3532 Tremaine Rd

Blacklick Estates, OH 43232

$169,900C-

3 bd · 1.0 ba · 912 sqft · Built 1964 · SingleFamily · Pending · 35 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,578/mo
• Mortgage (P&I): −$891
• Tax + insurance: −$241
• HOA: −$0
• Vac / Maint / Mgmt: −$331
• Net cashflow: $114/mo
• Annual: $1,372/yr
• Cap rate: 7.10%
• Cash-on-cash: 2.88%
• DSCR: 1.13
• 1% rule: 0.93%
• Cash to close: $47,572

Investor read

• This is a 3-bed/1.0-bath single-family listed at $170k.
• At list price, monthly cash flow is $114 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $158k (7.1% below list).
• It's been on market 35 days — a 3% lower offer ($165k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $158k (7.1% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 73/100 on livability (#314 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, commute A-; Watch: crime C-, amenities F, health & safety F.
• Groveport Madison Local (suburban): math 23% / reading 38% proficiency, ranked #573 of 656 in OH (top 87%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 65% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Groveport Madison High School (math 14% / reading 46%, grade F, #616 of 781 statewide, top 79%, 1,831 students, 75% FRL).
• Market conditions: Rents rising (+2.4%/yr); 94 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals leasing fast (median 5d on market — plan ~1-2 weeks tenant-placement turnaround); 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.
• Current owner paid $37k; list at $170k implies a 361% gain — meaningful room to come down on a strong offer.
• Cap rate 7.1% vs local median 5.3% in Blacklick Estates — 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 runs 37% of the median local income ($51k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 35 days. Have you received any prior offers? Is the seller open to a 7% concession, seller financing, or rate buy-down credit?
• Built in 1964 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.