105 N Terrace Ave · Columbus, OH 43204

$198,900

4 bd · 0.0 ba · 1,898 sqft · MultiFamily · 102 Days on market

Built 1910 Fair condition 10,454 sqft lot $105/sqft · 5% below area Est $210k · 5% under

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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 +26.3/30.0
• ARV discount +9.9/15.0
• DSCR +8.9/10.0
• 1% rule +7.0/10.0
• Livability +4.0/5.0
• Rent growth +3.6/5.0
• Condition / age +2.2/5.0
• 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

Great duplex north of Broad! This stacked building has 2 bedrooms & down, generous living area. The 2nd floor has a W/ D and the basement has W/ D hookups. The basement is accessible by both units. The rents are $850 up and $800 down. Asking rents in the area are in the $1200 range! Extensive updating on both units. Roof 5 years, furnaces 3 and 8, water heaters 5 and new.

Key facts

• Generous living area
• Accessible basement
• W d hookups

Tags

• GENEROUS LIVING AREA
• W D HOOKUPS
• ACCESSIBLE BASEMENT
• EXTENSIVE UPDATING

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/?-bath units multifamily listed at $199k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $512 ($6k/yr) — positive. Per door: $256/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $199k).
• Recommended offer: $181k (9.0% below list) — sets the bar for market timing.
• Cap rate 9.4% 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 (+4.5%/yr); 187 active listings in the ZIP; 23 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 8,139 units permitted in Franklin County in 2024 (5,940 in 5+ unit buildings).
• At $2,388/mo this rent would consume 48% of the median local household income ($59k/yr) (locally 2290% 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 $1k of loan paydown is wiped out by about $6k 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 + 4.5% rent growth), your $56k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 102 days — a 9% lower offer ($181k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $180,999 (9.0% below list)

Questions for the listing agent

1. It's been on market 102 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1910 — 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. 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.
10. 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.
11. 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: 1.20% ✓
• Cap rate: 9.38%
• Cash-on-cash: 11.03%
• DSCR: 1.49
• GRM: 6.9

CMA / ARV

• ARV (median comp): $210,311
• List price: $198,900
• Delta: -5.43%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
48-50 N Ogden Ave	0.14mi	4/—	2,044 (+8%)	20mo	$174,000	$85	64
2726-2728 Grace St	0.28mi	4/—	1,848 (-3%)	24mo	$130,000	$70	63
2730-2732 Grace St	0.29mi	4/—	1,848 (-3%)	24mo	$40,000	$22	62
2736-2738 Grace St	0.29mi	4/—	1,848 (-3%)	24mo	$130,000	$70	62
361 S Harris Ave #361	0.73mi	5/— (+1)	1,890 (-0%)	1mo	$180,000	$95	59
223 S Wayne Ave	0.52mi	4/—	1,860 (-2%)	24mo	$263,000	$141	52
34-36 Midland Ave	0.60mi	4/—	2,140 (+13%)	2mo	$200,000	$93	49
23-25 N Warren Ave	0.23mi	3/— (-1)	1,616 (-15%)	15mo	$120,000	$74	47
255 S Chase Ave	0.70mi	4/—	2,020 (+6%)	18mo	$245,000	$121	42
46-48 Haldy Ave	0.58mi	4/—	1,716 (-10%)	19mo	$265,000	$154	41
35-37 Haldy Ave	0.63mi	4/—	2,128 (+12%)	15mo	$270,000	$127	38

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 · 4.49% rent growth · sell at horizon

5-year hold

• IRR: 1.9%
• Equity multiple: 1.07×
• Total profit: $4,046
• Equity at exit: $29,657

10-year hold

• IRR: 12.9%
• Equity multiple: 2.10×
• Total profit: $61,025
• Equity at exit: $17,197

Cash invested: $55,692 (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 43204

• Rents YoY: 4.5%
• Active inventory: 187
• Price-to-rent: 13.9×

Monthly cashflow live

• Estimated rent: $2,388 high
• Mortgage (P&I): −$1,043
• Tax est. 1.5%: −$249 /mo · $2,984/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$501
• Net cashflow: $512

Break-even live

Break-even rent $1,740

Max offer price $198,900

Occupancy floor 74%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	—	$2,388
Total (2 units)			$2,388

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: $49,725
• Closing costs: $5,967
• Reserves months: —
• Total cash needed: —

Rent comps 23 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
133 N Eureka Ave Columbus, OH	3.0	1.0	1484	$1,350	$0.91	12d	1	0.11mi
2745-2747 Steele Ave Columbus, OH	3.0	1.0	2128	$1,200	$0.56	44d	1	0.34mi
41 S Oakley Ave Columbus, OH	3.0	1.5	1428	$1,550	$1.09	44d	1	0.35mi
80 S Warren Ave Columbus, OH	3.0	1.0	1258	$1,345	$1.07	44d	1	0.37mi
80 S Warren Ave Columbus, OH	3.0	1.0	1258	$1,345	$1.07	3d	1	0.37mi
92 S Hague Ave Columbus, OH	3.0	2.0	1456	$1,400	$0.96	23d	1	0.45mi
130 N Roys Ave Columbus, OH	3.0	1.0	1380	$1,595	$1.16	2d	1	0.54mi
43 N Roys Ave Columbus, OH	3.0	1.5	1332	$1,599	$1.20	23d	1	0.57mi
2730 Elliott Ave Columbus, OH	3.0	1.0	1332	$1,803	$1.35	44d	1	0.57mi
95-97 Whitethorne Ave Columbus, OH	3.0	1.5	1260	$1,375	$1.09	3d	1	0.66mi
95-97 Whitethorne Ave Columbus, OH	3.0	1.5	1260	$1,475	$1.17	20d	1	0.66mi
2676 Sullivant Ave Columbus, OH	3.0	1.0	1524	$1,200	$0.79	44d	1	0.95mi
2205 Sullivant Ave Columbus, OH	3.0	1.0	1275	$1,200	$0.94	44d	1	0.97mi
2709-2711 Sullivant Ave Columbus, OH	3.0	2.0	1344	$1,380	$1.03	3d	1	1.00mi
2709-2711 Sullivant Ave Unit 2709 Columbus, OH	3.0	2.0	1344	$1,380	$1.03	3d	1	1.00mi
1964 Sullivant Ave Columbus, OH	4.0	2.0	1580	$1,650	$1.04	23d	1	1.13mi
695 S Eureka Ave Columbus, OH	3.0	1.0	1344	$1,425	$1.06	21d	1	1.20mi
692 S Wheatland Ave Columbus, OH	3.0	1.0	1608	$1,547	$0.96	44d	1	1.24mi
228 Schultz Ave Unit 1407024P Columbus, OH	4.0	1.5	1991	$6,208	$3.12	14d	1	1.36mi
228 Schultz Ave Unit 1407033P Columbus, OH	5.0	1.5	1991	$5,806	$2.92	7d	1	1.36mi
543 Woodbury Ave Unit NA Columbus, OH	3.0	1.0	1308	$1,645	$1.26	14d	1	1.40mi
63 Stevens Ave Columbus, OH	5.0	2.0	2437	$2,000	$0.82	7d	1	1.41mi
137 N Guilford Ave Columbus, OH	4.0	2.0	1456	$1,850	$1.27	44d	1	1.46mi

Listing history 16 events

1. 2026-06-18
   days on market $198,900 Active 102 DOM
2. 2026-06-17
   days on market $198,900 Active 101 DOM
3. 2026-06-16
   days on market $198,900 Active 100 DOM
4. 2026-06-15
   days on market $198,900 Active 99 DOM
5. 2026-06-13
   days on market $198,900 Active 97 DOM
6. 2026-06-13
   days on market $198,900 Active 96 DOM
7. 2026-06-09
   days on market $198,900 Active 93 DOM
8. 2026-06-08
   days on market $198,900 Active 92 DOM
9. 2026-06-07
   days on market $198,900 Active 91 DOM
10. 2026-06-05
    days on market $198,900 Active 88 DOM
11. 2026-06-03
    days on market $198,900 Active 87 DOM
12. 2026-06-02
    days on market $198,900 Active 86 DOM
13. 2026-06-01
    days on market $198,900 Active 85 DOM
14. 2026-05-31
    days on market $198,900 Active 84 DOM
15. 2026-05-10
    price $198,900 380-char remark

    Show marketing remark (380 chars)

    Great duplex north of Broad! This stacked building has 2 bedrooms & down, generous living area. The 2nd floor has a W/ D and the basement has W/ D hookups. The basement is accessible by both units. The rents are $850 up and $800 down. Asking rents in the area are in the $1200 range! Extensive updating on both units. Roof 5 years, furnaces 3 and 8, water heaters 5 and new.

16. 2026-03-08
    listed $199,900 Active 380-char remark

    Show marketing remark (380 chars)

    Great duplex north of Broad! This stacked building has 2 bedrooms & down, generous living area. The 2nd floor has a W/ D and the basement has W/ D hookups. The basement is accessible by both units. The rents are $850 up and $800 down. Asking rents in the area are in the $1200 range! Extensive updating on both units. Roof 5 years, furnaces 3 and 8, water heaters 5 and new.

ⓘ 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 1 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,656
• − Mortgage interest: −$11,141
• − Property taxes: −$2,984
• − Insurance: −$994
• − Repairs & maintenance: −$2,292
• − Management: −$2,292
• − Depreciation: −$5,786
• Taxable income: $3,165
• Est. tax owed @ 24.0%: −$760
• After-tax cash flow: $5,384/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

Fair 45/100 Moderate rehab

This two-unit property requires moderate renovations to improve its condition and increase its value. Repairs and maintenance are needed on the metal staircase, exterior siding, and interior walls. Painting and updating the exterior will significantly enhance its curb appeal and value.

Repairs flagged

• Major metal staircase — rusty and worn
• Major exterior siding — red siding appears faded
• Minor interior walls — some discoloration

Value-add opportunities

• Both paint interior walls — enhances appearance and value
• Both replace metal staircase — improves safety and appeal
• Both repair exterior siding — enhances curb appeal and value

Renovation cost estimate screening

Repair item	Severity	Est. cost
metal staircase · rusty and worn	Major	$15,000–50,000
exterior siding · red siding appears faded	Major	$15,000–50,000
interior walls · some discoloration	Minor	$500–3,000
Total estimated repair cost · 3 items		$30,500–103,000

Value-add ROI direction

• Both paint interior walls — enhances appearance and value ↑
• Both replace metal staircase — improves safety and appeal ↑
• Both repair exterior siding — enhances curb appeal and value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 42,962
• Household income: $59,266
• Rent vs Own: 50.5% rent · 49.5% own
• Severe rent burden: 2290.0

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 0.58)
• Race & ethnicity: White 61% Hispanic / Latino 16% Black 13% Two or more races 12% Asian 3%
• Hispanic origin (detail): Mexican 9%
• Common ancestry: Lithuanian 1% Slovak 1% Romanian 1%
• Foreign-born: 13% · Canada
• Languages at home: 81% English-only · Spanish 13% Arabic 2% Other Asian/Pacific 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: ▼ -220.67%
• Current HPI: 265.7711
• Rent YoY: ▲ 4.49%
• 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

-0.5% since first listed

2 events — show timeline

• 2026-05-10 Price Changed $198,900 CBRMLS
• 2026-03-08 Listed $199,900 CBRMLS