184 E Park St · Westerville, OH 43081

$199,900

5 bd · 1.5 ba · 2,266 sqft · SingleFamily public records · 61 Days on market

Built 1928 7,840 sqft lot $88/sqft · 60% below area

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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 +14.6/30.0
• ARV discount +7.5/15.0
• 1% rule +6.6/10.0
• Schools +5.2/10.0
• DSCR +4.4/10.0
• Livability +4.1/5.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Live onsite Public Reserve Real Estate Auction opportunity as well as online bidding available. The list price reflects the Reserve Bid at auction. The live and simultaneous online auction will begin to end June 12, 2026 at 11:00am. The Home will be open at 9am for preview and bidder registration. Auction Terms & Conditions provided by request and on the auction website. Opportunity knocks with this character-filled Craftsman! Packed with charm, space, and potential, this property is ideal for investors or buyers ready to create something truly special. This early-century home features a spacious layout with generous living areas and flexible-use spaces. A blend of original architectural details and select modern updates provides a solid starting point for restoration or customization. With ample space for living and entertaining, this property offers strong potential to be transformed into a standout home. Bring your ideas and unlock the possibilities!

Key facts

• 7,840 sq ft lot
• 2 garage spots
• Built 1928

What this means for you Summary

Snapshot

• This is a 5-bed/1.5-bath single-family listed at $200k.

Deal economics

• At list price, monthly cash flow is $46 ($552/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $200k).
• Recommended offer: $188k (6.0% below list) — sets the bar for market timing.
• Cap rate 6.6% vs local median 2.4% in Westerville — 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 82/100 on livability (#82 in OH, #1,215 nationally) — a professional / high-income tenant draw. Strengths: schools A+, employment A+, housing A+; Watch: amenities F, commute F.
• Westerville City (suburban): math 54% / reading 63% proficiency, ranked #276 of 656 in OH (top 42%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents soft (-0.6%/yr); 169 active listings in the ZIP; solid renter incomes; 8,139 units permitted in Franklin County in 2024 (5,940 in 5+ unit buildings).
• This rent runs 30% of the median local income ($92k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Franklin County population projected at +34% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 61 days — a 6% lower offer ($188k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 28y ago; this cycle's ask has dropped $100k (33%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $133k; list at $200k implies a 50% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 3.9% of price; built in 1928 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $187,906 (6.0% below list)

Questions for the listing agent

1. It's been on market 61 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1928 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 1.16% ✓
• Cap rate: 6.57%
• Cash-on-cash: 0.99%
• DSCR: 1.04
• GRM: 7.2

CMA / ARV

• ARV (median comp): $493,809
• List price: $199,900
• Delta: -59.52%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
184 E Park St	0.00mi	5/1.5	2,266 (0%)	1mo	$220,000	$97	99
329 Hampton Park	0.38mi	4/2.5 (-1)	2,428 (+7%)	2mo	$490,000	$202	60
192 Sassafras Way	0.64mi	4/2.5 (-1)	2,317 (+2%)	2mo	$519,000	$224	56
346 E Park St	0.30mi	4/3.0 (-1)	2,412 (+6%)	13mo	$482,500	$200	53
177 Sterling Glen Dr	0.55mi	4/3.5 (-1)	2,302 (+2%)	10mo	$560,000	$243	50
162 Juniper Ave	0.63mi	4/2.5 (-1)	2,304 (+2%)	11mo	$512,000	$222	50
93 Hampton Park W	0.38mi	4/3.5 (-1)	2,429 (+7%)	11mo	$499,999	$206	48
189 Sassafras Way	0.62mi	4/2.5 (-1)	1,949 (-14%)	2mo	$535,000	$274	37
135 Juniper Ave	0.56mi	4/2.5 (-1)	2,014 (-11%)	12mo	$517,000	$257	36
145 Franklin Ave	0.60mi	4/3.0 (-1)	2,022 (-11%)	11mo	$555,000	$274	34
497 Catawba Ave	0.75mi	4/2.5 (-1)	2,016 (-11%)	4mo	$435,000	$216	34
339 Aylesbury Dr S	0.68mi	4/2.5 (-1)	2,591 (+14%)	2mo	$515,000	$199	34

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -19.0%
• Equity multiple: 0.36×
• Total profit: $-35,983
• Equity at exit: $29,806

10-year hold

• IRR: -22.5%
• Equity multiple: 0.06×
• Total profit: $-52,700
• Equity at exit: $17,284

Cash invested: $55,972 (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 43081

• Rents YoY: -0.6%
• Active inventory: 169
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $2,322 medium
• Mortgage (P&I): −$1,048
• Tax from tax record: −$657 /mo · $7,879/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$488
• Net cashflow: $46

Break-even live

Break-even rent $2,264

Max offer price $199,900

Occupancy floor 93%

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-05-08
   price $199,900 973-char remark

   Show marketing remark (973 chars)

   Live onsite Public Reserve Real Estate Auction opportunity as well as online bidding available. The list price reflects the Reserve Bid at auction. The live and simultaneous online auction will begin to end June 12, 2026 at 11:00am. The Home will be open at 9am for preview and bidder registration. Auction Terms & Conditions provided by request and on the auction website. Opportunity knocks with this character-filled Craftsman! Packed with charm, space, and potential, this property is ideal for investors or buyers ready to create something truly special. This early-century home features a spacious layout with generous living areas and flexible-use spaces. A blend of original architectural details and select modern updates provides a solid starting point for restoration or customization. With ample space for living and entertaining, this property offers strong potential to be transformed into a standout home. Bring your ideas and unlock the possibilities!

2. 2026-03-20
   listed $299,900 Active 973-char remark

   Show marketing remark (973 chars)

   Live onsite Public Reserve Real Estate Auction opportunity as well as online bidding available. The list price reflects the Reserve Bid at auction. The live and simultaneous online auction will begin to end June 12, 2026 at 11:00am. The Home will be open at 9am for preview and bidder registration. Auction Terms & Conditions provided by request and on the auction website. Opportunity knocks with this character-filled Craftsman! Packed with charm, space, and potential, this property is ideal for investors or buyers ready to create something truly special. This early-century home features a spacious layout with generous living areas and flexible-use spaces. A blend of original architectural details and select modern updates provides a solid starting point for restoration or customization. With ample space for living and entertaining, this property offers strong potential to be transformed into a standout home. Bring your ideas and unlock the possibilities!

3. 1999-02-23
   soldstatus $133,000
4. 1999-02-19
   soldstatus $133,000 302-char remark

   Show marketing remark (302 chars)

   GREAT OPPORTUNITY FOR LARGE UPTOWN-AREA HOME ACROSS FROM ELEM SCH & PLAY-GROUNDS! FRESHLY PAINTED & MUCH NEW CPT! UPDATED MECHANICALS PLUMBING & ELEC. ENCLOSED FRONT PORCH, 2-1/2 CAR ATTACHED GAR. & LG. LOT! TALL CEILINGS ON1ST FLR. SHOWINGS BEGIN ABOUT 10/7. CALL AGENTS FOR DETAILS

5. 1999-01-13
   historical 302-char remark

   Show marketing remark (302 chars)

   GREAT OPPORTUNITY FOR LARGE UPTOWN-AREA HOME ACROSS FROM ELEM SCH & PLAY-GROUNDS! FRESHLY PAINTED & MUCH NEW CPT! UPDATED MECHANICALS PLUMBING & ELEC. ENCLOSED FRONT PORCH, 2-1/2 CAR ATTACHED GAR. & LG. LOT! TALL CEILINGS ON1ST FLR. SHOWINGS BEGIN ABOUT 10/7. CALL AGENTS FOR DETAILS

6. 1998-10-01
   listed $139,900 302-char remark

   Show marketing remark (302 chars)

   GREAT OPPORTUNITY FOR LARGE UPTOWN-AREA HOME ACROSS FROM ELEM SCH & PLAY-GROUNDS! FRESHLY PAINTED & MUCH NEW CPT! UPDATED MECHANICALS PLUMBING & ELEC. ENCLOSED FRONT PORCH, 2-1/2 CAR ATTACHED GAR. & LG. LOT! TALL CEILINGS ON1ST FLR. SHOWINGS BEGIN ABOUT 10/7. CALL AGENTS FOR DETAILS

7. 1983-05-01
   soldstatus $66,000

ⓘ 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: $7,879 · $657/mo
• Projected year-2 tax: $7,879 · $657/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 ≥100°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,861
• − Mortgage interest: −$11,198
• − Property taxes: −$7,879
• − Insurance: −$1,000
• − Repairs & maintenance: −$2,229
• − Management: −$2,229
• − Depreciation: −$5,815
• Taxable loss: −$2,488
• Est. tax savings @ 24.0%: +$597
• After-tax cash flow: $1,149/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: Westerville City
• NCES district ID: 3904504
• Math proficiency: 54% ▼ -16.00%
• Reading proficiency: 63% ▼ -6.00%
• Median HH income: $72,017
• Composite: 51.9/100
• National rank: #1649
• State rank: #276 of 656 in OH

Livability — Westerville

• Score: 82/100
• State rank: #82
• US rank: #1215

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Westerville, OH
• County: Franklin County · 1,351,780 people
• City population: 99,583
• Metro: Columbus, OH
• Population (ZIP): 65,020
• Household income: $92,422
• Rent vs Own: 41.3% rent · 58.7% own
• Severe rent burden: 1746.0

Population outlook (Franklin County) Hauer SSP2

• Today (2025): 1,456,139 people
• By 2030: 1,556,890 · +6.9%
• By 2040: 1,757,349 · +20.7%
• By 2050: 1,950,539 · +34.0%
• By 2075: 2,376,171 · +63.2%
• By 2100: 2,636,796 · +81.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (72%)
• Race & ethnicity: White 72% Black 14% Two or more races 7% Asian 5% Hispanic / Latino 4%
• Common ancestry: Italian 4% Romanian 3% Lithuanian 2%
• Foreign-born: 10% · Canada, China
• Languages at home: 88% English-only · Spanish 2% Other Indo-European 2% Other Asian/Pacific 1%

Political lean MEDSL · Franklin

• 2024 margin: Strong D (+28.4) · D 63.7% · R 35.3% · Other 1.0%
• 2008→2024 swing: +7.7pp toward D · 2008: 20.7pp · 2024: 28.4pp
• All cycles: 2024: D+28.4 2020: D+31.4 2016: D+25.9 2012: D+21.7 2008: D+20.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -275.55%
• Current HPI: 259.862
• Rent YoY: ▼ -0.56%
• 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

+202.9% since first listed

7 events — show timeline

• 2026-05-08 Price Changed $199,900 CBRMLS
• 2026-03-20 Listed $299,900 CBRMLS
• 1999-02-23 Sold (Public Records) $133,000 Public Records
• 1999-02-19 Sold (MLS) $133,000 CBRMLS
• 1999-01-13 Listing Removed — CBRMLS
• 1998-10-01 Listed $139,900 CBRMLS
• 1983-05-01 Sold (Public Records) $66,000 Public Records

Property tax history

+4.7%/yr

Latest (2024): $7,879 · +2.2% YoY. Source: county tax records.