3941 Karl Rd #322 · Columbus, OH 43224

$88,500

2 bd · 1.0 ba · 820 sqft · Condo public records · 24 Days on market

Built 1988 $200/mo HOA · 17% of rent

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Why this score? — see what drove the C 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).

• Cash flow +24.2/30.0
• 1% rule +8.3/10.0
• DSCR +7.8/10.0
• ARV discount +7.5/15.0
• Livability +4.0/5.0
• Rent growth +3.5/5.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this 1 Bedroom condo that has been updated with new floors in the kitchen, new carpet throughout the entire condo. Custom made blinds for all the windows and the sliding patio door. The bathroom has been updated with a new walk in shower. New Ceiling fans in the living room and bedroom. Washer and Dryer stay along with the kitchen appliances. Not FHA APPROVED, OWNER OCCUPANCY ONLY. Agents Please see agent to agent remarks!!

Key facts

• Covered balcony
• Updated bathroom
• Walk in shower

Tags

• UPDATED BATHROOM
• WALK IN SHOWER
• COVERED BALCONY
• MULTIPLE GATHERING AREAS

Property features AI

Finance

• Other: Located in Northland Senior Village Condo IV; No additional parcels
• HOA & community: Homeowners association with $200 monthly fee; HOA covers lawn care, sewer, trash, water, and snow removal; 55+ community

Exterior

• Utilities: Public water; Public sewer
• Home design: Condominium; One story; Built in 1988; At least two shared/common walls
• Construction: Slab foundation
• Exterior features: Balcony

Interior

• Bedrooms: 1 main-level bedroom
• Flooring: Laminate; Carpet; Vinyl
• Bathrooms: 1 full bathroom
• Heating & cooling: Central air conditioning; Electric forced-air heating
• Interior features: Elevator; Insulated windows

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $88k.

Deal economics

• At list price, monthly cash flow is $176 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $88k).
• Recommended offer: $87k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.7% 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.

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.
• Market conditions: Rents rising fast (+4.2%/yr); 100 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $612 of loan paydown is wiped out by about $3k 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.
• At projected returns (-3.0% appreciation + 4.2% rent growth), your $25k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 24 days — a 2% lower offer ($87k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 24y ago 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.

Recommended offer $87,172 (1.5% below list)

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.33% ✓
• Cap rate: 8.68%
• Cash-on-cash: 8.54%
• DSCR: 1.38
• GRM: 6.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.16% rent growth · sell at horizon

5-year hold

• IRR: -1.7%
• Equity multiple: 0.93×
• Total profit: $-1,612
• Equity at exit: $13,196

10-year hold

• IRR: 9.5%
• Equity multiple: 1.78×
• Total profit: $19,332
• Equity at exit: $7,652

Cash invested: $24,780 (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 →

ZIP-level market 43224

• Rents YoY: 4.2%
• Active inventory: 100
• Price-to-rent: 6.3×

Monthly cashflow live

• Estimated rent: $1,178 high
• Mortgage (P&I): −$464
• Tax from tax record: −$53 /mo · $640/yr
• Insurance: −$37
• HOA: −$200
• Vacancy / Maint / Mgmt: −$247
• Net cashflow: $176

Break-even live

Break-even rent $955

Max offer price $88,500

Occupancy floor 80%

Sensitivity live

Price	-10% $226	-5% $201	+0% $176	+5% $151	+10% $126
Rent	-10% $83	-5% $130	+0% $176	+5% $223	+10% $269
Rate	-1.0pp $221	-0.5pp $199	base $176	+0.5pp $153	+1.0pp $130

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: $22,125
• Closing costs: $2,655
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3998 Stonegate Sq W Columbus, OH	1.0–2.0	1.0	872	$1,100	$1.26	45d	5	0.16mi
4117 Karl Rd #304 Columbus, OH	2.0	2.0	966	$1,100	$1.14	13d	1	0.29mi
4141 Karl Rd #109 Columbus, OH	2.0	2.0	966	$975	$1.01	25d	1	0.37mi
1449 Elmore Ave Columbus, OH	2.0	1.0	850	$1,025	$1.21	16d	1	0.44mi
1517 Elmore Ave Columbus, OH	2.0	1.0	720	$1,600	$2.22	16d	1	0.47mi
1748 Ward Rd Columbus, OH	3.0	1.0	914	$1,425	$1.56	25d	1	0.53mi
1699 Shanley Dr Columbus, OH	1.0–3.0	1.0–2.0	800	$1,159	$1.45	3d	45	0.58mi
1358 Pauline Ave Columbus, OH	2.0	1.5	930	$1,650	$1.77	25d	1	0.68mi
4451 Karl Rd Columbus, OH	2.0	1.0	595	$1,148	$1.93	4d	3	0.69mi
3461 Gerbert Rd Columbus, OH	3.0	1.0	900	$1,350	$1.50	45d	1	0.76mi
4314 Dresden St Columbus, OH	1.0–3.0	1.0–1.5	732	$1,215	$1.66	3d	9	0.77mi
3601 Maize Rd Unit 955-B Columbus, OH	2.0	1.0	800	$975	$1.22	9d	1	0.84mi
965 Fairglade Ln Columbus, OH	2.0	1.0	850	$975	$1.15	45d	1	0.85mi
3971 Far Hills Dr Unit 3971 Columbus, OH	2.0	1.0	945	$1,400	$1.48	4d	1	0.92mi
3327 McGuffey Rd Columbus, OH	3.0	1.0	1100	$1,335	$1.21	9d	1	0.96mi
854 Moon Rd Columbus, OH	2.0	1.0	864	$799	$0.92	21d	1	0.97mi
3762 Beulah Rd Columbus, OH	3.0	2.0	825	$2,100	$2.55	45d	1	0.99mi
3709 Beulah Rd Unit A Columbus, OH	2.0	1.0	864	$975	$1.13	18d	1	1.00mi
3267 Walmar Dr Columbus, OH	3.0	1.0	1106	$1,550	$1.40	25d	1	1.03mi
3607 Cleveland Ave Columbus, OH	1.0	1.0	800	$825	$1.03	12d	1	1.04mi
3617 Beulah Rd Columbus, OH	2.0	1.0	900	$1,124	$1.25	25d	1	1.04mi
4370 Le Marie Ct Columbus, OH	1.0–3.0	1.0–1.5	670	$1,285	$1.92	45d	8	1.05mi
3421-3431 Maize Rd Unit 3421-A Columbus, OH	2.0	1.5	960	$1,295	$1.35	16d	1	1.06mi
4645 Tamarack Blvd Columbus, OH	1.0	1.0	650	$849	$1.31	22d	1	1.07mi
4657 Tamarack Blvd Unit 4657-C4 Columbus, OH	1.0	1.0	675	$849	$1.26	45d	1	1.10mi
4646 Tamarack Blvd Columbus, OH	1.0–4.0	1.0–2.0	989	$1,231	$1.24	25d	1	1.13mi
4183 Indianola Ave Unit 4185 Indianola Columbus, OH	2.0	1.0	957	$1,350	$1.41	45d	1	1.13mi
4185 Indianola Ave Columbus, OH	2.0	1.0	957	$1,350	$1.41	45d	1	1.13mi
2175 Ormond Ave Columbus, OH	1.0	1.0	528	$950	$1.80	45d	1	1.14mi
1691 Red Robin Rd Columbus, OH	2.0	1.0	800	$1,125	$1.41	45d	1	1.16mi
2132 Elmore Ave Columbus, OH	3.0	1.0	1000	$1,245	$1.25	25d	1	1.18mi
1633 Red Robin Rd Columbus, OH	2.0–3.0	1.0–1.5	1040	$1,215	$1.17	45d	1	1.19mi
3788 Cleveland Ave Columbus, OH	1.0	1.0	725	$805	$1.11	12d	12	1.19mi
1549-1551 Oakland Park Ave Columbus, OH	2.0	1.0	832	$1,100	$1.32	22d	1	1.21mi
2162 Fitzroy Dr Unit 2162 A2 Columbus, OH	2.0	1.0	1038	$899	$0.87	25d	1	1.21mi
1900 Sunny Ct Columbus, OH	1.0–3.0	1.0–1.5	863	$1,050	$1.22	25d	1	1.21mi
1011 Mohican Ave Columbus, OH	3.0	1.0	1091	$1,399	$1.28	45d	1	1.23mi
3257 Cleveland Ave Apt C Columbus, OH	2.0	1.0	975	$1,000	$1.03	45d	1	1.24mi
3137 Mcguffey Rd Columbus, OH	2.0	1.0	950	$950	$1.00	45d	1	1.24mi
3688 Brinell St W Columbus, OH	1.0–3.0	1.0–2.0	974	$1,885	$1.93	4d	22	1.24mi

HOA detail condo

• Monthly dues: $200 · $2,400/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 37 events

1. 2026-06-21
   days on market $88,500 Active 24 DOM
2. 2026-06-18
   days on market $88,500 Active 21 DOM
3. 2026-06-17
   days on market $88,500 Active 20 DOM
4. 2026-06-16
   days on market $88,500 Active 19 DOM
5. 2026-06-15
   days on market $88,500 Active 18 DOM
6. 2026-06-13
   days on market $88,500 Active 16 DOM
7. 2026-06-13
   days on market $88,500 Active 15 DOM
8. 2026-06-09
   days on market $88,500 Active 12 DOM
9. 2026-06-08
   days on market $88,500 Active 11 DOM
10. 2026-06-07
    days on market $88,500 Active 10 DOM
11. 2026-06-05
    days on market $88,500 Active 7 DOM
12. 2026-06-03
    days on market $88,500 Active 6 DOM
13. 2026-06-02
    days on market $88,500 Active 5 DOM
14. 2026-06-01
    days on market $88,500 Active 4 DOM
15. 2026-05-31
    days on market $88,500 Active 3 DOM
16. 2026-05-28
    listed $88,500 Active
17. 2025-02-04
    soldstatus $80,000
18. 2025-01-31
    soldstatus $80,000 Closed 439-char remark

    Show marketing remark (439 chars)

    Welcome to this 1 Bedroom condo that has been updated with new floors in the kitchen, new carpet throughout the entire condo. Custom made blinds for all the windows and the sliding patio door. The bathroom has been updated with a new walk in shower. New Ceiling fans in the living room and bedroom. Washer and Dryer stay along with the kitchen appliances. Not FHA APPROVED, OWNER OCCUPANCY ONLY. Agents Please see agent to agent remarks!!

19. 2025-01-15
    status Pending 439-char remark

    Show marketing remark (439 chars)

    Welcome to this 1 Bedroom condo that has been updated with new floors in the kitchen, new carpet throughout the entire condo. Custom made blinds for all the windows and the sliding patio door. The bathroom has been updated with a new walk in shower. New Ceiling fans in the living room and bedroom. Washer and Dryer stay along with the kitchen appliances. Not FHA APPROVED, OWNER OCCUPANCY ONLY. Agents Please see agent to agent remarks!!

20. 2025-01-03
    listed $80,000 Active 439-char remark

    Show marketing remark (439 chars)

    Welcome to this 1 Bedroom condo that has been updated with new floors in the kitchen, new carpet throughout the entire condo. Custom made blinds for all the windows and the sliding patio door. The bathroom has been updated with a new walk in shower. New Ceiling fans in the living room and bedroom. Washer and Dryer stay along with the kitchen appliances. Not FHA APPROVED, OWNER OCCUPANCY ONLY. Agents Please see agent to agent remarks!!

21. 2025-01-03
    historical $80,000 439-char remark

    Show marketing remark (439 chars)

    Welcome to this 1 Bedroom condo that has been updated with new floors in the kitchen, new carpet throughout the entire condo. Custom made blinds for all the windows and the sliding patio door. The bathroom has been updated with a new walk in shower. New Ceiling fans in the living room and bedroom. Washer and Dryer stay along with the kitchen appliances. Not FHA APPROVED, OWNER OCCUPANCY ONLY. Agents Please see agent to agent remarks!!

22. 2019-10-04
    soldstatus $50,000 Closed 241-char remark

    Show marketing remark (241 chars)

    Very cute and extremely secure 1BR condo at Northland Senior Village 55 and over community. The common areas have reading rooms, game rooms, and community gathering space. Best price in Columbus. Freshly painted and new carpet installed 2019

23. 2019-10-04
    soldstatus $50,000

    Show marketing remark (241 chars)

    Very cute and extremely secure 1BR condo at Northland Senior Village 55 and over community. The common areas have reading rooms, game rooms, and community gathering space. Best price in Columbus. Freshly painted and new carpet installed 2019

24. 2019-09-02
    historical Contingent Finance and Inspection 241-char remark

    Show marketing remark (241 chars)

    Very cute and extremely secure 1BR condo at Northland Senior Village 55 and over community. The common areas have reading rooms, game rooms, and community gathering space. Best price in Columbus. Freshly painted and new carpet installed 2019

25. 2019-08-21
    listed $54,900 Active 241-char remark

    Show marketing remark (241 chars)

    Very cute and extremely secure 1BR condo at Northland Senior Village 55 and over community. The common areas have reading rooms, game rooms, and community gathering space. Best price in Columbus. Freshly painted and new carpet installed 2019

26. 2014-05-30
    historical
27. 2014-04-21
    listed $25,000
28. 2007-10-29
    historical
29. 2007-01-29
    listed $40,000
30. 2002-12-03
    soldstatus $327,000
31. 2002-11-29
    soldstatus $32,700
32. 2002-11-20
    historical
33. 2002-10-11
    listed $38,000
34. 2002-08-25
    historical
35. 2002-01-24
    listed $42,000
36. 1992-11-17
    soldstatus $47,000
37. 1989-03-06
    soldstatus $43,000

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

Tax reassessment forecast OH · Partial reset (capped growth)

• Current annual tax: $640 · $53/mo
• Projected year-2 tax: $1,010 · $84/mo
• Expected delta: +$371/yr (+$31/mo · 57.9%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥99°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: $14,136
• − Mortgage interest: −$4,957
• − Property taxes: −$640
• − Insurance: −$442
• − Repairs & maintenance: −$1,131
• − Management: −$1,131
• − HOA: −$2,400
• − Depreciation: −$2,575
• Taxable income: $860
• Est. tax owed @ 24.0%: −$207
• After-tax cash flow: $1,910/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.

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

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 · 1,351,780 people
• City population: 612,189
• Metro: Columbus, OH
• Population (ZIP): 44,319
• Household income: $53,321
• Rent vs Own: 47.8% rent · 52.2% own
• Severe rent burden: 1730.0

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%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.66)
• Race & ethnicity: Black 43% White 39% Hispanic / Latino 10% Two or more races 9% Asian 2%
• Hispanic origin (detail): Mexican 6% Dominican 1%
• Common ancestry: Romanian 1% Hispanic 1% Italian 1%
• Foreign-born: 22% · Canada, Vietnam
• Languages at home: 71% English-only · Spanish 8% French/Haitian/Cajun 4% Arabic 1%

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: ▼ -226.58%
• Current HPI: 274.6336
• Rent YoY: ▲ 4.16%
• Metro: Columbus, OH
• State GDP YoY: ▲ 1.98%
• F500 in state: 48

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

+105.8% since first listed

22 events — show timeline

• 2026-05-28 Listed $88,500 CBRMLS
• 2025-02-04 Sold (Public Records) $80,000 Public Records
• 2025-01-31 Sold (MLS) $80,000 CBRMLS
• 2025-01-15 Pending — CBRMLS
• 2025-01-03 Listed $80,000 CBRMLS
• 2025-01-03 Coming Soon $80,000 CBRMLS
• 2019-10-04 Sold (Public Records) $50,000 Public Records
• 2019-10-04 Sold (MLS) $50,000 CBRMLS
• 2019-09-02 Contingent — CBRMLS
• 2019-08-21 Listed $54,900 CBRMLS
• 2014-05-30 Listing Removed — CBRMLS
• 2014-04-21 Listed $25,000 CBRMLS
• 2007-10-29 Listing Removed — CBRMLS
• 2007-01-29 Listed $40,000 CBRMLS
• 2002-12-03 Sold (Public Records) $327,000 Public Records
• 2002-11-29 Sold (MLS) $32,700 CBRMLS
• 2002-11-20 Listing Removed — CBRMLS
• 2002-10-11 Listed $38,000 CBRMLS
• 2002-08-25 Listing Removed — CBRMLS
• 2002-01-24 Listed $42,000 CBRMLS
• 1992-11-17 Sold (Public Records) $47,000 Public Records
• 1989-03-06 Sold (Public Records) $43,000 Public Records

Property tax history

+2.9%/yr

Latest (2024): $640 · -3.0% YoY. Source: county tax records.