401 Catherine St · Columbus, OH 43223

$189,900

4 bd · 0.0 ba · 1,536 sqft · MultiFamily · 165 Days on market

Built 1928 Fair condition 2,178 sqft lot $124/sqft · 17% below area Est $230k · 17% under

---

Why this score? — see what drove the B 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 +28.7/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.0/10.0
• Livability +4.0/5.0
• Rent growth +3.7/5.0
• 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: 2 units. confirmed

Listing remarks MLS

Hilltop Duplex ready for you to add your personal touches. Located just west of Downtown Columbus. Large Bedrooms, nice open living room to kitchen area. Full Basement. Also being sold with 2 Four Family Buildings located adjoining parcels. 397 Catherin and 1657 Sullivant both with 4-One Bedroom units each. Buy one or buy all 3 buildings.

Key facts

• Downtown columbus
• Full basement
• Hilltop duplex

Tags

• HILLTOP DUPLEX
• FULL BASEMENT
• DOWNTOWN COLUMBUS

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/?-bath units multifamily listed at $190k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $634 ($8k/yr) — positive. Per door: $317/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $190k).
• Recommended offer: $167k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.3% 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 (+4.6%/yr); 147 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 22d 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 $2,464/mo this rent would consume 63% of the median local household income ($47k/yr) (locally 1689% 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 $1k of loan paydown is wiped out by about $6k 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 + 4.6% rent growth), your $53k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 165 days — a 12% lower offer ($167k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 22y ago; this cycle's ask has dropped $10k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $57k; list at $190k implies a 233% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1928 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $167,112 (12.0% below list)

Questions for the listing agent

1. It's been on market 165 days. Have you received any prior offers? Is the seller open to a 12% 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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1928 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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.
10. 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.
11. 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: 1.30% ✓
• Cap rate: 10.30%
• Cash-on-cash: 14.31%
• DSCR: 1.64
• GRM: 6.4

CMA / ARV

• ARV (median comp): $229,904
• List price: $189,900
• Delta: -17.40%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1340-1342 W State St	0.63mi	4/—	1,488 (-3%)	8mo	$235,000	$158	59
270-272 S Yale Ave	0.72mi	4/—	1,560 (+2%)	14mo	$275,000	$176	52
1473 Thomas Ave	0.30mi	4/—	1,668 (+9%)	24mo	$200,000	$120	52
266-288 S Yale Ave	0.72mi	4/—	1,560 (+2%)	20mo	$270,000	$173	47
1925-1927 Vaughn St	0.62mi	4/—	1,372 (-11%)	9mo	$173,000	$126	46
1986-1988 Vaughn St	0.67mi	4/—	1,700 (+11%)	20mo	$215,500	$127	34

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 · 4.61% rent growth · sell at horizon

5-year hold

• IRR: 6.5%
• Equity multiple: 1.26×
• Total profit: $13,713
• Equity at exit: $28,315

10-year hold

• IRR: 17.2%
• Equity multiple: 2.53×
• Total profit: $81,302
• Equity at exit: $16,419

Cash invested: $53,172 (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 43223

• Rents YoY: 4.6%
• Active inventory: 147
• Price-to-rent: 12.8×

Monthly cashflow live

• Estimated rent: $2,464 high
• Mortgage (P&I): −$996
• Tax est. 1.5%: −$237 /mo · $2,848/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$517
• Net cashflow: $634

Break-even live

Break-even rent $1,661

Max offer price $189,900

Occupancy floor 69%

Sensitivity live

Price	-10% $765	-5% $700	+0% $634	+5% $569	+10% $503
Rent	-10% $440	-5% $537	+0% $634	+5% $732	+10% $829
Rate	-1.0pp $730	-0.5pp $683	base $634	+0.5pp $585	+1.0pp $535

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	—	$2,464
Total (2 units)			$2,464

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: $47,475
• Closing costs: $5,697
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
432 Catherine St Columbus, OH	3.0	1.0	1073	$1,325	$1.23	16d	1	0.07mi
432 Catherine St Columbus, OH	3.0	1.0	1073	$1,325	$1.23	14d	1	0.07mi
488 Woodbury Ave Columbus, OH	3.0	1.5	1222	$1,250	$1.02	45d	1	0.30mi
394 S Guilford Ave Columbus, OH	3.0	1.5	1404	$1,450	$1.03	9d	1	0.30mi
543 Woodbury Ave Unit NA Columbus, OH	3.0	1.0	1308	$1,645	$1.26	16d	1	0.36mi
1964 Sullivant Ave Columbus, OH	4.0	2.0	1580	$1,650	$1.04	25d	1	0.45mi
120 S Central Ave Columbus, OH	1.0–3.0	1.0–2.0	944	$1,295	$1.37	16d	12	0.54mi
32 Schultz Ave Columbus, OH	3.0	1.0	1218	$1,250	$1.03	22d	1	0.62mi
189 W Park Ave Unit 189 Columbus, OH	3.0	2.0	1276	$1,395	$1.09	9d	1	0.65mi
58 Stevens Ave Columbus, OH	3.0	1.0	1176	$1,250	$1.06	45d	1	0.67mi
51 N Princeton Ave Columbus, OH	3.0	1.0	1188	$1,175	$0.99	25d	1	0.79mi
137 N Guilford Ave Columbus, OH	4.0	2.0	1456	$1,850	$1.27	45d	1	0.79mi
95-97 Whitethorne Ave Columbus, OH	3.0	1.5	1260	$1,475	$1.17	21d	1	0.81mi
95-97 Whitethorne Ave Columbus, OH	3.0	1.5	1260	$1,375	$1.09	5d	1	0.81mi
2205 Sullivant Ave Columbus, OH	3.0	1.0	1275	$1,200	$0.94	45d	1	0.81mi
153 S Cypress Ave Columbus, OH	3.0	1.0	1472	$1,650	$1.12	9d	1	0.88mi
228 Schultz Ave Unit 1407033P Columbus, OH	5.0	1.5	1991	$5,806	$2.92	9d	1	0.90mi
228 Schultz Ave Unit 1407024P Columbus, OH	4.0	1.5	1991	$6,208	$3.12	16d	1	0.90mi
135-137 Dakota Ave Unit 135 Columbus, OH	3.0	1.5	2200	$1,800	$0.82	45d	1	0.93mi
85 N Yale Ave Columbus, OH	3.0	1.0	1215	$1,100	$0.91	21d	1	0.96mi
85 N Yale Ave Columbus, OH	3.0	1.0	1215	$1,100	$0.91	9d	1	0.96mi
158 Dakota Ave Columbus, OH	4.0	2.0	1800	$2,045	$1.14	9d	1	0.96mi
125 Avondale Ave Columbus, OH	3.0	1.5	1344	$1,695	$1.26	45d	1	1.00mi
378 Hawkes Ave Columbus, OH	3.0	2.0	1200	$1,649	$1.37	25d	1	1.02mi
162 Wisconsin Ave Columbus, OH	4.0	2.5	1930	$1,900	$0.98	45d	1	1.02mi
692 S Wheatland Ave Columbus, OH	3.0	1.0	1608	$1,547	$0.96	45d	1	1.03mi
252-254 S Wayne Ave Unit 254 Columbus, OH	3.0	1.0	1120	$1,300	$1.16	18d	1	1.09mi
329 S Wayne Ave Columbus, OH	3.0	1.0	1120	$1,425	$1.27	4d	1	1.12mi
749 Canonby Pl Apt E Columbus, OH	3.0	1.5	1200	$1,095	$0.91	18d	1	1.13mi
521-523 S Wayne Ave Columbus, OH	3.0	1.0	1092	$1,195	$1.09	5d	1	1.14mi
41 S Oakley Ave Columbus, OH	3.0	1.5	1428	$1,550	$1.09	45d	1	1.14mi
76 Rodgers Ave Columbus, OH	3.0	1.5	1422	$1,695	$1.19	25d	1	1.14mi
713 Canonby Pl Unit B Columbus, OH	3.0	1.5	1200	$1,095	$0.91	5d	1	1.15mi
713 Canonby Pl Apt E Columbus, OH	3.0	1.5	1200	$1,095	$0.91	45d	1	1.15mi
60 Martin Ave Columbus, OH	3.0	2.0	1807	$1,650	$0.91	25d	1	1.18mi
1475 Stimmel Rd Columbus, OH	1.0–4.0	1.0	868	$1,585	$1.83	17d	1	1.23mi
695 S Eureka Ave Columbus, OH	3.0	1.0	1344	$1,425	$1.06	22d	1	1.23mi
2545-2547 Sullivant Ave Columbus, OH	3.0	1.0	1064	$1,100	$1.03	12d	1	1.29mi
29 S Terrace Ave Columbus, OH	3.0	1.0	1144	$1,260	$1.10	25d	1	1.34mi
27-29 N Terrace Ave Unit 29 Columbus, OH	3.0	1.0	1144	$1,260	$1.10	25d	1	1.34mi

Listing history 9 events

1. 2026-06-01
   days on market $189,900 Active 165 DOM
2. 2026-05-31
   days on market $189,900 Active 164 DOM
3. 2026-01-18
   status Active 340-char remark

   Show marketing remark (340 chars)

   Hilltop Duplex ready for you to add your personal touches. Located just west of Downtown Columbus. Large Bedrooms, nice open living room to kitchen area. Full Basement. Also being sold with 2 Four Family Buildings located adjoining parcels. 397 Catherin and 1657 Sullivant both with 4-One Bedroom units each. Buy one or buy all 3 buildings.

4. 2026-01-18
   price $189,900 340-char remark

   Show marketing remark (340 chars)

   Hilltop Duplex ready for you to add your personal touches. Located just west of Downtown Columbus. Large Bedrooms, nice open living room to kitchen area. Full Basement. Also being sold with 2 Four Family Buildings located adjoining parcels. 397 Catherin and 1657 Sullivant both with 4-One Bedroom units each. Buy one or buy all 3 buildings.

5. 2026-01-01
   historical 340-char remark

   Show marketing remark (340 chars)

   Hilltop Duplex ready for you to add your personal touches. Located just west of Downtown Columbus. Large Bedrooms, nice open living room to kitchen area. Full Basement. Also being sold with 2 Four Family Buildings located adjoining parcels. 397 Catherin and 1657 Sullivant both with 4-One Bedroom units each. Buy one or buy all 3 buildings.

6. 2025-12-01
   listed $200,000 Active 340-char remark

   Show marketing remark (340 chars)

   Hilltop Duplex ready for you to add your personal touches. Located just west of Downtown Columbus. Large Bedrooms, nice open living room to kitchen area. Full Basement. Also being sold with 2 Four Family Buildings located adjoining parcels. 397 Catherin and 1657 Sullivant both with 4-One Bedroom units each. Buy one or buy all 3 buildings.

7. 2004-06-30
   soldstatus $57,000 324-char remark

   Show marketing remark (324 chars)

   PRICE REDUCTION!All Interior remodel has been done & New roof & Ext paint in 2003,Remodelled baths, kitchens, Newer furnaces & HWTs, new carpet, updated electric, Water mastered, Tenants pay all utilities!Newer steel doors and storm doors. Tenant rights, Agent/Owner, 1031 Exchange, 403 vacant for showing.

8. 2004-06-14
   historical 324-char remark

   Show marketing remark (324 chars)

   PRICE REDUCTION!All Interior remodel has been done & New roof & Ext paint in 2003,Remodelled baths, kitchens, Newer furnaces & HWTs, new carpet, updated electric, Water mastered, Tenants pay all utilities!Newer steel doors and storm doors. Tenant rights, Agent/Owner, 1031 Exchange, 403 vacant for showing.

9. 2004-01-22
   listed $62,921 324-char remark

   Show marketing remark (324 chars)

   PRICE REDUCTION!All Interior remodel has been done & New roof & Ext paint in 2003,Remodelled baths, kitchens, Newer furnaces & HWTs, new carpet, updated electric, Water mastered, Tenants pay all utilities!Newer steel doors and storm doors. Tenant rights, Agent/Owner, 1031 Exchange, 403 vacant for showing.

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

Taxation est. · year 1

• Rental income: $29,568
• − Mortgage interest: −$10,637
• − Property taxes: −$2,848
• − Insurance: −$950
• − Repairs & maintenance: −$2,365
• − Management: −$2,365
• − Depreciation: −$5,524
• Taxable income: $4,877
• Est. tax owed @ 24.0%: −$1,171
• After-tax cash flow: $6,440/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 · 12 photos

Fair 45/100 Moderate rehab

This two-unit property requires moderate renovations, including new kitchen cabinets and appliances, updated bathrooms, and a fresh paint job. The property has good potential for increased value with these improvements.

Repairs flagged

• Major Kitchen cabinets — Old and in poor condition
• Major Kitchen appliances — Outdated and in poor condition
• Major Bathroom fixtures — Needs updating
• Major Paint — Needs touch-up and possibly a fresh coat

Value-add opportunities

• Resale New kitchen cabinets and appliances — Modernizes the space and improves functionality
• Resale New bathroom fixtures — Enhances the overall appeal and functionality
• Both Paint job — Improves the curb appeal and interior aesthetics
• Both Landscaping — Enhances the curb appeal and adds value to the property

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen cabinets · Old and in poor condition	Major	$15,000–50,000
Kitchen appliances · Outdated and in poor condition	Major	$15,000–50,000
Bathroom fixtures · Needs updating	Major	$15,000–50,000
Paint · Needs touch-up and possibly a fresh coat	Major	$15,000–50,000
Total estimated repair cost · 4 items		$60,000–200,000

Value-add ROI direction

• Resale New kitchen cabinets and appliances — Modernizes the space and improves functionality ↑
• Resale New bathroom fixtures — Enhances the overall appeal and functionality ↑
• Both Paint job — Improves the curb appeal and interior aesthetics ↑
• Both Landscaping — Enhances the curb appeal and adds value to the property ↑

ⓘ 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): 28,187
• Household income: $46,911
• Rent vs Own: 55.7% rent · 44.3% own
• Severe rent burden: 1689.0

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 0.55)
• Race & ethnicity: White 63% Black 22% Two or more races 8% Hispanic / Latino 8%
• Hispanic origin (detail): Mexican 4% Puerto Rican 3%
• Common ancestry: Romanian 4% Italian 1% Slovak 1%
• Foreign-born: 5% · Canada
• Languages at home: 91% English-only · Spanish 5%

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: ▼ -135.33%
• Current HPI: 211.6742
• Rent YoY: ▲ 4.61%
• 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

+201.8% since first listed

7 events — show timeline

• 2026-01-18 Relisted — CBRMLS
• 2026-01-18 Price Changed $189,900 CBRMLS
• 2026-01-01 Listing Removed — CBRMLS
• 2025-12-01 Listed $200,000 CBRMLS
• 2004-06-30 Sold (MLS) $57,000 CBRMLS
• 2004-06-14 Listing Removed — CBRMLS
• 2004-01-22 Listed $62,921 CBRMLS