2685 Bulen Ave · Columbus, OH 43207

$123,000

2 bd · 1.0 ba · 816 sqft · SingleFamily public records · 11 Days on market

Built 1956 0.26 ac lot $151/sqft · 34% below area Est $187k · 34% under ↓ 20% since listing

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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 +24.8/30.0
• ARV discount +15.0/15.0
• DSCR +8.0/10.0
• 1% rule +6.1/10.0
• 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 MLS

Move in ready. Great starter home or investment property with 2 bedrooms and 1 bath. Off street parking. Large backyard. Easy access and minutes away from Downtown.

Key facts

• Off street parking
• Large backyard
• Move in ready

Tags

• MOVE IN READY
• LARGE BACKYARD
• OFF STREET PARKING

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $123k.

Deal economics

• At list price, monthly cash flow is $259 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $123k).
• Cap rate 8.8% 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; 12 comparable units currently listed for rent nearby; rentals leasing fast (median 8d on market — plan ~1-2 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 $850 of loan paydown is wiped out by about $4k 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

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts; this cycle's ask has dropped $42k (25%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1956 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $123,000

Questions for the listing agent

1. Built in 1956 — 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: 1.11% ✓
• Cap rate: 8.82%
• Cash-on-cash: 9.02%
• DSCR: 1.40
• GRM: 7.5

CMA / ARV

• ARV (median comp): $187,250
• List price: $123,000
• Delta: -29.51%
• 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
1471 Watkins Rd	0.43mi	3/1.0 (+1)	864 (+6%)	7mo	$165,000	$191	59
3067 Huntington Dr	0.56mi	3/1.0 (+1)	864 (+6%)	4mo	$158,000	$183	56
3072 Bluefield Dr	0.57mi	3/1.0 (+1)	864 (+6%)	5mo	$180,000	$208	54
3018 Woodway Rd	0.52mi	3/1.0 (+1)	896 (+10%)	1mo	$176,400	$197	54
2963 Fairwood Ave	0.43mi	3/1.0 (+1)	896 (+10%)	6mo	$180,200	$201	53
3115 Houston Dr	0.63mi	3/1.0 (+1)	864 (+6%)	4mo	$106,000	$123	52
3088 Bluefield Dr	0.59mi	3/1.0 (+1)	864 (+6%)	9mo	$130,000	$150	50
1325 Evergreen Rd	0.33mi	3/1.0 (+1)	936 (+15%)	11mo	$160,000	$171	46
1382 Southfield Dr S	0.65mi	3/1.0 (+1)	896 (+10%)	6mo	$175,000	$195	44
3114 Fairwood Ave	0.64mi	3/1.0 (+1)	932 (+14%)	1mo	$170,000	$182	40
1336 Southfield Dr S	0.67mi	3/1.0 (+1)	896 (+10%)	9mo	$182,000	$203	40
3032 Baker Hill Rd	0.69mi	3/1.0 (+1)	938 (+15%)	2mo	$202,900	$216	36

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: -3.4%
• Equity multiple: 0.87×
• Total profit: $-4,361
• Equity at exit: $18,340

10-year hold

• IRR: 5.5%
• Equity multiple: 1.40×
• Total profit: $13,695
• Equity at exit: $10,635

Cash invested: $34,440 (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: 7.5×

Monthly cashflow live

• Estimated rent: $1,367 high
• Mortgage (P&I): −$645
• Tax from tax record: −$125 /mo · $1,500/yr
• Insurance: −$51
• HOA: −$0
• Vacancy / Maint / Mgmt: −$287
• Net cashflow: $259

Break-even live

Break-even rent $1,040

Max offer price $123,000

Occupancy floor 76%

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: $30,750
• Closing costs: $3,690
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1285 Evergreen Rd Columbus, OH	3.0	2.0	888	$1,750	$1.97	20d	1	0.38mi
1503 Southfield Dr S Columbus, OH	3.0	1.0	900	$1,395	$1.55	7d	1	0.69mi
3047 Baker Hill Rd Columbus, OH	3.0	1.0	896	$1,300	$1.45	43d	1	0.73mi
1584 Southfield Dr S Columbus, OH	3.0	1.0	934	$1,495	$1.60	3d	1	0.78mi
1316 Marion Rd Columbus, OH	1.0	1.0	485	$955	$1.97	23d	1	0.85mi
838 Lock Ave Columbus, OH	3.0	1.0	988	$1,578	$1.60	2d	1	0.93mi
1622 Smith Rd Columbus, OH	2.0	1.0	1045	$1,000	$0.96	3d	1	1.15mi
1622 Smith Rd Columbus, OH	2.0	1.0	1045	$1,000	$0.96	20d	1	1.15mi
1833 Berkeley Rd Columbus, OH	3.0	1.5	1092	$1,800	$1.65	43d	1	1.22mi
1893-1895 Holburn Ave Unit 2 Columbus, OH	2.0	1.0	945	$1,150	$1.22	3d	1	1.23mi
1836 Lockbourne Rd Columbus, OH	2.0–3.0	1.0–1.5	997	$1,025	$1.03	3d	4	1.27mi
2143 Winslow Dr Columbus, OH	3.0	1.0	575	$999	$1.74	2d	11	1.33mi

Listing history 22 events

1. 2026-06-18
   days on market $123,000 Active 11 DOM
2. 2026-06-17
   days on market $123,000 Active 10 DOM
3. 2026-06-16
   days on market $123,000 Active 9 DOM
4. 2026-06-15
   days on market $123,000 Active 8 DOM
5. 2026-06-13
   days on market $123,000 Active 6 DOM
6. 2026-06-13
   days on market $123,000 Active 5 DOM
7. 2026-06-09
   days on market $123,000 Active 2 DOM
8. 2026-06-08
   remarks 206-char remark
9. 2026-06-08
   pricedays on marketlisting id $123,000 Active 1 DOM
10. 2026-06-05
    days on market $132,000 Active 257 DOM
11. 2026-06-03
    days on market $132,000 Active 256 DOM
12. 2026-06-02
    days on market $132,000 Active 255 DOM
13. 2026-06-01
    days on market $132,000 Active 254 DOM
14. 2026-05-31
    days on market $132,000 Active 253 DOM
15. 2026-04-09
    price $132,000 164-char remark

    Show marketing remark (164 chars)

    Move in ready. Great starter home or investment property with 2 bedrooms and 1 bath. Off street parking. Large backyard. Easy access and minutes away from Downtown.

16. 2026-03-21
    status Active 164-char remark

    Show marketing remark (164 chars)

    Move in ready. Great starter home or investment property with 2 bedrooms and 1 bath. Off street parking. Large backyard. Easy access and minutes away from Downtown.

17. 2026-03-21
    historical 164-char remark

    Show marketing remark (164 chars)

    Move in ready. Great starter home or investment property with 2 bedrooms and 1 bath. Off street parking. Large backyard. Easy access and minutes away from Downtown.

18. 2025-11-19
    price $142,000 164-char remark

    Show marketing remark (164 chars)

    Move in ready. Great starter home or investment property with 2 bedrooms and 1 bath. Off street parking. Large backyard. Easy access and minutes away from Downtown.

19. 2025-10-07
    price $152,000 164-char remark

    Show marketing remark (164 chars)

    Move in ready. Great starter home or investment property with 2 bedrooms and 1 bath. Off street parking. Large backyard. Easy access and minutes away from Downtown.

20. 2025-09-20
    price $162,000 164-char remark

    Show marketing remark (164 chars)

    Move in ready. Great starter home or investment property with 2 bedrooms and 1 bath. Off street parking. Large backyard. Easy access and minutes away from Downtown.

21. 2025-09-20
    price $170,000 164-char remark

    Show marketing remark (164 chars)

    Move in ready. Great starter home or investment property with 2 bedrooms and 1 bath. Off street parking. Large backyard. Easy access and minutes away from Downtown.

22. 2025-09-20
    listed $165,000 Active 164-char remark

    Show marketing remark (164 chars)

    Move in ready. Great starter home or investment property with 2 bedrooms and 1 bath. Off street parking. Large backyard. Easy access and minutes away from Downtown.

ⓘ 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: $1,500 · $125/mo
• Projected year-2 tax: $1,710 · $142/mo
• Expected delta: +$209/yr (+$17/mo · 13.9%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 20% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 6 d/yr ≥100°F today · 16 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: $16,410
• − Mortgage interest: −$6,890
• − Property taxes: −$1,500
• − Insurance: −$615
• − Repairs & maintenance: −$1,313
• − Management: −$1,313
• − Depreciation: −$3,578
• Taxable income: $1,201
• Est. tax owed @ 24.0%: −$288
• After-tax cash flow: $2,820/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

-20.0% since first listed

8 events — show timeline

• 2026-04-09 Price Changed $132,000 CBRMLS
• 2026-03-21 Relisted — CBRMLS
• 2026-03-21 Listing Removed — CBRMLS
• 2025-11-19 Price Changed $142,000 CBRMLS
• 2025-10-07 Price Changed $152,000 CBRMLS
• 2025-09-20 Price Changed $162,000 CBRMLS
• 2025-09-20 Price Changed $170,000 CBRMLS
• 2025-09-20 Listed $165,000 CBRMLS

Property tax history

+3.5%/yr

Latest (2024): $1,500 · -0.6% YoY. Source: county tax records.