1822 S 6th St #1824

Columbus, OH 43207

$204,900B

4 bd · 0.0 ba · 1,942 sqft · Built 1900 · MultiFamily · Active · 6 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,823/mo
• Mortgage (P&I): −$1,075
• Tax + insurance: −$342
• HOA: −$0
• Vac / Maint / Mgmt: −$593
• Net cashflow: $814/mo
• Annual: $9,770/yr
• Cap rate: 11.06%
• Cash-on-cash: 17.03%
• DSCR: 1.76
• 1% rule: 1.38%
• Cash to close: $57,372

Investor read

• This is a 2 × 3-bed/1-bath units multifamily listed at $205k. Condition is rated fair.
• At list price, monthly cash flow is $814 ($10k/yr) — positive. Per door: $407/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $205k).
• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 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.
• 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 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+2.3%/yr); 197 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); 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.
• 2 sale attempts 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.
• At projected returns (-3.0% appreciation + 2.3% rent growth), your $57k cash investment doubles in ~8 years — after that, you're playing with house money.
• Cap rate 11.1% 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 $2,823/mo this rent would consume 54% of the median local household income ($63k/yr) (locally 1679% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• 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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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.

Repairs flagged (vision-AI assessment)

• Major: roof — The roof appears to be in poor condition, with visible wear and tear.
• Major: exterior siding — The exterior siding shows signs of wear and discoloration.
• Major: flooring — The flooring in the interior appears to be carpeted and in need of cleaning or replacement.
• Major: interior walls/paint — The interior walls and paint show signs of wear and discoloration.
• Major: HVAC/mechanicals — The HVAC system appears to be old and may need replacement or repair.