445 10th St

Elyria, OH 44035

$125,000C

4 bd · 1.0 ba · 1,248 sqft · Built 1920 · SingleFamily · Pending · 2 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,299/mo
• Mortgage (P&I): −$656
• Tax + insurance: −$175
• HOA: −$0
• Vac / Maint / Mgmt: −$273
• Net cashflow: $195/mo
• Annual: $2,345/yr
• Cap rate: 8.17%
• Cash-on-cash: 6.70%
• DSCR: 1.30
• 1% rule: 1.04%
• Cash to close: $35,000

Investor read

• This is a 4-bed/1.0-bath single-family listed at $125k.
• At list price, monthly cash flow is $195 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $125k).
• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $864 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 75/100 on livability (#243 in OH, #3,869 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A; Watch: employment D, commute F.
• Elyria City Schools (urban): math 21% / reading 37% proficiency, ranked #586 of 656 in OH (top 89%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Hamilton Elementary School (math 8% / reading 17%, grade F, #1,434 of 1,584 statewide, top 92%, 421 students, 90% FRL); Eastern Heights Middle School (math 15% / reading 29%, grade F, #602 of 654 statewide, top 93%, 579 students, 100% FRL); Elyria High School (math 20% / reading 47%, grade F, #598 of 781 statewide, top 77%, 1,639 students, 62% FRL) — zoned schools average 84% FRL vs 58% district-wide (26 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+6.7%/yr); 361 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 7d on market — plan ~1-2 weeks tenant-placement turnaround); 1,098 units permitted in Lorain County in 2024 (20 in 5+ unit buildings).
• 4 sale attempts since 5y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• At projected returns (-3.0% appreciation + 6.7% rent growth), your $35k cash investment doubles in ~10 years — after that, you're playing with house money.
• Cap rate 8.2% vs local median 4.0% in Elyria — 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.

Questions for listing agent

• Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.
• 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.