969 Sheridan Ave

Bexley, OH 43209

$295,000D-

4 bd · 0.0 ba · 1,792 sqft · Built 1950 · MultiFamily · Pending · 6 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,395/mo
• Mortgage (P&I): −$1,547
• Tax + insurance: −$492
• HOA: −$0
• Vac / Maint / Mgmt: −$503
• Net cashflow: $-147/mo
• Annual: $-1,760/yr
• Cap rate: 5.70%
• Cash-on-cash: -2.13%
• DSCR: 0.91
• 1% rule: 0.81%
• Cash to close: $82,600

Investor read

• This is a 2 × 2-bed/1-bath units multifamily listed at $295k. Condition is rated fair.
• At list price, monthly cash flow is $-147 ($-2k/yr) — negative. Per door: $-73/mo.
• To cash-flow at today's rent, offer at most $274k (7.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $240k (18.8% below list).
• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $240k (18.8% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Location reads 89/100 on livability (#10 in OH, #116 nationally) — a professional / high-income tenant draw. Strengths: commute A+, employment A+, housing A+; Watch: cost of living D-.
• Bexley City (suburban): math 77% / reading 81% proficiency, ranked #40 of 656 in OH (top 6%) — strong family-tenant draw, lease renewals of 3-5y typical; only 15% free/reduced lunch — higher-income household profile.
• Zoned schools: Montrose Elementary School (math 77% / reading 87%, grade A+, #116 of 1,584 statewide, top 9%, 335 students, 11% FRL); Bexley Middle School (math 70% / reading 77%, grade A, #99 of 654 statewide, top 16%, 602 students, 0% FRL); Bexley High School (math 87% / reading 87%, grade A, #4 of 781 statewide, top 1%, 736 students, 23% FRL) — zoned schools at 11% FRL track the district average.
• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+9.4%/yr); 54 active listings in the ZIP; 26 comparable units currently listed for rent nearby; rentals at typical pace (median 20d 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.
• 4 sale attempts since 25y 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.
• Cap rate 5.7% vs local median 1.1% in Bexley — 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.
• This rent runs 32% of the median local income ($90k/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?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?

Repairs flagged (vision-AI assessment)

• Minor: kitchen cabinets — dated and slightly worn
• Minor: bathroom fixtures — dated and slightly worn
• Minor: paint — scuffing and minor discoloration