Columbus has grown steadily for years, and investors are busy across its older neighborhoods and suburbs. Franklin County's recent reappraisal raised values and taxes, which shapes every refinance.
In short: LendingStreet refinances Columbus-area rentals out of hard money, bridge and existing loans with 30-year DSCR loans that qualify on rent. Loans start at $150,000, rate-and-term reaches 80% LTV on some programs and the standard minimum DSCR is 1.0x. Franklin County's recent reappraisal and the city's rental registration are the local items to plan for.
Olde Towne East, Linden, the Hilltop, Franklinton and the South Side have older homes and doubles investors renovate. Clintonville, German Village and the Short North have higher values, and the University District near Ohio State has student rentals.
In the suburbs, Westerville, Grove City, Hilliard, Reynoldsburg, Whitehall and Gahanna have single-family rentals. New investment in Licking County, including the Intel project near New Albany, has drawn attention to the east side.
Columbus has added population steadily for years, and rental demand comes from Ohio State, the state government, healthcare systems, insurance and logistics employers. That diversity has kept vacancy low in many neighborhoods even as new apartments open.
| Area | Typical rental stock | What to check before you refinance |
|---|---|---|
| Olde Towne East, Linden, Hilltop | Older homes and doubles | Renovated comps, rental registration |
| Clintonville, German Village | Higher-value older homes | Tax bill after reappraisal |
| University District | Student houses and small buildings | Occupancy limits and lease timing |
| Westerville, Grove City, Reynoldsburg | Suburban single-family | School levies and HOA rules |
The usual sequence is simple: finish the work, get a tenant in place, order the appraisal and pay off the short-term lender with a long-term DSCR loan. Underwriting looks at the lease, the appraised value and the full monthly payment including taxes and insurance, with 1.0x as the standard minimum ratio.
After Franklin County's reappraisal, many Columbus rentals have higher tax bills than when they were bought. Use the current bill when sizing the refinance.
Columbus investors coming off hard money should have the city rental registration updated with the new tenant before applying. If one unit of a double is still vacant, underwriting may use a market rent estimate, but a signed lease for each unit is stronger.
This example is illustrative and not a quote. An investor bought a double in Olde Towne East with a bridge loan, renovated both units and leased them for $1,450 each. The property appraises at $360,000 and the bridge balance is $250,000.
The new loan of $259,000 covers the $250,000 payoff plus $9,000 in closing costs, about 72% of the $360,000 value. Estimated principal and interest on a 30-year term is about $1,789. With taxes of $520 and insurance of $150 a month, the full payment is about $2,459 and DSCR is about 1.18x on $2,900 of rent.
The tax line reflects the county's recent reappraisal.
Underwriting divides the rent by the full monthly payment, including taxes and insurance, to get the ratio. Use your actual tax bill and a current insurance quote, not estimates from the listing, so the figure you see is close to the one the underwriter sees.
| Item | Before: bridge loan | After: DSCR rate-and-term |
|---|---|---|
| Loan balance | $250,000 | $259,000 |
| Monthly principal and interest | $2,083 (interest only) | $1,789 |
| Taxes, insurance | $670 | $670 |
| Total monthly payment | $2,753 | $2,459 |
| DSCR at $2,900 rent | About 1.05x | About 1.18x |
| Term | Short-term, due soon | 30 years |
Ohio counties reappraise on a six-year cycle with a midpoint update, and Franklin County's most recent reappraisal raised many values significantly. School and city levies vary by district.
Pull the current bill from the Franklin County Auditor. Delaware and Licking counties have their own schedules.
Ohio bills taxes in two halves each year, and the second half can reflect new levies approved by voters. Keep an eye on school levy votes in your district, since they can change the bill after you close.
Delaware County, north of the city, has higher values and newer homes, while Licking County bills may change as new development around New Albany and the Intel site adds to the tax base.
Columbus requires rental properties to be registered with the city, and short-term rentals need a city license. Most refinances use long-term leases.
Insurance is moderate in central Ohio. Older homes may draw questions about roofs and wiring.
Older homes in Olde Towne East, Linden and the Hilltop were largely built before 1978, so lead-safe practices and disclosures apply to renovations and leases.
Some suburbs, including Whitehall and Reynoldsburg, run their own rental inspection or registration programs, so check the rules for the city where your rental sits rather than assuming Columbus rules apply everywhere in Franklin County.
Doubles are common in Columbus and qualify on combined rent. Five to eight unit buildings are residential for DSCR purposes, though max LTV varies by program.
Doubles in Columbus usually have side-by-side units with separate entrances and utilities, which lets tenants pay their own gas and electric. The University District also has larger converted houses and small buildings rented by the room, which qualify within occupancy limits.
Many investors start by asking for cash-out and end up with rate-and-term once they see the payment. A smaller balance means a higher DSCR, which can open more programs. Cash-out tops out at 75% LTV and its seasoning varies by program, while rate-and-term can reach 80% LTV on some programs.
Columbus investors may have equity after the reappraisal, but rate-and-term keeps the payment manageable against higher taxes.
Have these ready when you request a quote. A complete package gets a faster answer.
Use the form below with the address, payoff amount, lease rent and an estimate of value. LendingStreet refinances investor rentals in Franklin, Delaware, Licking, Fairfield and Union counties, and we will run the DSCR on your actual tax and insurance numbers before quoting. Our investor loans are business-purpose loans on non-owner-occupied property. Statewide details are on our Ohio rate-and-term refinance page, or call (877) 298-1001.
Likely. Many values rose, raising taxes. Use the current bill.
Yes. The city requires rentals to be registered.
Yes, within occupancy limits. The combined rent counts.
Yes. We refinance 1-8 unit rentals across Franklin and nearby counties.
DSCR loans start at $150,000 with no stated maximum. Larger balances get more review and can carry lower leverage.
If you own five or more investment properties, a blanket portfolio loan can combine them under one loan with one closing and one payment, qualified on portfolio cash flow.
Yes. 30-year terms are available on our DSCR programs, which is what lowers the monthly payment compared with an interest-only short-term note.
Seasoning rules vary by program and can differ between rate-and-term and cash-out refinances. Share your purchase date, rehab costs and payoff, and we will tell you which programs fit your timeline.
2-3 competing quotes from 30+ capital sources. No credit pull. No commitment.
By clicking, you provide express written consent to be contacted by LendingStreet (NMLS #1734316) via SMS, phone, or email, possibly using automated technology, regarding your loan inquiry. Reply STOP to opt out. Consent is not required to obtain services. See our Privacy Policy and Terms.