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692 East Gates Street, Columbus, OH
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Property Information*
Address 692 East Gates Street
Columbus, OH 43206
Franklin County
Status For Rent-to-Own
Down Payment $5,000.00
Monthly $500.00
Type Single Family Home
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Zillow Zillow
Property ID# 42578
Beds 3
Baths 2
Floors 1
Sq. Ft. 1061 sq ft
Year Built 1942
Garage 2 Car Attached
Basement Full
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What's Nearby View What's Nearby
Demographics View Demographics by City
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Property Description*

I'm a motivated seller and I'm offering my fixer upper house "as-is" dirt cheap as a rent to own home, so your credit doesn't matter to me.

In fact, I don't care if you have bad credit or even no credit.

All you need is a $5,000 option fee up front and be able to comfortably afford a rent payment of $500/mo. for five years at 0% interest and the deed is yours.

Yes, you read that correctly.

Bad credit or no credit is no problem.

You don't need a bank loan to buy this property. Ever.

You only need a $5,000 option fee up front and be able to afford $500/mo. for 60 months at 0% interest.

After five years, you will get the deed and own the home in your name.

There are no bank financing fees, no points, no real estate commission and no mortgage lender costs of any kind.

Rent to own is basically like a for sale by owner (FSBO) transaction and I'm even paying the property taxes until you get the deed.

Based on the current explosive growth and renovations going on in the neighborhoods around Nationwide Children's Hospital including German Village, Schumacher Place, Merion Village, Southern Orchards, Vassor Village, Old Oaks and Driving Park, this is a great deal because the home may be worth over $125,000 five years from now and you get to keep all the future equity!

Here are the terms:

1) You do all the repairs now and in the future.
2) You take care of all the maintenance now and in the future.
3) You pay all utilities including gas, electric, water, sewer, cable TV, internet access, etc.
4) You mow the grass and keep the yard looking clean and tidy.
5) You are a good resident and don't make noise or disturb your neighbors.
6) You pay your rent on time every month.
7) You get the deed and own the house free and clear in 60 months.

Unfortunately, the only seller financing I can offer is a lease option and not a land contract.

By the way, this is not a property for wholesaling nor buying as a fix and flip since it is a rent to own home.

Also, I am not interested in any all cash offers because I'm not a tired landlord nor am I in a must sell situation.

I simply prefer the monthly payments.

However, I may be open to a lower monthly payment for a higher option fee if you want to make an offer.

But please keep in mind that I will not consider (under any circumstances) a no money down deal.


This "diamond in the rough" fixer upper home at 692 E Gates Street, Columbus, OH 43206 has 3 bedrooms (it used to have a 4th bedroom in the finished full basement), 2 full bathrooms, a natural gas and wood burning fireplace, washer and dryer hookups, a large previously finished attic that could be converted into a bedroom, a big back yard, a corner lot and a two-car detached garage.

The great location is east of Merion Village and south of Children's Hospital near the Southern Orchards neighborhood. The entire area is seeing a resurgence in home renovations and very nice comparable properties have sold as high as $160,000.

The home is definitely a handyman special in distressed condition and needs a complete rehab including siding, electrical panel and wiring, plumbing, furnace, air conditioner, hot water heater, new kitchen and bathroom, ceiling/wall/floor repairs, painting, flooring, windows, doors, etc. As you can see in the pictures, this is a major fixer upper project and NOT for the first-time rehabber.

Before the property was vandalized and sat vacant for several years, the previous owner had finished the basement including a second full bathroom and a fourth bedroom.

The house could be worth $110k or more after repairs, depending on how you decide to fix it up.

Finishing the large full basement would allow you to add two more bedrooms for a total of five.

This could also be a good real estate investment property if you decide to sell it in the future.

Or you can keep it as a rental property.

IMPORTANT: RESEARCH THE AREA, PULL YOUR OWN COMPS, TALK TO REALTORS AND DO YOUR OWN DUE DILIGENCE! This is a neighborhood seeing significant renovations thanks to the 8900 jobs at Nationwide Children's Hospital. Don't miss your chance to buy a fixer upper house of your own at a good discount even if you have bad credit or no credit at all. Not to mention that this home is virtually guaranteed to go up in value over just the next two to three years as more houses are renovated in this area.

Here are some of the higher priced comparable properties that have sold within one-half mile or less and are located east of Parsons Avenue:

Street Address --- Zip --- Date Sold --- Sales Price --- Beds --- Baths --- Sq Ft --- Stories

580 Reinhard Ave --- 43206 --- Jul 7, 2016 --- $160,000 --- 2 --- 1 --- 1120 --- 2
789 Reinhard Ave --- 43206 --- Sep 6, 2016 --- $132,500 --- 2 --- 1 --- 1038 ---1
1444 S 19th St --- 43206 --- Dec 28, 2016 --- $105,000 --- 2 --- 1.5 --- 1065 --- 1
687 Frebis Ave --- 43206 --- May 5, 2017 --- $102,000 --- 3 --- 1 --- 1196 --- 2

Equal Housing Opportunity*DISCLAIMER: All information provided by seller is deemed reliable but is not guaranteed and should be independently verified. Please contact the seller for additional information.


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