The online tools are a good way to get a ballpark number and can sometimes be close to accurate, but a PM is able to tell you a more accurate amount. 

Then you can read a more in-depth book like The Book On Rental Property Investing by Brandon Turner or The Unofficial Guide to Real Estate Investing by Spencer Strauss.2.

To put a more tangible number on it so you can think about what that really means for someone like you, CoreLogic shows the average homeowner has $311,000 worth of equity built up.

If you want to get fancier and buy a more comprehensive calculator you could.

If you’re looking for a long-term fix, go for a more robust approach.

Private money lenders or construction loan specialists, on the other hand, are faster and more flexible, though their rates and terms will likely be less favorableFor a more rural area, local banks will almost certainly understand the market better, but connecting with private lenders who specialize in spec homes could provide more agility.

On a more common event list, would be hail, flooding and wind damage (trees esp.). 

Still need to run a more detailed analysis once we know the loan is going to perform or not.  

Is there a more accurate way of assessing this? 

While likely more expensive than Cleveland or Toledo, Columbus has a more diverse and robust economy, driven by government, education (Ohio State University), and healthcare.