13260 Tollgate Rd NW

Pickerington, OH 43147

$409,000D-

3 bd · 2.0 ba · 2,112 sqft · Built 1972 · SingleFamily · Active · 133 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,394/mo
• Mortgage (P&I): −$2,145
• Tax + insurance: −$491
• HOA: −$0
• Vac / Maint / Mgmt: −$503
• Net cashflow: $-745/mo
• Annual: $-8,937/yr
• Cap rate: 4.11%
• Cash-on-cash: -7.80%
• DSCR: 0.65
• 1% rule: 0.59%
• Cash to close: $114,520

Investor read

• This is a 3-bed/2.0-bath single-family listed at $409k.
• At list price, monthly cash flow is $-745 ($-9k/yr) — negative.
• To cash-flow at today's rent, offer at most $277k (32.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $239k (41.5% below list).
• It's been on market 133 days — a 12% lower offer ($360k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $239k (41.5% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• Location reads 77/100 on livability (#197 in OH, #3,031 nationally) — a middle-class / working-renter tenant base. Strengths: schools A+, employment A+, housing A+; Watch: amenities F, commute F.
• Pickerington Local (suburban): math 58% / reading 69% proficiency, ranked #186 of 656 in OH (top 28%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 19% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising (+3.0%/yr); 223 active listings in the ZIP; high-income renter base; 475 units permitted in Fairfield County in 2024 (0 in 5+ unit buildings).
• Fairfield County population projected at +8% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 2 sale attempts 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 $280k; 46% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Cap rate 4.1% vs local median 3.3% in Pickerington — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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 133 days. Have you received any prior offers? Is the seller open to a 41% concession, seller financing, or rate buy-down credit?
• Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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.