538 Nashoba Ave · Columbus, OH 43223

$184,900

3 bd · 2.0 ba · 1,548 sqft · SingleFamily public records · 48 Days on market

Built 1925 4,356 sqft lot $119/sqft · 11% below area Est $208k · 11% under

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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).

• ARV discount +12.6/15.0
• Cash flow +11.3/30.0
• Livability +4.0/5.0
• Rent growth +3.7/5.0
• DSCR +3.3/10.0
• 1% rule +3.0/10.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Completely updated 3 bedroom with 1st floor master with attached full bathroom. Recent updates include new flooring, refinished wood floors, new cabinets, granite counter tops, new stove & refrigerator, new furnace, AC and H20 tank, , ceramic subway tile in kitchen and bath. fresh paint and much more!

Key facts

• Full basement
• Ceramic subway tile
• Attached full bath

Tags

• FIRST FLOOR PRIMARY SUITE
• ATTACHED FULL BATH
• REFINISHED HARDWOOD FLOORS
• GRANITE COUNTERTOPS
• CERAMIC SUBWAY TILE
• FULL BASEMENT

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-family residence; Two stories; Built in 1925
• Construction: Block foundation
• Exterior features: Deck; Fenced yard

Interior

• Bedrooms: One main-level bedroom
• Flooring: Wood
• Bathrooms: Two full bathrooms
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Full basement; One fireplace; Wood flooring

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $185k.

Deal economics

• At list price, monthly cash flow is $-69 ($-823/yr) — negative.
• To cash-flow at today's rent, offer at most $173k (6.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $147k (20.4% below list).
• Recommended offer: $147k (20.4% below list) — sets the bar for 1% rule.
• Cap rate 5.8% 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; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 8,139 units permitted in Franklin County in 2024 (5,940 in 5+ unit buildings).
• This rent runs 38% of the median local income ($47k/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 $1k of loan paydown is wiped out by about $6k 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 48 days — a 3% lower offer ($179k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 7y 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 $91k; list at $185k implies a 103% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $147,195 (20.4% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 48 days. Have you received any prior offers? Is the seller open to a 20% concession, seller financing, or rate buy-down credit?
3. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.80% ✗
• Cap rate: 5.85%
• Cash-on-cash: -1.59%
• DSCR: 0.93
• GRM: 10.5

CMA / ARV

• ARV (median comp): $208,361
• List price: $184,900
• Delta: -11.26%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2182 Homewood Ave	0.39mi	4/2.0 (+1)	1,544 (-0%)	2mo	$243,000	$157	74
321 Belvidere Ave	0.39mi	3/1.0	1,494 (-4%)	1mo	$85,000	$57	71
479 Nashoba Ave	0.09mi	3/1.0	1,332 (-14%)	2mo	$119,000	$89	67
543 Hilltonia Ave	0.08mi	3/1.0	1,332 (-14%)	2mo	$195,000	$146	67
616 Larcomb Ave	0.26mi	3/1.0	1,410 (-9%)	2mo	$103,500	$73	67
1924 Sullivant Ave	0.21mi	3/2.5	1,360 (-12%)	2mo	$210,000	$154	66
873 Geneva Ave	0.48mi	2/1.0 (-1)	1,518 (-2%)	1mo	$159,900	$105	64
271 Midland Ave	0.53mi	4/1.0 (+1)	1,526 (-1%)	2mo	$106,000	$69	62
283 Whitethorne Ave	0.48mi	3/1.5	1,376 (-11%)	1mo	$170,000	$124	56
237 Midland Ave	0.57mi	4/1.0 (+1)	1,452 (-6%)	1mo	$159,000	$110	54
83 Belvidere Ave	0.68mi	3/1.5	1,440 (-7%)	2mo	$185,000	$128	53
1930 Floral Ave	0.63mi	3/1.5	1,328 (-14%)	1mo	$220,000	$166	44

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: -17.2%
• Equity multiple: 0.38×
• Total profit: $-31,915
• Equity at exit: $27,569

10-year hold

• IRR: -6.5%
• Equity multiple: 0.55×
• Total profit: $-23,169
• Equity at exit: $15,987

Cash invested: $51,772 (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: 10.5×

Monthly cashflow live

• Estimated rent: $1,472 high
• Mortgage (P&I): −$970
• Tax from tax record: −$185 /mo · $2,217/yr
• Insurance: −$77
• HOA: −$0
• Vacancy / Maint / Mgmt: −$309
• Net cashflow: $-69

Break-even live

Break-even rent $1,559

Max offer price $172,781

Occupancy floor 100%

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: $46,225
• Closing costs: $5,547
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
543 Woodbury Ave Unit NA Columbus, OH	3.0	1.0	1308	$1,645	$1.26	14d	1	0.13mi
488 Woodbury Ave Columbus, OH	3.0	1.5	1222	$1,250	$1.02	43d	1	0.16mi
1964 Sullivant Ave Columbus, OH	4.0	2.0	1580	$1,650	$1.04	23d	1	0.21mi
2205 Sullivant Ave Columbus, OH	3.0	1.0	1275	$1,200	$0.94	43d	1	0.43mi
255 Belvidere Ave Columbus, OH	2.0	1.0	1144	$1,195	$1.04	16d	1	0.46mi
432 Catherine St Columbus, OH	3.0	1.0	1073	$1,325	$1.23	14d	1	0.47mi
432 Catherine St Columbus, OH	3.0	1.0	1073	$1,325	$1.23	12d	1	0.47mi
692 S Wheatland Ave Columbus, OH	3.0	1.0	1608	$1,547	$0.96	43d	1	0.57mi
800 Harrisburg Pike Unit 2 bedroom townhomes Columbus, OH	2.0	1.0	1250	$995	$0.80	43d	1	0.65mi
802 Harrisburg Pike Columbus, OH	2.0	1.0	1250	$995	$0.80	3d	1	0.65mi
95-97 Whitethorne Ave Columbus, OH	3.0	1.5	1260	$1,475	$1.17	20d	1	0.70mi
95-97 Whitethorne Ave Columbus, OH	3.0	1.5	1260	$1,375	$1.09	3d	1	0.70mi
521-523 S Wayne Ave Columbus, OH	3.0	1.0	1092	$1,195	$1.09	3d	1	0.73mi
394 S Guilford Ave Columbus, OH	3.0	1.5	1404	$1,450	$1.03	7d	1	0.74mi
695 S Eureka Ave Columbus, OH	3.0	1.0	1344	$1,425	$1.06	21d	1	0.78mi
329 S Wayne Ave Columbus, OH	3.0	1.0	1120	$1,425	$1.27	3d	1	0.79mi
252-254 S Wayne Ave Unit 254 Columbus, OH	3.0	1.0	1120	$1,300	$1.16	17d	1	0.80mi
2545-2547 Sullivant Ave Columbus, OH	3.0	1.0	1064	$1,100	$1.03	10d	1	0.89mi
41 S Oakley Ave Columbus, OH	3.0	1.5	1428	$1,550	$1.09	43d	1	0.96mi
32 Schultz Ave Columbus, OH	3.0	1.0	1218	$1,250	$1.03	21d	1	0.98mi
661-663 S Burgess Ave Columbus, OH	3.0	1.0	1100	$1,028	$0.93	43d	1	0.99mi
120 S Central Ave Columbus, OH	1.0–3.0	1.0–2.0	944	$1,295	$1.37	14d	12	0.99mi
616-618 S Ogden Ave Columbus, OH	3.0	1.0	1100	$1,125	$1.02	43d	1	1.02mi
58 Stevens Ave Columbus, OH	3.0	1.0	1176	$1,250	$1.06	43d	1	1.05mi
2676 Sullivant Ave Columbus, OH	3.0	1.0	1524	$1,200	$0.79	43d	1	1.07mi
945 Hodges Dr Columbus, OH	3.0	1.0	1078	$1,640	$1.52	23d	1	1.11mi
189 W Park Ave Unit 189 Columbus, OH	3.0	2.0	1276	$1,395	$1.09	7d	1	1.11mi
2709-2711 Sullivant Ave Unit 2709 Columbus, OH	3.0	2.0	1344	$1,380	$1.03	3d	1	1.11mi
2709-2711 Sullivant Ave Columbus, OH	3.0	2.0	1344	$1,380	$1.03	3d	1	1.11mi
29 S Terrace Ave Columbus, OH	3.0	1.0	1144	$1,260	$1.10	23d	1	1.12mi
27-29 N Terrace Ave Unit 29 Columbus, OH	3.0	1.0	1144	$1,260	$1.10	23d	1	1.12mi
608 Racine Ave #610 Columbus, OH	3.0	1.0	1168	$1,195	$1.02	43d	1	1.14mi
1475 Stimmel Rd Columbus, OH	1.0–4.0	1.0	868	$1,395	$1.61	16d	1	1.16mi
137 N Guilford Ave Columbus, OH	4.0	2.0	1456	$1,850	$1.27	43d	1	1.17mi
51 N Princeton Ave Columbus, OH	3.0	1.0	1188	$1,175	$0.99	23d	1	1.23mi
228 Schultz Ave Unit 1407024P Columbus, OH	4.0	1.5	1991	$6,208	$3.12	14d	1	1.23mi
133 N Eureka Ave Columbus, OH	3.0	1.0	1484	$1,350	$0.91	12d	1	1.24mi
163 N Central Ave Columbus, OH	2.0	2.5	1100	$1,650	$1.50	43d	1	1.25mi
80 S Warren Ave Columbus, OH	3.0	1.0	1258	$1,345	$1.07	3d	1	1.27mi
80 S Warren Ave Columbus, OH	3.0	1.0	1258	$1,345	$1.07	43d	1	1.27mi

Listing history 20 events

1. 2026-06-18
   days on market $184,900 Active 48 DOM
2. 2026-06-17
   days on market $184,900 Active 47 DOM
3. 2026-06-16
   days on market $184,900 Active 46 DOM
4. 2026-06-15
   days on market $184,900 Active 45 DOM
5. 2026-06-13
   days on market $184,900 Active 43 DOM
6. 2026-06-13
   days on market $184,900 Active 42 DOM
7. 2026-06-09
   days on market $184,900 Active 39 DOM
8. 2026-06-08
   days on market $184,900 Active 38 DOM
9. 2026-06-07
   days on market $184,900 Active 37 DOM
10. 2026-06-05
    days on market $184,900 Active 34 DOM
11. 2026-06-03
    days on market $184,900 Active 33 DOM
12. 2026-06-02
    days on market $184,900 Active 32 DOM
13. 2026-06-01
    days on market $184,900 Active 31 DOM
14. 2026-05-31
    days on market $184,900 Active 30 DOM
15. 2026-05-01
    listed $184,900 Active 643-char remark
16. 2019-12-02
    soldstatus $91,000
17. 2019-11-21
    soldstatus $94,000 Closed 308-char remark

    Show marketing remark (308 chars)

    Completely updated 3 bedroom with 1st floor master with attached full bathroom. Recent updates include new flooring, refinished wood floors, new cabinets, granite counter tops, new stove & refrigerator, new furnace, AC and H20 tank, , ceramic subway tile in kitchen and bath. fresh paint and much more!

18. 2019-11-07
    status Pending 308-char remark

    Show marketing remark (308 chars)

    Completely updated 3 bedroom with 1st floor master with attached full bathroom. Recent updates include new flooring, refinished wood floors, new cabinets, granite counter tops, new stove & refrigerator, new furnace, AC and H20 tank, , ceramic subway tile in kitchen and bath. fresh paint and much more!

19. 2019-11-06
    listed $104,900 Active 308-char remark

    Show marketing remark (308 chars)

    Completely updated 3 bedroom with 1st floor master with attached full bathroom. Recent updates include new flooring, refinished wood floors, new cabinets, granite counter tops, new stove & refrigerator, new furnace, AC and H20 tank, , ceramic subway tile in kitchen and bath. fresh paint and much more!

20. 1999-05-05
    soldstatus $67,000

ⓘ 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: $2,217 · $185/mo
• Projected year-2 tax: $2,551 · $213/mo
• Expected delta: +$334/yr (+$28/mo · 15.0%)

ⓘ 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 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,663
• − Mortgage interest: −$10,357
• − Property taxes: −$2,217
• − Insurance: −$924
• − Repairs & maintenance: −$1,413
• − Management: −$1,413
• − Depreciation: −$5,379
• Taxable loss: −$4,041
• Est. tax savings @ 24.0%: +$970
• After-tax cash flow: $147/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

+176.0% since first listed

6 events — show timeline

• 2026-05-01 Listed $184,900 CBRMLS
• 2019-12-02 Sold (Public Records) $91,000 Public Records
• 2019-11-21 Sold (MLS) $94,000 CBRMLS
• 2019-11-07 Pending — CBRMLS
• 2019-11-06 Listed $104,900 CBRMLS
• 1999-05-05 Sold (Public Records) $67,000 Public Records

Property tax history

+0.0%/yr

Latest (2024): $2,217 · +1.3% YoY. Source: county tax records.