Analyzing a renovation project in Edgewater Park (43232) Thoughts on the area?

Question

Hey Columbus community! I’m looking at a 1920s single-family home in the Edgewater Park neighborhood, specifically around Gerling Blvd. It’s a 3-bed, 1-bath that definitely needs a full rehab, but the structure looks solid. I’m seeing a lot of activity in the 43232 zip code lately, with median prices around $215k-$230k. Does anyone have experience with the rental demand specifically in Madison Township or the Groveport Madison school district? The lot also includes a second parcel in the back, which has me thinking about potential development upside or just a massive yard for a premium rental. I'd like to hear from anyone active in the Eastland area. Is the appreciation potential there as strong as the cash flow looks?

Philippe Kame · Answer

According to realtor.com, it seems like a hot spot, and honestly, with the current housing shortage, I wouldn't think of it as a bad idea, especially in Columbus.

Jimmy Lieu · Answer

Hey Bismark, sounds like you’re digging into a solid opportunity and asking the right questions. For a full rehab on a 1920s property, I’d just be extra conservative with your numbers, especially around electrical, plumbing, foundation, and any hidden issues that tend to pop up in older homes, since those can really eat into your margins if you underestimate them. On the rental side, 3-bed homes usually perform well because they attract longer-term tenants like families, so demand is typically steady as long as the rent is in line with the area and the condition is clean and updated. The extra parcel is interesting too, it can definitely add value either as a larger yard that helps you push rent slightly higher or as a long-term development play, but I’d check zoning and holding costs before banking on that upside. As far as appreciation versus cash flow, what you’re seeing is pretty common where affordability drives strong rental demand and cash flow first, then appreciation tends to follow as more investors and homeowners move in, but I wouldn’t rely solely on appreciation, make sure the deal works on cash flow day one and treat any appreciation as a bonus. Happy to connect and answer any questions you have!

Anthony L Amos Jr · Answer

Hey Bismark, Edgewater Park is a solid play but it is definitely more of a frontier compared to stable spots like Walnut Heights or Blacklick Estates. If you are looking on Gerling Boulevard specifically, you have to verify the utilities because a ton of those 1920s builds are still on private septic and well water rather than city sewer. That is a massive hidden cost that can wreck your numbers if you are not ready for it. The good news is the Eastland for Everyone plan is finally moving forward and the mall demolition is actually underway which is huge for the area’s momentum. Even the schools are looking up since Groveport Madison recently hit a 3.5 star rating on their report card. That second parcel is a great value add but just make sure you clear the zoning with the city first to see if they will actually let you build a second unit or split the lot.

Analyzing a renovation project in Edgewater Park (43232) Thoughts on the area?

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