2306-2308 E 5th Ave · Columbus, OH 43219

$265,000

6 bd · 2.0 ba · 2,352 sqft · MultiFamily public records · 16 Days on market

Built 1928 5,662 sqft lot Est $252k · 5% over

---

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 +24.6/30.0
• DSCR +8.0/10.0
• 1% rule +6.3/10.0
• ARV discount +5.1/15.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Rent growth +2.3/5.0
• Schools +1.7/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

FRAME DOUBLE NEAR I-670 LONG TERM TENANTS ON MTH TO MTH AT $350/SIDE. 48 HRS. NOTICE TO SHOW. RENTS BELOW MARKET GOOD CASH FLOW.

Key facts

• Turnkey duplex
• 5,662 sq ft lot
• Built 1928

Tags

• TURNKEY DUPLEX
• CONVENIENT FREEWAY ACCESS
• SOLID OPERATIONAL CONDITION

Property features AI

Finance

• Financial info: Annual property tax approximately $3,681 (2024)

Exterior

• Home design: Duplex; Built in 1928
• Construction: Original construction from 1928
• Exterior features: Lot approximately 0.13 acre

Interior

• Interior features: Duplex building (2 total units)

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1-bath units multifamily listed at $265k.

Deal economics

• At list price, monthly cash flow is $550 ($7k/yr) — positive. Per door: $275/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $265k).
• Recommended offer: $261k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.8% 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 soft (-0.8%/yr); 103 active listings in the ZIP; 8,139 units permitted in Franklin County in 2024 (5,940 in 5+ unit buildings).
• At $2,983/mo this rent would consume 69% of the median local household income ($52k/yr) (locally 2016% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• 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.
• 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 16 days — a 2% lower offer ($261k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 27y 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.

Risks & watch-outs

• Watch-outs: built in 1928 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $261,025 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1928 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.13% ✓
• Cap rate: 8.78%
• Cash-on-cash: 8.89%
• DSCR: 1.40
• GRM: 7.4

CMA / ARV

• ARV (on-the-fly): $251,664
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2331 Ridgeway Ave #2333	0.04mi	5/— (-1)	2,352 (0%)	11mo	$243,000	$103	84
691-693 N Dawson Ave	0.51mi	6/—	2,466 (+5%)	7mo	$264,900	$107	63

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -6.2%
• Equity multiple: 0.78×
• Total profit: $-16,644
• Equity at exit: $39,512

10-year hold

• IRR: -0.7%
• Equity multiple: 0.96×
• Total profit: $-3,075
• Equity at exit: $22,912

Cash invested: $74,200 (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 43219

• Rents YoY: -0.8%
• Active inventory: 103
• Price-to-rent: 14.8×

Monthly cashflow live

• Estimated rent: $2,983 high
• Mortgage (P&I): −$1,390
• Tax from tax record: −$307 /mo · $3,681/yr
• Insurance: −$110
• HOA: −$0
• Vacancy / Maint / Mgmt: −$626
• Net cashflow: $550

Break-even live

Break-even rent $2,287

Max offer price $265,000

Occupancy floor 77%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$2,982
Total (2 units)			$2,983

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: $66,250
• Closing costs: $7,950
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-06-18
   days on market $265,000 Active 16 DOM
2. 2026-06-17
   days on market $265,000 Active 15 DOM
3. 2026-06-16
   days on market $265,000 Active 14 DOM
4. 2026-06-15
   days on market $265,000 Active 13 DOM
5. 2026-06-13
   days on market $265,000 Active 11 DOM
6. 2026-06-13
   days on market $265,000 Active 10 DOM
7. 2026-06-09
   days on market $265,000 Active 7 DOM
8. 2026-06-08
   days on market $265,000 Active 6 DOM
9. 2026-06-07
   days on market $265,000 Active 5 DOM
10. 2026-06-05
    days on market $265,000 Active 2 DOM
11. 2026-06-02
    remarks 699-char remark
12. 2026-06-02
    listed $265,000 Active 1 DOM

ⓘ 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: $3,681 · $307/mo
• Projected year-2 tax: $3,908 · $326/mo
• Expected delta: +$226/yr (+$19/mo · 6.1%)

ⓘ 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 4/10 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 2/10 Low 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $35,796
• − Mortgage interest: −$14,844
• − Property taxes: −$3,681
• − Insurance: −$1,325
• − Repairs & maintenance: −$2,864
• − Management: −$2,864
• − Depreciation: −$7,709
• Taxable income: $2,509
• Est. tax owed @ 24.0%: −$602
• After-tax cash flow: $5,994/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): 32,338
• Household income: $52,094
• Rent vs Own: 61.8% rent · 38.2% own
• Severe rent burden: 2016.0

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: Majority Black (65%)
• Race & ethnicity: Black 65% White 17% Hispanic / Latino 10% Two or more races 7% Asian 4%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Swedish 1% Lithuanian 1% Swiss 1%
• Foreign-born: 20% · Canada, India, China
• Languages at home: 76% English-only · Spanish 7% Other Indo-European 3% Chinese 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: ▼ -137.02%
• Current HPI: 172.3872
• Rent YoY: ▼ -0.84%
• 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

+452.1% since first listed

12 events — show timeline

• 2026-06-02 Listed $265,000 CBRMLS
• 2022-04-12 Sold (Public Records) $255,000 Public Records
• 2017-12-06 Pending — CBRMLS
• 2017-12-06 Listing Removed — CBRMLS
• 2017-11-24 Relisted — CBRMLS
• 2017-11-02 Pending — CBRMLS
• 2017-10-31 Listed $69,900 CBRMLS
• 2000-03-29 Sold (Public Records) $45,000 Public Records
• 1999-12-17 Sold (Public Records) $45,000 Public Records
• 1999-12-10 Sold (MLS) $45,000 CBRMLS
• 1999-12-06 Listing Removed — CBRMLS
• 1999-05-13 Listed $48,000 CBRMLS

Property tax history

+8.2%/yr

Latest (2024): $3,681 · -2.5% YoY. Source: county tax records.