184 E Park St

Westerville, OH 43081

$199,900D+

5 bd · 1.5 ba · 2,266 sqft · Built 1928 · SingleFamily · Pending · 61 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,324/mo
• Mortgage (P&I): −$1,048
• Tax + insurance: −$740
• HOA: −$0
• Vac / Maint / Mgmt: −$488
• Net cashflow: $48/mo
• Annual: $577/yr
• Cap rate: 6.58%
• Cash-on-cash: 1.03%
• DSCR: 1.05
• 1% rule: 1.16%
• Cash to close: $55,972

Investor read

• This is a 5-bed/1.5-bath single-family listed at $200k.
• At list price, monthly cash flow is $48 ($577/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $200k).
• It's been on market 61 days — a 6% lower offer ($188k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $188k (6.0% below list) — sets the bar for market timing.
• 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.
• 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.
• Watch-outs: property tax is 3.9% of price; built in 1928 — expect roof / HVAC / electrical / plumbing capex.
• 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).
• Franklin County population projected at +34% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 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.
• 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.
• This rent runs 30% of the median local income ($92k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• 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?
• Built in 1928 — 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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.