3276 Sullivant Ave · Columbus, OH 43204

$225,000

4 bd · None ba · 1,848 sqft · MultiFamily · 90 Days on market

Built 1954 Fair condition 5,662 sqft lot $122/sqft · 6% below area Est $240k · 6% under ↓ 29% 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 +20.2/30.0
• ARV discount +10.4/15.0
• DSCR +6.4/10.0
• 1% rule +5.3/10.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

Solid investment opportunity in a side-by-side double with strong upside potential. Both units are currently rented on month-to-month leases, offering flexibility for rent increases or future repositioning. Brick exterior provides low maintenance, and the property includes a 3-car garage plus ample off-street parking. Rear parking and backyard are located on a quiet dead-end street, adding privacy and tenant appeal. Central location and convenient access to public transportation. Recent updates include new electric panels and furnaces (2025), some new flooring (2025), and newer hot water tanks. Roof is approximately 10 years old. Current rents are below market, offering potential for increased returns.

Key facts

• Brick exterior
• Central location
• 3 car garage

Tags

• BRICK EXTERIOR
• 3 CAR GARAGE
• AMPLE OFF STREET PARKING
• QUIET DEAD END STREET
• CENTRAL LOCATION
• PUBLIC TRANSPORTATION ACCESS

What this means for you Summary

Snapshot

• This is a 4-bed/?-bath multifamily listed at $225k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $284 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $225k).
• Recommended offer: $212k (6.0% below list) — sets the bar for market timing.
• Cap rate 7.8% 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; 17 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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 $2,328/mo this rent would consume 47% 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 $7k 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 90 days — a 6% lower offer ($212k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y 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 1954 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $211,500 (6.0% below list)

Questions for the listing agent

1. It's been on market 90 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1954 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 1.03% ✓
• Cap rate: 7.81%
• Cash-on-cash: 5.41%
• DSCR: 1.24
• GRM: 8.1

CMA / ARV

• ARV (median comp): $240,334
• List price: $225,000
• Delta: -6.38%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3300-3302 Sullivant Ave	0.03mi	4/—	1,848 (0%)	4mo	$192,000	$104	95
639 Derrer Rd	0.31mi	4/—	1,684 (-9%)	4mo	$145,000	$86	67
3468 Race St	0.29mi	4/—	1,706 (-8%)	13mo	$265,000	$155	63
3476-3478 Race St	0.29mi	4/—	1,706 (-8%)	15mo	$245,000	$144	61
970 Salisbury Rd	0.68mi	4/—	1,792 (-3%)	9mo	$221,000	$123	56
259 S Sylvan Ave	0.34mi	4/—	2,118 (+15%)	15mo	$259,000	$122	48
3614 Eakin Rd	0.53mi	5/— (+1)	1,673 (-10%)	14mo	$207,000	$124	43
885-887 Derrer Rd	0.59mi	5/— (+1)	1,667 (-10%)	11mo	$230,000	$138	42
255 S Chase Ave	0.68mi	4/—	2,020 (+9%)	18mo	$245,000	$121	38
886 Derrer Rd	0.58mi	5/— (+1)	1,667 (-10%)	17mo	$216,900	$130	37
423 S Hague Ave	0.70mi	3/— (-1)	1,594 (-14%)	4mo	$168,000	$105	36
868-870 Wiltshire Rd	0.73mi	4/—	1,584 (-14%)	11mo	$257,500	$163	33

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: -6.2%
• Equity multiple: 0.77×
• Total profit: $-14,782
• Equity at exit: $33,548

10-year hold

• IRR: 5.2%
• Equity multiple: 1.41×
• Total profit: $25,560
• Equity at exit: $19,454

Cash invested: $63,000 (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 43204

• Rents YoY: 4.5%
• Active inventory: 187
• Price-to-rent: 16.1×

Monthly cashflow live

• Estimated rent: $2,328 high
• Mortgage (P&I): −$1,180
• Tax est. 1.5%: −$281 /mo · $3,375/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$489
• Net cashflow: $284

Break-even live

Break-even rent $1,968

Max offer price $225,000

Occupancy floor 83%

Sensitivity live

Price	-10% $440	-5% $362	+0% $284	+5% $206	+10% $129
Rent	-10% $100	-5% $192	+0% $284	+5% $376	+10% $468
Rate	-1.0pp $398	-0.5pp $341	base $284	+0.5pp $226	+1.0pp $167

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,328
Total (2 units)			$2,328

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2709-2711 Sullivant Ave Columbus, OH	3.0	2.0	1344	$1,380	$1.03	3d	1	0.80mi
2709-2711 Sullivant Ave Unit 2709 Columbus, OH	3.0	2.0	1344	$1,380	$1.03	3d	1	0.80mi
2676 Sullivant Ave Columbus, OH	3.0	1.0	1524	$1,200	$0.79	44d	1	0.85mi
1241 Riegelwood Ln Columbus, OH	4.0	3.0	1868	$2,480	$1.33	2d	1	0.95mi
92 S Hague Ave Columbus, OH	3.0	2.0	1456	$1,400	$0.96	24d	1	0.96mi
43 N Roys Ave Columbus, OH	3.0	1.5	1332	$1,599	$1.20	24d	1	0.97mi
80 S Warren Ave Columbus, OH	3.0	1.0	1258	$1,345	$1.07	4d	1	1.06mi
80 S Warren Ave Columbus, OH	3.0	1.0	1258	$1,345	$1.07	44d	1	1.06mi
130 N Roys Ave Columbus, OH	3.0	1.0	1380	$1,595	$1.16	2d	1	1.09mi
695 S Eureka Ave Columbus, OH	3.0	1.0	1344	$1,425	$1.06	21d	1	1.19mi
2745-2747 Steele Ave Columbus, OH	3.0	1.0	2128	$1,200	$0.56	44d	1	1.22mi
1433 Tall Meadows Dr Columbus, OH	3.0	1.5	1428	$1,995	$1.40	13d	1	1.24mi
1369 Greenock Rd Columbus, OH	4.0	2.5	1680	$2,031	$1.21	24d	1	1.30mi
3735 Gairlock Dr Columbus, OH	3.0	2.0	1329	$1,905	$1.43	24d	1	1.41mi
692 S Wheatland Ave Columbus, OH	3.0	1.0	1608	$1,547	$0.96	44d	1	1.41mi
41 S Oakley Ave Columbus, OH	3.0	1.5	1428	$1,550	$1.09	44d	1	1.44mi
133 N Eureka Ave Columbus, OH	3.0	1.0	1484	$1,350	$0.91	13d	1	1.49mi

Listing history 20 events

1. 2026-06-18
   days on market $225,000 Active 90 DOM
2. 2026-06-17
   days on market $225,000 Active 89 DOM
3. 2026-06-16
   days on market $225,000 Active 88 DOM
4. 2026-06-15
   days on market $225,000 Active 87 DOM
5. 2026-06-13
   days on market $225,000 Active 85 DOM
6. 2026-06-13
   days on market $225,000 Active 84 DOM
7. 2026-06-09
   days on market $225,000 Active 81 DOM
8. 2026-06-08
   days on market $225,000 Active 80 DOM
9. 2026-06-07
   days on market $225,000 Active 79 DOM
10. 2026-06-05
    days on market $225,000 Active 76 DOM
11. 2026-06-03
    days on market $225,000 Active 75 DOM
12. 2026-06-02
    days on market $225,000 Active 74 DOM
13. 2026-06-01
    days on market $225,000 Active 73 DOM
14. 2026-05-31
    days on market $225,000 Active 72 DOM
15. 2026-03-20
    listed $225,000 Active 711-char remark

    Show marketing remark (711 chars)

    Solid investment opportunity in a side-by-side double with strong upside potential. Both units are currently rented on month-to-month leases, offering flexibility for rent increases or future repositioning. Brick exterior provides low maintenance, and the property includes a 3-car garage plus ample off-street parking. Rear parking and backyard are located on a quiet dead-end street, adding privacy and tenant appeal. Central location and convenient access to public transportation. Recent updates include new electric panels and furnaces (2025), some new flooring (2025), and newer hot water tanks. Roof is approximately 10 years old. Current rents are below market, offering potential for increased returns.

16. 2025-06-04
    historical
17. 2025-04-12
    price $290,000
18. 2025-03-21
    price $300,000
19. 2024-09-20
    price $309,000
20. 2024-08-20
    listed $319,000 Active

ⓘ 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 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,936
• − Mortgage interest: −$12,603
• − Property taxes: −$3,375
• − Insurance: −$1,125
• − Repairs & maintenance: −$2,235
• − Management: −$2,235
• − Depreciation: −$6,545
• Taxable loss: −$183
• Est. tax savings @ 24.0%: +$44
• After-tax cash flow: $3,454/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 · 5 photos

Fair 45/100 Moderate rehab

This multi-family property presents as needing moderate renovations, with a focus on exterior repairs and maintenance. Potential for significant value increase through exterior updates and roof repair.

Repairs flagged

• Major roof — Approximately 10 years old
• Moderate exterior siding — Some discoloration

Value-add opportunities

• Both paint exterior — Enhances curb appeal and resale value
• Both repair roof — Improves structural integrity and reduces maintenance costs
• Both update landscaping — Enhances curb appeal and rental value

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · Approximately 10 years old	Major	$15,000–50,000
exterior siding · Some discoloration	Moderate	$3,000–15,000
Total estimated repair cost · 2 items		$18,000–65,000

Value-add ROI direction

• Both paint exterior — Enhances curb appeal and resale value ↑
• Both repair roof — Improves structural integrity and reduces maintenance costs ↑
• Both update landscaping — Enhances curb appeal and rental 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

-29.5% since first listed

6 events — show timeline

• 2026-03-20 Listed $225,000 CBRMLS
• 2025-06-04 Listing Removed — CBRMLS
• 2025-04-12 Price Changed $290,000 CBRMLS
• 2025-03-21 Price Changed $300,000 CBRMLS
• 2024-09-20 Price Changed $309,000 CBRMLS
• 2024-08-20 Listed $319,000 CBRMLS