1175 Oakwood Ave

Columbus, OH 43206

$254,900B+

6 bd · 0.0 ba · 2,688 sqft · Built 1924 · MultiFamily · Active · 23 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,518/mo
• Mortgage (P&I): −$1,337
• Tax + insurance: −$425
• HOA: −$0
• Vac / Maint / Mgmt: −$739
• Net cashflow: $1,018/mo
• Annual: $12,212/yr
• Cap rate: 11.08%
• Cash-on-cash: 17.11%
• DSCR: 1.76
• 1% rule: 1.38%
• Cash to close: $71,372

Investor read

• This is a 2 × 3-bed/1-bath units multifamily listed at $255k. Condition is rated fair.
• At list price, monthly cash flow is $1k ($12k/yr) — positive. Per door: $509/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $255k).
• It's been on market 23 days — a 2% lower offer ($251k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $251k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• 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.
• Watch-outs: built in 1924 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+3.5%/yr); 193 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 8,139 units permitted in Franklin County in 2024 (5,940 in 5+ unit buildings).
• Franklin County population projected at +34% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• At projected returns (-3.0% appreciation + 3.5% rent growth), your $71k cash investment doubles in ~7 years — after that, you're playing with house money.
• Cap rate 11.1% vs local median 3.8% 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.
• At $3,518/mo this rent would consume 56% of the median local household income ($76k/yr) (locally 846% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1924 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.

Repairs flagged (vision-AI assessment)

• Major: Exposed wiring in the kitchen — Safety hazard
• Major: Missing cabinets in the kitchen — Aesthetically unappealing and functional
• Major: Exposed plumbing in the bathrooms — Safety hazard
• Major: Missing fixtures in the bathrooms — Aesthetically unappealing and functional
• Major: Peeling paint on exterior — Reduces curb appeal
• Major: Rusted railings on exterior — Safety hazard