585-587 S Burgess Ave · Columbus, OH 43204

$260,000

6 bd · 2.0 ba · 2,352 sqft · MultiFamily public records · 41 Days on market

Built 1926 4,791 sqft lot $111/sqft · 15% above area Est $225k · 15% over

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Why this score? — see what drove the D 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 +19.6/30.0
• DSCR +6.2/10.0
• 1% rule +4.8/10.0
• Livability +4.0/5.0
• Rent growth +3.6/5.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0
• ARV discount +0.6/15.0
• 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

Estate Sale. Motivated seller. Up to 14 additional properties available. Bulk sale discount possible. Call agent for additional information.

Key facts

• Strong rental demand
• Fully rented duplex
• Remodeled units

Tags

• FULLY RENTED DUPLEX
• BOTH SIDES LEASED
• REMODELED UNITS
• WELL MAINTAINED PROPERTY
• STRONG RENTAL DEMAND
• LONG TERM TENANTS

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/?-bath units multifamily listed at $260k.

Deal economics

• At list price, monthly cash flow is $301 ($4k/yr) — positive. Per door: $150/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 $254k (2.2% below list).
• Recommended offer: $252k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.7% 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.
• 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); Briggs High School (math 2% / reading 22%, grade F, #726 of 781 statewide, top 94%, 980 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.
• Market conditions: Rents rising fast (+4.5%/yr); 187 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 8,139 units permitted in Franklin County in 2024 (5,940 in 5+ unit buildings).
• At $2,543/mo this rent would consume 51% 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 $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 41 days — a 3% lower offer ($252k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 23y 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 1926 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $252,200 (3.0% below list)

Questions for the listing agent

1. It's been on market 41 days. Have you received any prior offers? Is the seller open to a 3% 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. Built in 1926 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. 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.
9. 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.
10. 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: 0.98% ✗
• Cap rate: 7.68%
• Cash-on-cash: 4.95%
• DSCR: 1.22
• GRM: 8.5

CMA / ARV

• ARV (median comp): $225,223
• List price: $260,000
• Delta: 15.44%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2511 Sullivant Ave	0.19mi	6/—	2,352 (0%)	17mo	$224,000	$95	77
622 S Ogden Ave	0.05mi	6/—	2,100 (-11%)	4mo	$127,500	$61	77
557-559 S Terrace Ave	0.14mi	6/—	2,184 (-7%)	12mo	$222,000	$102	72
618 Racine Ave	0.15mi	6/2.0	2,280 (-3%)	20mo	$215,000	$94	71
612-614 Racine Ave	0.15mi	6/—	2,124 (-10%)	9mo	$190,000	$89	69
661-663 S Burgess Ave	0.11mi	6/—	2,184 (-7%)	20mo	$200,000	$92	66
634 Racine Ave	0.15mi	6/—	2,128 (-10%)	19mo	$250,000	$117	61
638 Racine Ave	0.16mi	6/—	2,128 (-10%)	21mo	$255,000	$120	59
130-132 S Richardson Ave	0.66mi	6/—	2,436 (+4%)	8mo	$200,000	$82	56
2197 Amherst Ave	0.60mi	6/—	2,188 (-7%)	13mo	$242,500	$111	50

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: -7.0%
• Equity multiple: 0.74×
• Total profit: $-19,137
• Equity at exit: $38,767

10-year hold

• IRR: 4.3%
• Equity multiple: 1.33×
• Total profit: $24,285
• Equity at exit: $22,480

Cash invested: $72,800 (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: 17.0×

Monthly cashflow live

• Estimated rent: $2,543 high
• Mortgage (P&I): −$1,363
• Tax from tax record: −$237 /mo · $2,840/yr
• Insurance: −$108
• HOA: −$0
• Vacancy / Maint / Mgmt: −$534
• Net cashflow: $301

Break-even live

Break-even rent $2,163

Max offer price $260,000

Occupancy floor 83%

Sensitivity live

Price	-10% $448	-5% $374	+0% $301	+5% $227	+10% $153
Rent	-10% $100	-5% $200	+0% $301	+5% $401	+10% $501
Rate	-1.0pp $431	-0.5pp $367	base $301	+0.5pp $233	+1.0pp $165

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	—	$2,544
Total (2 units)			$2,543

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: $65,000
• Closing costs: $7,800
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2545 Vanderberg Ave Columbus, OH	6.0	3.0	2600	$5,800	$2.23	16d	1	0.48mi
89 S Richardson Ave Columbus, OH	6.0	2.0	2112	$1,995	$0.94	4d	1	0.71mi

Listing history 19 events

1. 2026-06-02
   status $260,000 Pending 41 DOM
2. 2026-06-01
   days on market $260,000 Active 41 DOM
3. 2026-05-31
   days on market $260,000 Active 40 DOM
4. 2026-04-21
   listed $260,000 Active 411-char remark
5. 2026-02-22
   historical $1,100
6. 2026-01-13
   listed $1,100
7. 2025-04-28
   status Pending
8. 2025-04-28
   historical
9. 2025-04-27
   listed $270,000 Active
10. 2025-02-23
    historical $1,300
11. 2025-01-15
    listed $1,300
12. 2023-09-27
    soldstatus $265,000
13. 2019-06-13
    soldstatus $140,000
14. 2017-08-24
    soldstatus $83,000
15. 2003-12-04
    soldstatus $43,700
16. 2003-12-01
    soldstatus $43,650

    Show marketing remark (140 chars)

    Estate Sale. Motivated seller. Up to 14 additional properties available. Bulk sale discount possible. Call agent for additional information.

17. 2003-11-28
    historical

    Show marketing remark (140 chars)

    Estate Sale. Motivated seller. Up to 14 additional properties available. Bulk sale discount possible. Call agent for additional information.

18. 2003-11-12
    listed $49,900

    Show marketing remark (140 chars)

    Estate Sale. Motivated seller. Up to 14 additional properties available. Bulk sale discount possible. Call agent for additional information.

19. 1997-08-19
    soldstatus $35,000

ⓘ 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: $2,840 · $237/mo
• Projected year-2 tax: $3,448 · $287/mo
• Expected delta: +$608/yr (+$51/mo · 21.4%)

ⓘ 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 ≥100°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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $30,516
• − Mortgage interest: −$14,564
• − Property taxes: −$2,840
• − Insurance: −$1,300
• − Repairs & maintenance: −$2,441
• − Management: −$2,441
• − Depreciation: −$7,564
• Taxable loss: −$634
• Est. tax savings @ 24.0%: +$152
• After-tax cash flow: $3,759/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): 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

+642.9% since first listed

17 events — show timeline

• 2026-06-01 Pending — CBRMLS
• 2026-04-21 Listed $260,000 CBRMLS
• 2026-02-22 Rental Removed $1,100 ZUMPER1
• 2026-01-13 Listed for Rent $1,100 ZUMPER1
• 2025-04-28 Pending — CBRMLS
• 2025-04-28 Listing Removed — CBRMLS
• 2025-04-27 Listed $270,000 CBRMLS
• 2025-02-23 Rental Removed $1,300 BUILDIUM
• 2025-01-15 Listed for Rent $1,300 BUILDIUM
• 2023-09-27 Sold (Public Records) $265,000 Public Records
• 2019-06-13 Sold (Public Records) $140,000 Public Records
• 2017-08-24 Sold (Public Records) $83,000 Public Records
• 2003-12-04 Sold (Public Records) $43,700 Public Records
• 2003-12-01 Sold (MLS) $43,650 CBRMLS
• 2003-11-28 Listing Removed — CBRMLS
• 2003-11-12 Listed $49,900 CBRMLS
• 1997-08-19 Sold (Public Records) $35,000 Public Records

Property tax history

+10.4%/yr

Latest (2024): $2,840 · +23.1% YoY. Source: county tax records.