1934 Bluffstone Ct

Columbus, OH 43123

$65,000B+

3 bd · 2.0 ba · 1,178 sqft · Built 1993 · SingleFamily · Active · 76 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,798/mo
• Mortgage (P&I): −$341
• Tax + insurance: −$108
• HOA: −$525
• Vac / Maint / Mgmt: −$377
• Net cashflow: $446/mo
• Annual: $5,351/yr
• Cap rate: 14.52%
• Cash-on-cash: 29.40%
• DSCR: 2.31
• 1% rule: 2.77%
• Cash to close: $18,200

Investor read

• This is a 3-bed/2.0-bath single-family listed at $65k. Condition is rated fair.
• At list price, monthly cash flow is $446 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $65k).
• It's been on market 76 days — a 6% lower offer ($61k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $61k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $449 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• 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.
• South-Western City (suburban): math 40% / reading 48% proficiency, ranked #500 of 656 in OH (top 76%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: James A Harmon Elementary School (math 52% / reading 42%, grade D-, #942 of 1,584 statewide, top 61%, 524 students, 63% FRL); Finland Middle School (math 37% / reading 40%, grade F, #529 of 654 statewide, top 81%, 637 students, 80% FRL); Franklin Heights High School (math 22% / reading 43%, grade F, #604 of 781 statewide, top 77%, 1,338 students, 65% FRL) — zoned schools average 69% FRL vs 51% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: HOA is 29% of rent.
• Market conditions: Rents rising (+3.7%/yr); 423 active listings in the ZIP; 25 comparable units currently listed for rent nearby; rentals lingering (median 53d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 76% of comp listings sitting > 30 days — soft ceiling on asking rent; 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; this cycle's ask has dropped $10k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 3.7% rent growth), your $18k cash investment doubles in ~4 years — after that, you're playing with house money.
• Cap rate 14.5% vs local median 3.9% in Columbus — 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

• It's been on market 76 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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.
• 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?
• 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.

Repairs flagged (vision-AI assessment)

• Minor: Exterior siding — Some discoloration and wear visible on white siding
• Minor: Interior paint — Some scuff marks and wear visible on painted walls
• Minor: Kitchen countertops — Some wear visible on countertops
• Minor: Bathroom tiles — Some wear visible on bathroom tiles