73-75 S Warren Ave · Columbus, OH 43204

$65,000

4 bd · 2.0 ba · 1,780 sqft · MultiFamily public records · 30 Days on market

Built 1910

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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).

• Cash flow +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +4.0/5.0
• Rent growth +3.6/5.0
• 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 (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks

Welcome to 73-75 S Warren Ave, a value-add massive multifamily opportunity located in the Central Hilltop area of Columbus. This property offers strong income and redevelopment potential, including the possibility of a triplex conversion. Major improvements already completed include a new roof and roof decking, partial electrical updates, extensive structural framing repairs with replacement of joists, beams, headers, and studs throughout, window framing, partial exterior door replacement, gutter work, roof-line tree removal, and interior demo/cleanout. The heavy preliminary work has already been started, allowing the next investor to continue renovations and add value. Current layout inclu

Key facts

• Gutter work
• Window framing
• New roof

Tags

• NEW ROOF
• PARTIAL ELECTRICAL UPDATES
• STRUCTURAL FRAMING REPAIRS
• WINDOW FRAMING
• GUTTER WORK
• ROOF-LINE TREE REMOVAL

Property features AI

Finance

• Financial info: Annual property tax approximately $1,559.08 (2025)

Exterior

• Home design: Duplex; Built in 1910
• Exterior features: Located at S Warren Ave near Sullivant Ave; Township: Franklin

Interior

• Interior features: Two-unit interior layout (duplex)

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/3-bath units multifamily listed at $65k.

Deal economics

• At list price, monthly cash flow is $2k ($28k/yr) — positive. Per door: $785/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $65k).
• Recommended offer: $64k (1.5% below list) — sets the bar for market timing.
• Cap rate 49.8% 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 fast (+4.5%/yr); 187 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 8,139 units permitted in Franklin County in 2024 (5,940 in 5+ unit buildings).
• At $3,612/mo this rent would consume 73% of the median local household income ($59k/yr) (locally 2290% 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 $449 of loan paydown is wiped out by about $2k 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 + 4.5% rent growth), your $18k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 30 days — a 2% lower offer ($64k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $14k; list at $65k implies a 381% 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 $64,025 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
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 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: 5.56% ✓
• Cap rate: 49.78%
• Cash-on-cash: 155.31%
• DSCR: 7.91
• GRM: 1.5

CMA / ARV

• ARV (on-the-fly): $186,900
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
361 S Harris Ave #361	0.41mi	5/— (+1)	1,890 (+6%)	1mo	$180,000	$95	64
2726-2728 Grace St	0.27mi	4/—	1,848 (+4%)	24mo	$130,000	$70	61
2736-2738 Grace St	0.27mi	4/—	1,848 (+4%)	24mo	$130,000	$70	61
23-25 N Warren Ave	0.16mi	3/— (-1)	1,616 (-9%)	15mo	$120,000	$74	60
46-48 Haldy Ave	0.42mi	4/—	1,716 (-4%)	19mo	$265,000	$154	59
223 S Wayne Ave	0.44mi	4/—	1,860 (+4%)	24mo	$263,000	$141	52
36-38 Orel Ave	0.74mi	4/—	1,870 (+5%)	7mo	$215,000	$115	52
423 S Hague Ave	0.52mi	3/— (-1)	1,594 (-10%)	4mo	$168,000	$105	50
48-50 N Ogden Ave	0.20mi	4/—	2,044 (+15%)	20mo	$174,000	$85	50
255 S Chase Ave	0.36mi	4/—	2,020 (+14%)	18mo	$245,000	$121	46
375 S Chase Ave	0.50mi	4/—	2,020 (+14%)	22mo	$256,500	$127	36
600 S Warren Ave #602	0.75mi	4/—	2,016 (+13%)	22mo	$200,000	$99	25

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 · 4.49% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 8.97×
• Total profit: $145,077
• Equity at exit: $9,692

10-year hold

• IRR: —
• Equity multiple: 19.85×
• Total profit: $343,106
• Equity at exit: $5,620

Cash invested: $18,200 (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 43204

• Rents YoY: 4.5%
• Active inventory: 187
• Price-to-rent: 4.5×

Monthly cashflow live

• Estimated rent: $3,612 high
• Mortgage (P&I): −$341
• Tax from tax record: −$130 /mo · $1,559/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$759
• Net cashflow: $2,356

Break-even live

Break-even rent $630

Max offer price $65,000

Occupancy floor 30%

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	3	$3,612
Total (3 units)			$3,612

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: $16,250
• Closing costs: $1,950
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
80 S Warren Ave Columbus, OH	3.0	1.0	1258	$1,345	$1.07	44d	1	0.04mi
80 S Warren Ave Columbus, OH	3.0	1.0	1258	$1,345	$1.07	3d	1	0.04mi
92 S Hague Ave Columbus, OH	3.0	2.0	1456	$1,400	$0.96	23d	1	0.08mi
43 N Roys Ave Columbus, OH	3.0	1.5	1332	$1,599	$1.20	23d	1	0.38mi
2745-2747 Steele Ave Columbus, OH	3.0	1.0	2128	$1,200	$0.56	44d	1	0.39mi
130 N Roys Ave Columbus, OH	3.0	1.0	1380	$1,595	$1.16	2d	1	0.45mi
41 S Oakley Ave Columbus, OH	3.0	1.5	1428	$1,550	$1.09	44d	1	0.48mi
133 N Eureka Ave Columbus, OH	3.0	1.0	1484	$1,350	$0.91	12d	1	0.48mi
2676 Sullivant Ave Columbus, OH	3.0	1.0	1524	$1,200	$0.79	44d	1	0.61mi
2709-2711 Sullivant Ave Columbus, OH	3.0	2.0	1344	$1,380	$1.03	3d	1	0.64mi
2709-2711 Sullivant Ave Unit 2709 Columbus, OH	3.0	2.0	1344	$1,380	$1.03	3d	1	0.64mi
2730 Elliott Ave Columbus, OH	3.0	1.0	1332	$1,803	$1.35	44d	1	0.79mi
95-97 Whitethorne Ave Columbus, OH	3.0	1.5	1260	$1,475	$1.17	20d	1	0.80mi
95-97 Whitethorne Ave Columbus, OH	3.0	1.5	1260	$1,375	$1.09	3d	1	0.80mi
2205 Sullivant Ave Columbus, OH	3.0	1.0	1275	$1,200	$0.94	44d	1	0.88mi
695 S Eureka Ave Columbus, OH	3.0	1.0	1344	$1,425	$1.06	21d	1	0.94mi
692 S Wheatland Ave Columbus, OH	3.0	1.0	1608	$1,547	$0.96	44d	1	1.04mi
1964 Sullivant Ave Columbus, OH	4.0	2.0	1580	$1,650	$1.04	23d	1	1.16mi
543 Woodbury Ave Unit NA Columbus, OH	3.0	1.0	1308	$1,645	$1.26	15d	1	1.41mi

Listing history 17 events

1. 2026-06-18
   days on market $65,000 Active 30 DOM
2. 2026-06-17
   price $65,000 Active 29 DOM
3. 2026-06-17
   days on market $70,000 Active 29 DOM
4. 2026-06-16
   days on market $70,000 Active 28 DOM
5. 2026-06-15
   days on market $70,000 Active 27 DOM
6. 2026-06-13
   days on market $70,000 Active 25 DOM
7. 2026-06-13
   days on market $70,000 Active 24 DOM
8. 2026-06-09
   days on market $70,000 Active 21 DOM
9. 2026-06-08
   days on market $70,000 Active 20 DOM
10. 2026-06-07
    days on market $70,000 Active 19 DOM
11. 2026-06-05
    days on market $70,000 Active 16 DOM
12. 2026-06-03
    days on market $70,000 Active 15 DOM
13. 2026-06-02
    days on market $70,000 Active 14 DOM
14. 2026-06-01
    days on market $70,000 Active 13 DOM
15. 2026-05-31
    days on market $70,000 Active 12 DOM
16. 2026-05-19
    listed $70,000 Active
17. 2002-03-06
    soldstatus $13,500

ⓘ 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: $1,559 · $130/mo
• Projected year-2 tax: $1,559 · $130/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 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 1 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $43,344
• − Mortgage interest: −$3,641
• − Property taxes: −$1,559
• − Insurance: −$325
• − Repairs & maintenance: −$3,468
• − Management: −$3,468
• − Depreciation: −$1,891
• Taxable income: $28,993
• Est. tax owed @ 24.0%: −$6,958
• After-tax cash flow: $21,309/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): 42,962
• Household income: $59,266
• Rent vs Own: 50.5% rent · 49.5% own
• Severe rent burden: 2290.0

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 0.58)
• Race & ethnicity: White 61% Hispanic / Latino 16% Black 13% Two or more races 12% Asian 3%
• Hispanic origin (detail): Mexican 9%
• Common ancestry: Lithuanian 1% Slovak 1% Romanian 1%
• Foreign-born: 13% · Canada
• Languages at home: 81% English-only · Spanish 13% Arabic 2% Other Asian/Pacific 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: ▼ -220.67%
• Current HPI: 265.7711
• Rent YoY: ▲ 4.49%
• 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

+418.5% since first listed

2 events — show timeline

• 2026-05-19 Listed $70,000 CBRMLS
• 2002-03-06 Sold (Public Records) $13,500 Public Records

Property tax history

+4.5%/yr

Latest (2024): $1,559 · +1.3% YoY. Source: county tax records.