1657 Sullivant Ave

Columbus, OH 43223

$220,000B+

4 bd · None ba · 3,750 sqft · Built 1936 · MultiFamily · Active · 165 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,919/mo
• Mortgage (P&I): −$1,154
• Tax + insurance: −$236
• HOA: −$0
• Vac / Maint / Mgmt: −$613
• Net cashflow: $916/mo
• Annual: $10,997/yr
• Cap rate: 11.29%
• Cash-on-cash: 17.85%
• DSCR: 1.79
• 1% rule: 1.33%
• Cash to close: $61,600

Investor read

• This is a 2 × 2-bed/?-bath units multifamily listed at $220k.
• 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).
• It's been on market 165 days — a 12% lower offer ($194k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $194k (12.0% below list) — sets the bar for market timing.
• 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.
• 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.
• Watch-outs: built in 1936 — expect roof / HVAC / electrical / plumbing capex.
• 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).
• Franklin County population projected at +34% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 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.
• 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.
• 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.
• 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.

Questions for listing agent

• 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?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1936 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.