Columbus has been one of the Midwest's steadiest rental markets, driven by Ohio State, state government, healthcare and logistics. Investors who bought in Clintonville, the Hilltop, Linden or the suburbs can now pull that equity out with a DSCR cash-out refinance.
In short: Yes. LendingStreet can refinance a Columbus rental with 1-8 units and pay you cash up to 75% LTV, qualifying on the property's rent with no tax returns required. Loans start at $150,000, the minimum credit score is 620 and standard programs need a DSCR of at least 1.0x after the cash-out. In Columbus, Franklin County's reappraisal, campus leasing and the city's short-term rental license are the local items to check.
With a DSCR cash-out refinance, a new loan of up to 75% of the appraised value pays off the old one, and the remaining equity comes to you as cash. Income documents are not part of the file; the rent is.
Underwriting divides rent by the new payment, counting principal, interest, taxes, insurance and any association dues. Because cash-out raises the balance, the ratio drops, and it has to stay at or above the program minimum, 1.0x on standard programs.
Investors use the proceeds to buy another property, fund repairs elsewhere, retire a short-term rehab loan or set aside reserves. The cash comes at closing in one lump sum.
Near Ohio State, the University District and Old North Columbus are full of doubles and student houses. Clintonville, Merion Village, Olde Towne East and the Near East Side have older homes and doubles for professionals. The Hilltop, Linden, Franklinton and South Side offer lower prices and strong rent-to-value.
Suburbs such as Westerville, Grove City, Hilliard, Reynoldsburg, Whitehall and Gahanna carry single-family rentals, and the area northeast of the city has drawn attention from the Intel project in Licking County.
Strong job growth and limited new housing in older neighborhoods have kept vacancy low. That helps appraisers support market rents.
Ohio counties reappraise every six years with an update at three years. Franklin County's most recent reappraisal raised values sharply in many neighborhoods, and new levies have added to some bills.
Use the current bill from the county auditor. A higher appraised value supports a bigger loan, but a higher tax bill lowers the ratio, so check both.
Different school districts within Columbus city limits have different levies, so two similar doubles on different sides of town can carry different bills.
Columbus doubles are side-by-side or up-and-down two-unit homes, often over 80 years old. Appraisers look at separate utilities, condition and the legal unit count. Student houses can show wear that affects value.
Insurance is generally moderate in central Ohio, though older roofs and wiring can raise premiums. Get a current quote.
Some Columbus neighborhoods are in historic districts or conservation areas with exterior review, which affects renovation plans.
The City of Columbus requires a license for short-term rentals, and some suburbs and HOAs limit them further. Long-term rentals must meet the city's property maintenance code, and some suburbs require rental registration.
Most Columbus cash-out loans qualify on 12-month leases. Campus leases often run August to July, so time the appraisal when the units are leased.
Columbus also enforces a vacant building registration for long-vacant properties, and code orders can surface in title work. Resolve open orders before you apply.
This example is illustrative and not a quote. An investor owns a Hilltop double with both sides leased. It appraises at $290,000 with an existing payoff of $120,000. Combined rent is $2,300 a month, taxes are $430 a month and insurance is $120.
At 75% LTV the new loan is $217,500, which leaves about $97,500 after the $120,000 payoff, before closing costs. Estimated principal and interest on a 30-year schedule is about $1,521, so the total payment is about $2,071 and the DSCR is about 1.11x, above the 1.0x standard minimum.
On many programs the appraiser's market rent estimate is weighed against the lease, so a lease well above market may not count in full. Use current tax and insurance figures, not last year's, when you test your own numbers.
| Item | At 75% LTV |
|---|---|
| Appraised value | $290,000 |
| New loan amount | $217,500 |
| Existing loan payoff | $120,000 |
| Cash before closing costs | $97,500 |
| Estimated principal and interest | About $1,521 |
| Taxes and insurance | $550 |
| Total monthly payment | About $2,071 |
| DSCR at $2,300 rent | About 1.11x |
Ohio has no mortgage recording tax, and the conveyance fee applies to deed transfers, not refinances. Expect title insurance, recording, the appraisal and lender fees.
Franklin County recording and title work is usually quick, so a clean file can move from appraisal to closing without long delays.
Seasoning rules vary by program: some allow a cash-out soon after purchase, while others want several months of ownership or limit the loan to cost plus documented improvements.
Having these ready shortens the time from application to closing.
Our investor loans are business-purpose loans on non-owner-occupied property. Send the address, estimated value, payoff, rent and how much cash you want, and we will run the ratio at a few loan amounts using realistic taxes and insurance for Franklin County.
You will get options showing the cash available at each loan size, including sub-1.0 DSCR programs where they fit. Call (877) 298-1001 or use the form below to get a quote. For statewide rules, see our Ohio cash-out page.
Yes. Doubles qualify on combined rent, and student leases count. Provide signed leases for both units.
It may have raised your value and your taxes. Run the ratio with the current bill, not last year's.
No. Our investor loans are business-purpose loans on non-owner-occupied property.
Two things: the 75% LTV cap on cash-out and the ratio at the new payment. Whichever produces the smaller loan sets the amount.
Seasoning varies by program. Some allow a cash-out soon after purchase; others require several months of ownership or cap the loan at cost plus documented improvements.
On some programs, yes, if the property holds the city's STR license and the HOA allows it.
Yes. We finance 1-8 unit rentals across Franklin, Delaware and Licking counties.
Yes. We lend across central Ohio, including Licking and Delaware counties, on 1-8 unit rentals.
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