3267 N Galena Rd

Sunbury, OH 43074

$1F

3 bd · 1.0 ba · 1,800 sqft · Built 1901 · SingleFamily · Pending · 24 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,079/mo
• Mortgage (P&I): −$2,716
• Tax + insurance: −$863
• HOA: −$0
• Vac / Maint / Mgmt: −$437
• Net cashflow: $-1,937/mo
• Annual: $-23,239/yr
• Cap rate: 1.81%
• Cash-on-cash: -16.03%
• DSCR: 0.29
• 1% rule: 0.40%
• Cash to close: $145,014

Investor read

• This is a 3-bed/1.0-bath single-family listed at $1. Condition is rated poor.
• At list price, monthly cash flow is $-2k ($-23k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $1).
• It's been on market 24 days — a 2% lower offer ($0) is reasonable based on typical stale-listing flexibility.
• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $16k of value loss. Plan a longer hold.
• Location reads 74/100 on livability (#274 in OH, #4,498 nationally) — a middle-class / working-renter tenant base. Strengths: schools A+, crime A+, employment A+; Watch: amenities F, commute F, health & safety F.
• Buckeye Valley Local (rural): math 57% / reading 68% proficiency, ranked #203 of 656 in OH (top 31%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 20% free/reduced lunch — higher-income household profile.
• Watch-outs: property tax is 776859.1% of price; built in 1901 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents flat; 249 active listings in the ZIP; 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.
• Cap rate 1.8% vs local median 2.7% in Sunbury — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1901 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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.

Repairs flagged (vision-AI assessment)

• Major: roof — Signs of significant damage
• Major: exterior siding — Severe peeling and damage
• Major: windows — Visible damage and potential leaks
• Major: foundation/structure — Structural damage and overgrown vegetation