511 Vernon Ave · Delaware, OH 43015

$159,000

2 bd · 2.0 ba · 1,046 sqft · SingleFamily public records · 1 Days on market

Built 1900 1.00 ac lot Est $245k · 35% under

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Why this score? — see what drove the C+ 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 +19.6/30.0
• ARV discount +15.0/15.0
• DSCR +6.2/10.0
• 1% rule +5.1/10.0
• Schools +4.7/10.0
• Livability +4.0/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This property is located on the edge of Delaware with a nice 30' x 35' garage or outbuilding on a 1 acre lot. The garage has two 10' overhead doors. The home was in the middle of a remodel when it was vacated and is in a state of disrepair. Great opportunity for a buyer who is looking for a couple of rental incomes off of one property and or an owner that needs an outbuilding and can remodel the home. Bank is selling as is and the property needs water. Opportunity here!

Key facts

• Spacious yard
• 1 acre lot
• Detached garage

Tags

• 1 ACRE LOT
• DETACHED GARAGE
• SPACIOUS YARD
• EASY ACCESS TO AMENITIES

Property features AI

Exterior

• Parking: Detached 2-car garage
• Utilities: Private sewer; Well water
• Home design: Single-family residence; Two levels; Built in 1900; No shared/common walls
• Construction: Stone foundation
• Exterior features: Stone foundation; 1.0-acre lot

Interior

• Bedrooms: One main-level bedroom
• Bathrooms: Two full bathrooms
• Interior features: Crawl space and partial cellar basement

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $159k.

Deal economics

• At list price, monthly cash flow is $184 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $159k).
• Cap rate 7.7% vs local median 2.5% in Delaware — 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 80/100 on livability (#116 in OH, #1,717 nationally) — a professional / high-income tenant draw. Strengths: cost of living A+, housing A+, schools A; Watch: amenities C-, commute F.
• Delaware City (suburban): math 47% / reading 63% proficiency, ranked #355 of 656 in OH (top 54%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+1.4%/yr); 499 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals leasing fast (median 8d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 2,233 units permitted in Delaware County in 2024 (304 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 $5k of value loss. Plan a longer hold.
• Delaware County population projected at +37% 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.
• 3 sale attempts since 15y ago; this cycle's ask is 232% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $42k; list at $159k implies a 279% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $159,000

Questions for the listing agent

1. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.01% ✓
• Cap rate: 7.68%
• Cash-on-cash: 4.96%
• DSCR: 1.22
• GRM: 8.2

CMA / ARV

• ARV (on-the-fly): $244,764
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
59 Wilder St	0.59mi	2/1.0	1,026 (-2%)	7mo	$185,000	$180	59
54 Baywood Dr	0.44mi	2/1.0	936 (-10%)	1mo	$225,000	$240	57
1862 Ashburn Dr	0.55mi	3/2.0 (+1)	1,125 (+8%)	2mo	$329,300	$293	55
87 Deerfield Pl	0.39mi	3/1.0 (+1)	936 (-10%)	2mo	$248,000	$265	54
16 Deerfield Pl	0.48mi	3/1.0 (+1)	950 (-9%)	1mo	$125,000	$132	52
123 Deerfield Pl	0.40mi	3/1.0 (+1)	936 (-10%)	4mo	$223,000	$238	51
157 Joy Ave	0.41mi	3/2.0 (+1)	1,144 (+9%)	12mo	$267,500	$234	50
63 Baywood Dr	0.45mi	3/1.0 (+1)	1,124 (+8%)	10mo	$248,000	$221	49
31 Smith St	0.43mi	3/1.0 (+1)	1,150 (+10%)	7mo	$240,000	$209	48
58 Wilder St	0.60mi	3/1.5 (+1)	1,118 (+7%)	10mo	$252,351	$226	45
21 Baywood Dr	0.49mi	3/1.0 (+1)	912 (-13%)	4mo	$256,000	$281	44
19 Deerfield Pl	0.49mi	3/1.0 (+1)	1,136 (+9%)	13mo	$240,000	$211	43

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 1.42% rent growth · sell at horizon

5-year hold

• IRR: -10.4%
• Equity multiple: 0.63×
• Total profit: $-16,541
• Equity at exit: $23,707

10-year hold

• IRR: -3.3%
• Equity multiple: 0.79×
• Total profit: $-9,257
• Equity at exit: $13,747

Cash invested: $44,520 (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 43015

• Rents YoY: 1.4%
• Active inventory: 499
• Price-to-rent: 8.2×

Monthly cashflow live

• Estimated rent: $1,612 high
• Mortgage (P&I): −$834
• Tax from tax record: −$190 /mo · $2,276/yr
• Insurance: −$66
• HOA: −$0
• Vacancy / Maint / Mgmt: −$339
• Net cashflow: $184

Break-even live

Break-even rent $1,379

Max offer price $159,000

Occupancy floor 84%

Sensitivity live

Price	-10% $274	-5% $229	+0% $184	+5% $139	+10% $94
Rent	-10% $57	-5% $120	+0% $184	+5% $248	+10% $312
Rate	-1.0pp $264	-0.5pp $225	base $184	+0.5pp $143	+1.0pp $101

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: $39,750
• Closing costs: $4,770
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1 Village Gate Blvd Delaware, OH	1.0–2.0	1.0–2.5	935	$1,525	$1.63	2d	9	0.44mi
1 Mossy Grove LN Delaware, OH	1.0–3.0	1.0–2.5	1022	$1,750	$1.71	2d	47	0.67mi
6 Wade St Delaware, OH	3.0	1.5	1242	$2,100	$1.69	8d	1	0.70mi
236 E William St Unit 2 Delaware, OH	2.0	1.0	916	$1,047	$1.14	44d	1	0.89mi
1 Kerry Park Cir Delaware, OH	1.0–2.0	1.0–2.0	819	$1,395	$1.70	2d	1	0.91mi
35 Flax St Delaware, OH	2.0	1.0–2.0	822	$1,985	$2.41	5d	16	1.04mi
22 Estelle St Delaware, OH	3.0	1.0	1150	$1,650	$1.43	11d	1	1.06mi
200 Hayes St Delaware, OH	2.0	1.5	973	$1,075	$1.10	12d	10	1.23mi
20 Bur Reed Rd Delaware, OH	2.0	2.0	1457	$2,112	$1.45	2d	23	1.26mi
166 N Sandusky St Unit A Delaware, OH	2.0	1.0	900	$1,350	$1.50	44d	1	1.28mi

Listing history 2 events

1. 2026-06-19
   remarks 699-char remark
2. 2026-06-19
   listed $159,000 Coming Soon 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: $2,276 · $190/mo
• Projected year-2 tax: $2,378 · $198/mo
• Expected delta: +$102/yr (+$9/mo · 4.5%)

ⓘ 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 3/10 Moderate 7 d/yr ≥100°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,350
• − Mortgage interest: −$8,906
• − Property taxes: −$2,276
• − Insurance: −$795
• − Repairs & maintenance: −$1,548
• − Management: −$1,548
• − Depreciation: −$4,625
• Taxable loss: −$349
• Est. tax savings @ 24.0%: +$84
• After-tax cash flow: $2,294/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: Delaware City
• NCES district ID: 3904387
• Math proficiency: 47% ▼ -24.00%
• Reading proficiency: 63% ▼ -7.00%
• Median HH income: $55,434
• Composite: 47.39/100
• National rank: #2288
• State rank: #355 of 656 in OH

Livability — Delaware

• Score: 80/100
• State rank: #116
• US rank: #1717

Category grades

Amenities C- Commute F Cost of living A+ Crime A Employment A- Housing A+ Health & safety A- User ratings B+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Delaware, OH
• County: Delaware County · 203,207 people
• City population: 61,401
• Metro: Columbus, OH
• Population (ZIP): 61,401
• Household income: $105,322
• Rent vs Own: 27.7% rent · 72.3% own
• Severe rent burden: 965.0

Population outlook (Delaware County) Hauer SSP2

• Today (2025): 230,854 people
• By 2030: 249,294 · +8.0%
• By 2040: 284,223 · +23.1%
• By 2050: 315,314 · +36.6%
• By 2075: 379,462 · +64.4%
• By 2100: 403,158 · +74.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (82%)
• Race & ethnicity: White 82% Two or more races 7% Hispanic / Latino 5% Asian 5% Black 4%
• Common ancestry: Italian 3% Slovak 3% Romanian 2%
• Foreign-born: 5% · Canada, China, Vietnam
• Languages at home: 93% English-only · Spanish 2% Other Asian/Pacific 1% Other Indo-European 1%

Political lean MEDSL · Delaware

• 2024 margin: Lean R (+6.6) · D 46.2% · R 52.8%
• 2008→2024 swing: +13.0pp toward D · 2008: -19.6pp · 2024: -6.6pp
• All cycles: 2024: R+6.6 2020: R+6.8 2016: R+16.1 2012: R+23.7 2008: R+19.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -398.47%
• Current HPI: 233.0634
• Rent YoY: ▲ 1.42%
• 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

+224.5% since first listed

8 events — show timeline

• 2026-06-18 Coming Soon $159,000 CBRMLS
• 2012-10-18 Sold (MLS) $42,000 CBRMLS
• 2012-10-15 Listing Removed — CBRMLS
• 2012-07-03 Listing Removed — CBRMLS
• 2012-07-02 Listed $47,900 CBRMLS
• 2012-06-29 Listed $44,900 CBRMLS
• 2012-04-16 Listing Removed — CBRMLS
• 2011-02-22 Listed $49,000 CBRMLS

Property tax history

+7.4%/yr

Latest (2025): $2,276 · +5.3% YoY. Source: county tax records.