one you build about $4k of equity ($774 loan paydown + $3k appreciation (3.0% local appreciation)).
• 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.
• Hamilton Local (suburban): math 43% / reading 56% proficiency, ranked #445 of 656 in OH (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: HOA is 21% of rent.
• Market conditions: 4 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 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; this cycle's ask has dropped $8k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $31k cash investment doubles in ~7 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 5.8% 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.

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 158 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1962 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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?