647 Lock Ave · Columbus, OH 43207

$40,000

2 bd · 1.0 ba · 924 sqft · SingleFamily public records · 18 Days on market

Built 1900 4,791 sqft lot

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Why this score? — see what drove the B- 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +4.0/5.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0
• Appreciation +0.0/10.0

Listing remarks

THE REALTOR IS THE RECEIVER APPOINTED BY THE FRANKLIN COUNTY MUNICIPAL COURT, ENVIRONMENTAL DIVISION. Don't miss this two-parcel sale totaling 0.22 acres! The buyer must provide the Receiver with a demolition or rehabilitation plan, project timeline, and proof of funds when submitting an offer. The property currently has an unsafe order that the buyer will be required to remediate. Any accepted contract is subject to court review and approval and will not be a quick close. Due to the condition of the property, curb offers only. The Receiver requests in-state buyers only.

Key facts

• 4,791 sq ft lot
• 2 garage spots
• Built 1900

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $40k.

Deal economics

• At list price, monthly cash flow is $776 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $40k).
• Recommended offer: $39k (1.5% below list) — sets the bar for market timing.
• Cap rate 29.6% 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 (+2.3%/yr); 196 active listings in the ZIP; 27 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 8,139 units permitted in Franklin County in 2024 (5,940 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $277 of loan paydown is wiped out by about $1k 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.
• At projected returns (-3.0% appreciation + 2.3% rent growth), your $11k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 18 days — a 2% lower offer ($39k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $15k; list at $40k implies a 167% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $39,400 (1.5% below list)

Questions for the listing agent

1. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 3.33% ✓
• Cap rate: 29.57%
• Cash-on-cash: 83.12%
• DSCR: 4.70
• GRM: 2.5

CMA / ARV

• ARV (on-the-fly): $143,220
• Comps found: 11

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
481 Llewellyn Ave	0.24mi	2/1.0	1,024 (+11%)	18mo	$52,000	$51	56
2441 Wilson Ave	0.43mi	3/2.0 (+1)	1,014 (+10%)	3mo	$199,000	$196	52
2501 S 6th St	0.69mi	3/1.0 (+1)	864 (-6%)	2mo	$170,559	$197	50
168 Benfield Ave	0.71mi	3/1.0 (+1)	960 (+4%)	8mo	$60,000	$63	49
644 Stambaugh Ave	0.25mi	3/1.0 (+1)	1,056 (+14%)	14mo	$165,000	$156	48
229 Southard Dr	0.72mi	2/1.0	833 (-10%)	6mo	$129,000	$155	44
198 Benfield Ave	0.67mi	2/1.0	999 (+8%)	19mo	$164,500	$165	39
221 Southard Dr	0.74mi	3/1.0 (+1)	1,014 (+10%)	9mo	$181,500	$179	37
2745 Parsons Ave Lot 7	0.71mi	3/1.0 (+1)	980 (+6%)	18mo	$40,000	$41	37
266 Benfield Ave	0.58mi	2/2.0	1,044 (+13%)	18mo	$144,000	$138	32
256 Southard Dr	0.69mi	3/2.0 (+1)	974 (+5%)	22mo	$130,000	$133	31

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 · 2.32% rent growth · sell at horizon

5-year hold

• IRR: 82.7%
• Equity multiple: 4.75×
• Total profit: $42,043
• Equity at exit: $5,964

10-year hold

• IRR: 85.8%
• Equity multiple: 9.63×
• Total profit: $96,651
• Equity at exit: $3,458

Cash invested: $11,200 (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 43207

• Rents YoY: 2.3%
• Active inventory: 196
• Price-to-rent: 2.5×

Monthly cashflow live

• Estimated rent: $1,332 high
• Mortgage (P&I): −$210
• Tax est. 1.5%: −$50 /mo · $600/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$280
• Net cashflow: $776

Break-even live

Break-even rent $350

Max offer price $40,000

Occupancy floor 37%

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: $10,000
• Closing costs: $1,200
• Reserves months: —
• Total cash needed: —

Rent comps 27 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
838 Lock Ave Columbus, OH	3.0	1.0	988	$1,578	$1.60	2d	1	0.28mi
257 Benfield Ave Unit NA Columbus, OH	3.0	1.0	1094	$1,400	$1.28	7d	1	0.60mi
1843 Parsons Ave Columbus, OH	2.0	1.0	899	$1,331	$1.48	23d	1	0.80mi
274 E Barthman Ave Columbus, OH	2.0	1.0	960	$1,500	$1.56	17d	1	0.83mi
55 Fornof Rd Columbus, OH	1.0–4.0	1.0–2.0	924	$1,620	$1.75	1d	1	0.84mi
54-56 Benfield Ave Unit 56 Columbus, OH	2.0	1.0	800	$925	$1.16	23d	1	0.86mi
2866 Hillgate Rd Columbus, OH	3.0	1.0	1040	$1,693	$1.63	23d	1	0.90mi
1808 S 6th St Unit 1808 Columbus, OH	2.0	1.0	975	$1,050	$1.08	43d	1	0.99mi
362 E Hinman Ave Columbus, OH	2.0	1.0	879	$1,149	$1.31	43d	1	1.01mi
367 E Morrill Ave Columbus, OH	2.0	1.0	977	$1,450	$1.48	43d	1	1.04mi
1285 Evergreen Rd Columbus, OH	3.0	2.0	888	$1,750	$1.97	19d	1	1.06mi
206 E Woodrow Ave Columbus, OH	2.0	1.0	999	$1,295	$1.30	43d	1	1.08mi
3047 Baker Hill Rd Columbus, OH	3.0	1.0	896	$1,300	$1.45	43d	1	1.15mi
1316 Marion Rd Columbus, OH	1.0	1.0	485	$955	$1.97	23d	1	1.15mi
1836 Lockbourne Rd Columbus, OH	2.0–3.0	1.0–1.5	997	$1,025	$1.03	3d	4	1.17mi
3011 Markham Rd Unit 3011A Columbus, OH	2.0	1.0	750	$899	$1.20	23d	1	1.20mi
546 E Jenkins Ave Unit 1 Columbus, OH	2.0	1.0	975	$1,295	$1.33	23d	1	1.25mi
1598-1600 S 4th St Columbus, OH	2.0	1.0	855	$1,250	$1.46	43d	1	1.28mi
490-492 E Jenkins Ave Unit 490 Columbus, OH	3.0	1.0	1050	$1,325	$1.26	43d	1	1.28mi
1833 Berkeley Rd Columbus, OH	3.0	1.5	1092	$1,800	$1.65	43d	1	1.37mi
2997 S High St Columbus, OH	1.0–4.0	1.0–2.0	1151	$1,319	$1.15	1d	27	1.41mi
726 Frebis Ave Columbus, OH	2.0	1.0	850	$1,175	$1.38	3d	1	1.41mi
22 E Welch Ave Apt 4 Columbus, OH	1.0	1.0	537	$923	$1.72	3d	1	1.42mi
33 W Morrill Ave Columbus, OH	1.0–3.0	1.0–2.0	935	$1,134	$1.21	7d	4	1.43mi
1460 Oakwood Ave Columbus, OH	2.0	1.0	901	$900	$1.00	43d	1	1.47mi
1460 Oakwood Ave Columbus, OH	2.0	1.0	901	$900	$1.00	14d	1	1.47mi
1416 S Ohio Ave Columbus, OH	3.0	1.5	1056	$1,595	$1.51	21d	1	1.47mi

Listing history 4 events

1. 2026-03-30
   status Pending
2. 2026-03-12
   listed $40,000 Active
3. 1997-11-13
   soldstatus $15,000
4. 1995-08-17
   soldstatus $10,700

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

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 · 17 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: $15,983
• − Mortgage interest: −$2,241
• − Property taxes: −$600
• − Insurance: −$200
• − Repairs & maintenance: −$1,279
• − Management: −$1,279
• − Depreciation: −$1,164
• Taxable income: $9,221
• Est. tax owed @ 24.0%: −$2,213
• After-tax cash flow: $7,096/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): 47,272
• Household income: $63,310
• Rent vs Own: 41.0% rent · 59.0% own
• Severe rent burden: 1679.0

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 0.57)
• Race & ethnicity: White 59% Black 28% Two or more races 7% Hispanic / Latino 5% Asian 1%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Italian 2% Romanian 2% Slovak 1%
• Foreign-born: 4% · Canada
• Languages at home: 95% English-only · Spanish 3% 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: ▼ -244.33%
• Current HPI: 268.3028
• Rent YoY: ▲ 2.32%
• 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

+273.8% since first listed

4 events — show timeline

• 2026-03-30 Pending — CBRMLS
• 2026-03-12 Listed $40,000 CBRMLS
• 1997-11-13 Sold (Public Records) $15,000 Public Records
• 1995-08-17 Sold (Public Records) $10,700 Public Records

Property tax history

+12.2%/yr

Latest (2024): $2,667 · +2.3% YoY. Source: county tax records.