8047 Edgewater Xing Unit B

Pickerington, OH 43147

$377,990D-

3 bd · 2.5 ba · 2,187 sqft · Built 2026 · SingleFamily · Pending · 44 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,538/mo
• Mortgage (P&I): −$1,982
• Tax + insurance: −$630
• HOA: −$0
• Vac / Maint / Mgmt: −$533
• Net cashflow: $-607/mo
• Annual: $-7,287/yr
• Cap rate: 4.37%
• Cash-on-cash: -6.88%
• DSCR: 0.69
• 1% rule: 0.67%
• Cash to close: $105,837

Investor read

• This is a 3-bed/2.5-bath single-family listed at $378k.
• At list price, monthly cash flow is $-607 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $290k (23.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $254k (32.9% below list).
• It's been on market 44 days — a 3% lower offer ($367k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $254k (32.9% 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 $11k 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); 225 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 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.
• Cap rate 4.4% vs local median 3.3% in Pickerington — 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

• 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 44 days. Have you received any prior offers? Is the seller open to a 33% concession, seller financing, or rate buy-down credit?
• 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.
• 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.