602 Heritage Blvd · Delaware, OH 43015

$240,000

4 bd · 1.5 ba · 1,908 sqft · SingleFamily public records · 2 Days on market

Built 1971 7,840 sqft lot Est $393k · 39% under

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Why this score? — see what drove the C+ 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 +22.5/30.0
• ARV discount +15.0/15.0
• DSCR +7.2/10.0
• 1% rule +5.7/10.0
• 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

Great opportunity for a first-time homebuyer or investor. Bring your contractor and your vision. This 4-bed, 1.5-bath home in Delaware schools needs TLC and is priced for the work. Solid bones and a sensible footprint make it ideal for a renovation loan or sweat-equity project. Great yard with room for outdoor living, and close to parks, shopping, and commuter routes. Selling as-is

Key facts

• Close to parks
• Great yard
• Close to shopping

Tags

• GREAT YARD
• CLOSE TO PARKS
• CLOSE TO SHOPPING
• CLOSE TO COMMUTER ROUTES

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $240k.

Deal economics

• At list price, monthly cash flow is $403 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $240k).
• Cap rate 8.3% vs local median 2.6% 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); 503 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 2,233 units permitted in Delaware County in 2024 (304 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k 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.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 29y 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 $125k; list at $240k implies a 92% gain — meaningful room to come down on a strong offer.

Recommended offer $240,000

Questions for the listing agent

1. Built in 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.07% ✓
• Cap rate: 8.31%
• Cash-on-cash: 7.20%
• DSCR: 1.32
• GRM: 7.8

CMA / ARV

• ARV (on-the-fly): $393,048
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
392 Rutherford Ave	0.22mi	4/2.5	1,992 (+4%)	1mo	$385,000	$193	78
245 Troy Rd	0.43mi	3/1.0 (-1)	1,975 (+4%)	2mo	$325,000	$165	66
451 Federal Cir	0.28mi	3/2.5 (-1)	1,760 (-8%)	2mo	$363,000	$206	64
888 Sunny Vale Dr	0.44mi	4/2.5	2,053 (+8%)	1mo	$427,500	$208	62
58 Aldersgate Dr	0.32mi	3/3.0 (-1)	2,103 (+10%)	3mo	$524,990	$250	55
425 Garnet Ranch Dr	0.68mi	4/2.5	2,053 (+8%)	3mo	$389,900	$190	49
37 Coventry Rd	0.50mi	3/2.0 (-1)	1,622 (-15%)	0mo	$350,000	$216	44
419 Garnet Ranch Dr	0.68mi	5/3.0 (+1)	2,053 (+8%)	3mo	$421,920	$206	42
437 Garnet Ranch Dr	0.68mi	3/2.0 (-1)	1,635 (-14%)	1mo	$379,000	$232	37
62 Allenhurst Way	0.57mi	3/3.0 (-1)	2,190 (+15%)	2mo	$343,730	$157	36
413 Garnet Ranch Dr	0.68mi	3/2.5 (-1)	2,155 (+13%)	3mo	$386,001	$179	35
389 Garnet Ranch Dr	0.69mi	3/2.0 (-1)	1,635 (-14%)	3mo	$384,027	$235	35

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: -7.0%
• Equity multiple: 0.74×
• Total profit: $-17,215
• Equity at exit: $35,785

10-year hold

• IRR: 0.5%
• Equity multiple: 1.03×
• Total profit: $2,156
• Equity at exit: $20,751

Cash invested: $67,200 (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: 503
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $2,573 high
• Mortgage (P&I): −$1,259
• Tax from tax record: −$271 /mo · $3,246/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$540
• Net cashflow: $403

Break-even live

Break-even rent $2,062

Max offer price $240,000

Occupancy floor 79%

Sensitivity live

Price	-10% $539	-5% $471	+0% $403	+5% $335	+10% $267
Rent	-10% $200	-5% $302	+0% $403	+5% $505	+10% $606
Rate	-1.0pp $524	-0.5pp $464	base $403	+0.5pp $341	+1.0pp $278

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: $60,000
• Closing costs: $7,200
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
440 Taylor Ave Delaware, OH	4.0	3.5	2574	$2,800	$1.09	5d	1	0.25mi
38 Sunbeam Ct Delaware, OH	3.0	2.5	2155	$2,850	$1.32	25d	1	0.43mi
200 Lamplight Dr Delaware, OH	3.0	3.0	1914	$2,615	$1.37	45d	1	1.20mi
141 Overtrick Dr Delaware, OH	3.0	2.0	1250	$2,195	$1.76	25d	1	1.23mi
102 N Washington St Delaware, OH	4.0	2.5	2372	$2,300	$0.97	5d	1	1.32mi
102 N Washington St Delaware, OH	4.0	2.5	2372	$2,500	$1.05	45d	1	1.32mi
240 Richards Dr Delaware, OH	3.0	1.5	1364	$1,675	$1.23	18d	1	1.40mi
713 Swanson St Delaware, OH	3.0	2.5	1714	$2,195	$1.28	13d	1	1.47mi

Listing history 13 events

1. 2025-11-20
   status Pending
2. 2025-11-17
   listed $240,000 Active
3. 2016-11-21
   soldstatus $125,000
4. 2007-08-26
   historical
5. 2006-07-07
   listed $152,800
6. 2006-07-06
   historical
7. 2006-05-01
   listed $159,900
8. 1997-08-25
   soldstatus $116,000
9. 1997-08-25
   soldstatus $116,000
10. 1997-08-10
    historical
11. 1997-06-03
    listed $118,900
12. 1986-10-21
    soldstatus $63,500
13. 1979-04-01
    soldstatus $55,700

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

Tax reassessment forecast OH · Partial reset (capped growth)

• Current annual tax: $3,246 · $271/mo
• Projected year-2 tax: $3,495 · $291/mo
• Expected delta: +$249/yr (+$21/mo · 7.7%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% 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: $30,870
• − Mortgage interest: −$13,444
• − Property taxes: −$3,246
• − Insurance: −$1,200
• − Repairs & maintenance: −$2,470
• − Management: −$2,470
• − Depreciation: −$6,982
• Taxable income: $1,060
• Est. tax owed @ 24.0%: −$254
• After-tax cash flow: $4,584/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

• Census place: Delaware, OH
• 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

+330.9% since first listed

13 events — show timeline

• 2025-11-20 Pending — CBRMLS
• 2025-11-17 Listed $240,000 CBRMLS
• 2016-11-21 Sold (Public Records) $125,000 Public Records
• 2007-08-26 Listing Removed — CBRMLS
• 2006-07-07 Listed $152,800 CBRMLS
• 2006-07-06 Listing Removed — CBRMLS
• 2006-05-01 Listed $159,900 CBRMLS
• 1997-08-25 Sold (Public Records) $116,000 Public Records
• 1997-08-25 Sold (MLS) $116,000 CBRMLS
• 1997-08-10 Listing Removed — CBRMLS
• 1997-06-03 Listed $118,900 CBRMLS
• 1986-10-21 Sold (Public Records) $63,500 Public Records
• 1979-04-01 Sold (Public Records) $55,700 Public Records

Property tax history

+1.7%/yr

Latest (2025): $3,246 · -9.8% YoY. Source: county tax records.