Elm & Third
312 Elm St, Columbus, OH 43215
Operating snapshot (as reported, before your assumptions)
Model this deal
Adjust financing and growth assumptions below. Changes affect only your analysis — the underlying listing is never modified.
Assumptions
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Cash invested & reserves
Closing costs, upfront improvements, and initial reserves are added to total cash invested (they raise the cash-on-cash denominator). The annual capex reserve reduces cash flow but not NOI or cap rate — a common convention is $250–$300 per unit per year (≈ $1,100/yr here). It defaults to $0.
Model improvements (value-add)
Renovation rent premium, operational uplift, and general market-rent growth are counted separately — never combined. A large current-to-proposed rent gap is an assumption to confirm, not proof.
Downside scenario
A scenario, not a forecast.
5-year projection
Cash flow is after debt service and the annual capex reserve. Debt service is held at the current payment; the loan balloon is due in year 30.
| Year | NOI | Cash Flow |
|---|---|---|
| Year 1 | $33,920 | $2,784 |
| Year 2 | $35,327 | $4,191 |
| Year 3 | $36,789 | $5,653 |
| Year 4 | $38,308 | $7,172 |
| Year 5 | $39,886 | $8,749 |
What the numbers say
An assessment of how this deal reads under the assumptions above — not an endorsement, recommendation, or suitability determination.
Marginal for current income — cash flow is positive but debt coverage is thin (DSCR 1.09, 2.1% cash-on-cash). Sensitive to vacancy, expense, or rate changes.
- • Annual cash flow after reserves: $2,784.
Not yet modeled. Open “Model improvements” and add renovation scope, costs, and target rents to assess the upside.