609 Colorado Ave · Lorain, OH 44052

$100,000

3 bd · 1.5 ba · 1,176 sqft · SingleFamily public records · 28 Days on market

Built 1910 9,147 sqft lot $85/sqft · at area comps Est $105k · at est.

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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 +30.0/30.0
• DSCR +10.0/10.0
• ARV discount +9.6/15.0
• 1% rule +7.5/10.0
• Rent growth +3.5/5.0
• Livability +3.4/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0
• Appreciation +0.0/10.0

Listing remarks

Step into the charm of this inviting 3 bed, 1.5 bath home, complete with a covered front porch perfect for relaxing, a fully fenced yard, and a detached garage that adds storage and versatility. Inside, you'll find a comfortable, easy-flow layout with room to make it your own, plus a basement for extra storage or future possibilities. Located in a great walkable area, you're close to everyday conveniences and neighborhood spots. Come make this your home, it's ready to welcome you in!

Key facts

• Covered front porch
• Easy-flow layout
• Basement

Tags

• COVERED FRONT PORCH
• FULLY FENCED YARD
• DETACHED GARAGE
• EASY-FLOW LAYOUT
• BASEMENT
• WALKABLE AREA

Property features AI

Exterior

• Parking: Detached garage (1 car)
• Utilities: Public water; Public sewer
• Home design: Single-story home; Shingle roof; Vinyl siding; Property listed as fixer
• Construction: Built according to public records (year built source: Public Records); Block foundation
• Exterior features: Private yard; Covered porch; Full fencing

Interior

• Kitchen: Kitchen on main level
• Bedrooms: 3 bedrooms on the main level
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Electric heating; Central air conditioning
• Interior features: Full basement; 6 total rooms

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $100k.

Deal economics

• At list price, monthly cash flow is $377 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $100k).
• Recommended offer: $98k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.8% vs local median 5.9% in Lorain — 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 67/100 on livability (#595 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools C-, amenities D, health & safety D.
• Lorain City (suburban): math 13% / reading 26% proficiency, ranked #633 of 656 in OH (top 96%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 80% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+4.1%/yr); 129 active listings in the ZIP; 27 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 48% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,098 units permitted in Lorain County in 2024 (20 in 5+ unit buildings).
• This rent runs 33% of the median local income ($45k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $691 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 4.1% rent growth), your $28k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 28 days — a 2% lower offer ($98k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $60k; list at $100k implies a 67% 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 $98,500 (1.5% below list)

Questions for the listing agent

1. Built in 1910 — 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: 1.25% ✓
• Cap rate: 10.82%
• Cash-on-cash: 16.16%
• DSCR: 1.72
• GRM: 6.7

CMA / ARV

• ARV (median comp): $104,973
• List price: $100,000
• Delta: -4.74%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
223 Georgia Ave	0.40mi	3/1.0	1,175 (-0%)	6mo	$75,000	$64	75
925 E St	0.27mi	3/1.0	1,233 (+5%)	4mo	$115,000	$93	73
228 Florida Ave	0.38mi	3/1.0	1,120 (-5%)	4mo	$71,500	$64	69
339 Colorado Ave	0.34mi	4/1.5 (+1)	1,264 (+8%)	1mo	$80,000	$63	66
207 Georgia Ave	0.43mi	3/1.0	1,232 (+5%)	6mo	$79,000	$64	64
313 Kansas Ave	0.52mi	2/1.0 (-1)	1,176 (0%)	8mo	$135,000	$115	62
1330 Maryland Ave	0.52mi	3/1.0	1,220 (+4%)	7mo	$150,000	$123	62
1336 E Erie Ave	0.56mi	3/1.5	1,258 (+7%)	8mo	$245,000	$195	56
1413 F St	0.43mi	2/1.0 (-1)	1,075 (-9%)	5mo	$129,000	$120	54
301 Idaho Ave	0.37mi	3/1.5	1,338 (+14%)	6mo	$125,000	$93	54
306 Florida Ave	0.33mi	2/2.0 (-1)	1,063 (-10%)	9mo	$80,000	$75	54
1519 Maine Ave	0.46mi	2/1.5 (-1)	1,008 (-14%)	7mo	$115,000	$114	44

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 · 4.09% rent growth · sell at horizon

5-year hold

• IRR: 8.3%
• Equity multiple: 1.33×
• Total profit: $9,164
• Equity at exit: $14,910

10-year hold

• IRR: 18.3%
• Equity multiple: 2.59×
• Total profit: $44,585
• Equity at exit: $8,646

Cash invested: $28,000 (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 44052

• Home prices YoY: -28.1%
• Rents YoY: 4.1%
• Active inventory: 129
• Price-to-rent: 6.7×

Monthly cashflow live

• Estimated rent: $1,249 high
• Mortgage (P&I): −$524
• Tax from tax record: −$44 /mo · $523/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$262
• Net cashflow: $377

Break-even live

Break-even rent $772

Max offer price $100,000

Occupancy floor 65%

Sensitivity live

Price	-10% $434	-5% $405	+0% $377	+5% $349	+10% $320
Rent	-10% $278	-5% $328	+0% $377	+5% $426	+10% $476
Rate	-1.0pp $427	-0.5pp $402	base $377	+0.5pp $351	+1.0pp $325

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: $25,000
• Closing costs: $3,000
• Reserves months: —
• Total cash needed: —

Rent comps 27 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
860 Colorado Ave Lorain, OH	2.0	1.0	825	$1,225	$1.48	44d	1	0.04mi
810 E Erie Ave #4 Lorain, OH	2.0	1.0	1200	$895	$0.75	44d	1	0.45mi
1510 Fillmore Ave Lorain, OH	3.0	1.0	896	$900	$1.00	8d	1	0.54mi
1508 Fillmore Ave Unit 1510 Fillmore Ave: Left Unit Lorain, OH	3.0	1.0	896	$900	$1.00	8d	1	0.54mi
420 W 12th St Lorain, OH	3.0	1.0	1204	$1,650	$1.37	5d	1	0.81mi
521 W 14th St Lorain, OH	3.0	1.0	968	$950	$0.98	44d	1	0.90mi
1724 Lexington Ave Lorain, OH	3.0	1.0	1150	$1,215	$1.06	24d	1	0.93mi
1028 W 5th St Lorain, OH	3.0	2.0	1250	$1,650	$1.32	44d	1	0.96mi
1703 Oakdale Ave Lorain, OH	3.0	1.0	1237	$1,300	$1.05	3d	1	0.98mi
1053 Washington Ave Unit 4 Lorain, OH	3.0	1.0	1000	$899	$0.90	44d	1	0.99mi
1421 Long Ave Lorain, OH	2.0	1.0	719	$1,140	$1.59	44d	1	1.00mi
2327 S Jefferson Blvd Lorain, OH	3.0	1.0	1485	$1,531	$1.03	22d	1	1.00mi
1031 W 9th St Lorain, OH	2.0	1.0	854	$895	$1.05	24d	1	1.01mi
128 W 22nd St Lorain, OH	3.0	1.0	1402	$1,470	$1.05	44d	1	1.15mi
1055 W 12th St Lorain, OH	4.0	1.0	1206	$1,750	$1.45	24d	1	1.16mi
1220 W Erie Ave Lorain, OH	2.0	2.0	1458	$1,050	$0.72	2d	1	1.19mi
930 W 18th St Lorain, OH	4.0	1.0	1344	$1,450	$1.08	44d	1	1.20mi
1223 W 5th St Lorain, OH	3.0	2.0	1152	$1,150	$1.00	13d	1	1.21mi
1630 Euclid Ave Lorain, OH	3.0	1.0	900	$1,100	$1.22	44d	1	1.24mi
1239 W 5th St Unit 1 Lorain, OH	3.0	1.0	1200	$1,100	$0.92	24d	1	1.25mi
704 W 21st St Lorain, OH	4.0	1.0	1410	$1,450	$1.03	24d	1	1.25mi
2349 Elyria Ave Unit 2 Lorain, OH	2.0	1.0	800	$925	$1.16	44d	1	1.26mi
1109 Euclid Ave Lorain, OH	3.0	1.0	1066	$995	$0.93	2d	1	1.35mi
2550 Elyria Ave Unit 2 Lorain, OH	3.0	1.0	765	$1,200	$1.57	8d	1	1.39mi
509 W 24th St Lorain, OH	2.0	1.0	1036	$1,400	$1.35	44d	1	1.40mi
939 W 22nd St Lorain, OH	3.0	1.0	950	$1,295	$1.36	44d	1	1.46mi
2715 Apple Ave Lorain, OH	3.0	1.0	1240	$1,311	$1.06	44d	1	1.47mi

Listing history 11 events

1. 2026-06-09
   days on market $100,000 Active 28 DOM
2. 2026-06-08
   days on market $100,000 Active 27 DOM
3. 2026-06-07
   days on market $100,000 Active 26 DOM
4. 2026-06-03
   days on market $100,000 Active 22 DOM
5. 2026-06-02
   days on market $100,000 Active 21 DOM
6. 2026-06-02
   price $100,000 Active 20 DOM
7. 2026-06-01
   days on market $109,995 Active 20 DOM
8. 2026-05-31
   days on market $109,995 Active 19 DOM
9. 2026-05-12
   listed $109,995 Active 488-char remark
10. 2024-10-25
    soldstatus $60,000
11. 2004-10-06
    soldstatus $48,800

ⓘ 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: $523 · $44/mo
• Projected year-2 tax: $1,041 · $87/mo
• Expected delta: +$519/yr (+$43/mo · 99.2%)

ⓘ 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 3/10 Moderate 7 d/yr ≥97°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,988
• − Mortgage interest: −$5,602
• − Property taxes: −$523
• − Insurance: −$500
• − Repairs & maintenance: −$1,199
• − Management: −$1,199
• − Depreciation: −$2,909
• Taxable income: $3,056
• Est. tax owed @ 24.0%: −$734
• After-tax cash flow: $3,791/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: Lorain City
• NCES district ID: 3904426
• Math proficiency: 13% ▼ -24.00%
• Reading proficiency: 26% ▼ -10.00%
• Median HH income: $32,823
• Composite: 15.81/100
• National rank: #9266
• State rank: #633 of 656 in OH

Livability — Lorain

• Score: 67/100
• State rank: #595
• US rank: #10183

Category grades

Amenities D Commute F Cost of living A+ Crime F Employment F Housing A+ Health & safety D User ratings A-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lorain, OH
• County: Lorain County · 219,437 people
• City population: 69,409
• Metro: Cleveland-Elyria, OH
• Population (ZIP): 28,282
• Household income: $45,023
• Rent vs Own: 46.0% rent · 54.0% own
• Severe rent burden: 1423.0

Population outlook (Lorain County) Hauer SSP2

• Today (2025): 314,924 people
• By 2030: 317,546 · +0.8%
• By 2040: 317,962 · +1.0%
• By 2050: 312,872 · -0.7%
• By 2075: 301,806 · -4.2%
• By 2100: 278,271 · -11.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.66)
• Race & ethnicity: White 49% Hispanic / Latino 24% Black 21% Two or more races 16%
• Hispanic origin (detail): Mexican 5% Puerto Rican 17%
• Common ancestry: Romanian 6% Lithuanian 1% Iranian 1%
• Foreign-born: 3% · Canada, Vietnam
• Languages at home: 84% English-only · Spanish 14%

Political lean MEDSL · Lorain

• 2024 margin: Lean R (+5.7) · D 46.7% · R 52.4%
• 2008→2024 swing: -23.6pp toward R · 2008: 17.9pp · 2024: -5.7pp
• All cycles: 2024: R+5.7 2020: R+2.5 2016: R+0.3 2012: D+14.4 2008: D+17.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -73.23%
• Current HPI: 186.9657
• Rent YoY: ▲ 4.09%
• Metro: Cleveland-Elyria, 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

+104.9% since first listed

5 events — show timeline

• 2026-06-09 Listing Removed — MLSNOW
• 2026-06-01 Price Changed $100,000 MLSNOW
• 2026-05-12 Listed $109,995 MLSNOW
• 2024-10-25 Sold (Public Records) $60,000 Public Records
• 2004-10-06 Sold (Public Records) $48,800 Public Records

Property tax history

-5.9%/yr

Latest (2025): $523 · -64.1% YoY. Source: county tax records.