4835 Duke Philip Dr Unit 39A

Hilliard, OH 43026

$214,500D

3 bd · 2.5 ba · 1,344 sqft · Built 1989 · Condo · Pending · 22 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,071/mo
• Mortgage (P&I): −$1,125
• Tax + insurance: −$434
• HOA: −$153
• Vac / Maint / Mgmt: −$435
• Net cashflow: $-76/mo
• Annual: $-912/yr
• Cap rate: 5.87%
• Cash-on-cash: -1.52%
• DSCR: 0.93
• 1% rule: 0.97%
• Cash to close: $60,060

Investor read

• This is a 3-bed/2.5-bath condo listed at $214k.
• At list price, monthly cash flow is $-76 ($-912/yr) — negative.
• To cash-flow at today's rent, offer at most $201k (6.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $207k (3.4% below list).
• It's been on market 22 days — a 2% lower offer ($211k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $201k (6.3% below list) — sets the bar for cash-flow.
• 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 87/100 on livability (#34 in OH, #331 nationally) — a professional / high-income tenant draw. Strengths: crime A+, employment A+, housing A+; Watch: commute 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.
• Zoned schools: Avery Elementary School (math 57% / reading 62%, grade B-, #670 of 1,584 statewide, top 45%, 424 students, 19% FRL); Hilliard Weaver Middle School (math 65% / reading 65%, grade A-, #194 of 654 statewide, top 31%, 880 students, 25% FRL); Hilliard Davidson High School (math 51% / reading 66%, grade C, #265 of 781 statewide, top 34%, 1,891 students, 20% FRL) — zoned schools at 21% FRL track the district average.
• Market conditions: Rents rising (+1.2%/yr); 256 active listings in the ZIP; 30 comparable units currently listed for rent nearby; rentals leasing fast (median 10d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 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 10y 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 $75k; list at $214k implies a 186% gain — meaningful room to come down on a strong offer.
• Cap rate 5.9% vs local median 1.8% in Hilliard — 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

• 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?
• 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?
• 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.
• 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.