1657 Sullivant Ave · Columbus, OH 43223

$220,000

4 bd · None ba · 3,750 sqft · MultiFamily public records · 165 Days on market

Built 1936 4,356 sqft lot $59/sqft · 26% below area Est $298k · 26% under

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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 +30.0/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.3/10.0
• Livability +4.0/5.0
• Rent growth +3.7/5.0
• 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: 2 units. estimate disagrees with records

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 MLS

Value Add Opportunity. Located west of Downtown Columbus in the Hilltop community. Many updates with some cosmetic improvements still needed. Full Basement, recently exterior was painted. Two adjoining apartments can be bought with this 397 Catherine has 4 One Bedroom Units and 401 Catherine a 2 Bedroom Duplex. Easy to view, lots of upside value.

Key facts

• Full basement
• 4,356 sq ft lot
• Built 1936

Tags

• FULL BASEMENT
• RECENTLY EXTERIOR PAINTED

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/?-bath units multifamily listed at $220k.

Deal economics

• At list price, monthly cash flow is $916 ($11k/yr) — positive. Per door: $458/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $220k).
• Recommended offer: $194k (12.0% below list) — sets the bar for market timing.
• Cap rate 11.3% 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.
• Market conditions: Rents rising fast (+4.6%/yr); 144 active listings in the ZIP; 8,139 units permitted in Franklin County in 2024 (5,940 in 5+ unit buildings).
• At $2,919/mo this rent would consume 75% 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 $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.
• At projected returns (-3.0% appreciation + 4.6% rent growth), your $62k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 165 days — a 12% lower offer ($194k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 30y ago; this cycle's ask has dropped $30k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $53k; list at $220k implies a 315% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1936 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $193,600 (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. Built in 1936 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
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: 1.33% ✓
• Cap rate: 11.29%
• Cash-on-cash: 17.85%
• DSCR: 1.79
• GRM: 6.3

CMA / ARV

• ARV (median comp): $298,389
• List price: $220,000
• Delta: -26.27%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
397 Catherine St	0.01mi	4/—	3,819 (+2%)	3mo	$200,000	$52	94

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: 11.1%
• Equity multiple: 1.45×
• Total profit: $27,488
• Equity at exit: $32,803

10-year hold

• IRR: 21.3%
• Equity multiple: 2.94×
• Total profit: $119,321
• Equity at exit: $19,022

Cash invested: $61,600 (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: 144
• Price-to-rent: 12.6×

Monthly cashflow live

• Estimated rent: $2,919 high
• Mortgage (P&I): −$1,154
• Tax from tax record: −$144 /mo · $1,730/yr
• Insurance: −$92
• HOA: −$0
• Vacancy / Maint / Mgmt: −$613
• Net cashflow: $916

Break-even live

Break-even rent $1,759

Max offer price $220,000

Occupancy floor 64%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	—	$2,920
Total (2 units)			$2,919

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: $55,000
• Closing costs: $6,600
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-01
   days on market $220,000 Active 165 DOM
2. 2026-05-31
   days on market $220,000 Active 164 DOM
3. 2026-01-18
   status Active 349-char remark

   Show marketing remark (349 chars)

   Value Add Opportunity. Located west of Downtown Columbus in the Hilltop community. Many updates with some cosmetic improvements still needed. Full Basement, recently exterior was painted. Two adjoining apartments can be bought with this 397 Catherine has 4 One Bedroom Units and 401 Catherine a 2 Bedroom Duplex. Easy to view, lots of upside value.

4. 2026-01-18
   price $220,000 349-char remark

   Show marketing remark (349 chars)

   Value Add Opportunity. Located west of Downtown Columbus in the Hilltop community. Many updates with some cosmetic improvements still needed. Full Basement, recently exterior was painted. Two adjoining apartments can be bought with this 397 Catherine has 4 One Bedroom Units and 401 Catherine a 2 Bedroom Duplex. Easy to view, lots of upside value.

5. 2026-01-01
   historical 349-char remark

   Show marketing remark (349 chars)

   Value Add Opportunity. Located west of Downtown Columbus in the Hilltop community. Many updates with some cosmetic improvements still needed. Full Basement, recently exterior was painted. Two adjoining apartments can be bought with this 397 Catherine has 4 One Bedroom Units and 401 Catherine a 2 Bedroom Duplex. Easy to view, lots of upside value.

6. 2025-12-22
   status Active 349-char remark

   Show marketing remark (349 chars)

   Value Add Opportunity. Located west of Downtown Columbus in the Hilltop community. Many updates with some cosmetic improvements still needed. Full Basement, recently exterior was painted. Two adjoining apartments can be bought with this 397 Catherine has 4 One Bedroom Units and 401 Catherine a 2 Bedroom Duplex. Easy to view, lots of upside value.

7. 2025-12-22
   price $230,000 349-char remark

   Show marketing remark (349 chars)

   Value Add Opportunity. Located west of Downtown Columbus in the Hilltop community. Many updates with some cosmetic improvements still needed. Full Basement, recently exterior was painted. Two adjoining apartments can be bought with this 397 Catherine has 4 One Bedroom Units and 401 Catherine a 2 Bedroom Duplex. Easy to view, lots of upside value.

8. 2025-12-15
   historical Contingent 349-char remark

   Show marketing remark (349 chars)

   Value Add Opportunity. Located west of Downtown Columbus in the Hilltop community. Many updates with some cosmetic improvements still needed. Full Basement, recently exterior was painted. Two adjoining apartments can be bought with this 397 Catherine has 4 One Bedroom Units and 401 Catherine a 2 Bedroom Duplex. Easy to view, lots of upside value.

9. 2025-12-01
   listed $250,000 Active 349-char remark

   Show marketing remark (349 chars)

   Value Add Opportunity. Located west of Downtown Columbus in the Hilltop community. Many updates with some cosmetic improvements still needed. Full Basement, recently exterior was painted. Two adjoining apartments can be bought with this 397 Catherine has 4 One Bedroom Units and 401 Catherine a 2 Bedroom Duplex. Easy to view, lots of upside value.

10. 2016-03-10
    historical
11. 2015-12-02
    status Active
12. 2015-12-01
    historical
13. 2015-11-22
    listed $45,000 Active
14. 1997-07-14
    soldstatus $53,000
15. 1997-07-03
    soldstatus $53,000
16. 1997-04-24
    historical
17. 1996-07-30
    listed $59,900

ⓘ 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: $1,730 · $144/mo
• Projected year-2 tax: $2,581 · $215/mo
• Expected delta: +$851/yr (+$71/mo · 49.2%)

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

Taxation est. · year 1

• Rental income: $35,028
• − Mortgage interest: −$12,323
• − Property taxes: −$1,730
• − Insurance: −$1,100
• − Repairs & maintenance: −$2,802
• − Management: −$2,802
• − Depreciation: −$6,400
• Taxable income: $7,870
• Est. tax owed @ 24.0%: −$1,889
• After-tax cash flow: $9,109/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): 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

+267.3% since first listed

15 events — show timeline

• 2026-01-18 Relisted — CBRMLS
• 2026-01-18 Price Changed $220,000 CBRMLS
• 2026-01-01 Listing Removed — CBRMLS
• 2025-12-22 Relisted — CBRMLS
• 2025-12-22 Price Changed $230,000 CBRMLS
• 2025-12-15 Contingent — CBRMLS
• 2025-12-01 Listed $250,000 CBRMLS
• 2016-03-10 Listing Removed — CBRMLS
• 2015-12-02 Relisted — CBRMLS
• 2015-12-01 Listing Removed — CBRMLS
• 2015-11-22 Listed $45,000 CBRMLS
• 1997-07-14 Sold (Public Records) $53,000 Public Records
• 1997-07-03 Sold (MLS) $53,000 CBRMLS
• 1997-04-24 Listing Removed — CBRMLS
• 1996-07-30 Listed $59,900 CBRMLS

Property tax history

-2.0%/yr

Latest (2024): $1,730 · +36.9% YoY. Source: county tax records.