545 Chardonnay Ln

Columbus, OH 43035

$345,000D

3 bd · 3.0 ba · 1,880 sqft · Built 1997 · Condo · Active · 43 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,551/mo
• Mortgage (P&I): −$1,809
• Tax + insurance: −$606
• HOA: −$310
• Vac / Maint / Mgmt: −$536
• Net cashflow: $-710/mo
• Annual: $-8,520/yr
• Cap rate: 3.82%
• Cash-on-cash: -8.82%
• DSCR: 0.61
• 1% rule: 0.74%
• Cash to close: $96,600

Investor read

• This is a 3-bed/3.0-bath condo listed at $345k.
• At list price, monthly cash flow is $-710 ($-9k/yr) — negative.
• To cash-flow at today's rent, offer at most $220k (36.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $255k (26.1% below list).
• It's been on market 43 days — a 3% lower offer ($335k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $220k (36.4% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k 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.
• 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 (+1.9%/yr); 178 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 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.
• 2 sale attempts since 10y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $184k; list at $345k implies a 87% 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 43 days. Have you received any prior offers? Is the seller open to a 36% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• 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?
• 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.