497 E Oakland Ave · Columbus, OH 43202

$475,000

8 bd · 0.0 ba · 3,120 sqft · MultiFamily public records · 62 Days on market

Built 1969 4,356 sqft lot $152/sqft · at area comps Est $495k · at est.

---

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).

• Cash flow +14.3/30.0
• ARV discount +9.3/15.0
• 1% rule +4.7/10.0
• DSCR +4.3/10.0
• Livability +4.0/5.0
• Rent growth +2.6/5.0
• 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 (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Excellent investment opportunity near Ohio State University and the Ohio Expo Center & State Fair. This fully occupied 4-unit building features four 2 bedroom, 1 bath units, providing immediate rental income potential. Each unit is separately sub-metered for all utilities, including water, offering convenience and expense control for ownership. Recent improvements include new fencing with gated access, new gutters with leaf guards, off-street parking, and updates throughout the property. With strong rental demand in the area and close proximity to dining, shopping, entertainment, and major employers in Columbus, this is a fantastic addition to any investment portfolio.

Key facts

• New fencing
• Gated access
• New gutters

Tags

• FULLY OCCUPIED BUILDING
• NEW FENCING
• GATED ACCESS
• NEW GUTTERS
• LEAF GUARDS
• OFF-STREET PARKING

Property features AI

Finance

• Financial info: 4 total units; Net operating income approximately $34,800; Operating expenses approximately $22,500

Exterior

• Utilities: Public water; Public sewer; Natural gas available; Electricity available
• Home design: Midrise property; Built in 1969
• Exterior features: Lot about 0.1 acres

Interior

• Heating & cooling: Forced air heating; No cooling
• Interior features: Forced air heating; No central cooling

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1-bath units multifamily listed at $475k.

Deal economics

• At list price, monthly cash flow is $84 ($1k/yr) — positive. Per door: $21/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $460k (3.1% below list).
• Recommended offer: $446k (6.0% below list) — sets the bar for market timing.
• Cap rate 6.5% 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.
• Zoned schools: Indianola Informal K-8 School (math 43% / reading 58%, grade D+, #896 of 1,584 statewide, top 57%, 684 students, 0% FRL); Dominion Middle School (math 39% / reading 50%, grade D, #477 of 654 statewide, top 74%, 717 students, 0% FRL); Whetstone High School (math 17% / reading 44%, grade F, #615 of 781 statewide, top 79%, 976 students, 0% FRL) — zoned schools average 0% FRL vs 72% district-wide (72 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 42% at this address vs 20% district-wide (+21 pts) — the actual schools serving this property are materially stronger than the Columbus City School District average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents flat; 49 active listings in the ZIP; 8,139 units permitted in Franklin County in 2024 (5,940 in 5+ unit buildings).
• At $4,602/mo this rent would consume 79% of the median local household income ($70k/yr) (locally 1426% 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 $14k 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 62 days — a 6% lower offer ($446k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 20y 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.

Recommended offer $446,500 (6.0% below list)

Questions for the listing agent

1. It's been on market 62 days. Have you received any prior offers? Is the seller open to a 6% 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 1969 — 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. 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?
9. 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.
10. 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.
11. 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: 0.97% ✗
• Cap rate: 6.51%
• Cash-on-cash: 0.76%
• DSCR: 1.03
• GRM: 8.6

CMA / ARV

• ARV (median comp): $495,181
• List price: $475,000
• Delta: -4.08%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
261 E Northwood Ave #40	0.33mi	9/— (+1)	3,180 (+2%)	6mo	$500,000	$157	71
2075 N 4th St	0.24mi	8/—	3,276 (+5%)	12mo	$539,900	$165	71
1988 1990 N 4th St	0.34mi	7/— (-1)	3,240 (+4%)	3mo	$440,951	$136	70
2210-2212 Indianola Ave	0.33mi	8/—	3,348 (+7%)	10mo	$625,000	$187	64

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 · 0.59% rent growth · sell at horizon

5-year hold

• IRR: -18.0%
• Equity multiple: 0.38×
• Total profit: $-82,283
• Equity at exit: $70,824

10-year hold

• IRR: -16.2%
• Equity multiple: 0.20×
• Total profit: $-106,416
• Equity at exit: $41,069

Cash invested: $133,000 (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 43202

• Rents YoY: 0.6%
• Active inventory: 49
• Price-to-rent: 34.4×

Monthly cashflow live

• Estimated rent: $4,602 high
• Mortgage (P&I): −$2,491
• Tax from tax record: −$863 /mo · $10,353/yr
• Insurance: −$198
• HOA: −$0
• Vacancy / Maint / Mgmt: −$966
• Net cashflow: $84

Break-even live

Break-even rent $4,496

Max offer price $475,000

Occupancy floor 93%

Sensitivity live

Price	-10% $353	-5% $218	+0% $84	+5% $-50	+10% $-185
Rent	-10% $-280	-5% $-98	+0% $84	+5% $266	+10% $448
Rate	-1.0pp $323	-0.5pp $205	base $84	+0.5pp $-39	+1.0pp $-164

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$4,604
Total (4 units)			$4,602

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: $118,750
• Closing costs: $14,250
• Reserves months: —
• Total cash needed: —

Listing history 42 events

1. 2026-06-21
   days on market $475,000 Active 62 DOM
2. 2026-06-18
   days on market $475,000 Active 59 DOM
3. 2026-06-17
   days on market $475,000 Active 58 DOM
4. 2026-06-16
   days on market $475,000 Active 57 DOM
5. 2026-06-15
   days on market $475,000 Active 56 DOM
6. 2026-06-13
   days on market $475,000 Active 54 DOM
7. 2026-06-13
   days on market $475,000 Active 53 DOM
8. 2026-06-09
   days on market $475,000 Active 50 DOM
9. 2026-06-08
   days on market $475,000 Active 49 DOM
10. 2026-06-07
    days on market $475,000 Active 48 DOM
11. 2026-06-05
    days on market $475,000 Active 45 DOM
12. 2026-06-03
    days on market $475,000 Active 44 DOM
13. 2026-06-02
    days on market $475,000 Active 43 DOM
14. 2026-06-01
    days on market $475,000 Active 42 DOM
15. 2026-05-31
    days on market $475,000 Active 41 DOM
16. 2026-05-01
    status Active 683-char remark
17. 2026-04-20
    historical Contingent 683-char remark
18. 2026-04-20
    listed $475,000 Active 683-char remark
19. 2026-02-14
    price $479,000
20. 2026-01-22
    status Active
21. 2026-01-14
    status Pending
22. 2026-01-14
    historical
23. 2026-01-06
    price $495,000
24. 2025-10-20
    listed $515,000 Active
25. 2024-11-20
    historical
26. 2024-11-06
    status Active
27. 2024-11-01
    status Pending
28. 2024-10-30
    price $515,000
29. 2024-10-18
    price $525,000
30. 2024-09-19
    listed $535,000 Active
31. 2022-09-23
    soldstatus $420,000
32. 2022-09-20
    soldstatus $420,000
33. 2022-09-20
    listed $420,000
34. 2021-11-15
    soldstatus $357,000
35. 2015-03-03
    soldstatus $199,900
36. 2015-03-03
    listed $199,900
37. 2008-03-04
    historical
38. 2006-08-09
    listed $199,900
39. 1998-08-12
    soldstatus $95,000
40. 1998-08-12
    soldstatus $95,000
41. 1991-08-09
    soldstatus $65,000
42. 1987-07-17
    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: $10,353 · $863/mo
• Projected year-2 tax: $10,353 · $863/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 3/10 Moderate 7 d/yr ≥100°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% 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: $55,224
• − Mortgage interest: −$26,607
• − Property taxes: −$10,353
• − Insurance: −$2,375
• − Repairs & maintenance: −$4,418
• − Management: −$4,418
• − Depreciation: −$13,818
• Taxable loss: −$6,765
• Est. tax savings @ 24.0%: +$1,624
• After-tax cash flow: $2,632/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): 20,854
• Household income: $69,524
• Rent vs Own: 69.7% rent · 30.3% own
• Severe rent burden: 1426.0

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 (75%)
• Race & ethnicity: White 75% Asian 11% Two or more races 6% Black 5% Hispanic / Latino 4%
• Common ancestry: Romanian 4% Italian 3% Slovak 3%
• Foreign-born: 15% · China, Canada, South Korea
• Languages at home: 83% English-only · Other Indo-European 5% Spanish 2% Chinese 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: ▼ -513.39%
• Current HPI: 245.448
• Rent YoY: ▲ 0.59%
• 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

+609.0% since first listed

27 events — show timeline

• 2026-05-01 Relisted — CBRMLS
• 2026-04-20 Contingent — CBRMLS
• 2026-04-20 Listed $475,000 CBRMLS
• 2026-02-14 Price Changed $479,000 CBRMLS
• 2026-01-22 Relisted — CBRMLS
• 2026-01-14 Pending — CBRMLS
• 2026-01-14 Listing Removed — CBRMLS
• 2026-01-06 Price Changed $495,000 CBRMLS
• 2025-10-20 Listed $515,000 CBRMLS
• 2024-11-20 Listing Removed — CBRMLS
• 2024-11-06 Relisted — CBRMLS
• 2024-11-01 Pending — CBRMLS
• 2024-10-30 Price Changed $515,000 CBRMLS
• 2024-10-18 Price Changed $525,000 CBRMLS
• 2024-09-19 Listed $535,000 CBRMLS
• 2022-09-23 Sold (Public Records) $420,000 Public Records
• 2022-09-20 Listed $420,000 CBRMLS
• 2022-09-20 Sold (MLS) $420,000 CBRMLS
• 2021-11-15 Sold (Public Records) $357,000 Public Records
• 2015-03-03 Listed $199,900 CBRMLS
• 2015-03-03 Sold (MLS) $199,900 CBRMLS
• 2008-03-04 Listing Removed — CBRMLS
• 2006-08-09 Listed $199,900 CBRMLS
• 1998-08-12 Sold (Public Records) $95,000 Public Records
• 1998-08-12 Sold (Public Records) $95,000 Public Records
• 1991-08-09 Sold (Public Records) $65,000 Public Records
• 1987-07-17 Sold (Public Records) $67,000 Public Records

Property tax history

+8.5%/yr

Latest (2024): $10,353 · +1.6% YoY. Source: county tax records.