3203 Circle Dr

Delta, OH 43515

$198,900D-

3 bd · 2.0 ba · 1,680 sqft · Built 2001 · SingleFamily · Active · 49 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,355/mo
• Mortgage (P&I): −$1,043
• Tax + insurance: −$351
• HOA: −$0
• Vac / Maint / Mgmt: −$284
• Net cashflow: $-324/mo
• Annual: $-3,887/yr
• Cap rate: 4.34%
• Cash-on-cash: -6.98%
• DSCR: 0.69
• 1% rule: 0.68%
• Cash to close: $55,692

Investor read

• This is a 3-bed/2.0-bath single-family listed at $199k.
• At list price, monthly cash flow is $-324 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $142k (28.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $135k (31.9% below list).
• It's been on market 49 days — a 3% lower offer ($193k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $135k (31.9% 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 $6k of value loss. Plan a longer hold.
• Location reads 77/100 on livability (#192 in OH, #2,924 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Pike-Delta-York Local (town): math 71% / reading 70% proficiency, ranked #142 of 656 in OH (top 22%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Delta Elementary School (math 67% / reading 52%, grade B-, #670 of 1,584 statewide, top 45%, 399 students, 32% FRL); Pike-Delta-York Middle School (math 75% / reading 76%, grade A, #78 of 654 statewide, top 12%, 348 students, 32% FRL); Pike-Delta-York High School (math 62% / reading 82%, grade B+, #89 of 781 statewide, top 12%, 373 students, 24% FRL).
• Market conditions: 26 active listings in the ZIP; solid renter incomes; 24 units permitted in Fulton County in 2024 (0 in 5+ unit buildings).
• Fulton County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $16k; list at $199k implies a 1143% gain — meaningful room to come down on a strong offer.

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 49 days. Have you received any prior offers? Is the seller open to a 32% concession, seller financing, or rate buy-down credit?
• 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.
• 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.