221 Lincolnshire Rd · Gahanna, OH 43230

$200,000

5 bd · 2.0 ba · 1,437 sqft · SingleFamily public records · 68 Days on market

Built 1961 7,840 sqft lot $139/sqft · 36% below area Est $310k · 36% under

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Why this score? — see what drove the A- 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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +5.6/10.0
• Livability +3.8/5.0
• Rent growth +3.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to a truly unique opportunity at 221 Lincolnshire Road in the highly sought-after Royal Manor community of Gahanna! This rare, income-producing property is currently operating as a successful Airbnb with 5 separate units, offering immediate cash flow and a proven track record of consistent demand. Perfectly positioned near major Columbus employers, top commuter routes, and local attractions, this property attracts a steady stream of short-term guests--making it an ideal addition to any investor's portfolio. Whether you're looking to continue the thriving Airbnb model, convert to long-term rentals, or explore corporate housing opportunities, the flexibility here is unmatched. Beyond its investment potential, this property also presents a compelling opportunity for owner-occupants. With the ability to be converted back into a spacious single-family residence, you can create a stunning home tailored to your lifestyle--all within the highly desirable Gahanna School District. Located in an established neighborhood known for its charm and convenience, you're just minutes from shopping, dining, parks, and everything that makes Gahanna one of Central Ohio's most in-demand areas. Opportunities like this are incredibly rare--whether you're seeking strong cash flow, long-term upside, or a place to call home, this property delivers on every level.

Key facts

• 7,840 sq ft lot
• Garage
• Built 1961

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath single-family listed at $200k.

Deal economics

• At list price, monthly cash flow is $2k ($25k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $200k).
• Recommended offer: $188k (6.0% below list) — sets the bar for market timing.
• Cap rate 19.0% vs local median 2.7% in Gahanna — 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 75/100 on livability (#241 in OH, #3,854 nationally) — a middle-class / working-renter tenant base. Strengths: schools A+, employment A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Gahanna-Jefferson City (suburban): math 58% / reading 67% proficiency, ranked #202 of 656 in OH (top 31%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+3.9%/yr); 103 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 8,139 units permitted in Franklin County in 2024 (5,940 in 5+ unit buildings).
• At $4,682/mo this rent would consume 61% of the median local household income ($91k/yr) (locally 1879% 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 $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.
• At projected returns (-3.0% appreciation + 3.9% rent growth), your $56k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 68 days — a 6% lower offer ($188k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 27y ago; this cycle's ask has dropped $145k (42%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 2.7% of price.

Recommended offer $188,000 (6.0% below list)

Questions for the listing agent

1. It's been on market 68 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1961 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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: 2.34% ✓
• Cap rate: 18.99%
• Cash-on-cash: 45.36%
• DSCR: 3.02
• GRM: 3.6

CMA / ARV

• ARV (median comp): $310,258
• List price: $200,000
• Delta: -35.54%
• 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
730 Penny Ct	0.14mi	4/1.5 (-1)	1,500 (+4%)	1mo	$270,000	$180	78
168 Lincolnshire Rd	0.11mi	4/3.0 (-1)	1,474 (+3%)	11mo	$310,000	$210	73
570 Fairholme Rd	0.22mi	4/1.5 (-1)	1,474 (+3%)	10mo	$279,000	$189	70
355 Baroness Way	0.49mi	4/2.0 (-1)	1,447 (+1%)	1mo	$360,000	$249	70
249 Regents Rd	0.37mi	4/2.0 (-1)	1,403 (-2%)	6mo	$251,000	$179	68
600 Agler Rd	0.34mi	4/2.0 (-1)	1,520 (+6%)	3mo	$345,000	$227	67
310 Haymarket Pl	0.53mi	4/2.0 (-1)	1,482 (+3%)	0mo	$275,000	$186	65
297 Haymarket Pl	0.50mi	5/2.0	1,482 (+3%)	10mo	$269,900	$182	63
475 Denwood Ct	0.57mi	4/2.0 (-1)	1,484 (+3%)	1mo	$325,000	$219	62
105 Crown Hill Ct	0.22mi	4/2.5 (-1)	1,632 (+14%)	1mo	$324,900	$199	59
3616 Glenbar Dr	0.75mi	4/2.0 (-1)	1,295 (-10%)	3mo	$234,900	$181	41
2637 Glenbar Ct	0.74mi	4/1.5 (-1)	1,254 (-13%)	8mo	$250,000	$199	30

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 · 3.89% rent growth · sell at horizon

5-year hold

• IRR: 43.6%
• Equity multiple: 2.91×
• Total profit: $106,826
• Equity at exit: $29,821

10-year hold

• IRR: 50.0%
• Equity multiple: 6.09×
• Total profit: $285,072
• Equity at exit: $17,292

Cash invested: $56,000 (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 43230

• Rents YoY: 3.9%
• Active inventory: 103
• Price-to-rent: 3.6×

Monthly cashflow live

• Estimated rent: $4,682 medium
• Mortgage (P&I): −$1,049
• Tax from tax record: −$450 /mo · $5,396/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$983
• Net cashflow: $2,117

Break-even live

Break-even rent $2,002

Max offer price $200,000

Occupancy floor 50%

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: $50,000
• Closing costs: $6,000
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
88 Lincolnshire Rd Unit 1407026P Columbus, OH	5.0	2.0	1840	$7,408	$4.03	1d	1	0.31mi
4120 McNery Dr Unit 1496122P Columbus, OH	4.0	3.0	1603	$6,990	$4.36	2d	1	0.32mi
363 Regents Rd Columbus, OH	4.0	1.5	1447	$1,995	$1.38	20d	1	0.41mi

Listing history 45 events

1. 2026-06-18
   days on market $200,000 Active 68 DOM
2. 2026-06-17
   days on market $200,000 Active 67 DOM
3. 2026-06-16
   days on market $200,000 Active 66 DOM
4. 2026-06-15
   price $200,000 Active 65 DOM
5. 2026-06-15
   days on market $319,900 Active 65 DOM
6. 2026-06-13
   days on market $319,900 Active 63 DOM
7. 2026-06-09
   days on market $319,900 Active 59 DOM
8. 2026-06-08
   days on market $319,900 Active 58 DOM
9. 2026-06-07
   days on market $319,900 Active 57 DOM
10. 2026-06-03
    days on market $319,900 Active 53 DOM
11. 2026-06-02
    statusdays on market $319,900 Active 52 DOM
12. 2026-06-01
    days on market $319,900 Contingent 51 DOM
13. 2026-06-01
    status $319,900 Contingent 50 DOM
14. 2026-05-31
    days on market $319,900 Active 50 DOM
15. 2026-04-28
    price $319,900 1365-char remark

    Show marketing remark (1365 chars)

    Welcome to a truly unique opportunity at 221 Lincolnshire Road in the highly sought-after Royal Manor community of Gahanna! This rare, income-producing property is currently operating as a successful Airbnb with 5 separate units, offering immediate cash flow and a proven track record of consistent demand. Perfectly positioned near major Columbus employers, top commuter routes, and local attractions, this property attracts a steady stream of short-term guests--making it an ideal addition to any investor's portfolio. Whether you're looking to continue the thriving Airbnb model, convert to long-term rentals, or explore corporate housing opportunities, the flexibility here is unmatched. Beyond its investment potential, this property also presents a compelling opportunity for owner-occupants. With the ability to be converted back into a spacious single-family residence, you can create a stunning home tailored to your lifestyle--all within the highly desirable Gahanna School District. Located in an established neighborhood known for its charm and convenience, you're just minutes from shopping, dining, parks, and everything that makes Gahanna one of Central Ohio's most in-demand areas. Opportunities like this are incredibly rare--whether you're seeking strong cash flow, long-term upside, or a place to call home, this property delivers on every level.

16. 2026-04-11
    listed $344,900 Active 1365-char remark

    Show marketing remark (1365 chars)

    Welcome to a truly unique opportunity at 221 Lincolnshire Road in the highly sought-after Royal Manor community of Gahanna! This rare, income-producing property is currently operating as a successful Airbnb with 5 separate units, offering immediate cash flow and a proven track record of consistent demand. Perfectly positioned near major Columbus employers, top commuter routes, and local attractions, this property attracts a steady stream of short-term guests--making it an ideal addition to any investor's portfolio. Whether you're looking to continue the thriving Airbnb model, convert to long-term rentals, or explore corporate housing opportunities, the flexibility here is unmatched. Beyond its investment potential, this property also presents a compelling opportunity for owner-occupants. With the ability to be converted back into a spacious single-family residence, you can create a stunning home tailored to your lifestyle--all within the highly desirable Gahanna School District. Located in an established neighborhood known for its charm and convenience, you're just minutes from shopping, dining, parks, and everything that makes Gahanna one of Central Ohio's most in-demand areas. Opportunities like this are incredibly rare--whether you're seeking strong cash flow, long-term upside, or a place to call home, this property delivers on every level.

17. 2026-04-11
    historical $344,900 1365-char remark

    Show marketing remark (1365 chars)

    Welcome to a truly unique opportunity at 221 Lincolnshire Road in the highly sought-after Royal Manor community of Gahanna! This rare, income-producing property is currently operating as a successful Airbnb with 5 separate units, offering immediate cash flow and a proven track record of consistent demand. Perfectly positioned near major Columbus employers, top commuter routes, and local attractions, this property attracts a steady stream of short-term guests--making it an ideal addition to any investor's portfolio. Whether you're looking to continue the thriving Airbnb model, convert to long-term rentals, or explore corporate housing opportunities, the flexibility here is unmatched. Beyond its investment potential, this property also presents a compelling opportunity for owner-occupants. With the ability to be converted back into a spacious single-family residence, you can create a stunning home tailored to your lifestyle--all within the highly desirable Gahanna School District. Located in an established neighborhood known for its charm and convenience, you're just minutes from shopping, dining, parks, and everything that makes Gahanna one of Central Ohio's most in-demand areas. Opportunities like this are incredibly rare--whether you're seeking strong cash flow, long-term upside, or a place to call home, this property delivers on every level.

18. 2026-03-24
    historical
19. 2025-11-02
    price $1,300,000
20. 2025-10-03
    price $1,850,000
21. 2025-09-12
    listed $2,000,000 Active
22. 2025-09-01
    historical
23. 2023-09-28
    historical
24. 2023-06-08
    listed $315,000 Active
25. 2022-10-17
    historical
26. 2022-05-23
    listed $312,000 Active
27. 2018-11-26
    soldstatus $184,900
28. 2018-11-07
    soldstatus $184,900 Closed
29. 2018-10-15
    historical Contingent Finance and Inspection
30. 2018-10-10
    listed $184,900 Active
31. 2018-08-14
    soldstatus $108,400
32. 2018-08-03
    soldstatus $108,350 Closed
33. 2018-07-26
    status Pending
34. 2018-07-16
    status Active
35. 2018-07-02
    historical Contingent Finance and Inspection
36. 2018-06-29
    listed $115,000 Active
37. 2004-04-30
    soldstatus $117,000
38. 2004-04-29
    historical
39. 2003-12-11
    listed $115,000
40. 2000-04-10
    soldstatus $88,900
41. 2000-03-31
    soldstatus $88,900
42. 2000-02-22
    historical
43. 1999-10-07
    listed $89,900
44. 1987-03-26
    soldstatus $54,900
45. 1972-06-01
    soldstatus $20,500

ⓘ 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: $5,396 · $450/mo
• Projected year-2 tax: $5,396 · $450/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 ≥99°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 · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $56,179
• − Mortgage interest: −$11,203
• − Property taxes: −$5,396
• − Insurance: −$1,000
• − Repairs & maintenance: −$4,494
• − Management: −$4,494
• − Depreciation: −$5,818
• Taxable income: $23,774
• Est. tax owed @ 24.0%: −$5,706
• After-tax cash flow: $19,694/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: Gahanna-Jefferson City
• NCES district ID: 3904696
• Math proficiency: 58% ▼ -16.00%
• Reading proficiency: 67% ▼ -11.00%
• Median HH income: $76,350
• Composite: 55.64/100
• National rank: #1229
• State rank: #202 of 656 in OH

Livability — Gahanna

• Score: 75/100
• State rank: #241
• US rank: #3854

Category grades

Amenities F Commute F Cost of living A Crime B- Employment A+ Housing A+ Health & safety F User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Gahanna, OH
• County: Franklin County · 1,351,780 people
• City population: 58,076
• Metro: Columbus, OH
• Population (ZIP): 58,076
• Household income: $91,424
• Rent vs Own: 40.2% rent · 59.8% own
• Severe rent burden: 1879.0

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: Majority White (64%)
• Race & ethnicity: White 64% Black 19% Two or more races 6% Asian 5% Hispanic / Latino 5%
• Common ancestry: Romanian 3% Italian 3% Lithuanian 2%
• Foreign-born: 10% · Canada, China, Vietnam
• Languages at home: 89% English-only · Spanish 3% Other Indo-European 2% French/Haitian/Cajun 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: ▼ -254.58%
• Current HPI: 257.0667
• Rent YoY: ▲ 3.89%
• 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

+1460.5% since first listed

31 events — show timeline

• 2026-04-28 Price Changed $319,900 CBRMLS
• 2026-04-11 Listed $344,900 CBRMLS
• 2026-04-11 Coming Soon $344,900 CBRMLS
• 2026-03-24 Listing Removed — CBRMLS
• 2025-11-02 Price Changed $1,300,000 CBRMLS
• 2025-10-03 Price Changed $1,850,000 CBRMLS
• 2025-09-12 Listed $2,000,000 CBRMLS
• 2025-09-01 Coming Soon — CBRMLS
• 2023-09-28 Listing Removed — CBRMLS
• 2023-06-08 Listed $315,000 CBRMLS
• 2022-10-17 Listing Removed — CBRMLS
• 2022-05-23 Listed $312,000 CBRMLS
• 2018-11-26 Sold (Public Records) $184,900 Public Records
• 2018-11-07 Sold (MLS) $184,900 CBRMLS
• 2018-10-15 Contingent — CBRMLS
• 2018-10-10 Listed $184,900 CBRMLS
• 2018-08-14 Sold (Public Records) $108,400 Public Records
• 2018-08-03 Sold (MLS) $108,350 CBRMLS
• 2018-07-26 Pending — CBRMLS
• 2018-07-16 Relisted — CBRMLS
• 2018-07-02 Contingent — CBRMLS
• 2018-06-29 Listed $115,000 CBRMLS
• 2004-04-30 Sold (MLS) $117,000 CBRMLS
• 2004-04-29 Listing Removed — CBRMLS
• 2003-12-11 Listed $115,000 CBRMLS
• 2000-04-10 Sold (Public Records) $88,900 Public Records
• 2000-03-31 Sold (MLS) $88,900 CBRMLS
• 2000-02-22 Listing Removed — CBRMLS
• 1999-10-07 Listed $89,900 CBRMLS
• 1987-03-26 Sold (Public Records) $54,900 Public Records
• 1972-06-01 Sold (Public Records) $20,500 Public Records

Property tax history

+6.3%/yr

Latest (2024): $5,396 · +1.0% YoY. Source: county tax records.