Auburn II Plan

Sunbury, OH 43074

$285,915F

3 bd · 2.5 ba · 2,032 sqft · Built — · SingleFamily · Active · 956 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,518/mo
• Mortgage (P&I): −$2,662
• Tax + insurance: −$846
• HOA: −$0
• Vac / Maint / Mgmt: −$529
• Net cashflow: $-1,520/mo
• Annual: $-18,235/yr
• Cap rate: 2.70%
• Cash-on-cash: -12.83%
• DSCR: 0.43
• 1% rule: 0.50%
• Cash to close: $142,151

Investor read

• This is a 3-bed/2.5-bath single-family listed at $286k. Condition is rated excellent.
• At list price, monthly cash flow is $-2k ($-18k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $252k (11.9% below list).
• It's been on market 956 days — a 12% lower offer ($252k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $252k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $15k of value loss. Plan a longer hold.
• Location reads 74/100 on livability (#274 in OH, #4,498 nationally) — a middle-class / working-renter tenant base. Strengths: schools A+, crime A+, employment A+; Watch: amenities F, commute F, health & safety F.
• Olentangy Local (rural): math 81% / reading 84% proficiency, ranked #18 of 656 in OH (top 3%) — strong family-tenant draw, lease renewals of 3-5y typical; only 5% free/reduced lunch — higher-income household profile.
• Watch-outs: property tax is 2.7% of price.
• Market conditions: Rents flat; 246 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 2,233 units permitted in Delaware County in 2024 (304 in 5+ unit buildings).
• Delaware County population projected at +37% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

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 956 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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.
• 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.