3722 Caracas Dr

Huber Ridge, OH 43081

$279,900D

4 bd · 1.5 ba · 1,562 sqft · Built 1965 · SingleFamily · Pending · 65 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,221/mo
• Mortgage (P&I): −$1,468
• Tax + insurance: −$517
• HOA: −$0
• Vac / Maint / Mgmt: −$466
• Net cashflow: $-230/mo
• Annual: $-2,757/yr
• Cap rate: 5.31%
• Cash-on-cash: -3.52%
• DSCR: 0.84
• 1% rule: 0.79%
• Cash to close: $78,372

Investor read

• This is a 4-bed/1.5-bath single-family listed at $280k.
• At list price, monthly cash flow is $-230 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $239k (14.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $222k (20.6% below list).
• It's been on market 65 days — a 6% lower offer ($263k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $222k (20.6% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 75/100 on livability (#255 in OH, #4,049 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: amenities D, commute F.
• Westerville City (suburban): math 54% / reading 63% proficiency, ranked #276 of 656 in OH (top 42%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Huber Ridge Elementary School (math 46% / reading 51%, grade D, #936 of 1,584 statewide, top 59%, 442 students, 53% FRL); Walnut Springs Middle School (math 45% / reading 49%, grade D+, #451 of 654 statewide, top 70%, 914 students, 39% FRL); Westerville Central High School (math 52% / reading 65%, grade C, #265 of 781 statewide, top 34%, 1,558 students, 27% FRL).
• Market conditions: Rents soft (-0.6%/yr); 171 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 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 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.

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 65 days. Have you received any prior offers? Is the seller open to a 21% concession, seller financing, or rate buy-down credit?
• Built in 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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.