There are some great values in Canal. I've been amazed lately at how inexpensive a 4 bedroom 2 FBath home can be in that area. I think as the city continues to expand, more and more people will find themselves bridging that area between Columbus and Grove City, so that makes Canal, Obetz, Groveport logical choices from someone 1. looking for a lot of home for their current money 2. an area that will continue to increase in value and 3. an area that will continue seeing increased development, both commercial and residential.
Now, if you are looking for great investment opportunities and have some money for rehab...Columbus has amazing deals right now. When you can purchase, rehab and get rented out a 3-4 bedroom home for under $15-20k...that's a wonderful return on your investment when you utilize Section 8 or cash paying tenants!