602 Heritage Blvd

Delaware, OH 43015

$240,000C+

4 bd · 1.5 ba · 1,908 sqft · Built 1971 · SingleFamily · Pending · 2 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,573/mo
• Mortgage (P&I): −$1,259
• Tax + insurance: −$371
• HOA: −$0
• Vac / Maint / Mgmt: −$540
• Net cashflow: $403/mo
• Annual: $4,839/yr
• Cap rate: 8.31%
• Cash-on-cash: 7.20%
• DSCR: 1.32
• 1% rule: 1.07%
• Cash to close: $67,200

Investor read

• This is a 4-bed/1.5-bath single-family listed at $240k.
• 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).
• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 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.
• 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+, crime 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.
• Zoned schools: David Smith Elementary School (math 57% / reading 68%, grade B, #580 of 1,584 statewide, top 37%, 370 students, 25% FRL); John C Dempsey Middle School (math 50% / reading 61%, grade B-, #321 of 654 statewide, top 51%, 1,247 students, 30% FRL); Rutherford B Hayes High School (math 36% / reading 67%, grade D+, #371 of 781 statewide, top 48%, 1,700 students, 25% FRL) — zoned schools at 26% FRL track the district average.
• Market conditions: Rents rising (+1.4%/yr); 502 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).
• Delaware County population projected at +37% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 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.
• 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.

Questions for listing agent

• Built in 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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.