In Columbus, the classic small rental is the double: a two-story, side-by-side two-family house with a shared center wall, built by the thousands in the early 1900s around campus, on the South Side and on the Near East Side. Triplexes and fourplexes are less common but show up in the same neighborhoods and along older corridors.
In short: LendingStreet finances Columbus doubles, triplexes and fourplexes with DSCR loans that qualify on the combined rent of all units, with no W-2s or tax returns and LLC borrowers allowed. Loans start at $150,000 with no stated maximum, purchases go up to 80% LTV, cash-out goes up to 75% LTV and the standard minimum DSCR is 1.0x. Separate utilities, the post-reappraisal tax bill and the building's age are the details that move the numbers most.
The heaviest concentration is around Ohio State: Old North Columbus, the University District, Weinland Park and the southern edge of Clintonville. Doubles there rent to students by the bedroom or to graduate students and young workers by the unit. The South Side, including Merion Village and Schumacher Place, and the Near East Side and Olde Towne East have brick doubles that rent to working households and downtown employees.
On the west side, the Hilltop and Franklinton offer the lowest prices, with frame doubles that often need more work. Suburban areas have fewer 2-4 unit buildings, mostly newer duplexes in places like Grove City, Reynoldsburg and Westerville.
Doubles are popular with investors for a simple reason: in most neighborhoods, a double sells for not much more than a single-family house of similar size and age, but brings in two rents. That rent-to-price gap is narrower in the most desirable areas, such as German Village and Victorian Village, where doubles also compete with owner-occupants who want to convert them to single-family homes.
| Area | Typical building | Main renters |
|---|---|---|
| Old North and University District | Frame and brick doubles, some triplexes | Students, graduate students |
| Clintonville and Weinland Park | Doubles, converted houses | Young professionals, campus staff |
| South Side and Merion Village | Brick doubles | Working households, downtown workers |
| Olde Towne East and Near East | Larger historic doubles, fourplexes | Professionals, hospital staff |
| Hilltop and Franklinton | Frame doubles | Working families |
Most of Columbus's doubles were built before modern zoning and sit in residential districts that allow two-family use. Triplexes and fourplexes in single- or two-family districts may be legal nonconforming. The city has been rewriting its zoning code in phases, starting with major corridors, which may change what can be built or added on some lots. Confirm the current district and permitted unit count for any building you buy.
Historic districts such as German Village, Victorian Village, Italian Village and Olde Towne East have architectural review for exterior changes, which affects renovation budgets and timelines.
Converting a single-family house into a double, or adding a third unit, requires zoning approval and permits. If a building has more units than the auditor and permits show, lenders will usually finance it at the legal count, so sort out any discrepancy before you rely on the extra rent.
This example is illustrative and not a quote. An investor buys a brick double on the South Side for $395,000 with 25% down. Each three-bedroom side rents for $1,800, $3,600 a month combined.
The loan is $296,250. Estimated principal and interest is $2,071, taxes are budgeted at $650 a month and insurance at $200. The total payment is $2,921 and DSCR is about 1.23x.
| Item | Amount |
|---|---|
| Purchase price | $395,000 |
| Loan (75% LTV) | $296,250 |
| Combined rent, 2 units | $3,600 |
| Estimated principal and interest | $2,071 |
| Taxes | $650 |
| Insurance | $200 |
| Total payment | $2,921 |
| DSCR | About 1.23x |
Ohio taxes property on 35% of the auditor's appraised value, and the 2023 Franklin County reappraisal pushed many values up sharply. Investors do not receive the owner-occupancy credit, and school district levies can change the bill. On a double, the tax line is often the second-largest monthly cost. Pull the current bill for the parcel and ask whether any new levies are on the next ballot.
Franklin County reappraises on a six-year cycle with an update at the third year, so another adjustment is due before most loans mature. A double bought below market can also be revalued closer to its sale price. Building a cushion into your tax estimate protects the ratio.
Many older doubles still have a shared water line, and some have a single furnace or boiler. Separate gas and electric meters are standard on most, but water is often owner-paid. Owner-paid utilities generally do not enter the DSCR calculation, but they cut real cash flow, especially in a cold winter.
Student doubles near campus often lease by the bedroom on August-to-July terms. Lenders add bedroom leases to a property total, and the appraiser compares that total with whole-unit market rent.
Ohio law requires owners of residential rental property to register with the county auditor, and the City of Columbus enforces housing and property maintenance codes through code enforcement inspections, often complaint-driven. Keep smoke detectors, egress and electrical in order; violations can delay a refinance or a sale.
Pre-1978 buildings, which describes most Columbus doubles, are subject to federal lead disclosure rules when leased, and renovation work that disturbs paint must follow lead-safe practices. Factor that into renovation budgets on older buildings.
Insurance follows the same logic. Older frame doubles with original wiring or aging roofs can be harder to insure, and carriers price winter freeze and water damage risk on buildings with shared plumbing. Get a quote before you remove contingencies so the payment in your DSCR math is real.
Columbus also has small apartment buildings of 5-8 units, especially in Olde Towne East, Victorian Village and near campus. These are still residential for our DSCR programs, though max LTV can be lower and terms vary by program. See the Ohio 5-8 unit page for details.
Our investor loans are business-purpose loans on non-owner-occupied property. Send the address, price, unit mix, leases and the current tax bill, and we will run the ratio at a few loan amounts. The Ohio 2-4 unit page covers Cleveland, Cincinnati and the rest of the state; call (877) 298-1001 or use the form below.
Yes. The loan qualifies on the combined rent of both sides, with no personal income documentation.
Yes. Bedroom leases are added up for the property, and the appraiser checks the total against market rent.
Often yes, if it is legal nonconforming and the appraisal supports three units.
The 2023 reappraisal raised many values, and investors do not get the owner-occupancy credit.
On most programs it does not enter the ratio, but it does reduce your actual cash flow.
Ohio law requires owners of residential rental property to register with the county auditor.
Yes, up to 75% LTV, with seasoning that varies by program.
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