1000 Urlin Ave #1402

Grandview Heights, OH 43212

$159,900D

3 bd · 2.0 ba · 1,447 sqft · Built 1965 · Condo · Active · 119 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,126/mo
• Mortgage (P&I): −$839
• Tax + insurance: −$475
• HOA: −$2,034
• Vac / Maint / Mgmt: −$446
• Net cashflow: $-1,668/mo
• Annual: $-20,018/yr
• Cap rate: -6.23%
• Cash-on-cash: -44.71%
• DSCR: -0.99
• 1% rule: 1.33%
• Cash to close: $44,772

Investor read

• This is a 3-bed/2.0-bath condo listed at $160k.
• At list price, monthly cash flow is $-2k ($-20k/yr) — negative.
• Rent doesn't cover operating costs at any purchase price — skip.
• Meets the 1% rule at list price ($2k rent vs $160k).
• It's been on market 119 days — a 9% lower offer ($146k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $146k (9.0% 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 $5k of value loss. Plan a longer hold.
• Location reads 93/100 on livability (#3 in OH, #19 nationally) — a professional / high-income tenant draw. Strengths: schools A+, amenities A+, commute A+; Watch: cost of living F.
• Grandview Heights Schools (suburban): math 80% / reading 88% proficiency, ranked #29 of 656 in OH (top 4%) — strong family-tenant draw, lease renewals of 3-5y typical; only 18% free/reduced lunch — higher-income household profile.
• Watch-outs: property tax is 3.1% of price; HOA is 96% of rent.
• Market conditions: Rents rising (+1.6%/yr); 65 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $22k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $134k; 19% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Cap rate -6.2% vs local median 1.3% in Grandview Heights — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.
• This rent runs 33% of the median local income ($77k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• 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?
• It's been on market 119 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1965 — 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?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• 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.