2000 U.s. Highway 23 N #128 · Delaware, OH 43015

$25,000

2 bd · 2.0 ba · 980 sqft · SingleFamily · 68 Days on market

Built 1984 $26/sqft · 61% below area ↓ 23% since listing

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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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Schools +4.7/10.0
• Livability +4.0/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Affordable 55+ Living Opportunity - Move-In Ready Potential Well-maintained home located in a desirable 55+ community in Delaware, offering a quiet, friendly, and well-kept setting with a strong sense of community. This property is ideal for buyers looking for a clean, straightforward opportunity. The home is in solid condition and just needs a few finishing touches to make it your own. Add appliances--to be fully move-in ready. Spacious layout with large living area, built-ins, and abundant natural light. Kitchen and baths are functional, with opportunity to update over time and add value. Enjoy outdoor living with a covered carport, storage shed and a peaceful lot backing to nature with riverfront views. Enclosed porch adds additional usable space year-round. Community guidelines and approval process apply--please inquire for details.

Key facts

• Large living area
• Well maintained home
• Covered carport

Tags

• WELL MAINTAINED HOME
• SPACIOUS LAYOUT
• LARGE LIVING AREA
• ABUNDANT NATURAL LIGHT
• COVERED CARPORT
• STORAGE SHED

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $25k.

Deal economics

• At list price, monthly cash flow is $977 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $25k).
• Recommended offer: $24k (6.0% below list) — sets the bar for market timing.
• Cap rate 55.9% 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.

Location & tenants

• 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.
• Delaware City (suburban): math 47% / reading 63% proficiency, ranked #355 of 656 in OH (top 54%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+1.4%/yr); 499 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 2,233 units permitted in Delaware County in 2024 (304 in 5+ unit buildings).
• This rent is only 17% of the median local income ($105k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $173 of loan paydown is wiped out by about $750 of value loss. Plan a longer hold.
• Delaware County population projected at +37% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 1.4% rent growth), your $7k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 68 days — a 6% lower offer ($24k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $23,500 (6.0% below list)

Questions for the listing agent

1. It's been on market 68 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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 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.

Investment metrics

• 1% rule: 6.10% ✓
• Cap rate: 55.87%
• Cash-on-cash: 177.07%
• DSCR: 8.88
• GRM: 1.4

CMA / ARV

• ARV (median comp): $63,431
• List price: $25,000
• Delta: -60.59%
• Verdict: UNDERPRICED
• Comps: 19 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2000 U.s. Highway 23 N #128	0.00mi	2/2.0	980 (0%)	0mo	$26,000	$27	100
2000 US Highway 23 N #53	0.13mi	2/1.5	980 (0%)	3mo	$40,000	$41	89
2000 U.s. Hwy 23 N #136	0.12mi	2/2.0	980 (0%)	20mo	$46,500	$47	77
2000 U.s. Highway 23 N #50	0.10mi	2/1.5	924 (-6%)	22mo	$42,500	$46	66
2000 U.s. Highway 23 N #21	0.10mi	3/2.0 (+1)	1,020 (+4%)	23mo	$33,000	$32	64
2000 U.s. Highway 23 N #81	0.10mi	2/1.0	858 (-12%)	23mo	$35,000	$41	51

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 1.42% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 8.98×
• Total profit: $55,865
• Equity at exit: $3,728

10-year hold

• IRR: —
• Equity multiple: 18.08×
• Total profit: $119,537
• Equity at exit: $2,162

Cash invested: $7,000 (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 43015

• Rents YoY: 1.4%
• Active inventory: 499
• Price-to-rent: 1.4×

Monthly cashflow live

• Estimated rent: $1,526 medium
• Mortgage (P&I): −$131
• Tax est. 1.5%: −$31 /mo · $375/yr
• Insurance: −$10
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$320
• Net cashflow: $977

Break-even live

Break-even rent $289

Max offer price $25,000

Occupancy floor 31%

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: $6,250
• Closing costs: $750
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1 Mossy Grove LN Delaware, OH	1.0–3.0	1.0–2.5	1022	$1,750	$1.71	2d	47	1.48mi

Listing history 10 events

1. 2026-06-03
   status $25,000 Pending 68 DOM
2. 2026-06-02
   days on market $25,000 Active 68 DOM
3. 2026-06-01
   days on market $25,000 Active 67 DOM
4. 2026-05-31
   days on market $25,000 Active 66 DOM
5. 2026-05-15
   price $27,000 849-char remark

   Show marketing remark (849 chars)

   Affordable 55+ Living Opportunity - Move-In Ready Potential Well-maintained home located in a desirable 55+ community in Delaware, offering a quiet, friendly, and well-kept setting with a strong sense of community. This property is ideal for buyers looking for a clean, straightforward opportunity. The home is in solid condition and just needs a few finishing touches to make it your own. Add appliances--to be fully move-in ready. Spacious layout with large living area, built-ins, and abundant natural light. Kitchen and baths are functional, with opportunity to update over time and add value. Enjoy outdoor living with a covered carport, storage shed and a peaceful lot backing to nature with riverfront views. Enclosed porch adds additional usable space year-round. Community guidelines and approval process apply--please inquire for details.

6. 2026-05-08
   price $29,000 849-char remark

   Show marketing remark (849 chars)

   Affordable 55+ Living Opportunity - Move-In Ready Potential Well-maintained home located in a desirable 55+ community in Delaware, offering a quiet, friendly, and well-kept setting with a strong sense of community. This property is ideal for buyers looking for a clean, straightforward opportunity. The home is in solid condition and just needs a few finishing touches to make it your own. Add appliances--to be fully move-in ready. Spacious layout with large living area, built-ins, and abundant natural light. Kitchen and baths are functional, with opportunity to update over time and add value. Enjoy outdoor living with a covered carport, storage shed and a peaceful lot backing to nature with riverfront views. Enclosed porch adds additional usable space year-round. Community guidelines and approval process apply--please inquire for details.

7. 2026-05-01
   price $32,000 849-char remark

   Show marketing remark (849 chars)

   Affordable 55+ Living Opportunity - Move-In Ready Potential Well-maintained home located in a desirable 55+ community in Delaware, offering a quiet, friendly, and well-kept setting with a strong sense of community. This property is ideal for buyers looking for a clean, straightforward opportunity. The home is in solid condition and just needs a few finishing touches to make it your own. Add appliances--to be fully move-in ready. Spacious layout with large living area, built-ins, and abundant natural light. Kitchen and baths are functional, with opportunity to update over time and add value. Enjoy outdoor living with a covered carport, storage shed and a peaceful lot backing to nature with riverfront views. Enclosed porch adds additional usable space year-round. Community guidelines and approval process apply--please inquire for details.

8. 2026-04-16
   price $33,000 849-char remark

   Show marketing remark (849 chars)

   Affordable 55+ Living Opportunity - Move-In Ready Potential Well-maintained home located in a desirable 55+ community in Delaware, offering a quiet, friendly, and well-kept setting with a strong sense of community. This property is ideal for buyers looking for a clean, straightforward opportunity. The home is in solid condition and just needs a few finishing touches to make it your own. Add appliances--to be fully move-in ready. Spacious layout with large living area, built-ins, and abundant natural light. Kitchen and baths are functional, with opportunity to update over time and add value. Enjoy outdoor living with a covered carport, storage shed and a peaceful lot backing to nature with riverfront views. Enclosed porch adds additional usable space year-round. Community guidelines and approval process apply--please inquire for details.

9. 2026-04-10
   price $34,000 849-char remark

   Show marketing remark (849 chars)

   Affordable 55+ Living Opportunity - Move-In Ready Potential Well-maintained home located in a desirable 55+ community in Delaware, offering a quiet, friendly, and well-kept setting with a strong sense of community. This property is ideal for buyers looking for a clean, straightforward opportunity. The home is in solid condition and just needs a few finishing touches to make it your own. Add appliances--to be fully move-in ready. Spacious layout with large living area, built-ins, and abundant natural light. Kitchen and baths are functional, with opportunity to update over time and add value. Enjoy outdoor living with a covered carport, storage shed and a peaceful lot backing to nature with riverfront views. Enclosed porch adds additional usable space year-round. Community guidelines and approval process apply--please inquire for details.

10. 2026-03-24
    listed $35,000 Active 849-char remark

    Show marketing remark (849 chars)

    Affordable 55+ Living Opportunity - Move-In Ready Potential Well-maintained home located in a desirable 55+ community in Delaware, offering a quiet, friendly, and well-kept setting with a strong sense of community. This property is ideal for buyers looking for a clean, straightforward opportunity. The home is in solid condition and just needs a few finishing touches to make it your own. Add appliances--to be fully move-in ready. Spacious layout with large living area, built-ins, and abundant natural light. Kitchen and baths are functional, with opportunity to update over time and add value. Enjoy outdoor living with a covered carport, storage shed and a peaceful lot backing to nature with riverfront views. Enclosed porch adds additional usable space year-round. Community guidelines and approval process apply--please inquire for details.

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

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥99°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% 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: $18,314
• − Mortgage interest: −$1,400
• − Property taxes: −$375
• − Insurance: −$792
• − Repairs & maintenance: −$1,465
• − Management: −$1,465
• − Depreciation: −$727
• Taxable income: $12,089
• Est. tax owed @ 24.0%: −$2,901
• After-tax cash flow: $8,827/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: Delaware City
• NCES district ID: 3904387
• Math proficiency: 47% ▼ -24.00%
• Reading proficiency: 63% ▼ -7.00%
• Median HH income: $55,434
• Composite: 47.39/100
• National rank: #2288
• State rank: #355 of 656 in OH

Livability — Delaware

• Score: 80/100
• State rank: #116
• US rank: #1717

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Delaware County · 203,207 people
• City population: 61,401
• Metro: Columbus, OH
• Population (ZIP): 61,401
• Household income: $105,322
• Rent vs Own: 27.7% rent · 72.3% own
• Severe rent burden: 965.0

Population outlook (Delaware County) Hauer SSP2

• Today (2025): 230,854 people
• By 2030: 249,294 · +8.0%
• By 2040: 284,223 · +23.1%
• By 2050: 315,314 · +36.6%
• By 2075: 379,462 · +64.4%
• By 2100: 403,158 · +74.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (82%)
• Race & ethnicity: White 82% Two or more races 7% Hispanic / Latino 5% Asian 5% Black 4%
• Common ancestry: Italian 3% Slovak 3% Romanian 2%
• Foreign-born: 5% · Canada, China, Vietnam
• Languages at home: 93% English-only · Spanish 2% Other Asian/Pacific 1% Other Indo-European 1%

Political lean MEDSL · Delaware

• 2024 margin: Lean R (+6.6) · D 46.2% · R 52.8%
• 2008→2024 swing: +13.0pp toward D · 2008: -19.6pp · 2024: -6.6pp
• All cycles: 2024: R+6.6 2020: R+6.8 2016: R+16.1 2012: R+23.7 2008: R+19.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -398.47%
• Current HPI: 233.0634
• Rent YoY: ▲ 1.42%
• 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

-22.9% since first listed

6 events — show timeline

• 2026-05-15 Price Changed $27,000 CBRMLS
• 2026-05-08 Price Changed $29,000 CBRMLS
• 2026-05-01 Price Changed $32,000 CBRMLS
• 2026-04-16 Price Changed $33,000 CBRMLS
• 2026-04-10 Price Changed $34,000 CBRMLS
• 2026-03-24 Listed $35,000 CBRMLS