363 E Hudson St #365

Columbus, OH 43202

$380,000C-

6 bd · 0.0 ba · 2,859 sqft · Built 1908 · MultiFamily · Active · 286 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,468/mo
• Mortgage (P&I): −$1,993
• Tax + insurance: −$633
• HOA: −$0
• Vac / Maint / Mgmt: −$728
• Net cashflow: $114/mo
• Annual: $1,364/yr
• Cap rate: 6.65%
• Cash-on-cash: 1.28%
• DSCR: 1.06
• 1% rule: 0.91%
• Cash to close: $106,400

Investor read

• This is a 2 × 3-bed/?-bath units multifamily listed at $380k. Condition is rated good.
• At list price, monthly cash flow is $114 ($1k/yr) — positive. Per door: $57/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $347k (8.7% below list).
• It's been on market 286 days — a 12% lower offer ($334k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $334k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $11k 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.
• Zoned schools: Indianola Informal K-8 School (math 43% / reading 58%, grade D+, #896 of 1,584 statewide, top 57%, 684 students, 0% FRL); Dominion Middle School (math 39% / reading 50%, grade D, #477 of 654 statewide, top 74%, 717 students, 0% FRL); Whetstone High School (math 17% / reading 44%, grade F, #615 of 781 statewide, top 79%, 976 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 42% at this address vs 20% district-wide (+21 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.
• Watch-outs: built in 1908 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents flat; 85 active listings in the ZIP; 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.
• 3 sale attempts; this cycle's ask has dropped $25k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Cap rate 6.7% vs local median 3.9% 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.

Questions for listing agent

• It's been on market 286 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• 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?
• Built in 1908 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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.