2741-2743 Steele Ave · Columbus, OH 43204

$255,000

6 bd · 2.0 ba · 2,128 sqft · MultiFamily public records · 38 Days on market

Built 1930 5,227 sqft lot Est $189k · 35% 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 +24.4/30.0
• DSCR +7.9/10.0
• 1% rule +5.6/10.0
• Livability +4.0/5.0
• Rent growth +3.6/5.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0
• ARV discount +0.0/15.0
• 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

Attention Investors! Solid buy opportunity with great cash flow/ passive income potential. Fully rented - 3 beds 1 bath per side w/ basement. Each spacious apartment boasts three generously sized bedrooms and a full bathroom. Wach unit is equipped with a washer/dryer hookup, fridge and a stove/oven. Ceiling fans are installed in every room, ensuring a comfortable atmosphere throughout the seasons. 100% occupied. Yearly gross income on this property is $23,484! Brand new roof, new furnace on one side and new water heaters. Tenants' rights apply - please do not disturb!

Key facts

• Cash flow potential
• New furnace
• Brand new roof

Tags

• CASH FLOW POTENTIAL
• FULLY RENTED
• WASHER DRYER HOOKUP
• BRAND NEW ROOF
• NEW FURNACE
• NEW WATER HEATERS

Property features AI

Finance

• Other: Two total units; Lot roughly 0.12 acres

Exterior

• Utilities: Water available; Sewer available; Natural gas available; Electricity available
• Home design: Duplex; Built in 1930; Zoned Residential (R4)
• Construction: Year built: 1930
• Exterior features: Located in the North Hilltop subdivision; Corner/cross street: Hague

Interior

• Heating & cooling: Forced air heating
• Interior features: Forced air heating

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $255k.

Deal economics

• At list price, monthly cash flow is $519 ($6k/yr) — positive. Per door: $259/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $255k).
• Recommended offer: $247k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.7% 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); West High School (math 2% / reading 17%, grade F, #749 of 781 statewide, top 97%, 837 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; 1 comparable units currently listed for rent nearby; 8,139 units permitted in Franklin County in 2024 (5,940 in 5+ unit buildings).
• At $2,708/mo this rent would consume 55% 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.
• At projected returns (-3.0% appreciation + 4.5% rent growth), your $71k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 38 days — a 3% lower offer ($247k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 3y 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 $145k; list at $255k implies a 76% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $247,350 (3.0% below list)

Questions for the listing agent

1. It's been on market 38 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 1930 — 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: 1.06% ✓
• Cap rate: 8.73%
• Cash-on-cash: 8.72%
• DSCR: 1.39
• GRM: 7.8

CMA / ARV

• ARV (on-the-fly): $189,392
• Comps found: 10

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
98-100 N Hague Ave	0.09mi	6/2.0	2,038 (-4%)	17mo	$100,000	$49	75
45 N Hague Ave #47	0.16mi	6/—	2,408 (+13%)	13mo	$180,000	$75	60
332-334 N Burgess Ave	0.34mi	6/—	2,240 (+5%)	19mo	$182,500	$81	59
145-147 N Powell Ave	0.11mi	6/—	2,416 (+14%)	19mo	$258,000	$107	57
68-70 N Powell Ave	0.15mi	6/—	2,364 (+11%)	24mo	$210,000	$89	55
242-244 N Burgess Ave	0.27mi	6/—	2,352 (+10%)	19mo	$210,000	$89	54
62-64 S Eureka Ave	0.57mi	6/—	2,250 (+6%)	13mo	$194,300	$86	53
55 S Wayne Ave	0.59mi	6/—	2,184 (+3%)	20mo	$250,000	$114	51
41 N Huron Ave	0.41mi	6/—	2,352 (+10%)	19mo	$270,440	$115	48
130-132 S Richardson Ave	0.55mi	6/—	2,436 (+14%)	8mo	$200,000	$82	44

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: -1.5%
• Equity multiple: 0.94×
• Total profit: $-4,203
• Equity at exit: $38,021

10-year hold

• IRR: 9.6%
• Equity multiple: 1.79×
• Total profit: $56,130
• Equity at exit: $22,048

Cash invested: $71,400 (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: 15.7×

Monthly cashflow live

• Estimated rent: $2,708 high
• Mortgage (P&I): −$1,337
• Tax from tax record: −$177 /mo · $2,124/yr
• Insurance: −$106
• HOA: −$0
• Vacancy / Maint / Mgmt: −$569
• Net cashflow: $519

Break-even live

Break-even rent $2,051

Max offer price $255,000

Occupancy floor 76%

Sensitivity live

Price	-10% $663	-5% $591	+0% $519	+5% $447	+10% $374
Rent	-10% $305	-5% $412	+0% $519	+5% $626	+10% $733
Rate	-1.0pp $647	-0.5pp $584	base $519	+0.5pp $453	+1.0pp $386

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$2,708
Total (2 units)			$2,708

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: $63,750
• Closing costs: $7,650
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
89 S Richardson Ave Columbus, OH	6.0	2.0	2112	$1,995	$0.94	4d	1	0.45mi

Listing history 4 events

1. 2026-06-21
   days on market $255,000 Active 38 DOM
2. 2026-06-18
   days on market $255,000 Active 35 DOM
3. 2026-06-17
   remarks 574-char remark
4. 2026-06-17
   listed $255,000 Active 34 DOM

ⓘ 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: $2,124 · $177/mo
• Projected year-2 tax: $3,051 · $254/mo
• Expected delta: +$927/yr (+$77/mo · 43.6%)

ⓘ 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 3/10 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 1 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $32,496
• − Mortgage interest: −$14,284
• − Property taxes: −$2,124
• − Insurance: −$1,275
• − Repairs & maintenance: −$2,600
• − Management: −$2,600
• − Depreciation: −$7,418
• Taxable income: $2,196
• Est. tax owed @ 24.0%: −$527
• After-tax cash flow: $5,699/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

+466.7% since first listed

24 events — show timeline

• 2026-05-14 Listed $255,000 CBRMLS
• 2026-02-28 Rental Removed $1,075 RentEngineListings
• 2026-01-28 Price Changed $1,075 RentEngineListings
• 2026-01-21 Price Changed $1,100 RentEngineListings
• 2025-11-07 Listed for Rent $1,150 RentEngineListings
• 2025-11-07 Rental Removed $1,098 SHOWMOJO
• 2025-10-02 Price Changed $1,098 SHOWMOJO
• 2025-09-12 Listed for Rent $1,125 SHOWMOJO
• 2024-04-29 Listing Removed — CBRMLS
• 2024-03-29 Relisted — CBRMLS
• 2024-03-21 Pending — CBRMLS
• 2024-03-19 Listed $249,900 CBRMLS
• 2024-03-14 Coming Soon — CBRMLS
• 2024-02-16 Rental Removed $879 RENTLY
• 2024-02-15 Rental Removed $879 RENT.
• 2024-01-13 Price Changed $879 RENTLY
• 2024-01-12 Price Changed $879 RENT.
• 2023-12-14 Listed for Rent $1,150 RENTLY
• 2023-12-07 Listed for Rent $1,150 RENT.
• 2021-09-09 Sold (Public Records) $144,900 Public Records
• 2003-01-22 Sold (Public Records) $80,000 Public Records
• 2001-03-16 Sold (Public Records) $57,000 Public Records
• 1996-07-19 Sold (Public Records) $44,000 Public Records
• 1986-03-03 Sold (Public Records) $45,000 Public Records

Property tax history

+4.8%/yr

Latest (2024): $2,124 · -5.5% YoY. Source: county tax records.