1226-1228 Gilbert St · Columbus, OH 43206

$267,500

4 bd · 0.0 ba · 1,568 sqft · MultiFamily · 184 Days on market

Built 1930 Good condition 3,920 sqft lot $171/sqft · at area comps Est $280k · at est. ↓ 3% since listing

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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 +18.9/30.0
• ARV discount +9.5/15.0
• DSCR +5.9/10.0
• 1% rule +5.0/10.0
• Livability +4.0/5.0
• Condition / age +3.8/5.0
• Rent growth +3.4/5.0
• 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

Fully occupied duplex in Columbus delivering immediate income and steady demand. With two units under one roof, this property offers a practical setup for investors looking to strengthen their portfolio with a well located, income producing asset. Curb offers only, please do not disturb tenant. Owner/Agent, see A2A.

Key facts

• 3,920 sq ft lot
• Built 1930
• Listed 184 days

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/?-bath units multifamily listed at $268k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $273 ($3k/yr) — positive. Per door: $137/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $268k).
• Recommended offer: $235k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.5% 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 24d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 8,139 units permitted in Franklin County in 2024 (5,940 in 5+ unit buildings).
• This rent runs 43% 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 $8k 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 184 days — a 12% lower offer ($235k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $235,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 184 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 1930 — 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: 1.00% ✓
• Cap rate: 7.52%
• Cash-on-cash: 4.38%
• DSCR: 1.19
• GRM: 8.3

CMA / ARV

• ARV (median comp): $280,176
• List price: $267,500
• Delta: -4.52%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
735-737 E Mithoff St	0.13mi	4/—	1,568 (0%)	5mo	$290,000	$185	90
784 E Mithoff St	0.09mi	4/—	1,568 (0%)	12mo	$265,000	$169	86
772-774 E Mithoff St	0.09mi	4/—	1,568 (0%)	18mo	$263,500	$168	80
678-680 E Gates St	0.20mi	4/—	1,568 (0%)	18mo	$230,000	$147	76
968 Heyl Ave	0.36mi	3/— (-1)	1,499 (-4%)	10mo	$341,000	$227	63
1212 S 22nd St #1210	0.09mi	4/—	1,744 (+11%)	22mo	$210,000	$120	58
564-566 Stanley Ave	0.54mi	4/—	1,536 (-2%)	23mo	$375,000	$244	52
1437 Ellsworth Ave	0.71mi	4/—	1,792 (+14%)	3mo	$310,000	$173	41

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: -8.9%
• Equity multiple: 0.67×
• Total profit: $-24,514
• Equity at exit: $39,885

10-year hold

• IRR: 1.3%
• Equity multiple: 1.09×
• Total profit: $6,977
• Equity at exit: $23,129

Cash invested: $74,900 (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: 16.6×

Monthly cashflow live

• Estimated rent: $2,686 high
• Mortgage (P&I): −$1,403
• Tax est. 1.5%: −$334 /mo · $4,012/yr
• Insurance: −$111
• HOA: −$0
• Vacancy / Maint / Mgmt: −$564
• Net cashflow: $273

Break-even live

Break-even rent $2,340

Max offer price $267,500

Occupancy floor 85%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	—	$2,686
Total (2 units)			$2,686

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: $66,875
• Closing costs: $8,025
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1239-1241 S Champion Ave Columbus, OH	3.0	1.0	1134	$1,275	$1.12	15d	1	0.21mi
1225 S Champion Ave Unit 1225 Columbus, OH	3.0	1.0	1110	$1,095	$0.99	3d	1	0.21mi
1227 S Champion Ave Unit 1227 Columbus, OH	3.0	1.0	1110	$1,195	$1.08	3d	1	0.22mi
1416 S Ohio Ave Columbus, OH	3.0	1.5	1056	$1,595	$1.51	21d	1	0.26mi
1118 S Ohio Ave Columbus, OH	3.0	1.5	1232	$1,750	$1.42	43d	1	0.28mi
573 E Mithoff St Columbus, OH	3.0	1.5	1300	$2,100	$1.62	43d	1	0.29mi
850 E Whittier St Columbus, OH	3.0	2.0	1200	$1,949	$1.62	23d	1	0.34mi
530 Hanford St Unit 1496117P Columbus, OH	4.0	3.0	1862	$7,310	$3.93	1d	1	0.38mi
506 Thurman Ave Columbus, OH	3.0	1.0	1500	$1,600	$1.07	1d	1	0.39mi
966 S 18th St Columbus, OH	3.0	1.5	1428	$2,400	$1.68	43d	1	0.41mi
963 S 22nd St Columbus, OH	3.0	2.0	1188	$3,200	$2.69	7d	1	0.43mi
977 S Ohio Ave Columbus, OH	3.0	2.5	1650	$2,500	$1.52	43d	1	0.44mi
928 S 18th St Columbus, OH	3.0	2.0	1216	$1,995	$1.64	43d	1	0.46mi
1288 Linwood Ave Columbus, OH	3.0	1.0	1344	$1,900	$1.41	43d	1	0.46mi
936 Wagner St Columbus, OH	3.0	3.0	1560	$2,750	$1.76	23d	1	0.46mi
630 Stanley Ave Columbus, OH	3.0	1.0	1300	$1,949	$1.50	23d	1	0.49mi
662 Southwood Ave Columbus, OH	3.0	2.0	1183	$1,950	$1.65	19d	1	0.50mi
997 Oakwood Ave Columbus, OH	3.0	1.5	1260	$1,800	$1.43	12d	1	0.50mi
705 E Columbus St Columbus, OH	3.0	1.0	1436	$2,300	$1.60	43d	1	0.54mi
396 E Mithoff St Columbus, OH	3.0	1.5	1380	$2,295	$1.66	10d	1	0.54mi
490-492 E Jenkins Ave Unit 490 Columbus, OH	3.0	1.0	1050	$1,325	$1.26	43d	1	0.58mi
461-463 Reinhard Ave Columbus, OH	3.0	1.0	1134	$1,450	$1.28	2d	1	0.58mi
461-463 Reinhard Ave Unit 461 Columbus, OH	3.0	1.0	1134	$1,450	$1.28	2d	1	0.58mi
1165-1167 E Whittier St Columbus, OH	3.0	1.5	1300	$1,950	$1.50	43d	1	0.58mi
1167 E Whittier St Columbus, OH	3.0	1.5	1300	$1,950	$1.50	43d	1	0.59mi
357 Frebis Ave #5 Columbus, OH	3.0	3.5	1748	$2,750	$1.57	43d	1	0.65mi
357 Frebis Ave #6 Columbus, OH	3.0	3.5	2160	$2,950	$1.37	43d	1	0.65mi
988 Linwood Ave Columbus, OH	4.0	3.0	1800	$2,750	$1.53	17d	1	0.66mi
814 S Ohio Ave Columbus, OH	3.0	1.0	1380	$1,600	$1.16	43d	1	0.68mi
932 Linwood Ave Columbus, OH	4.0	1.5	1663	$2,045	$1.23	43d	1	0.72mi
857 Wilson Ave #859 Columbus, OH	3.0	2.5	1527	$1,650	$1.08	43d	1	0.74mi
315 Siebert St Columbus, OH	3.0	1.0	1597	$2,200	$1.38	23d	1	0.76mi
529 E Morrill Ave Columbus, OH	3.0	1.0	1318	$1,600	$1.21	3d	1	0.76mi
815 Wilson Ave Columbus, OH	3.0	1.5	1400	$1,500	$1.07	7d	1	0.79mi
813 Wilson Ave Unit 1 Columbus, OH	3.0	1.5	1400	$1,500	$1.07	7d	1	0.79mi
904 Studer Ave Columbus, OH	3.0	1.5	1364	$1,780	$1.30	23d	1	0.81mi
1106 Ellsworth Ave Columbus, OH	3.0	1.0	1150	$1,495	$1.30	7d	1	0.81mi
883 Studer Ave Columbus, OH	4.0	2.5	2217	$2,500	$1.13	1d	1	0.82mi
663-665 Ann St Columbus, OH	3.0	1.0	1260	$1,299	$1.03	17d	1	0.84mi
668 Wager St Columbus, OH	3.0	2.0	1492	$2,095	$1.40	19d	1	0.85mi

Listing history 16 events

1. 2026-06-18
   days on market $267,500 Active 184 DOM
2. 2026-06-17
   days on market $267,500 Active 183 DOM
3. 2026-06-16
   days on market $267,500 Active 182 DOM
4. 2026-06-15
   days on market $267,500 Active 181 DOM
5. 2026-06-13
   days on market $267,500 Active 179 DOM
6. 2026-06-13
   days on market $267,500 Active 178 DOM
7. 2026-06-09
   days on market $267,500 Active 175 DOM
8. 2026-06-08
   days on market $267,500 Active 174 DOM
9. 2026-06-07
   days on market $267,500 Active 173 DOM
10. 2026-06-05
    days on market $267,500 Active 170 DOM
11. 2026-06-03
    days on market $267,500 Active 169 DOM
12. 2026-06-02
    days on market $267,500 Active 168 DOM
13. 2026-06-01
    days on market $267,500 Active 167 DOM
14. 2026-05-31
    days on market $267,500 Active 166 DOM
15. 2026-03-11
    price $267,500 317-char remark

    Show marketing remark (317 chars)

    Fully occupied duplex in Columbus delivering immediate income and steady demand. With two units under one roof, this property offers a practical setup for investors looking to strengthen their portfolio with a well located, income producing asset. Curb offers only, please do not disturb tenant. Owner/Agent, see A2A.

16. 2025-12-16
    listed $275,000 Active 317-char remark

    Show marketing remark (317 chars)

    Fully occupied duplex in Columbus delivering immediate income and steady demand. With two units under one roof, this property offers a practical setup for investors looking to strengthen their portfolio with a well located, income producing asset. Curb offers only, please do not disturb tenant. Owner/Agent, see A2A.

ⓘ 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 · 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: $32,232
• − Mortgage interest: −$14,984
• − Property taxes: −$4,012
• − Insurance: −$1,338
• − Repairs & maintenance: −$2,579
• − Management: −$2,579
• − Depreciation: −$7,782
• Taxable loss: −$1,041
• Est. tax savings @ 24.0%: +$250
• After-tax cash flow: $3,530/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.

Condition & rehab AI · 6 photos

Good 75/100 Cosmetic rehab

This fully occupied duplex in Columbus is in good condition with minimal repairs needed. It offers a practical setup for investors looking to strengthen their portfolio with a well located, income producing asset.

Value-add opportunities

• Both Paint exterior trim — Fresh paint can enhance curb appeal and property value.
• Both Clean gutters — Clean gutters improve drainage and prevent water damage, enhancing property value and reducing maintenance costs.

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior trim — Fresh paint can enhance curb appeal and property value. ↑
• Both Clean gutters — Clean gutters improve drainage and prevent water damage, enhancing property value and reducing maintenance costs. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

-2.7% since first listed

2 events — show timeline

• 2026-03-11 Price Changed $267,500 CBRMLS
• 2025-12-16 Listed $275,000 CBRMLS