3232 Summerdale Ln #74 · Columbus, OH 43221

$199,900

2 bd · 1.5 ba · 1,152 sqft · Condo public records · 1 Days on market

Built 1978 $315/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).

• Cash flow +9.7/30.0
• ARV discount +7.5/15.0
• Schools +5.3/10.0
• 1% rule +5.0/10.0
• Livability +4.0/5.0
• Rent growth +3.4/5.0
• DSCR +2.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This recently renovated condo has many added features that make it stand out. The second floor boasts two spacious bedrooms, with the primary bedroom featuring an extensive closet and attic storage space accessible through a large door. The second bedroom also has a sizable closet. The kitchen has been upgraded with wide granite countertops. In addition, the back porch has a brand new concrete patio and privacy fencing, completed in 2024. As you enter the condo, there is a bonus coat closet in the entryway for storing extra belongings. The sale of the condo includes all updated appliances (including washer and dryer) and even the cozy fireplace. There is also a private carport at the back of the condo, with additional parking available next to the unit.

Key facts

• Natural light
• Move in ready
• Spacious living room

Tags

• MOVE IN READY
• LOW MAINTENANCE LIVING
• CONVENIENT ACCESS TO SHOPPING
• PRIVATE OUTDOOR SPACE
• SPACIOUS LIVING ROOM
• NATURAL LIGHT

Property features AI

Finance

• HOA & community: Has homeowners association; Monthly association fee of $315; Association fees include lawn care, trash, water, and snow removal

Exterior

• Parking: One carport space
• Utilities: Public water; Public sewer
• Home design: Condominium; Townhouse structure; Two levels; Built in 1978; At least two shared/common walls
• Construction: Built 1978; Slab foundation
• Exterior features: Patio; Slab foundation

Interior

• Flooring: Laminate; Carpet
• Bathrooms: One full bathroom; One half bathroom (total 1.5 bathrooms)
• Heating & cooling: Central air conditioning
• Interior features: Open living area; Laminate and carpet flooring

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath condo listed at $200k.

Deal economics

• At list price, monthly cash flow is $-133 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $176k (11.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $200k (0.1% below list).
• Recommended offer: $176k (11.8% below list) — sets the bar for cash-flow.
• Cap rate 5.5% vs local median 3.8% 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.

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 (+3.5%/yr); 63 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 45% 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 $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

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 2y 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.

Recommended offer $176,360 (11.8% 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. Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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 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: 1.00% ✗
• Cap rate: 5.49%
• Cash-on-cash: -2.86%
• DSCR: 0.87
• GRM: 8.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.5% rent growth · sell at horizon

5-year hold

• IRR: -20.2%
• Equity multiple: 0.29×
• Total profit: $-39,638
• Equity at exit: $29,806

10-year hold

• IRR: -11.7%
• Equity multiple: 0.28×
• Total profit: $-40,318
• 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 43221

• Rents YoY: 3.5%
• Active inventory: 63
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $1,996 high
• Mortgage (P&I): −$1,048
• Tax from tax record: −$264 /mo · $3,165/yr
• Insurance: −$83
• HOA: −$315
• Vacancy / Maint / Mgmt: −$419
• Net cashflow: $-133

Break-even live

Break-even rent $2,165

Max offer price $176,360

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

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3427 Fishinger Mill Dr Unit 3427 Hilliard, OH	1.0	1.0	912	$1,450	$1.59	43d	1	0.58mi
3616 Hogans Run Rd Columbus, OH	2.0	1.0	576	$1,220	$2.12	2d	6	0.59mi
3429 Eastwoodlands Trl Unit 3429 Hilliard, OH	2.0	2.5	1433	$2,095	$1.46	17d	1	0.62mi
3429 Eastwoodlands Trl Unit 3429 Hilliard, OH	2.0	2.5	1433	$2,095	$1.46	23d	1	0.62mi
3280 Mill Run Dr Hilliard, OH	1.0–2.0	1.0–2.5	1064	$2,458	$2.31	1d	13	0.71mi
2746 Shrewsbury Rd Columbus, OH	3.0	1.5	1451	$2,900	$2.00	3d	1	0.91mi
2635 Woodstock Rd Columbus, OH	3.0	1.0	1236	$2,300	$1.86	43d	1	0.99mi
2636 Nottingham Rd Columbus, OH	3.0	1.5	1224	$2,130	$1.74	43d	1	1.01mi
2565 Riverside Dr Unit 2599-3D Columbus, OH	2.0	1.0	896	$1,215	$1.36	43d	1	1.35mi
2565 Riverside Dr Unit 2599-4H Columbus, OH	2.0	1.0	896	$1,330	$1.48	43d	1	1.35mi
2211 Dublin Rd Columbus, OH	1.0–2.0	1.0–2.0	830	$1,860	$2.24	1d	13	1.39mi

HOA detail condo

• Monthly dues: $315 · $3,780/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 2 events

1. 2026-06-13
   remarks 699-char remark
2. 2026-06-13
   listed $199,900 Pending 1 DOM

ⓘ 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: $3,165 · $264/mo
• Projected year-2 tax: $3,165 · $264/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 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: $23,956
• − Mortgage interest: −$11,198
• − Property taxes: −$3,165
• − Insurance: −$1,000
• − Repairs & maintenance: −$1,916
• − Management: −$1,916
• − HOA: −$3,780
• − Depreciation: −$5,815
• Taxable loss: −$4,835
• Est. tax savings @ 24.0%: +$1,160
• After-tax cash flow: $-439/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): 35,293
• Household income: $118,768
• Rent vs Own: 30.8% rent · 69.2% own
• Severe rent burden: 450.0

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 (83%)
• Race & ethnicity: White 83% Asian 6% Two or more races 6% Hispanic / Latino 3% Black 3%
• Common ancestry: Slovak 4% Italian 3% Romanian 3%
• Foreign-born: 8% · China, Canada
• Languages at home: 92% English-only · Other Indo-European 2% Chinese 2% Spanish 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: ▼ -445.67%
• Current HPI: 271.8826
• Rent YoY: ▲ 3.50%
• 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

+329.9% since first listed

13 events — show timeline

• 2026-06-13 Pending — CBRMLS
• 2026-06-12 Listed $199,900 CBRMLS
• 2026-06-11 Coming Soon $199,900 CBRMLS
• 2024-10-30 Sold (Public Records) $200,000 Public Records
• 2024-10-25 Sold (MLS) $200,000 CBRMLS
• 2024-10-07 Contingent — CBRMLS
• 2024-10-06 Listed $184,900 CBRMLS
• 2024-10-03 Coming Soon $184,900 CBRMLS
• 2021-02-18 Sold (Public Records) $141,000 Public Records
• 1997-02-20 Sold (Public Records) $47,750 Public Records
• 1991-08-12 Sold (Public Records) $41,600 Public Records
• 1987-11-05 Sold (Public Records) $39,319 Public Records
• 1985-07-12 Sold (Public Records) $46,500 Public Records

Property tax history

+6.9%/yr

Latest (2024): $3,165 · +15.4% YoY. Source: county tax records.