601 Dlyn St · Columbus, OH 43228

$160,000

3 bd · 2.0 ba · 1,224 sqft · Condo public records · 6 Days on market

Built 1972 $208/mo HOA · 12% of rent

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Why this score? — see what drove the D+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +15.4/30.0
• ARV discount +7.5/15.0
• 1% rule +5.4/10.0
• DSCR +4.7/10.0
• Livability +4.0/5.0
• Schools +3.8/10.0
• Condition / age +2.5/5.0
• Rent growth +2.3/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to Hardesty Heights, a well-maintained community known for its mature trees, scenic green space, winding walking paths, peaceful creeks, and beautiful natural surroundings. Residents enjoy a low-maintenance lifestyle along with access to a community swimming pool, making it easy to relax and enjoy the outdoors without the upkeep. This 2-bedroom, 3-bath condo offers a fantastic opportunity to build equity and make a home your own. The spacious great room provides a comfortable gathering space, while the adjoining dining area and kitchen offer a functional layout for everyday living. Upstairs, you'll find two generously sized bedrooms with ample closet space and convenient bath access

Key facts

• Peaceful creeks
• Scenic green space
• Great room

Tags

• SCENIC GREEN SPACE
• WINDING WALKING PATHS
• PEACEFUL CREEKS
• COMMUNITY SWIMMING POOL
• GREAT ROOM
• FUNCTIONAL LAYOUT

Property features AI

Finance

• HOA & community: Homeowners association with monthly fee of $208; Association fee includes lawn care, water, and sewer; Community amenities: pool, clubhouse, park, bike/walk path, sidewalks

Exterior

• Parking: Assigned parking; 2-car carport
• Utilities: Public water; Public sewer
• Home design: Condominium; Two levels; Built in 1972; Two or more common walls (no one above or below)
• Construction: Block foundation; Building area reported as approximately 1224
• Exterior features: Patio; Fenced yard; Wooded lot; Shed on property

Interior

• Flooring: Carpet; Vinyl
• Bathrooms: 1 full bathroom and 2 half bathrooms (3 total)
• Heating & cooling: Central air conditioning; Forced air heating
• Interior features: Full basement; Living area approximately 1506

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $160k.

Deal economics

• At list price, monthly cash flow is $61 ($736/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $160k).
• Cap rate 6.8% 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.

Location & tenants

• 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.
• South-Western City (suburban): math 40% / reading 48% proficiency, ranked #500 of 656 in OH (top 76%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents soft (-0.6%/yr); 192 active listings in the ZIP; 26 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); 8,139 units permitted in Franklin County in 2024 (5,940 in 5+ unit buildings).
• This rent runs 32% of the median local income ($62k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• 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.
• Franklin County population projected at +34% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $160,000

Questions for the listing agent

1. Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.04% ✓
• Cap rate: 6.75%
• Cash-on-cash: 1.64%
• DSCR: 1.07
• GRM: 8.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -17.5%
• Equity multiple: 0.40×
• Total profit: $-26,785
• Equity at exit: $23,857

10-year hold

• IRR: -17.7%
• Equity multiple: 0.18×
• Total profit: $-36,689
• Equity at exit: $13,834

Cash invested: $44,800 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 73 Landlord-Friendly
• State Ohio: 73 Landlord-Friendly · R+6
• County: — inherits STATE
• City: — inherits STATE

3-day notice; Cleveland / Columbus have some habitability code enforcement; otherwise landlord-leaning.

Methodology + full state rankings →

ZIP-level market 43228

• Rents YoY: -0.6%
• Active inventory: 192
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $1,666 high
• Mortgage (P&I): −$839
• Tax from tax record: −$141 /mo · $1,695/yr
• Insurance: −$67
• HOA: −$208
• Vacancy / Maint / Mgmt: −$350
• Net cashflow: $61

Break-even live

Break-even rent $1,589

Max offer price $160,000

Occupancy floor 91%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $40,000
• Closing costs: $4,800
• Reserves months: —
• Total cash needed: —

Rent comps 26 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
794 Wallinger Dr Galloway, OH	3.0	2.5	1428	$2,125	$1.49	23d	1	0.19mi
5580 Leigh Run Ct Columbus, OH	2.0	1.0	950	$1,244	$1.31	2d	3	0.19mi
5500 Floral Cir S Columbus, OH	1.0–3.0	1.0–2.0	762	$1,420	$1.86	3d	22	0.27mi
5816 Oreily Dr Galloway, OH	3.0	2.5	1248	$2,300	$1.84	12d	1	0.33mi
931 Muirwood Village Dr Columbus, OH	1.0–2.0	1.0	800	$1,399	$1.75	3d	11	0.35mi
5445 Eaglecrest Dr Galloway, OH	1.0–2.0	1.0–2.0	800	$1,290	$1.61	14d	7	0.36mi
550 Brandenbush Ln Columbus, OH	2.0	1.0	878	$1,060	$1.21	3d	7	0.47mi
500 Dove Tree Dr Galloway, OH	1.0–2.0	1.0–1.5	804	$1,419	$1.76	2d	1	0.54mi
5400 Lindbergh Blvd Columbus, OH	1.0–2.0	1.0	749	$1,120	$1.49	3d	8	0.59mi
5335 Cherry Bud Ct Columbus, OH	3.0	2.0	1456	$2,298	$1.58	44d	1	0.59mi
1112 Ashberry Village Dr Columbus, OH	2.0	1.0	850	$974	$1.15	2d	6	0.59mi
2791 Chopper Ln Columbus, OH	1.0–2.0	1.0–2.5	1004	$2,884	$2.87	1d	25	0.59mi
815 Galloway Rd Galloway, OH	1.0–3.0	1.0–2.0	953	$1,950	$2.05	2d	1	0.66mi
6203 Streaming Ave Galloway, OH	3.0	2.0	1159	$1,745	$1.51	12d	1	0.70mi
5809-5811 Pepperwood Ct Unit 5809 Galloway, OH	2.0	1.0	910	$1,349	$1.48	20d	1	0.71mi
950 Brushfield Dr Galloway, OH	1.0–2.0	1.0–2.0	819	$1,231	$1.50	1d	10	0.78mi
6160 Hall Rd Galloway, OH	1.0–3.0	1.0–2.0	953	$1,950	$2.05	2d	1	0.82mi
5591 Rustling Way LN Galloway, OH	1.0–3.0	1.0–2.5	962	$1,649	$1.71	2d	8	0.87mi
349 Cloverhill Dr Galloway, OH	3.0	2.0	1472	$2,510	$1.71	2d	1	0.89mi
859 Eliots Oak Rd Columbus, OH	3.0	1.0	1232	$1,950	$1.58	14d	1	0.92mi
5605 W Broad St Columbus, OH	1.0–2.0	1.0–2.0	823	$1,465	$1.78	2d	30	1.04mi
5761 Ricardo Dr Galloway, OH	3.0	2.0	1102	$2,010	$1.82	44d	1	1.14mi
4800 Hall Rd Columbus, OH	1.0–3.0	1.0–2.0	880	$1,289	$1.46	2d	24	1.16mi
5930 W Broad St Galloway, OH	1.0–2.0	1.0–2.0	819	$1,290	$1.58	2d	24	1.26mi
6145 W Broad St Galloway, OH	1.0–3.0	1.0–2.0	1131	$1,525	$1.35	1d	13	1.30mi
1595 Georgesville Rd Columbus, OH	1.0–3.0	1.0–2.0	953	$1,900	$1.99	2d	1	1.32mi

HOA detail condo

• Monthly dues: $208 · $2,496/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 6 events

1. 2026-06-18
   days on market $160,000 Active 6 DOM
2. 2026-06-17
   days on market $160,000 Active 5 DOM
3. 2026-06-16
   days on market $160,000 Active 4 DOM
4. 2026-06-15
   days on market $160,000 Active 3 DOM
5. 2026-06-13
   remarks 699-char remark
6. 2026-06-13
   listed $160,000 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast OH · Partial reset (capped growth)

• Current annual tax: $1,695 · $141/mo
• Projected year-2 tax: $2,095 · $175/mo
• Expected delta: +$401/yr (+$33/mo · 23.6%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 12% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥100°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,995
• − Mortgage interest: −$8,962
• − Property taxes: −$1,695
• − Insurance: −$800
• − Repairs & maintenance: −$1,600
• − Management: −$1,600
• − HOA: −$2,496
• − Depreciation: −$4,655
• Taxable loss: −$1,812
• Est. tax savings @ 24.0%: +$435
• After-tax cash flow: $1,171/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: South-Western City
• NCES district ID: 3904480
• Math proficiency: 40% ▼ -18.00%
• Reading proficiency: 48% ▼ -10.00%
• Median HH income: $51,689
• Composite: 37.95/100
• National rank: #4305
• State rank: #500 of 656 in OH

Livability — Columbus

• Score: 81/100
• State rank: #97
• US rank: #1491

Category grades

Amenities A- Commute A+ Cost of living A+ Crime F Employment C- Housing A+ Health & safety A- User ratings D

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Columbus, OH
• County: Franklin County · 1,351,780 people
• City population: 612,189
• Metro: Columbus, OH
• Population (ZIP): 59,077
• Household income: $61,713
• Rent vs Own: 55.8% rent · 44.2% own
• Severe rent burden: 3284.0

Population outlook (Franklin County) Hauer SSP2

• Today (2025): 1,456,139 people
• By 2030: 1,556,890 · +6.9%
• By 2040: 1,757,349 · +20.7%
• By 2050: 1,950,539 · +34.0%
• By 2075: 2,376,171 · +63.2%
• By 2100: 2,636,796 · +81.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.64)
• Race & ethnicity: White 54% Black 23% Hispanic / Latino 14% Two or more races 11% Asian 3%
• Hispanic origin (detail): Mexican 8% Dominican 1%
• Common ancestry: Slovak 2% Italian 1% Romanian 1%
• Foreign-born: 19% · Canada, Jamaica
• Languages at home: 74% English-only · Spanish 12% Other Indo-European 1% Other Asian/Pacific 1%

Political lean MEDSL · Franklin

• 2024 margin: Strong D (+28.4) · D 63.7% · R 35.3% · Other 1.0%
• 2008→2024 swing: +7.7pp toward D · 2008: 20.7pp · 2024: 28.4pp
• All cycles: 2024: D+28.4 2020: D+31.4 2016: D+25.9 2012: D+21.7 2008: D+20.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -245.97%
• Current HPI: 234.1992
• Rent YoY: ▼ -0.63%
• Metro: Columbus, OH
• State GDP YoY: ▲ 1.98%
• F500 in state: 48

Industry mix (Fortune 500 HQ in OH)

Industry	F500 HQs	Revenue
▸Insurance	3	$145B
▸Industrial Machinery	3	$49B
▸Financial Services	3	$24B
▸Consumer Goods	2	$93B
▸Aerospace / Defense	2	$47B
▸Utilities	2	$33B

Price history

1 event — show timeline

• 2026-06-12 Listed $160,000 CBRMLS

Property tax history

+5.2%/yr

Latest (2024): $1,695 · +0.4% YoY. Source: county tax records.