218 E Markison Ave

Columbus, OH 43207

$199,900D-

3 bd · 1.0 ba · 1,176 sqft · Built 1932 · Townhouse · Active · 159 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,536/mo
• Mortgage (P&I): −$1,048
• Tax + insurance: −$388
• HOA: −$180
• Vac / Maint / Mgmt: −$323
• Net cashflow: $-403/mo
• Annual: $-4,830/yr
• Cap rate: 3.88%
• Cash-on-cash: -8.63%
• DSCR: 0.62
• 1% rule: 0.77%
• Cash to close: $55,972

Investor read

• This is a 3-bed/1.0-bath townhouse listed at $200k. Condition is rated good.
• At list price, monthly cash flow is $-403 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $129k (35.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $154k (23.1% below list).
• It's been on market 159 days — a 12% lower offer ($176k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $129k (35.6% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• 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.
• Columbus City School District (urban): math 15% / reading 26% proficiency, ranked #626 of 656 in OH (top 95%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 72% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Indianola Informal K-8 School (math 43% / reading 58%, grade D+, #896 of 1,584 statewide, top 57%, 684 students, 0% FRL); Arts Impact Middle School (Aims) (math 17% / reading 25%, grade F, #608 of 654 statewide, top 93%, 532 students, 0% FRL); South High School (math 10% / reading 26%, grade F, #687 of 781 statewide, top 88%, 903 students, 0% FRL) — zoned schools average 0% FRL vs 72% district-wide (72 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1932 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+2.3%/yr); 277 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 57d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 65% of comp listings sitting > 30 days — soft ceiling on asking rent; 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.
• 3 sale attempts since 2y ago; this cycle's ask has dropped $25k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.

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 159 days. Have you received any prior offers? Is the seller open to a 36% concession, seller financing, or rate buy-down credit?
• Built in 1932 — 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?
• 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?
• 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?