515 N N Columbus St St · Lancaster, OH 43130

$249,900

4 bd · None ba · — sqft · MultiFamily · 259 Days on market

Built 1963 ↓ 17% since listing

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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 +16.1/30.0
• ARV discount +7.5/15.0
• DSCR +5.0/10.0
• 1% rule +4.4/10.0
• Livability +4.3/5.0
• Rent growth +3.8/5.0
• Schools +3.7/10.0
• Condition / age +2.5/5.0
• 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

Looking for an open space and some rental income? This property provides plenty of potential. With a one bedroom duplex, and an open commercial space. You can run your business and have an added support from the rentals. An open and clean working space, with two handicap accessible bathrooms, and office space, front waiting room and plenty of storage upstairs. The options are endless. Parking is limited, but there is a garage bay for your delivery needs. Duplex rents $625 a unit, and they are both one bed/one bath unit. Owner currently pays all utilities, there is an easy option for splitting for future owner. Options are open for your new business

Key facts

• Built 1963
• Listed 259 days

What this means for you Summary

Snapshot

• This is a 2 × 1-bed/1.0-bath units multifamily listed at $250k.

Deal economics

• At list price, monthly cash flow is $129 ($2k/yr) — positive. Per door: $65/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $235k (6.0% below list).
• Recommended offer: $220k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.9% vs local median 4.0% in Lancaster — 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 86/100 on livability (#41 in OH, #423 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, cost of living A+, housing A+; Watch: crime D, employment D.
• Lancaster City (town): math 38% / reading 51% proficiency, ranked #504 of 656 in OH (top 77%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+5.2%/yr); 204 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals leasing fast (median 12d on market — plan ~1-2 weeks tenant-placement turnaround); 475 units permitted in Fairfield County in 2024 (0 in 5+ unit buildings).
• This rent runs 39% of the median local income ($72k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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.
• Fairfield County population projected at +8% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 259 days — a 12% lower offer ($220k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 3y ago; this cycle's ask has dropped $50k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $219,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 259 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 1963 — 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 D 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. 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?
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: 0.94% ✗
• Cap rate: 6.91%
• Cash-on-cash: 2.22%
• DSCR: 1.10
• GRM: 8.9

CMA / ARV

No comps found within radius.

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
143 W Mulberry St	0.20mi	5/— (+1)	3,283	1mo	$172,000	$52	72
430 N Columbus St	0.06mi	4/—	2,117	15mo	$182,500	$86	72
152 -154 Arnold Ave	0.21mi	4/—	2,240	12mo	$235,000	$105	68
165 Lake St	0.38mi	4/—	1,523	2mo	$219,900	$144	68
510 W Wheeling St	0.48mi	4/—	2,080	5mo	$35,000	$17	61
243 King St	0.44mi	4/—	1,925	7mo	$265,000	$138	61
518 520 W Main St	0.54mi	4/—	2,341	11mo	$238,000	$102	53
1011 8th Ave #1013	0.75mi	4/—	1,000	10mo	$135,000	$135	44
504 N Pierce Ave	0.74mi	4/—	1,808	13mo	$150,000	$83	42
408 Garfield Ave	0.69mi	3/— (-1)	1,677	14mo	$130,000	$78	39
424 E Mulberry St	0.60mi	5/— (+1)	2,112	19mo	$134,777	$64	38
315 N Maple St	0.60mi	5/— (+1)	2,268	21mo	$265,000	$117	37

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 · 5.22% rent growth · sell at horizon

5-year hold

• IRR: -10.3%
• Equity multiple: 0.62×
• Total profit: $-26,846
• Equity at exit: $37,261

10-year hold

• IRR: 1.9%
• Equity multiple: 1.15×
• Total profit: $10,427
• Equity at exit: $21,607

Cash invested: $69,972 (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 43130

• Rents YoY: 5.2%
• Active inventory: 204
• Price-to-rent: 17.7×

Monthly cashflow live

• Estimated rent: $2,350 high
• Mortgage (P&I): −$1,311
• Tax est. 1.5%: −$312 /mo · $3,748/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$494
• Net cashflow: $129

Break-even live

Break-even rent $2,186

Max offer price $249,900

Occupancy floor 89%

Sensitivity live

Price	-10% $302	-5% $216	+0% $129	+5% $43	+10% $-43
Rent	-10% $-56	-5% $37	+0% $129	+5% $222	+10% $315
Rate	-1.0pp $255	-0.5pp $193	base $129	+0.5pp $65	+1.0pp $-1

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

Units	Beds	Baths	Est. rent
▸ 2× units	1	1	$2,350
Total (2 units)			$2,350

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: $62,475
• Closing costs: $7,497
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
521 N High St Unit 521 5 Lancaster, OH	3.0	1.0	—	$1,500	—	24d	1	0.34mi
403 1/2 W Wheeling St Lancaster, OH	3.0	1.0	—	$1,175	—	45d	1	0.36mi
635 N High St Lancaster, OH	3.0	2.0	1608	$2,200	$1.37	44d	1	0.38mi
1508 Greyfield ST Lancaster, OH	1.0–3.0	1.0–2.0	953	$1,869	$1.96	2d	1	0.42mi
153 E Walnut St Lancaster, OH	3.0	2.0	—	$1,750	—	12d	1	0.59mi
406 E Wheeling St Unit 408 Lancaster, OH	3.0	1.0	—	$1,300	—	2d	1	0.61mi
421 Washington Ave Lancaster, OH	4.0	1.0	1296	$1,650	$1.27	13d	1	0.62mi
124 Sherman Ave Lancaster, OH	3.0	1.0	—	$1,300	—	11d	1	0.85mi
1733 Bellmeadow Dr Lancaster, OH	1.0–3.0	1.0–2.5	993	$1,855	$1.87	2d	10	1.10mi
631 Franklin Ave Lancaster, OH	3.0	2.0	—	$1,650	—	44d	1	1.20mi
925 E Main St Lancaster, OH	4.0	2.0	—	$1,400	—	2d	1	1.26mi
461 Shoshone Dr Lancaster, OH	4.0	1.0	—	$1,850	—	2d	1	1.33mi

Listing history 11 events

1. 2024-12-02
   status Pending
2. 2023-12-05
   status Pending
3. 2023-10-19
   price $249,900
4. 2023-09-20
   price $265,000
5. 2023-09-09
   status Active
6. 2023-08-28
   historical Contingent Finance and Inspection
7. 2023-08-15
   price $270,000
8. 2023-07-02
   status Active
9. 2023-06-26
   historical Contingent Finance and Inspection
10. 2023-06-11
    price $289,900
11. 2023-03-21
    listed $300,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $28,200
• − Mortgage interest: −$13,998
• − Property taxes: −$3,748
• − Insurance: −$1,250
• − Repairs & maintenance: −$2,256
• − Management: −$2,256
• − Depreciation: −$7,270
• Taxable loss: −$2,578
• Est. tax savings @ 24.0%: +$619
• After-tax cash flow: $2,173/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: Lancaster City
• NCES district ID: 3904420
• Math proficiency: 38% ▼ -21.00%
• Reading proficiency: 51% ▼ -11.00%
• Median HH income: $41,696
• Composite: 37.39/100
• National rank: #4427
• State rank: #504 of 656 in OH

Livability — Lancaster

• Score: 86/100
• State rank: #41
• US rank: #423

Category grades

Amenities A+ Commute A Cost of living A+ Crime D Employment D Housing A+ Health & safety A+ User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lancaster, OH
• County: Fairfield County · 109,896 people
• City population: 62,933
• Metro: Columbus, OH
• Population (ZIP): 62,933
• Household income: $72,153
• Rent vs Own: 32.2% rent · 67.8% own
• Severe rent burden: 1400.0

Population outlook (Fairfield County) Hauer SSP2

• Today (2025): 162,442 people
• By 2030: 166,796 · +2.7%
• By 2040: 172,835 · +6.4%
• By 2050: 174,822 · +7.6%
• By 2075: 174,938 · +7.7%
• By 2100: 160,988 · -0.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 4% Hispanic / Latino 2% Black 2%
• Common ancestry: Slovak 2% Italian 1% Iranian 1%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Fairfield

• 2024 margin: Strong R (+24.1) · D 37.5% · R 61.6%
• 2008→2024 swing: -6.9pp toward R · 2008: -17.1pp · 2024: -24.1pp
• All cycles: 2024: R+24.1 2020: R+23.5 2016: R+27.0 2012: R+16.1 2008: R+17.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -298.81%
• Current HPI: 239.6352
• Rent YoY: ▲ 5.22%
• 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

-16.7% since first listed

11 events — show timeline

• 2024-12-02 Pending — CBRMLS
• 2023-12-05 Pending — CBRMLS
• 2023-10-19 Price Changed $249,900 CBRMLS
• 2023-09-20 Price Changed $265,000 CBRMLS
• 2023-09-09 Relisted — CBRMLS
• 2023-08-28 Contingent — CBRMLS
• 2023-08-15 Price Changed $270,000 CBRMLS
• 2023-07-02 Relisted — CBRMLS
• 2023-06-26 Contingent — CBRMLS
• 2023-06-11 Price Changed $289,900 CBRMLS
• 2023-03-21 Listed $300,000 CBRMLS