5 Spring Lake Ct #5 · Delaware, OH 43015

$39,999

2 bd · 2.0 ba · 980 sqft · SingleFamily · 247 Days on market

Built 1992 Fair condition $41/sqft · 62% below area $650/mo HOA · 50% of rent ↓ 32% since listing

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Why this score? — see what drove the B- 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 +25.5/30.0
• 1% rule +10.0/10.0
• DSCR +8.4/10.0
• ARV discount +7.5/15.0
• Schools +4.7/10.0
• Livability +4.0/5.0
• Rent growth +2.9/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

14x70 Fairmont Walk into the great rm with vaulted ceilings opening into kitchen with curve/wrap counter with eating and cooking area/ dinning area. Split bedrms and baths. Owners ste and full bath with shower and garden tub at opposite side, frt bedrm and full bath at frt. Owner is leaving refrig, range , Stg shed and lawnmower , Hall laundry rm, at side dr. . you pay water, electric, sewer and trash. Lot rent @650. Please get park approval. Owner will give carpet allowance at full price, Rite rug realtors discount. Park is located off Stratford road with views of the river and pond. Make offer, seller will negotiate on any repairs. Call today price is as is

Key facts

• Built 1992
• Listed 247 days

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $40k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $93 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $40k).
• Recommended offer: $35k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.1% 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; 14 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; 2,233 units permitted in Delaware County in 2024 (304 in 5+ unit buildings).
• This rent is only 15% of the median local income ($105k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $276 of loan paydown is wiped out by about $1k 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

• It's been on market 247 days — a 12% lower offer ($35k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 50% of rent.

Recommended offer $35,199 (12.0% below list)

Questions for the listing agent

1. It's been on market 247 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 3.23% ✓
• Cap rate: 9.07%
• Cash-on-cash: 9.93%
• DSCR: 1.44
• GRM: 2.6

CMA / ARV

• ARV (median comp): $105,471
• List price: $39,999
• Delta: -62.08%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
86 Belle Ave	0.37mi	2/1.0	957 (-2%)	7mo	$239,000	$250	69
8 Winter Pine Dr	0.51mi	2/2.0	1,008 (+3%)	4mo	$52,500	$52	68
13 Spring Lake Ct	0.02mi	3/2.0 (+1)	924 (-6%)	21mo	$96,000	$104	67
25 Ravine Ridge Dr	0.54mi	2/2.0	1,008 (+3%)	4mo	$46,000	$46	67
4 Ravine Ridge Dr	0.57mi	2/1.5	1,000 (+2%)	6mo	$45,000	$45	63
12 Winter Pine Dr	0.49mi	3/2.0 (+1)	1,001 (+2%)	21mo	$84,900	$85	51
129 Belle Ave	0.45mi	3/2.0 (+1)	1,064 (+9%)	14mo	$266,000	$250	48
21 Birch Row Dr	0.49mi	3/2.0 (+1)	1,088 (+11%)	7mo	$79,900	$73	48
24 Ravine Ridge Dr	0.54mi	2/1.0	924 (-6%)	21mo	$49,900	$54	44
708 Fern Dr	0.60mi	3/1.0 (+1)	912 (-7%)	14mo	$229,900	$252	40
746 Fern Dr	0.63mi	3/1.0 (+1)	1,066 (+9%)	10mo	$236,000	$221	39
225 S Sandusky St Lot 60	0.74mi	3/2.0 (+1)	1,120 (+14%)	16mo	$47,500	$42	24

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: -5.4%
• Equity multiple: 0.81×
• Total profit: $-2,176
• Equity at exit: $5,964

10-year hold

• IRR: -1.0%
• Equity multiple: 0.95×
• Total profit: $-615
• Equity at exit: $3,458

Cash invested: $11,200 (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: 2.6×

Monthly cashflow live

• Estimated rent: $1,290 high
• Mortgage (P&I): −$210
• Tax est. 1.5%: −$50 /mo · $600/yr
• Insurance: −$17
• HOA: −$650
• Vacancy / Maint / Mgmt: −$271
• Net cashflow: $93

Break-even live

Break-even rent $1,173

Max offer price $39,999

Occupancy floor 88%

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: $10,000
• Closing costs: $1,200
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1240 Stratford Rd Delaware, OH	2.0	1.0	1000	$1,295	$1.29	1d	2	0.48mi
159 London Rd Delaware, OH	1.0	1.0	650	$875	$1.35	23d	1	0.79mi
159 London Rd Delaware, OH	2.0	1.0	800	$995	$1.24	20d	1	0.79mi
159 London Rd Delaware, OH	1.0	1.0	650	$895	$1.38	3d	1	0.79mi
159 London Rd Delaware, OH	2.0	1.0	800	$995	$1.24	43d	1	0.79mi
278 Silver Maple Dr Delaware, OH	1.0–3.0	1.0–1.5	830	$1,332	$1.60	1d	5	0.80mi
253 S Liberty St Delaware, OH	2.0	1.0	1100	$1,099	$1.00	43d	1	0.81mi
247 S Liberty St Unit 7 Delaware, OH	2.0	1.0	750	$999	$1.33	43d	1	0.83mi
200 Hayes St Delaware, OH	2.0	1.5	973	$1,075	$1.10	11d	10	0.86mi
58 David St Delaware, OH	2.0	1.0	1000	$1,295	$1.29	4d	1	1.05mi
189 Park Ave Delaware, OH	2.0	1.5	960	$1,250	$1.30	44d	1	1.15mi
44 Kooken Pl Delaware, OH	1.0–2.0	1.0–2.0	1014	$1,933	$1.91	1d	9	1.25mi
236 E William St Unit 2 Delaware, OH	2.0	1.0	916	$1,047	$1.14	43d	1	1.26mi
35 Flax St Delaware, OH	2.0	1.0–2.0	822	$1,985	$2.41	4d	16	1.48mi

HOA detail

• Monthly dues: $650 · $7,800/yr
• Likely covers: watersewertrashelectric

Listing history 21 events

1. 2026-06-18
   days on market $39,999 Active 247 DOM
2. 2026-06-17
   days on market $39,999 Active 246 DOM
3. 2026-06-16
   days on market $39,999 Active 245 DOM
4. 2026-06-15
   days on market $39,999 Active 244 DOM
5. 2026-06-13
   days on market $39,999 Active 242 DOM
6. 2026-06-09
   days on market $39,999 Active 238 DOM
7. 2026-06-08
   days on market $39,999 Active 237 DOM
8. 2026-06-07
   days on market $39,999 Active 236 DOM
9. 2026-06-03
   days on market $39,999 Active 232 DOM
10. 2026-06-02
    days on market $39,999 Active 231 DOM
11. 2026-06-01
    days on market $39,999 Active 230 DOM
12. 2026-05-31
    days on market $39,999 Active 229 DOM
13. 2026-04-12
    price $39,999 670-char remark

    Show marketing remark (670 chars)

    14x70 Fairmont Walk into the great rm with vaulted ceilings opening into kitchen with curve/wrap counter with eating and cooking area/ dinning area. Split bedrms and baths. Owners ste and full bath with shower and garden tub at opposite side, frt bedrm and full bath at frt. Owner is leaving refrig, range , Stg shed and lawnmower , Hall laundry rm, at side dr. . you pay water, electric, sewer and trash. Lot rent @650. Please get park approval. Owner will give carpet allowance at full price, Rite rug realtors discount. Park is located off Stratford road with views of the river and pond. Make offer, seller will negotiate on any repairs. Call today price is as is

14. 2026-04-12
    price $40,000 670-char remark

    Show marketing remark (670 chars)

    14x70 Fairmont Walk into the great rm with vaulted ceilings opening into kitchen with curve/wrap counter with eating and cooking area/ dinning area. Split bedrms and baths. Owners ste and full bath with shower and garden tub at opposite side, frt bedrm and full bath at frt. Owner is leaving refrig, range , Stg shed and lawnmower , Hall laundry rm, at side dr. . you pay water, electric, sewer and trash. Lot rent @650. Please get park approval. Owner will give carpet allowance at full price, Rite rug realtors discount. Park is located off Stratford road with views of the river and pond. Make offer, seller will negotiate on any repairs. Call today price is as is

15. 2026-03-19
    price $44,900 670-char remark

    Show marketing remark (670 chars)

    14x70 Fairmont Walk into the great rm with vaulted ceilings opening into kitchen with curve/wrap counter with eating and cooking area/ dinning area. Split bedrms and baths. Owners ste and full bath with shower and garden tub at opposite side, frt bedrm and full bath at frt. Owner is leaving refrig, range , Stg shed and lawnmower , Hall laundry rm, at side dr. . you pay water, electric, sewer and trash. Lot rent @650. Please get park approval. Owner will give carpet allowance at full price, Rite rug realtors discount. Park is located off Stratford road with views of the river and pond. Make offer, seller will negotiate on any repairs. Call today price is as is

16. 2026-03-02
    price $49,000 670-char remark

    Show marketing remark (670 chars)

    14x70 Fairmont Walk into the great rm with vaulted ceilings opening into kitchen with curve/wrap counter with eating and cooking area/ dinning area. Split bedrms and baths. Owners ste and full bath with shower and garden tub at opposite side, frt bedrm and full bath at frt. Owner is leaving refrig, range , Stg shed and lawnmower , Hall laundry rm, at side dr. . you pay water, electric, sewer and trash. Lot rent @650. Please get park approval. Owner will give carpet allowance at full price, Rite rug realtors discount. Park is located off Stratford road with views of the river and pond. Make offer, seller will negotiate on any repairs. Call today price is as is

17. 2025-12-29
    price $49,999 670-char remark

    Show marketing remark (670 chars)

    14x70 Fairmont Walk into the great rm with vaulted ceilings opening into kitchen with curve/wrap counter with eating and cooking area/ dinning area. Split bedrms and baths. Owners ste and full bath with shower and garden tub at opposite side, frt bedrm and full bath at frt. Owner is leaving refrig, range , Stg shed and lawnmower , Hall laundry rm, at side dr. . you pay water, electric, sewer and trash. Lot rent @650. Please get park approval. Owner will give carpet allowance at full price, Rite rug realtors discount. Park is located off Stratford road with views of the river and pond. Make offer, seller will negotiate on any repairs. Call today price is as is

18. 2025-12-29
    price $50,000 670-char remark

    Show marketing remark (670 chars)

    14x70 Fairmont Walk into the great rm with vaulted ceilings opening into kitchen with curve/wrap counter with eating and cooking area/ dinning area. Split bedrms and baths. Owners ste and full bath with shower and garden tub at opposite side, frt bedrm and full bath at frt. Owner is leaving refrig, range , Stg shed and lawnmower , Hall laundry rm, at side dr. . you pay water, electric, sewer and trash. Lot rent @650. Please get park approval. Owner will give carpet allowance at full price, Rite rug realtors discount. Park is located off Stratford road with views of the river and pond. Make offer, seller will negotiate on any repairs. Call today price is as is

19. 2025-11-17
    price $52,900 670-char remark

    Show marketing remark (670 chars)

    14x70 Fairmont Walk into the great rm with vaulted ceilings opening into kitchen with curve/wrap counter with eating and cooking area/ dinning area. Split bedrms and baths. Owners ste and full bath with shower and garden tub at opposite side, frt bedrm and full bath at frt. Owner is leaving refrig, range , Stg shed and lawnmower , Hall laundry rm, at side dr. . you pay water, electric, sewer and trash. Lot rent @650. Please get park approval. Owner will give carpet allowance at full price, Rite rug realtors discount. Park is located off Stratford road with views of the river and pond. Make offer, seller will negotiate on any repairs. Call today price is as is

20. 2025-10-27
    price $55,000 670-char remark

    Show marketing remark (670 chars)

    14x70 Fairmont Walk into the great rm with vaulted ceilings opening into kitchen with curve/wrap counter with eating and cooking area/ dinning area. Split bedrms and baths. Owners ste and full bath with shower and garden tub at opposite side, frt bedrm and full bath at frt. Owner is leaving refrig, range , Stg shed and lawnmower , Hall laundry rm, at side dr. . you pay water, electric, sewer and trash. Lot rent @650. Please get park approval. Owner will give carpet allowance at full price, Rite rug realtors discount. Park is located off Stratford road with views of the river and pond. Make offer, seller will negotiate on any repairs. Call today price is as is

21. 2025-10-14
    listed $59,000 Active 670-char remark

    Show marketing remark (670 chars)

    14x70 Fairmont Walk into the great rm with vaulted ceilings opening into kitchen with curve/wrap counter with eating and cooking area/ dinning area. Split bedrms and baths. Owners ste and full bath with shower and garden tub at opposite side, frt bedrm and full bath at frt. Owner is leaving refrig, range , Stg shed and lawnmower , Hall laundry rm, at side dr. . you pay water, electric, sewer and trash. Lot rent @650. Please get park approval. Owner will give carpet allowance at full price, Rite rug realtors discount. Park is located off Stratford road with views of the river and pond. Make offer, seller will negotiate on any repairs. Call today price is as is

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $15,481
• − Mortgage interest: −$2,241
• − Property taxes: −$600
• − Insurance: −$200
• − Repairs & maintenance: −$1,238
• − Management: −$1,238
• − HOA: −$7,800
• − Depreciation: −$1,164
• Taxable income: $1,000
• Est. tax owed @ 24.0%: −$240
• After-tax cash flow: $873/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.

Condition & rehab AI · 11 photos

Fair 45/100 Moderate rehab

The home requires moderate renovations, focusing on updating the kitchen and bathrooms, and improving the exterior. These updates will significantly enhance its resale and rental value.

Repairs flagged

• Minor kitchen cabinets — slight wear
• Minor bathroom fixtures — slight wear
• Minor exterior siding — slight wear

Value-add opportunities

• Resale paint interior walls — fresh paint enhances curb appeal
• Resale replace carpet — new carpet improves comfort and appearance
• Resale update kitchen cabinets — new cabinets modernize the space
• Resale update bathroom fixtures — new fixtures improve functionality and appearance
• Resale paint exterior siding — fresh paint enhances curb appeal
• Both landscaping — improved landscaping enhances curb appeal and adds value

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · slight wear	Minor	$500–3,000
bathroom fixtures · slight wear	Minor	$500–3,000
exterior siding · slight wear	Minor	$500–3,000
Total estimated repair cost · 3 items		$1,500–9,000

Value-add ROI direction

• Resale paint interior walls — fresh paint enhances curb appeal ↑
• Resale replace carpet — new carpet improves comfort and appearance ↑
• Resale update kitchen cabinets — new cabinets modernize the space ↑
• Resale update bathroom fixtures — new fixtures improve functionality and appearance ↑
• Resale paint exterior siding — fresh paint enhances curb appeal ↑
• Both landscaping — improved landscaping enhances curb appeal and adds value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

-32.2% since first listed

9 events — show timeline

• 2026-04-12 Price Changed $39,999 CBRMLS
• 2026-04-12 Price Changed $40,000 CBRMLS
• 2026-03-19 Price Changed $44,900 CBRMLS
• 2026-03-02 Price Changed $49,000 CBRMLS
• 2025-12-29 Price Changed $49,999 CBRMLS
• 2025-12-29 Price Changed $50,000 CBRMLS
• 2025-11-17 Price Changed $52,900 CBRMLS
• 2025-10-27 Price Changed $55,000 CBRMLS
• 2025-10-14 Listed $59,000 CBRMLS