4339 Winterringer St

Hilliard, OH 43026

$150,000B+

3 bd · 1.5 ba · 1,536 sqft · Built 1955 · SingleFamily · Pending · 29 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,132/mo
• Mortgage (P&I): −$787
• Tax + insurance: −$480
• HOA: −$0
• Vac / Maint / Mgmt: −$448
• Net cashflow: $418/mo
• Annual: $5,015/yr
• Cap rate: 9.64%
• Cash-on-cash: 11.94%
• DSCR: 1.53
• 1% rule: 1.42%
• Cash to close: $42,000

Investor read

• This is a 3-bed/1.5-bath single-family listed at $150k.
• At list price, monthly cash flow is $418 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• It's been on market 29 days — a 2% lower offer ($148k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $148k (1.5% 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 $4k of value loss. Plan a longer hold.
• Location reads 87/100 on livability (#34 in OH, #331 nationally) — a professional / high-income tenant draw. Strengths: schools A+, crime A+, employment A+; Watch: commute F.
• Hilliard City (suburban): math 57% / reading 62% proficiency, ranked #246 of 656 in OH (top 38%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 20% free/reduced lunch — higher-income household profile.
• Watch-outs: property tax is 3.3% of price; built in 1955 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+1.2%/yr); 257 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals leasing fast (median 5d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 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.
• Current owner paid $52k; list at $150k implies a 186% gain — meaningful room to come down on a strong offer.
• Cap rate 9.6% vs local median 1.8% in Hilliard — 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

• Built in 1955 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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?
• 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.
• 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.
• 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.