514 W 1st Ave · Columbus, OH 43201

$399,000

2 bd · 2.0 ba · 1,778 sqft · MultiFamily · 137 Days on market

Built 1900 Good condition 1,306 sqft lot $224/sqft · 23% below area Est $519k · 23% under

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Why this score? — see what drove the D grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• ARV discount +15.0/15.0
• Cash flow +8.9/30.0
• Livability +4.0/5.0
• Condition / age +3.8/5.0
• Schools +3.2/10.0
• Rent growth +3.0/5.0
• 1% rule +2.7/10.0
• DSCR +2.5/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 2 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Each side has two large one bedroom.

Key facts

• 1,306 sq ft lot
• Built 1900
• Listed 136 days

What this means for you Summary

Snapshot

• This is a 2 × 1-bed/1-bath units multifamily listed at $399k. Condition is rated good.
• This rent per unit runs 42% of the median local income ($44k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Deal economics

• At list price, monthly cash flow is $-319 ($-4k/yr) — negative. Per door: $-159/mo.
• To cash-flow at today's rent, offer at most $353k (11.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $309k (22.6% below list).
• Recommended offer: $309k (22.6% below list) — sets the bar for 1% rule.
• Cap rate 5.3% vs local median 3.9% in Columbus — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 81/100 on livability (#97 in OH, #1,491 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: employment C-, crime F.
• Columbus City School District (urban): math 15% / reading 26% proficiency, ranked #626 of 656 in OH (top 95%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 72% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Indianola Informal K-8 School (math 43% / reading 58%, grade D+, #896 of 1,584 statewide, top 57%, 684 students, 0% FRL); Dominion Middle School (math 39% / reading 50%, grade D, #477 of 654 statewide, top 74%, 717 students, 0% FRL); Whetstone High School (math 17% / reading 44%, grade F, #615 of 781 statewide, top 79%, 976 students, 0% FRL) — zoned schools average 0% FRL vs 72% district-wide (72 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 42% at this address vs 20% district-wide (+21 pts) — the actual schools serving this property are materially stronger than the Columbus City School District average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising (+2.1%/yr); 167 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 30d on market — plan ~3-4 weeks tenant-placement turnaround); 48% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 8,139 units permitted in Franklin County in 2024 (5,940 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• Franklin County population projected at +34% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 137 days — a 12% lower offer ($351k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $26k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $308,700 (22.6% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 137 days. Have you received any prior offers? Is the seller open to a 23% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
9. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
10. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
11. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
12. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.77% ✗
• Cap rate: 5.33%
• Cash-on-cash: -3.42%
• DSCR: 0.85
• GRM: 10.8

CMA / ARV

• ARV (median comp): $518,735
• List price: $399,000
• Delta: -23.08%
• Verdict: UNDERPRICED
• Comps: 17 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
485 W 2nd Ave	0.10mi	3/2.5 (+1)	1,880 (+6%)	0mo	$570,000	$303	79
520 W 1st Ave Unit B	0.01mi	3/3.5 (+1)	1,563 (-12%)	1mo	$485,000	$310	68
1145 N High St #203	0.76mi	2/2.5	1,705 (-4%)	0mo	$495,000	$290	56
106 N High St #105	1.46mi	2/1.5	1,677 (-6%)	0mo	$208,500	$124	53
1399 Virginia Ave	1.10mi	3/2.5 (+1)	1,726 (-3%)	0mo	$470,000	$272	53
1345 Dennison Ave	0.80mi	3/2.0 (+1)	1,858 (+4%)	0mo	$505,000	$272	52
239 Buttles Ave	0.49mi	3/2.5 (+1)	2,105 (+18%)	0mo	$587,500	$279	45
924 Hamlet St	0.99mi	2/2.5	1,988 (+12%)	1mo	$595,000	$299	43
1276 N High St #402	0.86mi	2/2.0	1,412 (-21%)	1mo	$271,000	$192	40
270 Dickenson St #304	1.20mi	2/2.5	1,457 (-18%)	0mo	$590,000	$405	38
1200 Grandview Ave #201	1.41mi	3/2.0 (+1)	2,152 (+21%)	1mo	$790,000	$367	34
1336 Courtland Ave	0.96mi	3/1.5 (+1)	1,488 (-16%)	0mo	$420,000	$282	33

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 2.14% rent growth · sell at horizon

5-year hold

• IRR: -23.0%
• Equity multiple: 0.22×
• Total profit: $-87,553
• Equity at exit: $59,492

10-year hold

• IRR: -19.8%
• Equity multiple: -0.01×
• Total profit: $-112,867
• Equity at exit: $34,498

Cash invested: $111,720 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 73 Landlord-Friendly
• State Ohio: 73 Landlord-Friendly · R+6
• County: — inherits STATE
• City: — inherits STATE

3-day notice; Cleveland / Columbus have some habitability code enforcement; otherwise landlord-leaning.

Methodology + full state rankings →

Active competition Active MLS

• For sale now: 0 active · 1 under contract

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 43201

• Rents YoY: 2.1%
• Active inventory: 167
• Price-to-rent: 21.5×

Monthly cashflow live

• Estimated rent: $3,087 high
• Mortgage (P&I): −$2,092
• Tax est. 1.5%: −$499 /mo · $5,985/yr
• Insurance: −$166
• HOA: −$0
• Vacancy / Maint / Mgmt: −$648
• Net cashflow: $-319

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	1	1	$3,086
Total (2 units)			$3,087

Break-even live

Break-even rent $3,490

Max offer price $352,888

Occupancy floor —

Sensitivity live

Price	-10% $-43	-5% $-181	+0% $-319	+5% $-457	+10% $-594
Rent	-10% $-563	-5% $-441	+0% $-319	+5% $-197	+10% $-75
Rate	-1.0pp $-118	-0.5pp $-217	base $-319	+0.5pp $-422	+1.0pp $-527

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $99,750
• Closing costs: $11,970
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
987-989 Oregon Ave Unit 987 Columbus, OH	2.0	1.0	890	$1,195	$1.34	93d	1	0.01mi
953 Ingleside Ave #206 Columbus, OH	1.0	1.0	1077	$1,900	$1.76	38d	1	0.07mi
953 Ingleside Ave #312 Columbus, OH	2.0	2.0	1170	$2,200	$1.88	93d	1	0.09mi
1088 Perry St Unit C Columbus, OH	1.0	1.5	800	$1,695	$2.12	29d	1	0.14mi
875 Michigan Ave Columbus, OH	1.0–2.0	1.0–2.0	—	$1,400	—	11d	6	0.15mi
957 Harrison Ave Columbus, OH	2.0	1.0	1000	$1,745	$1.75	52d	1	0.18mi
957 Harrison Ave Columbus, OH	2.0	1.0	1000	$1,645	$1.65	28d	1	0.18mi
1047 Harrison Ave Columbus, OH	2.0	1.5	1176	$1,795	$1.53	47d	1	0.21mi
1129 Pennsylvania Ave Apt B Columbus, OH	2.0	1.5	—	$1,675	—	93d	1	0.24mi
1125 Pennsylvania Ave Unit A Columbus, OH	1.0	1.0	—	$1,150	—	39d	1	0.25mi
1129 Pennsylvania Ave Apt A Columbus, OH	1.0	1.0	—	$1,275	—	73d	1	0.25mi
832 Thurber Dr W Columbus, OH	1.0	1.0	740	$1,100	$1.49	17d	1	0.26mi
997 Neil Ave Unit 2 Columbus, OH	1.0	1.0	800	$1,300	$1.62	37d	1	0.30mi
440 Alexandria Colony St S Columbus, OH	2.0	1.5	975	$1,532	$1.57	13d	2	0.34mi
981 Highland St Apt B Columbus, OH	1.0	1.0	430	$1,195	$2.78	69d	1	0.37mi
1238 Michigan Ave Columbus, OH	2.0	1.5	1450	$2,175	$1.50	21d	1	0.37mi
730 Thurber Dr W Columbus, OH	1.0–2.0	1.0–1.5	900	$1,285	$1.43	13d	8	0.38mi
868-870 Neil Ave Columbus, OH	2.0	1.0	1500	$1,860	$1.24	65d	1	0.38mi
247 1/2 W 3rd Ave Columbus, OH	1.0	1.0	—	$1,425	—	21d	1	0.38mi
770 Thurber Dr E Columbus, OH	3.0	1.0–2.0	1088	$2,449	$2.25	11d	12	0.39mi
982 Highland St Columbus, OH	2.0	1.5	882	$2,250	$2.55	21d	1	0.39mi
310-316 W 4th Ave Unit 314 Columbus, OH	2.0	1.0	900	$1,350	$1.50	13d	1	0.40mi
600 W Goodale St Columbus, OH	1.0–3.0	1.0–2.5	1338	$1,446	$1.08	11d	12	0.42mi
555 W 5th Ave Columbus, OH	1.0–2.0	1.0–2.0	756	$1,509	$1.99	11d	7	0.42mi
208 W 3rd Ave Unit 1ST Columbus, OH	2.0	1.0	1206	$1,695	$1.41	52d	1	0.44mi
684 Thurber Dr W Columbus, OH	2.0–3.0	1.0	1070	$1,300	$1.21	29d	1	0.45mi
1051 Hunter Ave Columbus, OH	1.0	1.0	600	$1,250	$2.08	93d	1	0.45mi
412 Thurber Dr W Columbus, OH	1.0–2.0	1.0	729	$1,155	$1.58	56d	9	0.48mi
925 Dennison Ave Unit 2 Columbus, OH	1.0	1.0	750	$2,195	$2.93	93d	1	0.48mi
301 W 5th Ave Columbus, OH	1.0	1.0	600	$1,395	$2.33	17d	1	0.48mi
746 Neil Ave Unit 746 Columbus, OH	2.0	1.0	1400	$2,350	$1.68	13d	1	0.49mi
1183 Highland St Columbus, OH	1.0	1.0	770	$1,650	$2.14	29d	1	0.49mi
789 Dennison Ave Columbus, OH	2.0	2.0	1222	$2,645	$2.16	21d	1	0.50mi
870 Dennison Ave Columbus, OH	2.0	1.0	1400	$1,600	$1.14	25d	1	0.50mi
1260 Neil Ave Unit 2B Columbus, OH	2.0	1.0	—	$1,200	—	65d	1	0.51mi
876 Dennison Ave Columbus, OH	2.0	1.0	1400	$1,600	$1.14	35d	1	0.51mi
1244 Forsythe Ave Unit 1238 Columbus, OH	2.0	1.0	—	$1,650	—	21d	1	0.52mi
644 Chlois Ln Columbus, OH	1.0–3.0	1.0–2.0	985	$1,295	$1.31	11d	17	0.53mi
1293 Neil Ave Apt B2 Columbus, OH	1.0	1.0	450	$895	$1.99	93d	1	0.53mi
1219 Highland St Unit C Columbus, OH	—	1.0	—	$1,150	—	66d	1	0.53mi

Listing history 50 events

1. 2026-08-08
   days on market $399,000 Active 137 DOM
2. 2026-08-07
   days on market $399,000 Active 136 DOM
3. 2026-08-06
   days on market $399,000 Active 135 DOM
4. 2026-08-05
   days on market $399,000 Active 134 DOM
5. 2026-08-04
   days on market $399,000 Active 133 DOM
6. 2026-08-03
   days on market $399,000 Active 132 DOM
7. 2026-08-01
   remarks 280-char remark
8. 2026-07-31
   days on market $399,000 Active 129 DOM
9. 2026-07-30
   days on market $399,000 Active 128 DOM
10. 2026-07-30
    days on market $399,000 Active 127 DOM
11. 2026-07-28
    days on market $399,000 Active 126 DOM
12. 2026-07-26
    days on market $399,000 Active 124 DOM
13. 2026-07-24
    days on market $399,000 Active 122 DOM
14. 2026-07-23
    days on market $399,000 Active 121 DOM
15. 2026-07-22
    days on market $399,000 Active 120 DOM
16. 2026-07-21
    days on market $399,000 Active 119 DOM
17. 2026-07-20
    days on market $399,000 Active 118 DOM
18. 2026-07-18
    days on market $399,000 Active 116 DOM
19. 2026-07-18
    days on market $399,000 Active 115 DOM
20. 2026-07-16
    days on market $399,000 Active 114 DOM
21. 2026-07-15
    days on market $399,000 Active 113 DOM
22. 2026-07-14
    days on market $399,000 Active 112 DOM
23. 2026-07-13
    days on market $399,000 Active 111 DOM
24. 2026-07-13
    days on market $399,000 Active 110 DOM
25. 2026-07-12
    days on market $399,000 Active 109 DOM
26. 2026-07-10
    days on market $399,000 Active 108 DOM
27. 2026-07-09
    days on market $399,000 Active 107 DOM
28. 2026-07-07
    days on market $399,000 Active 105 DOM
29. 2026-07-06
    days on market $399,000 Active 104 DOM
30. 2026-07-05
    days on market $399,000 Active 103 DOM
31. 2026-07-03
    days on market $399,000 Active 101 DOM
32. 2026-07-02
    days on market $399,000 Active 100 DOM
33. 2026-07-01
    days on market $399,000 Active 99 DOM
34. 2026-06-30
    days on market $399,000 Active 98 DOM
35. 2026-06-29
    days on market $399,000 Active 97 DOM
36. 2026-06-28
    days on market $399,000 Active 96 DOM
37. 2026-06-27
    days on market $399,000 Active 95 DOM
38. 2026-06-27
    days on market $399,000 Active 94 DOM
39. 2026-06-25
    remarks 212-char remark
40. 2026-06-25
    days on market $399,000 Active 92 DOM
41. 2026-06-22
    days on market $399,000 Active 90 DOM
42. 2026-06-21
    days on market $399,000 Active 89 DOM
43. 2026-06-18
    days on market $399,000 Active 86 DOM
44. 2026-06-17
    days on market $399,000 Active 85 DOM
45. 2026-06-16
    days on market $399,000 Active 84 DOM
46. 2026-06-15
    days on market $399,000 Active 83 DOM
47. 2026-06-13
    days on market $399,000 Active 81 DOM
48. 2026-06-13
    days on market $399,000 Active 80 DOM
49. 2026-06-09
    days on market $399,000 Active 77 DOM
50. 2026-06-08
    days on market $399,000 Active 76 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥100°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $37,044
• − Mortgage interest: −$22,350
• − Property taxes: −$5,985
• − Insurance: −$1,995
• − Repairs & maintenance: −$2,964
• − Management: −$2,964
• − Depreciation: −$11,607
• Taxable loss: −$10,821
• Est. tax savings @ 24.0%: +$2,597
• After-tax cash flow: $-1,227/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 12 photos

Good 75/100 Cosmetic rehab Est. rehab $8,890–$26,670 screening

This multi-family property is in good condition with minimal repairs needed. Upgrades to the exterior, interior, and HVAC system can significantly enhance its value and attract potential buyers/tenants.

Value-add opportunities

• Both Painting exterior and interior — Fresh paint enhances curb appeal and interior aesthetics. ↑
• Both Upgrading kitchen appliances — Modern appliances improve functionality and attract potential buyers/tenants. ↑
• Both Landscaping improvements — Enhanced landscaping can increase curb appeal and property value. ↑
• Both HVAC system maintenance — A clean and functioning HVAC system improves comfort and energy efficiency, attracting potential buyers/tenants. ↑
• Both Flooring replacement — Replacing carpet with hardwood or tile flooring can increase the home's value and appeal to a wider range of buyers/tenants. ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 32/100

Zoned Schools

Elementary Hubbard Elementary School F OH #1,242/1,584 Nat'l #32,000/41,679 Middle Dominion Middle School D OH #477/654 Nat'l #4,747/14,009 High Whetstone High School F OH #615/781 Nat'l #10,882/17,239

Schools (NCES district)

• District: Columbus City School District
• NCES district ID: 3904380
• Math proficiency: 15% ▼ -17.00%
• Reading proficiency: 26% ▼ -12.00%
• Median HH income: $38,483
• Composite: 17.19/100
• National rank: #9105
• State rank: #626 of 656 in OH

A Composite livability gradescore 81/100

Livability — Columbus

• Score: 81/100
• State rank: #97
• US rank: #1491

Category grades

Amenities A- Commute A+ Cost of living A+ Crime F Employment C- Housing A+ Health & safety A- User ratings D

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Columbus, OH
• County: Franklin County · 1,456,139 people
• City population: 612,189
• Metro: Columbus, OH
• Population (ZIP): 34,322
• Household income: $43,731
• Rent vs Own: 83.4% rent · 16.6% own
• Severe rent burden: 9% of renters

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Population outlook (Franklin County) Hauer SSP2

• Today (2025): 1,456,139 people
• By 2030: 1,556,890 · +6.9%
• By 2040: 1,757,349 · +20.7%
• By 2050: 1,950,539 · +34.0%
• By 2075: 2,376,171 · +63.2%
• By 2100: 2,636,796 · +81.1%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (68%)
• Race & ethnicity: White 68% Black 14% Two or more races 8% Asian 7% Hispanic / Latino 5%
• Hispanic origin (detail): Mexican 1% Puerto Rican 1%
• Common ancestry: Romanian 4% Lithuanian 2% Italian 2%
• Foreign-born: 8% · Canada, China, Jamaica
• Languages at home: 90% English-only · Chinese 3% Spanish 2% Other Indo-European 2%

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Political lean MEDSL · Franklin

• 2024 margin: Strong D (+28.4) · D 63.7% · R 35.3% · Other 1.0%
• 2008→2024 swing: +7.7pp toward D · 2008: 20.7pp · 2024: 28.4pp
• All cycles: 2024: D+28.4 2020: D+31.4 2016: D+25.9 2012: D+21.7 2008: D+20.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -207.90%
• Current HPI: 321.7282
• Rent YoY: ▲ 2.14%
• Metro: Columbus, OH
• State GDP YoY: ▲ 1.98%
• F500 in state: 48

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Industry mix (Fortune 500 HQ in OH)

Industry	F500 HQs	Revenue
▸Insurance	3	$145B
▸Industrial Machinery	3	$49B
▸Financial Services	3	$24B
▸Consumer Goods	2	$93B
▸Aerospace / Defense	2	$47B
▸Utilities	2	$33B

Price history

+30592.3% since first listed

4 events — show timeline

• 2026-05-12 Price Changed $399,000 CBRMLS
• 2026-03-24 Listed $425,000 CBRMLS
• 2026-03-03 Rental Removed $1,300 COLUMBUSMLS
• 2025-12-03 Listed for Rent $1,300 COLUMBUSMLS