1445 E Main Unit 458 Miller Ave · Columbus, OH 43205

$1,195,000

12 bd · None ba · 10,004 sqft · MultiFamily · 37 Days on market

Built 1912 Good condition 0.28 ac lot $119/sqft · 23% below area Est $1551k · 23% 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 +22.0/30.0
• ARV discount +15.0/15.0
• DSCR +7.0/10.0
• 1% rule +5.8/10.0
• Livability +4.0/5.0
• Condition / age +4.0/5.0
• Rent growth +2.9/5.0
• Schools +1.7/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. 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

Corner location in Olde Towne East! 11-units all Turn-Key Condition!! 2-buildings on 1 parcel! 1445-1447 East Main St Downstairs -Two commercial store fronts. 1445 1/2 East Main upstairs 2nd floor - Three large 2-bed, 1-bath apartments. 458 - 462 Miller Ave rear building 'The Motor Lodge' Six 1-bed, 1-bath apartments. Well maintained building & All units are nicely updated & occupied with great tenants! Rents as follows: 458 Miller $825, 458.5 Miller $795, 460 Miller $845, 460.5 Miller $795, 462 Miller $795, 462.5 Miller $795, 1445 1/2A $1075, 1445 1/2B $850, 1445 1/2C $825, 1445 $900, 1447 $750

Key facts

• Nicely updated units
• Turn-key condition
• Six apartments

Tags

• TURN-KEY CONDITION
• TWO COMMERCIAL STORE FRONTS
• THREE LARGE APARTMENTS
• SIX APARTMENTS
• WELL MAINTAINED BUILDING
• NICELY UPDATED UNITS

Property features AI

Finance

• Other: Tax annual amount listed (2025)
• Financial info: Net operating income reported: $36,870.21; Operating expense reported: $1; Owner pays water

Exterior

• Parking: Common parking with 15 spaces
• Utilities: Public water available; Public sewer available; Natural gas available; Electricity available; Storm sewer available
• Home design: Built in 1912; Mixed Use property type
• Construction: Year built: 1912
• Exterior features: 0.28-acre lot; No additional parcels; Located in the Olde Towne East - South of Main subdivision; Corner of Main Street and 458 Miller Ave (street address includes unit)

Interior

• Heating & cooling: Central air conditioning
• Interior features: Mixed use property

What this means for you Summary

Snapshot

• This is a 12-bed/?-bath multifamily listed at $1.20M. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $2k ($23k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($13k rent vs $1.20M).
• Recommended offer: $1.16M (3.0% below list) — sets the bar for market timing.
• Cap rate 8.2% 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.
• Zoned schools: Indianola Informal K-8 School (math 43% / reading 58%, grade D+, #896 of 1,584 statewide, top 57%, 684 students, 0% FRL); Arts Impact Middle School (Aims) (math 17% / reading 25%, grade F, #608 of 654 statewide, top 93%, 532 students, 0% FRL); Columbus Alternative High School (math 27% / reading 74%, grade D+, #380 of 781 statewide, top 49%, 758 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 41% at this address vs 20% district-wide (+20 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 (+1.4%/yr); 145 active listings in the ZIP; 8,139 units permitted in Franklin County in 2024 (5,940 in 5+ unit buildings).
• At $12,849/mo this rent would consume 256% of the median local household income ($60k/yr) (locally 823% 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 $8k of loan paydown is wiped out by about $36k 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 37 days — a 3% lower offer ($1.16M) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1912 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $1,159,150 (3.0% below list)

Questions for the listing agent

1. It's been on market 37 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1912 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 1.08% ✓
• Cap rate: 8.19%
• Cash-on-cash: 6.79%
• DSCR: 1.30
• GRM: 7.8

CMA / ARV

• ARV (median comp): $1,550,687
• List price: $1,195,000
• Delta: -22.94%
• Verdict: UNDERPRICED
• Comps: 5 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 1.43% rent growth · sell at horizon

5-year hold

• IRR: -7.7%
• Equity multiple: 0.72×
• Total profit: $-92,910
• Equity at exit: $178,178

10-year hold

• IRR: -0.2%
• Equity multiple: 0.99×
• Total profit: $-4,383
• Equity at exit: $103,322

Cash invested: $334,600 (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 43205

• Rents YoY: 1.4%
• Active inventory: 145
• Price-to-rent: 67.2×

Monthly cashflow live

• Estimated rent: $12,849 high
• Mortgage (P&I): −$6,267
• Tax est. 1.5%: −$1,494 /mo · $17,925/yr
• Insurance: −$498
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,698
• Net cashflow: $1,892

Break-even live

Break-even rent $10,454

Max offer price $1,195,000

Occupancy floor 80%

Sensitivity live

Price	-10% $2,718	-5% $2,305	+0% $1,892	+5% $1,479	+10% $1,066
Rent	-10% $877	-5% $1,385	+0% $1,892	+5% $2,400	+10% $2,907
Rate	-1.0pp $2,494	-0.5pp $2,196	base $1,892	+0.5pp $1,583	+1.0pp $1,268

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$4,443
▸ 6× units	1	1	$8,406
Total (9 units)			$12,849

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: $298,750
• Closing costs: $35,850
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-21
   days on market $1,195,000 Active 37 DOM
2. 2026-06-18
   days on market $1,195,000 Active 34 DOM
3. 2026-06-17
   days on market $1,195,000 Active 33 DOM
4. 2026-06-16
   days on market $1,195,000 Active 32 DOM
5. 2026-06-15
   days on market $1,195,000 Active 31 DOM
6. 2026-06-13
   days on market $1,195,000 Active 29 DOM
7. 2026-06-13
   days on market $1,195,000 Active 28 DOM
8. 2026-06-09
   days on market $1,195,000 Active 25 DOM
9. 2026-06-08
   days on market $1,195,000 Active 24 DOM
10. 2026-06-07
    days on market $1,195,000 Active 23 DOM
11. 2026-06-05
    days on market $1,195,000 Active 20 DOM
12. 2026-06-03
    days on market $1,195,000 Active 19 DOM
13. 2026-06-02
    days on market $1,195,000 Active 18 DOM
14. 2026-06-01
    days on market $1,195,000 Active 17 DOM
15. 2026-05-31
    days on market $1,195,000 Active 16 DOM
16. 2026-05-15
    listed $1,195,000 Active 614-char remark

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

Taxation est. · year 1

• Rental income: $154,188
• − Mortgage interest: −$66,939
• − Property taxes: −$17,925
• − Insurance: −$5,975
• − Repairs & maintenance: −$12,335
• − Management: −$12,335
• − Depreciation: −$34,764
• Taxable income: $3,916
• Est. tax owed @ 24.0%: −$940
• After-tax cash flow: $21,768/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 · 14 photos

Good 80/100 Cosmetic rehab

This multi-family property is in good condition with well-maintained exteriors and interiors. It offers a good investment opportunity with potential for minor cosmetic updates to enhance its curb appeal and interior aesthetics.

Value-add opportunities

• Both Painting the exterior and interior walls — Fresh paint can enhance the curb appeal and interior aesthetics, making the property more attractive to potential buyers and renters.
• Both Updating the kitchen appliances — Modernizing the kitchen appliances can improve the overall look and functionality of the space, making it more appealing to potential buyers and renters.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior and interior walls — Fresh paint can enhance the curb appeal and interior aesthetics, making the property more attractive to potential buyers and renters. ↑
• Both Updating the kitchen appliances — Modernizing the kitchen appliances can improve the overall look and functionality of the space, making it more appealing to potential buyers and renters. ↑

ⓘ 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): 12,618
• Household income: $60,181
• Rent vs Own: 62.7% rent · 37.3% own
• Severe rent burden: 823.0

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 0.60)
• Race & ethnicity: Black 47% White 42% Two or more races 7% Hispanic / Latino 3% Asian 1%
• Common ancestry: Lithuanian 2% Slovak 2% Romanian 2%
• Foreign-born: 3% · Canada
• Languages at home: 95% English-only · Spanish 1% Other Asian/Pacific 1% Other Indo-European 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: ▼ -282.36%
• Current HPI: 212.5692
• Rent YoY: ▲ 1.43%
• 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

1 event — show timeline

• 2026-05-15 Listed $1,195,000 CBRMLS