1196 Caribou Run #792

Delaware, OH 43015

$282,917B-

4 bd · 2.5 ba · 2,486 sqft · Built 2014 · SingleFamily · Pending · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,013/mo
• Mortgage (P&I): −$1,484
• Tax + insurance: −$472
• HOA: −$0
• Vac / Maint / Mgmt: −$633
• Net cashflow: $425/mo
• Annual: $5,101/yr
• Cap rate: 8.10%
• Cash-on-cash: 6.44%
• DSCR: 1.29
• 1% rule: 1.06%
• Cash to close: $79,217

Investor read

• This is a 4-bed/2.5-bath single-family listed at $283k.
• At list price, monthly cash flow is $425 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $283k).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 80/100 on livability (#116 in OH, #1,717 nationally) — a professional / high-income tenant draw. Strengths: cost of living A+, housing A+, schools A; Watch: amenities C-, commute 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.
• Market conditions: Rents rising (+1.4%/yr); 499 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 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 8.1% vs local median 2.5% in Delaware — 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 34% of the median local income ($105k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• 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?
• 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.