3246 Summerdale Ln #34

Columbus, OH 43221

$189,900D

2 bd · 1.5 ba · 1,152 sqft · Built 1978 · Condo · Active · 194 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,996/mo
• Mortgage (P&I): −$996
• Tax + insurance: −$349
• HOA: −$315
• Vac / Maint / Mgmt: −$419
• Net cashflow: $-82/mo
• Annual: $-988/yr
• Cap rate: 5.77%
• Cash-on-cash: -1.86%
• DSCR: 0.92
• 1% rule: 1.05%
• Cash to close: $53,172

Investor read

• This is a 2-bed/1.5-bath condo listed at $190k.
• At list price, monthly cash flow is $-82 ($-988/yr) — negative.
• To cash-flow at today's rent, offer at most $175k (7.7% below list).
• Meets the 1% rule at list price ($2k rent vs $190k).
• It's been on market 194 days — a 12% lower offer ($167k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $167k (12.0% 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 $6k 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.
• 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.
• Zoned schools: Ridgewood Elementary School (math 59% / reading 63%, grade B, #652 of 1,584 statewide, top 41%, 602 students, 17% FRL); Hilliard Weaver Middle School (math 65% / reading 65%, grade A-, #194 of 654 statewide, top 31%, 880 students, 25% FRL); Hilliard Davidson High School (math 51% / reading 66%, grade C, #265 of 781 statewide, top 34%, 1,891 students, 20% FRL) — zoned schools at 21% FRL track the district average.
• Market conditions: Rents rising (+3.5%/yr); 61 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 45% of comp listings sitting > 30 days — soft ceiling on asking rent; 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.
• 2 sale attempts since 12y ago; this cycle's ask has dropped $10k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $62k; list at $190k implies a 206% gain — meaningful room to come down on a strong offer.
• Cap rate 5.8% 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

• 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 194 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1978 — 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?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• 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?