3422 Smileys Cor · Columbus, OH 43026

$225,000

2 bd · 2.0 ba · 1,188 sqft · Condo public records · 88 Days on market

Built 1988 $189/sqft · 15% below area Est $265k · 15% under $301/mo HOA · 16% of rent

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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).

• ARV discount +14.3/15.0
• Cash flow +6.9/30.0
• Schools +5.3/10.0
• Livability +4.0/5.0
• 1% rule +3.4/10.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• DSCR +1.1/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

2 bedroom 2 full bathroom. This unit has been updated with modern finishes down to the beautiful quartz counter tops, appliances, flooring and bathrooms. Come see this one before its gone!

Key facts

• Updated appliances
• Modern finishes
• Updated bathrooms

Tags

• QUARTZ COUNTER TOPS
• MODERN FINISHES
• UPDATED APPLIANCES
• UPDATED FLOORING
• UPDATED BATHROOMS

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $225k.

Deal economics

• At list price, monthly cash flow is $-344 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $164k (27.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $189k (15.8% below list).
• Recommended offer: $164k (27.0% below list) — sets the bar for cash-flow.

Location & tenants

• Location reads 81/100 on livability (#97 in OH, #1,491 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: employment C-, crime F.
• Hilliard City (suburban): math 57% / reading 62% proficiency, ranked #246 of 656 in OH (top 38%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 20% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising (+1.2%/yr); 253 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 44% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 8,139 units permitted in Franklin County in 2024 (5,940 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.
• 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 88 days — a 6% lower offer ($212k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 21y 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 $126k; list at $225k implies a 79% gain — meaningful room to come down on a strong offer.

Recommended offer $164,302 (27.0% below list)

Questions for the listing agent

1. 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?
2. It's been on market 88 days. Have you received any prior offers? Is the seller open to a 27% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
8. 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?
9. 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.
10. 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.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.84% ✗
• Cap rate: 4.46%
• Cash-on-cash: -6.54%
• DSCR: 0.71
• GRM: 9.9

CMA / ARV

• ARV (median comp): $265,264
• List price: $225,000
• Delta: -15.18%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 1.25% rent growth · sell at horizon

5-year hold

• IRR: -29.9%
• Equity multiple: 0.03×
• Total profit: $-61,418
• Equity at exit: $33,548

10-year hold

• IRR: -42.8%
• Equity multiple: -0.49×
• Total profit: $-93,820
• Equity at exit: $19,454

Cash invested: $63,000 (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 43026

• Rents YoY: 1.2%
• Active inventory: 253
• Price-to-rent: 9.9×

Monthly cashflow live

• Estimated rent: $1,894 high
• Mortgage (P&I): −$1,180
• Tax from tax record: −$265 /mo · $3,183/yr
• Insurance: −$94
• HOA: −$301
• Vacancy / Maint / Mgmt: −$398
• Net cashflow: $-344

Break-even live

Break-even rent $2,329

Max offer price $164,302

Occupancy floor —

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3429 Eastwoodlands Trl Unit 3429 Hilliard, OH	2.0	2.5	1433	$2,095	$1.46	17d	1	0.06mi
3429 Eastwoodlands Trl Unit 3429 Hilliard, OH	2.0	2.5	1433	$2,095	$1.46	23d	1	0.06mi
3280 Mill Run Dr Hilliard, OH	1.0–2.0	1.0–2.5	1064	$2,458	$2.31	1d	13	0.08mi
3427 Fishinger Mill Dr Unit 3427 Hilliard, OH	1.0	1.0	912	$1,450	$1.59	43d	1	0.10mi
3616 Hogans Run Rd Columbus, OH	2.0	1.0	576	$1,220	$2.12	2d	6	0.69mi
3393 Paxton Ct Hilliard, OH	3.0	3.0	1404	$2,340	$1.67	43d	1	1.26mi
2746 Shrewsbury Rd Columbus, OH	3.0	1.5	1451	$2,900	$2.00	3d	1	1.32mi
2636 Nottingham Rd Columbus, OH	3.0	1.5	1224	$2,130	$1.74	43d	1	1.48mi
2635 Woodstock Rd Columbus, OH	3.0	1.0	1236	$2,300	$1.86	43d	1	1.49mi

HOA detail condo

• Monthly dues: $301 · $3,612/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 24 events

1. 2026-06-18
   days on market $225,000 Active 88 DOM
2. 2026-06-17
   days on market $225,000 Active 87 DOM
3. 2026-06-16
   days on market $225,000 Active 86 DOM
4. 2026-06-15
   days on market $225,000 Active 85 DOM
5. 2026-06-13
   pricedays on market $225,000 Active 83 DOM
6. 2026-06-09
   days on market $235,000 Active 79 DOM
7. 2026-06-08
   days on market $235,000 Active 78 DOM
8. 2026-06-07
   days on market $235,000 Active 77 DOM
9. 2026-06-05
   days on market $235,000 Active 74 DOM
10. 2026-06-03
    days on market $235,000 Active 73 DOM
11. 2026-06-02
    days on market $235,000 Active 72 DOM
12. 2026-06-01
    days on market $235,000 Active 71 DOM
13. 2026-05-31
    days on market $235,000 Active 70 DOM
14. 2026-03-22
    listed $235,000 Active 188-char remark

    Show marketing remark (188 chars)

    2 bedroom 2 full bathroom. This unit has been updated with modern finishes down to the beautiful quartz counter tops, appliances, flooring and bathrooms. Come see this one before its gone!

15. 2020-11-10
    soldstatus $126,000
16. 2020-10-22
    soldstatus $126,000 Closed 540-char remark

    Show marketing remark (540 chars)

    Check out this second-floor end unit condo, located at The Millington subdivision in the convenient Mill Run Area. Easy access to 270 & Riverside Drive destinations. Bright, open, vaulted great room with a gas fireplace and unobstructed windows. Designated dining area with sliding doors to a partially covered balcony overlooking the community green space. Owner's suite, additional bedroom, 2nd full bath, and in-unit utility room. Community amenities include a clubhouse, swimming pool, tennis courts, park, and walking/bike paths.

17. 2020-10-15
    historical Contingent Finance and Inspection 540-char remark

    Show marketing remark (540 chars)

    Check out this second-floor end unit condo, located at The Millington subdivision in the convenient Mill Run Area. Easy access to 270 & Riverside Drive destinations. Bright, open, vaulted great room with a gas fireplace and unobstructed windows. Designated dining area with sliding doors to a partially covered balcony overlooking the community green space. Owner's suite, additional bedroom, 2nd full bath, and in-unit utility room. Community amenities include a clubhouse, swimming pool, tennis courts, park, and walking/bike paths.

18. 2020-10-08
    price $132,500 540-char remark

    Show marketing remark (540 chars)

    Check out this second-floor end unit condo, located at The Millington subdivision in the convenient Mill Run Area. Easy access to 270 & Riverside Drive destinations. Bright, open, vaulted great room with a gas fireplace and unobstructed windows. Designated dining area with sliding doors to a partially covered balcony overlooking the community green space. Owner's suite, additional bedroom, 2nd full bath, and in-unit utility room. Community amenities include a clubhouse, swimming pool, tennis courts, park, and walking/bike paths.

19. 2020-09-16
    price $138,500 540-char remark

    Show marketing remark (540 chars)

    Check out this second-floor end unit condo, located at The Millington subdivision in the convenient Mill Run Area. Easy access to 270 & Riverside Drive destinations. Bright, open, vaulted great room with a gas fireplace and unobstructed windows. Designated dining area with sliding doors to a partially covered balcony overlooking the community green space. Owner's suite, additional bedroom, 2nd full bath, and in-unit utility room. Community amenities include a clubhouse, swimming pool, tennis courts, park, and walking/bike paths.

20. 2020-08-28
    price $147,500 540-char remark

    Show marketing remark (540 chars)

    Check out this second-floor end unit condo, located at The Millington subdivision in the convenient Mill Run Area. Easy access to 270 & Riverside Drive destinations. Bright, open, vaulted great room with a gas fireplace and unobstructed windows. Designated dining area with sliding doors to a partially covered balcony overlooking the community green space. Owner's suite, additional bedroom, 2nd full bath, and in-unit utility room. Community amenities include a clubhouse, swimming pool, tennis courts, park, and walking/bike paths.

21. 2020-08-05
    listed $153,500 Active 540-char remark

    Show marketing remark (540 chars)

    Check out this second-floor end unit condo, located at The Millington subdivision in the convenient Mill Run Area. Easy access to 270 & Riverside Drive destinations. Bright, open, vaulted great room with a gas fireplace and unobstructed windows. Designated dining area with sliding doors to a partially covered balcony overlooking the community green space. Owner's suite, additional bedroom, 2nd full bath, and in-unit utility room. Community amenities include a clubhouse, swimming pool, tennis courts, park, and walking/bike paths.

22. 2006-05-23
    soldstatus $119,400
23. 2006-05-20
    historical
24. 2005-10-18
    listed $119,900

ⓘ 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: $3,183 · $265/mo
• Projected year-2 tax: $3,347 · $279/mo
• Expected delta: +$163/yr (+$14/mo · 5.1%)

ⓘ 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 4/10 Moderate 7 d/yr ≥100°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 1 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,729
• − Mortgage interest: −$12,603
• − Property taxes: −$3,183
• − Insurance: −$1,125
• − Repairs & maintenance: −$1,818
• − Management: −$1,818
• − HOA: −$3,612
• − Depreciation: −$6,545
• Taxable loss: −$7,977
• Est. tax savings @ 24.0%: +$1,914
• After-tax cash flow: $-2,209/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: Hilliard City
• NCES district ID: 3904701
• Math proficiency: 57% ▼ -14.00%
• Reading proficiency: 62% ▼ -6.00%
• Median HH income: $77,944
• Composite: 53.32/100
• National rank: #1479
• State rank: #246 of 656 in OH

Livability — Columbus

• Score: 81/100
• State rank: #97
• US rank: #1491

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Columbus, OH
• County: Franklin County · 1,351,780 people
• City population: 612,189
• Metro: Columbus, OH
• Population (ZIP): 65,238
• Household income: $111,440
• Rent vs Own: 31.7% rent · 68.3% own
• Severe rent burden: 1356.0

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 (76%)
• Race & ethnicity: White 76% Two or more races 7% Asian 6% Black 6% Hispanic / Latino 6%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Romanian 4% Italian 2% Lithuanian 2%
• Foreign-born: 11% · Canada, China
• Languages at home: 85% English-only · Spanish 4% Other Indo-European 3% Arabic 2%

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: ▼ -277.31%
• Current HPI: 268.491
• Rent YoY: ▲ 1.25%
• 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

+96.0% since first listed

11 events — show timeline

• 2026-03-22 Listed $235,000 CBRMLS
• 2020-11-10 Sold (Public Records) $126,000 Public Records
• 2020-10-22 Sold (MLS) $126,000 CBRMLS
• 2020-10-15 Contingent — CBRMLS
• 2020-10-08 Price Changed $132,500 CBRMLS
• 2020-09-16 Price Changed $138,500 CBRMLS
• 2020-08-28 Price Changed $147,500 CBRMLS
• 2020-08-05 Listed $153,500 CBRMLS
• 2006-05-23 Sold (MLS) $119,400 CBRMLS
• 2006-05-20 Listing Removed — CBRMLS
• 2005-10-18 Listed $119,900 CBRMLS

Property tax history

+2.7%/yr

Latest (2024): $3,183 · +15.4% YoY. Source: county tax records.