1656-1658 Forest St · Columbus, OH 43206

$245,000

4 bd · 2.0 ba · 1,612 sqft · MultiFamily public records · 225 Days on market

Built 1941 7,405 sqft lot $152/sqft · 9% below area Est $268k · 9% under

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Why this score? — see what drove the C 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 +22.8/30.0
• ARV discount +11.4/15.0
• DSCR +7.3/10.0
• 1% rule +5.3/10.0
• Livability +4.0/5.0
• Rent growth +3.4/5.0
• 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 (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

This fully occupied duplex is situated in a great location near Downtown Columbus, Nationwide Children's Hospital, and more! The property has been well maintained with recent updates including brand new windows in 2024, new hot water tanks in both units in 2023, and many other updates. The hole in the kitchen ceiling is from a previous leak that has been remedied. The ceiling is being patched and painted. Each unit consists of 2 bedrooms/1 bathroom, a full separate basement, and plenty of yard space. Both units are occupied, with unit 1656 rented at $980/month until 7/31/2026, while unit 1658 is rented at $1,025/month on a month-to-month lease. Tenants pay for all utilities. This property is professionally managed, and who's willing to stay in place. The inspection report is available upon request.

Key facts

• Plenty of yard space
• Recent updates
• New hot water tanks

Tags

• GREAT LOCATION
• RECENT UPDATES
• NEW WINDOWS
• NEW HOT WATER TANKS
• FULL SEPARATE BASEMENTS
• PLENTY OF YARD SPACE

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1-bath units multifamily listed at $245k.

Deal economics

• At list price, monthly cash flow is $424 ($5k/yr) — positive. Per door: $212/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $245k).
• Recommended offer: $216k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.4% 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 (+3.5%/yr); 193 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 8,139 units permitted in Franklin County in 2024 (5,940 in 5+ unit buildings).
• This rent runs 40% of the median local income ($76k/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.
• Franklin County population projected at +34% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 225 days — a 12% lower offer ($216k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 23y 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 $210k; 17% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1941 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $215,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 225 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 1941 — 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: 1.03% ✓
• Cap rate: 8.37%
• Cash-on-cash: 7.42%
• DSCR: 1.33
• GRM: 8.1

CMA / ARV

• ARV (median comp): $268,317
• List price: $245,000
• Delta: -8.69%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1732-1734 E Whittier St	0.28mi	4/—	1,568 (-3%)	1mo	$195,000	$124	82
1701 E Whittier St #1703	0.28mi	4/—	1,624 (+1%)	9mo	$245,000	$151	78
1723-1725 E Whittier St	0.29mi	4/—	1,624 (+1%)	10mo	$193,315	$119	77
736-738 Lilley Ave	0.45mi	4/—	1,551 (-4%)	6mo	$240,000	$155	68
1710-1712 E Whittier St	0.25mi	4/—	1,624 (+1%)	24mo	$300,000	$185	67
960 Ferndale Pl	0.72mi	4/—	1,537 (-5%)	10mo	$225,000	$146	50
940 Ferndale Pl	0.72mi	4/—	1,782 (+10%)	1mo	$206,000	$116	48
969 Sheridan Ave	0.75mi	4/—	1,792 (+11%)	0mo	$295,000	$165	46
651-653 Rhoads Ave	0.57mi	4/—	1,844 (+14%)	14mo	$270,000	$146	38

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 · 3.51% rent growth · sell at horizon

5-year hold

• IRR: -4.4%
• Equity multiple: 0.83×
• Total profit: $-11,427
• Equity at exit: $36,530

10-year hold

• IRR: 5.8%
• Equity multiple: 1.44×
• Total profit: $30,094
• Equity at exit: $21,183

Cash invested: $68,600 (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 43206

• Rents YoY: 3.5%
• Active inventory: 193
• Price-to-rent: 16.1×

Monthly cashflow live

• Estimated rent: $2,531 high
• Mortgage (P&I): −$1,285
• Tax from tax record: −$189 /mo · $2,264/yr
• Insurance: −$102
• HOA: −$0
• Vacancy / Maint / Mgmt: −$532
• Net cashflow: $424

Break-even live

Break-even rent $1,994

Max offer price $245,000

Occupancy floor 78%

Sensitivity live

Price	-10% $563	-5% $493	+0% $424	+5% $355	+10% $285
Rent	-10% $224	-5% $324	+0% $424	+5% $524	+10% $624
Rate	-1.0pp $547	-0.5pp $486	base $424	+0.5pp $360	+1.0pp $296

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,530
Total (2 units)			$2,531

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: $61,250
• Closing costs: $7,350
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1050 Bulen Ave Columbus, OH	3.0	2.0	1104	$1,700	$1.54	18d	1	0.07mi
864 Fairwood Ave Columbus, OH	3.0	1.0	1176	$1,300	$1.11	44d	1	0.24mi
852-854 Fairwood Ave Columbus, OH	3.0	1.0	1176	$1,295	$1.10	15d	1	0.25mi
852-854 Fairwood Ave Columbus, OH	3.0	1.0	1176	$1,295	$1.10	24d	1	0.25mi
854 Fairwood Ave Columbus, OH	3.0	1.0	1176	$1,295	$1.10	44d	1	0.25mi
910 Rhoads Ave Columbus, OH	1.0–3.0	1.0–2.0	941	$1,350	$1.43	2d	30	0.30mi
773-775 Berkeley Rd Columbus, OH	3.0	1.0	1280	$1,400	$1.09	22d	1	0.40mi
773-775 Berkeley Rd Columbus, OH	3.0	1.0	1280	$1,350	$1.05	2d	1	0.40mi
1805 Kent St Columbus, OH	4.0	1.5	1399	$1,900	$1.36	24d	1	0.41mi
1026 Ellsworth Ave Columbus, OH	3.0	1.0	1100	$1,295	$1.18	20d	1	0.42mi
736 Seymour Ave Columbus, OH	3.0	1.0	1176	$1,350	$1.15	44d	1	0.42mi
908 Ellsworth Ave Columbus, OH	3.0	1.0	1154	$1,325	$1.15	4d	1	0.43mi
1106 Ellsworth Ave Columbus, OH	3.0	1.0	1150	$1,495	$1.30	8d	1	0.45mi
614-616 Lilley Ave Columbus, OH	3.0	1.5	1232	$1,700	$1.38	44d	1	0.61mi
904 Studer Ave Columbus, OH	3.0	1.5	1364	$1,780	$1.30	24d	1	0.61mi
883 Studer Ave Columbus, OH	4.0	2.5	2217	$2,500	$1.13	2d	1	0.65mi
932 Linwood Ave Columbus, OH	4.0	1.5	1663	$2,045	$1.23	44d	1	0.68mi
1167 E Whittier St Columbus, OH	3.0	1.5	1300	$1,950	$1.50	44d	1	0.68mi
1165-1167 E Whittier St Columbus, OH	3.0	1.5	1300	$1,950	$1.50	44d	1	0.69mi
988 Linwood Ave Columbus, OH	4.0	3.0	1800	$2,750	$1.53	18d	1	0.69mi
558 Lilley Ave Columbus, OH	3.0	1.0	1372	$1,600	$1.17	44d	1	0.69mi
1683-1685 E Main St Columbus, OH	3.0	2.0	1380	$1,695	$1.23	13d	1	0.78mi
857 Wilson Ave #859 Columbus, OH	3.0	2.5	1527	$1,650	$1.08	44d	1	0.79mi
815 Wilson Ave Columbus, OH	3.0	1.5	1400	$1,500	$1.07	8d	1	0.80mi
813 Wilson Ave Unit 1 Columbus, OH	3.0	1.5	1400	$1,500	$1.07	8d	1	0.80mi
555 Kimball Pl Columbus, OH	3.0	2.5	1252	$1,785	$1.43	44d	1	0.84mi
1559 Frebis Ave Columbus, OH	3.0	2.0	1744	$2,100	$1.20	44d	1	0.84mi
1288 Linwood Ave Columbus, OH	3.0	1.0	1344	$1,900	$1.41	44d	1	0.85mi
997 Oakwood Ave Columbus, OH	3.0	1.5	1260	$1,800	$1.43	13d	1	0.88mi
730-732 Oakwood Ave Unit 732 Columbus, OH	3.0	1.0	1232	$1,425	$1.16	44d	1	0.88mi
391 Berkeley Rd Columbus, OH	3.0	1.5	1518	$2,295	$1.51	15d	1	0.92mi
382 Morrison Ave Columbus, OH	4.0	1.5	2027	$2,500	$1.23	3d	1	0.92mi
627 Oakwood Ave Columbus, OH	3.0	2.5	2009	$2,379	$1.18	13d	1	0.96mi
814 S Ohio Ave Columbus, OH	3.0	1.0	1380	$1,600	$1.16	44d	1	0.98mi
685 S Champion Ave Unit 683 Columbus, OH	3.0	1.0	1364	$1,575	$1.15	22d	1	0.99mi
1702 Bryden Rd #1704 Columbus, OH	3.0	2.5	2000	$2,300	$1.15	18d	1	1.00mi
977 S Ohio Ave Columbus, OH	3.0	2.5	1650	$2,500	$1.52	44d	1	1.01mi
1118 S Ohio Ave Columbus, OH	3.0	1.5	1232	$1,750	$1.42	44d	1	1.03mi
2200 E Main St Bexley, OH	3.0	1.0–3.0	1142	$4,678	$4.10	2d	137	1.04mi
1227 S Champion Ave Unit 1227 Columbus, OH	3.0	1.0	1110	$1,195	$1.08	4d	1	1.05mi

Listing history 30 events

1. 2026-06-18
   days on market $245,000 Active 225 DOM
2. 2026-06-17
   days on market $245,000 Active 224 DOM
3. 2026-06-16
   days on market $245,000 Active 223 DOM
4. 2026-06-15
   days on market $245,000 Active 222 DOM
5. 2026-06-13
   days on market $245,000 Active 220 DOM
6. 2026-06-13
   days on market $245,000 Active 219 DOM
7. 2026-06-09
   days on market $245,000 Active 216 DOM
8. 2026-06-08
   days on market $245,000 Active 215 DOM
9. 2026-06-07
   days on market $245,000 Active 214 DOM
10. 2026-06-05
    days on market $245,000 Active 211 DOM
11. 2026-06-03
    days on market $245,000 Active 210 DOM
12. 2026-06-02
    days on market $245,000 Active 209 DOM
13. 2026-06-01
    days on market $245,000 Active 208 DOM
14. 2026-05-31
    days on market $245,000 Active 207 DOM
15. 2025-11-05
    listed $245,000 Active 809-char remark

    Show marketing remark (809 chars)

    This fully occupied duplex is situated in a great location near Downtown Columbus, Nationwide Children's Hospital, and more! The property has been well maintained with recent updates including brand new windows in 2024, new hot water tanks in both units in 2023, and many other updates. The hole in the kitchen ceiling is from a previous leak that has been remedied. The ceiling is being patched and painted. Each unit consists of 2 bedrooms/1 bathroom, a full separate basement, and plenty of yard space. Both units are occupied, with unit 1656 rented at $980/month until 7/31/2026, while unit 1658 is rented at $1,025/month on a month-to-month lease. Tenants pay for all utilities. This property is professionally managed, and who's willing to stay in place. The inspection report is available upon request.

16. 2025-01-06
    historical
17. 2024-11-23
    status Active
18. 2024-11-16
    historical Contingent Finance and Inspection
19. 2024-11-05
    price $255,000
20. 2024-05-29
    price $262,500
21. 2024-05-07
    listed $265,000 Active
22. 2021-12-02
    soldstatus $210,000
23. 2017-08-11
    soldstatus $147,500
24. 2007-03-23
    historical
25. 2007-01-17
    listed $64,900
26. 2003-09-29
    soldstatus $40,000
27. 2003-09-22
    historical
28. 2003-08-27
    listed $45,000
29. 1999-04-15
    soldstatus $69,900
30. 1999-03-04
    soldstatus $40,000

ⓘ 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: $2,264 · $189/mo
• Projected year-2 tax: $3,043 · $254/mo
• Expected delta: +$779/yr (+$65/mo · 34.4%)

ⓘ 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: $30,372
• − Mortgage interest: −$13,724
• − Property taxes: −$2,264
• − Insurance: −$1,225
• − Repairs & maintenance: −$2,430
• − Management: −$2,430
• − Depreciation: −$7,127
• Taxable income: $1,173
• Est. tax owed @ 24.0%: −$281
• After-tax cash flow: $4,806/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): 21,996
• Household income: $75,806
• Rent vs Own: 51.3% rent · 48.7% own
• Severe rent burden: 846.0

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 0.59)
• Race & ethnicity: White 56% Black 31% Two or more races 9% Hispanic / Latino 4% Asian 1% Native American 1%
• Common ancestry: Romanian 3% Slovak 2% Lithuanian 1%
• Foreign-born: 4% · Canada
• Languages at home: 96% English-only · Spanish 2% Other Indo-European 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: ▼ -576.73%
• Current HPI: 173.8569
• Rent YoY: ▲ 3.51%
• 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

+512.5% since first listed

16 events — show timeline

• 2025-11-05 Listed $245,000 CBRMLS
• 2025-01-06 Listing Removed — CBRMLS
• 2024-11-23 Relisted — CBRMLS
• 2024-11-16 Contingent — CBRMLS
• 2024-11-05 Price Changed $255,000 CBRMLS
• 2024-05-29 Price Changed $262,500 CBRMLS
• 2024-05-07 Listed $265,000 CBRMLS
• 2021-12-02 Sold (Public Records) $210,000 Public Records
• 2017-08-11 Sold (Public Records) $147,500 Public Records
• 2007-03-23 Listing Removed — CBRMLS
• 2007-01-17 Listed $64,900 CBRMLS
• 2003-09-29 Sold (MLS) $40,000 CBRMLS
• 2003-09-22 Listing Removed — CBRMLS
• 2003-08-27 Listed $45,000 CBRMLS
• 1999-04-15 Sold (Public Records) $69,900 Public Records
• 1999-03-04 Sold (Public Records) $40,000 Public Records

Property tax history

+6.8%/yr

Latest (2024): $2,264 · -5.1% YoY. Source: county tax records.