Campbell Plan

Powell, OH 43065

$377,900F

2 bd · 2.5 ba · 2,025 sqft · Built — · Townhouse · Active · 339 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,660/mo
• Mortgage (P&I): −$3,396
• Tax + insurance: −$1,079
• HOA: −$0
• Vac / Maint / Mgmt: −$559
• Net cashflow: $-2,374/mo
• Annual: $-28,484/yr
• Cap rate: 1.89%
• Cash-on-cash: -15.71%
• DSCR: 0.30
• 1% rule: 0.41%
• Cash to close: $181,313

Investor read

• This is a 2-bed/2.5-bath townhouse listed at $378k.
• At list price, monthly cash flow is $-2k ($-28k/yr) — negative.
• To cash-flow at today's rent, offer at most $304k (19.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $266k (29.6% below list).
• It's been on market 339 days — a 12% lower offer ($333k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $266k (29.6% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $19k of value loss. Plan a longer hold.
• Location reads 77/100 on livability (#201 in OH, #3,091 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, cost of living 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.
• Zoned schools: Liberty Tree Elementary School (math 84% / reading 87%, grade A+, #60 of 1,584 statewide, top 4%, 751 students, 4% FRL); Hyatts Middle School (math 87% / reading 87%, grade A+, #7 of 654 statewide, top 1%, 930 students, 5% FRL); Olentangy Liberty High School (math 75% / reading 92%, grade A, #20 of 781 statewide, top 2%, 1,877 students, 3% FRL) — zoned schools at 4% FRL track the district average.
• Watch-outs: property tax is 2.6% of price.
• Market conditions: Rents rising (+3.9%/yr); 307 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% of comp listings sitting > 30 days — soft ceiling on asking rent; 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.
• Cap rate 1.9% vs local median 2.8% in Powell — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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 339 days. Have you received any prior offers? Is the seller open to a 30% concession, seller financing, or rate buy-down credit?
• 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?
• 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.