1928 Agler Rd · Columbus, OH 43224

$1,950,000

46 bd · 0.0 ba · 15,795 sqft · MultiFamily public records · 40 Days on market

Built 1968 ↓ 20% since listing

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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 +25.3/30.0
• DSCR +8.3/10.0
• ARV discount +7.5/15.0
• 1% rule +5.8/10.0
• Livability +4.0/5.0
• Rent growth +3.5/5.0
• Condition / age +2.5/5.0
• 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: 23 units. confirmed

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

Northern Court Apartments presents an exceptional opportunity to acquire a recently renovated, fully occupied 23-unit multifamily asset in the rapidly developing North Linden neighborhood of Columbus, Ohio. Combining immediate in-place cash flow with clear operational upside, this property is ideally suited for investors seeking stable returns, long-term appreciation, and future rent growth in one of Columbus's emerging rental corridors. The property is comprised entirely of spacious 2-bedroom, 1-bathroom apartment homes, each offering more than 1,000 square feet of living space. These oversized floorplans continue to be highly desirable among tenants seeking affordability without sacrifici

Key facts

• Spacious 2-bedroom
• Cmha-approved
• Updated interiors

Tags

• SPACIOUS 2-BEDROOM
• UPDATED INTERIORS
• MODERN FINISHES
• VALUE-ADD OPPORTUNITY
• CMHA-APPROVED

Property features AI

Finance

• Financial info: 23 total units (multi-unit building)

Exterior

• Utilities: Owner pays water
• Home design: Midrise property; Built in 1968

Interior

• Heating & cooling: No central cooling
• Interior features: No central cooling

What this means for you Summary

Snapshot

• This is a 23 × 2-bed/1-bath units multifamily listed at $1.95M.

Deal economics

• At list price, monthly cash flow is $4k ($53k/yr) — positive. Per door: $192/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($21k rent vs $1.95M).
• Recommended offer: $1.89M (3.0% below list) — sets the bar for market timing.
• Cap rate 9.0% 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 (+4.2%/yr); 101 active listings in the ZIP; 8,139 units permitted in Franklin County in 2024 (5,940 in 5+ unit buildings).
• At $21,119/mo this rent would consume 475% of the median local household income ($53k/yr) (locally 1730% 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 $13k of loan paydown is wiped out by about $58k 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 + 4.2% rent growth), your $546k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 40 days — a 3% lower offer ($1.89M) is reasonable based on typical stale-listing flexibility.
• 13 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.
• Current owner paid $440k; list at $1.95M implies a 343% gain — meaningful room to come down on a strong offer.

Recommended offer $1,891,500 (3.0% below list)

Questions for the listing agent

1. It's been on market 40 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 1968 — 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. 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.
8. 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.
9. 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: 9.00%
• Cash-on-cash: 9.69%
• DSCR: 1.43
• GRM: 7.7

CMA / ARV

• ARV (median comp): $200,135
• List price: $1,950,000
• Delta: 874.34%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 4.16% rent growth · sell at horizon

5-year hold

• IRR: -0.5%
• Equity multiple: 0.98×
• Total profit: $-10,787
• Equity at exit: $290,751

10-year hold

• IRR: 10.2%
• Equity multiple: 1.83×
• Total profit: $455,090
• Equity at exit: $168,600

Cash invested: $546,000 (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 43224

• Rents YoY: 4.2%
• Active inventory: 101
• Price-to-rent: 177.0×

Monthly cashflow live

• Estimated rent: $21,119 high
• Mortgage (P&I): −$10,226
• Tax from tax record: −$1,239 /mo · $14,862/yr
• Insurance: −$812
• HOA: −$0
• Vacancy / Maint / Mgmt: −$4,435
• Net cashflow: $4,407

Break-even live

Break-even rent $15,541

Max offer price $1,950,000

Occupancy floor 74%

Sensitivity live

Price	-10% $5,511	-5% $4,959	+0% $4,407	+5% $3,855	+10% $3,303
Rent	-10% $2,739	-5% $3,573	+0% $4,407	+5% $5,241	+10% $6,075
Rate	-1.0pp $5,389	-0.5pp $4,903	base $4,407	+0.5pp $3,902	+1.0pp $3,388

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

Units	Beds	Baths	Est. rent
▸ 23× units	2	1	$21,114
Total (23 units)			$21,119

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: $487,500
• Closing costs: $58,500
• Reserves months: —
• Total cash needed: —

Listing history 45 events

1. 2026-06-21
   days on market $1,950,000 Active 40 DOM
2. 2026-06-18
   days on market $1,950,000 Active 37 DOM
3. 2026-06-17
   days on market $1,950,000 Active 36 DOM
4. 2026-06-16
   days on market $1,950,000 Active 35 DOM
5. 2026-06-15
   days on market $1,950,000 Active 34 DOM
6. 2026-06-13
   days on market $1,950,000 Active 32 DOM
7. 2026-06-13
   days on market $1,950,000 Active 31 DOM
8. 2026-06-09
   days on market $1,950,000 Active 28 DOM
9. 2026-06-08
   days on market $1,950,000 Active 27 DOM
10. 2026-06-07
    days on market $1,950,000 Active 26 DOM
11. 2026-06-05
    days on market $1,950,000 Active 23 DOM
12. 2026-06-03
    days on market $1,950,000 Active 22 DOM
13. 2026-06-02
    days on market $1,950,000 Active 21 DOM
14. 2026-06-01
    days on market $1,950,000 Active 20 DOM
15. 2026-05-31
    days on market $1,950,000 Active 19 DOM
16. 2026-05-12
    listed $1,950,000 Active 2021-char remark
17. 2026-03-12
    price $875
18. 2025-10-21
    listed $975
19. 2025-02-12
    historical $999
20. 2024-12-11
    listed $999
21. 2024-11-14
    historical $999
22. 2024-11-08
    listed $999
23. 2024-04-16
    historical $1,075
24. 2024-04-12
    listed $1,075
25. 2024-04-10
    historical $1,075
26. 2024-03-13
    listed $1,075
27. 2023-09-22
    historical $975
28. 2023-08-24
    listed $975
29. 2023-03-09
    historical
30. 2023-01-13
    price $1,800,000
31. 2022-12-20
    status Active
32. 2022-05-19
    historical Contingent Finance and Inspection
33. 2022-04-06
    price $2,000,000
34. 2022-03-17
    listed $2,200,000 Active
35. 2008-02-21
    historical
36. 2007-08-20
    listed $479,900
37. 2007-07-22
    historical
38. 2007-01-21
    listed $469,900
39. 2004-10-15
    soldstatus $440,000
40. 2004-09-22
    historical
41. 2004-05-15
    listed $479,900
42. 1999-10-20
    historical
43. 1999-06-22
    listed $399,000
44. 1989-06-26
    soldstatus $2,430,000
45. 1989-06-26
    soldstatus $2,240,000

ⓘ 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: $14,862 · $1,239/mo
• Projected year-2 tax: $22,641 · $1,887/mo
• Expected delta: +$7,779/yr (+$648/mo · 52.3%)

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

Taxation est. · year 1

• Rental income: $253,428
• − Mortgage interest: −$109,230
• − Property taxes: −$14,862
• − Insurance: −$9,750
• − Repairs & maintenance: −$20,274
• − Management: −$20,274
• − Depreciation: −$56,727
• Taxable income: $22,310
• Est. tax owed @ 24.0%: −$5,354
• After-tax cash flow: $47,529/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): 44,319
• Household income: $53,321
• Rent vs Own: 47.8% rent · 52.2% own
• Severe rent burden: 1730.0

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 0.66)
• Race & ethnicity: Black 43% White 39% Hispanic / Latino 10% Two or more races 9% Asian 2%
• Hispanic origin (detail): Mexican 6% Dominican 1%
• Common ancestry: Romanian 1% Hispanic 1% Italian 1%
• Foreign-born: 22% · Canada, Vietnam
• Languages at home: 71% English-only · Spanish 8% French/Haitian/Cajun 4% Arabic 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: ▼ -226.58%
• Current HPI: 274.6336
• Rent YoY: ▲ 4.16%
• 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

-19.8% since first listed

30 events — show timeline

• 2026-05-12 Listed $1,950,000 CBRMLS
• 2026-03-12 Price Changed $875 RENTALBEAST
• 2025-10-21 Listed for Rent $975 RENTALBEAST
• 2025-02-12 Rental Removed $999 PROPERTYWARE
• 2024-12-11 Listed for Rent $999 PROPERTYWARE
• 2024-11-14 Rental Removed $999 RENTALBEAST
• 2024-11-08 Listed for Rent $999 RENTALBEAST
• 2024-04-16 Rental Removed $1,075 APPFOLIO
• 2024-04-12 Listed for Rent $1,075 APPFOLIO
• 2024-04-10 Rental Removed $1,075 APPFOLIO
• 2024-03-13 Listed for Rent $1,075 APPFOLIO
• 2023-09-22 Rental Removed $975 APPFOLIO
• 2023-08-24 Listed for Rent $975 APPFOLIO
• 2023-03-09 Listing Removed — CBRMLS
• 2023-01-13 Price Changed $1,800,000 CBRMLS
• 2022-12-20 Relisted — CBRMLS
• 2022-05-19 Contingent — CBRMLS
• 2022-04-06 Price Changed $2,000,000 CBRMLS
• 2022-03-17 Listed $2,200,000 CBRMLS
• 2008-02-21 Listing Removed — CBRMLS
• 2007-08-20 Listed $479,900 CBRMLS
• 2007-07-22 Listing Removed — CBRMLS
• 2007-01-21 Listed $469,900 CBRMLS
• 2004-10-15 Sold (MLS) $440,000 CBRMLS
• 2004-09-22 Listing Removed — CBRMLS
• 2004-05-15 Listed $479,900 CBRMLS
• 1999-10-20 Listing Removed — CBRMLS
• 1999-06-22 Listed $399,000 CBRMLS
• 1989-06-26 Sold (Public Records) $2,240,000 Public Records
• 1989-06-26 Sold (Public Records) $2,430,000 Public Records

Property tax history

+3.6%/yr

Latest (2024): $14,862 · +1.6% YoY. Source: county tax records.