6014 Brice Park Dr Unit 17B

Columbus, OH 43110

$175,000D-

2 bd · 1.0 ba · 840 sqft · Built 2001 · Condo · Active · 71 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,648/mo
• Mortgage (P&I): −$918
• Tax + insurance: −$227
• HOA: −$200
• Vac / Maint / Mgmt: −$346
• Net cashflow: $-42/mo
• Annual: $-507/yr
• Cap rate: 6.00%
• Cash-on-cash: -1.04%
• DSCR: 0.95
• 1% rule: 0.94%
• Cash to close: $49,000

Investor read

• This is a 2-bed/1.0-bath condo listed at $175k.
• At list price, monthly cash flow is $-42 ($-507/yr) — negative.
• To cash-flow at today's rent, offer at most $168k (4.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $165k (5.8% below list).
• It's been on market 71 days — a 6% lower offer ($164k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $164k (6.0% 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 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.
• Columbus City School District (urban): math 15% / reading 26% proficiency, ranked #626 of 656 in OH (top 95%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 72% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents soft (-0.5%/yr); 208 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 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.
• 6 sale attempts since 9y 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 6.0% 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.

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 71 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• 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.
• 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?
• 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?