3137 Westerville Rd Lot 4

Columbus, OH 43224

$34,000B-

3 bd · 1.0 ba · 1,248 sqft · Built 1955 · Manufactured · Active · 146 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,214/mo
• Mortgage (P&I): −$178
• Tax + insurance: −$57
• HOA: −$600
• Vac / Maint / Mgmt: −$255
• Net cashflow: $124/mo
• Annual: $1,486/yr
• Cap rate: 10.66%
• Cash-on-cash: 15.61%
• DSCR: 1.69
• 1% rule: 3.57%
• Cash to close: $9,520

Investor read

• This is a 3-bed/1.0-bath manufactured listed at $34k. Condition is rated average.
• At list price, monthly cash flow is $124 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $34k).
• It's been on market 146 days — a 12% lower offer ($30k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $30k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $235 of loan paydown is wiped out by about $1k 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.
• Zoned schools: Indianola Informal K-8 School (math 43% / reading 58%, grade D+, #896 of 1,584 statewide, top 57%, 684 students, 0% FRL); Arts Impact Middle School (Aims) (math 17% / reading 25%, grade F, #608 of 654 statewide, top 93%, 532 students, 0% FRL); Linden-Mckinley Stem Academy (math 4% / reading 13%, grade F, #756 of 781 statewide, top 97%, 776 students, 0% FRL) — zoned schools average 0% FRL vs 72% district-wide (72 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: HOA is 49% of rent; built in 1955 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+4.2%/yr); 101 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 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.
• 4 sale attempts since 2y ago; this cycle's ask is 3300% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• At projected returns (-3.0% appreciation + 4.2% rent growth), your $10k cash investment doubles in ~7 years — after that, you're playing with house money.
• Cap rate 10.7% 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

• It's been on market 146 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1955 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• 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.

Repairs flagged (vision-AI assessment)

• Minor: Kitchen cabinets — Light wear and tear, but not structural damage.
• Minor: Bathroom tiles — Some discoloration, but not major damage.
• Minor: Exterior siding — Some discoloration, but not major damage.
• Minor: Interior walls — Paint appears faded, but not major damage.
• Minor: Landscaping — Overgrown and in need of trimming, but not major damage.