1005 Pennsylvania Ave · Columbus, OH 43201

$499,000

3 bd · 2.0 ba · 2,912 sqft · MultiFamily public records · 173 Days on market

Built 1910 $171/sqft · 30% below area Est $714k · 30% 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 +15.0/15.0
• Cash flow +10.3/30.0
• Livability +4.0/5.0
• Rent growth +3.0/5.0
• DSCR +2.9/10.0
• 1% rule +2.7/10.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

It needs a little work, but can turn a big profit if flipped. My mom has lived in this house for over 20 years. She loved the safe neighborhood.

Key facts

• 3 garage spots
• Built 1910
• Listed 173 days

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $499k.

Deal economics

• At list price, monthly cash flow is $-278 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $450k (9.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $384k (23.1% below list).
• Recommended offer: $384k (23.1% below list) — sets the bar for 1% rule.
• Cap rate 5.6% 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 (+2.1%/yr); 136 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 8,139 units permitted in Franklin County in 2024 (5,940 in 5+ unit buildings).
• At $3,839/mo this rent would consume 105% of the median local household income ($44k/yr) (locally 4913% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $15k 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 173 days — a 12% lower offer ($439k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $315k; list at $499k implies a 58% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $383,872 (23.1% 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 173 days. Have you received any prior offers? Is the seller open to a 23% concession, seller financing, or rate buy-down credit?
3. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
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: 0.77% ✗
• Cap rate: 5.62%
• Cash-on-cash: -2.39%
• DSCR: 0.89
• GRM: 10.8

CMA / ARV

• ARV (median comp): $713,982
• List price: $499,000
• Delta: -30.11%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
613 Dennison Ave #615	0.61mi	3/—	2,726 (-6%)	15mo	$690,000	$253	49
312 Wilber Ave	0.22mi	4/— (+1)	2,557 (-12%)	21mo	$730,000	$285	47
820 Park St #818	0.59mi	3/—	2,614 (-10%)	15mo	$550,000	$210	43

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 · 2.14% rent growth · sell at horizon

5-year hold

• IRR: -21.2%
• Equity multiple: 0.27×
• Total profit: $-101,879
• Equity at exit: $74,403

10-year hold

• IRR: -16.7%
• Equity multiple: 0.11×
• Total profit: $-124,896
• Equity at exit: $43,144

Cash invested: $139,720 (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 43201

• Rents YoY: 2.1%
• Active inventory: 136
• Price-to-rent: 10.8×

Monthly cashflow live

• Estimated rent: $3,839 high
• Mortgage (P&I): −$2,617
• Tax from tax record: −$486 /mo · $5,829/yr
• Insurance: −$208
• HOA: −$0
• Vacancy / Maint / Mgmt: −$806
• Net cashflow: $-278

Break-even live

Break-even rent $4,190

Max offer price $449,910

Occupancy floor —

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: $124,750
• Closing costs: $14,970
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
362 W 4th Ave Columbus, OH	3.0	3.5	2000	$3,249	$1.62	23d	1	0.27mi
309 W 4th Ave Unit 1265630P Columbus, OH	3.0	1.5	1991	$5,024	$2.52	2d	1	0.27mi
147 W Hubbard Ave Unit 149 Columbus, OH	2.0	2.0	2101	$3,595	$1.71	7d	1	0.50mi
37 W 3rd Ave Columbus, OH	4.0	3.5	2247	$4,200	$1.87	10d	1	0.55mi
1353 Highland St Unit D Columbus, OH	2.0	1.0	4041	$1,395	$0.35	23d	1	0.58mi
640 Neil Ave Columbus, OH	3.0	2.5	1926	$3,350	$1.74	44d	1	0.59mi
925 Mount Pleasant Ave Columbus, OH	3.0	2.5	2365	$3,700	$1.56	43d	1	0.67mi
67 E 1st Ave Columbus, OH	4.0	1.5	2074	$3,200	$1.54	3d	1	0.73mi
127 E 8th Ave Columbus, OH	3.0	3.0	2000	$3,800	$1.90	43d	1	0.98mi
994 N 6th St Unit 1265652P Columbus, OH	3.0	3.5	2895	$6,169	$2.13	7d	1	0.99mi
990 N 6th St Unit 1265640P Columbus, OH	3.0	3.5	2895	$5,553	$1.92	2d	1	0.99mi
1027 W 6th Ave Columbus, OH	4.0	2.5	2145	$4,950	$2.31	14d	1	1.06mi
250 W Spring St #1214 Columbus, OH	2.0	2.5	2124	$7,000	$3.30	17d	1	1.17mi
1596 N 4th St Columbus, OH	3.0	1.0	2736	$1,875	$0.69	43d	1	1.32mi
1594-1596 N 4th St Columbus, OH	3.0	1.0	2736	$1,875	$0.69	43d	1	1.32mi

Listing history 17 events

1. 2026-06-18
   days on market $499,000 Active 173 DOM
2. 2026-06-17
   days on market $499,000 Active 172 DOM
3. 2026-06-16
   days on market $499,000 Active 171 DOM
4. 2026-06-15
   days on market $499,000 Active 170 DOM
5. 2026-06-13
   days on market $499,000 Active 168 DOM
6. 2026-06-13
   days on market $499,000 Active 167 DOM
7. 2026-06-09
   days on market $499,000 Active 164 DOM
8. 2026-06-08
   days on market $499,000 Active 163 DOM
9. 2026-06-07
   days on market $499,000 Active 162 DOM
10. 2026-06-05
    days on market $499,000 Active 159 DOM
11. 2026-06-03
    days on market $499,000 Active 158 DOM
12. 2026-06-02
    days on market $499,000 Active 157 DOM
13. 2026-06-01
    days on market $499,000 Active 156 DOM
14. 2026-05-31
    days on market $499,000 Active 155 DOM
15. 2026-03-02
    soldstatus $315,000
16. 2025-12-23
    listed $499,000 Active 144-char remark

    Show marketing remark (144 chars)

    It needs a little work, but can turn a big profit if flipped. My mom has lived in this house for over 20 years. She loved the safe neighborhood.

17. 2001-07-11
    soldstatus $124,900

ⓘ 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: $5,829 · $486/mo
• Projected year-2 tax: $6,807 · $567/mo
• Expected delta: +$978/yr (+$81/mo · 16.8%)

ⓘ 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 · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $46,065
• − Mortgage interest: −$27,952
• − Property taxes: −$5,829
• − Insurance: −$2,495
• − Repairs & maintenance: −$3,685
• − Management: −$3,685
• − Depreciation: −$14,516
• Taxable loss: −$12,098
• Est. tax savings @ 24.0%: +$2,903
• After-tax cash flow: $-431/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): 34,322
• Household income: $43,731
• Rent vs Own: 83.4% rent · 16.6% own
• Severe rent burden: 4913.0

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: Predominantly White (68%)
• Race & ethnicity: White 68% Black 14% Two or more races 8% Asian 7% Hispanic / Latino 5%
• Hispanic origin (detail): Mexican 1% Puerto Rican 1%
• Common ancestry: Romanian 4% Lithuanian 2% Italian 2%
• Foreign-born: 8% · Canada, China, Jamaica
• Languages at home: 90% English-only · Chinese 3% Spanish 2% Other Indo-European 2%

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: ▼ -207.90%
• Current HPI: 321.7282
• Rent YoY: ▲ 2.14%
• 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

+152.2% since first listed

3 events — show timeline

• 2026-03-02 Sold (Public Records) $315,000 Public Records
• 2025-12-23 Listed $499,000 Fizber.com
• 2001-07-11 Sold (Public Records) $124,900 Public Records

Property tax history

+2.4%/yr

Latest (2024): $5,829 · +0.8% YoY. Source: county tax records.