423 7th St · Fairport Harbor, OH 44077

$199,000

4 bd · 3.0 ba · 1,908 sqft · MultiFamily public records · 55 Days on market

Built 1910 5,279 sqft lot $104/sqft · at area comps Est $194k · 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +6.4/15.0
• Livability +3.6/5.0
• Rent growth +3.4/5.0
• Schools +3.0/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

3 Family Vinyl Sided Home. 3 Car Det. Garage. Front 1-bdrm. Unit Is Vacant. Back 2-bdrm. Unit Has An Encl. Patio & Is Occupied, Up Unit Has 1 Bdrm. & Is Occupied Basement W/ Laundry Area, 12 Mo. Home Warranty. Owner Pays Water, Sewer & Gas For Hw Tank Only.

Key facts

• New flooring
• New cabinets
• New countertops

Tags

• DEDICATED GARAGE SPACE
• WASHER AND DRYER HOOKUPS
• COSMETICALLY UPDATED
• NEW CABINETS
• NEW FLOORING
• NEW COUNTERTOPS

Property features AI

Finance

• Financial info: Owner pays water; Tenants pay electricity, gas, internet, sewer, and trash collection; Reported actual rents by unit: $850 (upstairs), $850 (front), $1,000 (back). Back unit leased through November 1, 2026

Exterior

• Parking: Detached garage; 3 garage spaces
• Utilities: Public water; Public sewer
• Home design: Multi-unit building (3 units); Above-grade finished area reported as 1,908
• Construction: Asphalt roof; Year built information from public records
• Exterior features: Public records list lot size as approximately 0.1212 acres

Interior

• Bedrooms: Upstairs one-bedroom unit; Front one-bedroom unit; Back two-bedroom unit with sunroom (tandem layout)
• Bathrooms: Three full bathrooms total; Each unit has one full bathroom
• Heating & cooling: Forced air heating; Gas heating; Hot water heating; Steam heating; Window air conditioning units
• Interior features: Unfinished basement; 10 total rooms
• Laundry & utility: Laundry located in the basement

What this means for you Summary

Snapshot

• This is a 3 × 4-bed/3.0-bath units multifamily listed at $199k.

Deal economics

• At list price, monthly cash flow is $2k ($24k/yr) — positive. Per door: $658/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $199k).
• Recommended offer: $193k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 71/100 on livability (#446 in OH) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment C-, health & safety D, amenities F.
• Fairport Harbor Exempted Village (suburban): math 26% / reading 45% proficiency, ranked #558 of 656 in OH (top 85%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+3.7%/yr); 267 active listings in the ZIP; solid renter incomes; 448 units permitted in Lake County in 2024 (0 in 5+ unit buildings).
• At $4,328/mo this rent would consume 61% of the median local household income ($85k/yr) (locally 1333% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Lake County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.7% rent growth), your $56k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 55 days — a 3% lower offer ($193k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 30y ago; this cycle's ask has dropped $30k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $135k; 47% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $193,030 (3.0% below list)

Questions for the listing agent

1. It's been on market 55 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
7. 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.
8. 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.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 2.17% ✓
• Cap rate: 18.20%
• Cash-on-cash: 42.51%
• DSCR: 2.89
• GRM: 3.8

CMA / ARV

• ARV (median comp): $194,373
• List price: $199,000
• Delta: 12.67%
• Verdict: OVERPRICED
• Comps: 12 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
613 High St	0.25mi	4/2.0	1,928 (+1%)	10mo	$238,000	$123	75
415 Independence St	0.18mi	4/2.0	2,035 (+7%)	4mo	$239,000	$117	73
306 New St	0.15mi	3/2.0 (-1)	1,808 (-5%)	22mo	$185,000	$102	57

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 · 3.68% rent growth · sell at horizon

5-year hold

• IRR: 40.1%
• Equity multiple: 2.73×
• Total profit: $96,556
• Equity at exit: $29,672

10-year hold

• IRR: 46.7%
• Equity multiple: 5.64×
• Total profit: $258,798
• Equity at exit: $17,206

Cash invested: $55,720 (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 44077

• Rents YoY: 3.7%
• Active inventory: 267
• Price-to-rent: 11.5×

Monthly cashflow live

• Estimated rent: $4,328 medium
• Mortgage (P&I): −$1,044
• Tax from tax record: −$319 /mo · $3,826/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$909
• Net cashflow: $1,974

Break-even live

Break-even rent $1,830

Max offer price $199,000

Occupancy floor 49%

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	4	3	$4,329
Total (3 units)			$4,328

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: $49,750
• Closing costs: $5,970
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-18
   price $199,000 Active 55 DOM
2. 2026-06-18
   days on market $219,000 Active 55 DOM
3. 2026-06-17
   days on market $219,000 Active 54 DOM
4. 2026-06-16
   days on market $219,000 Active 53 DOM
5. 2026-06-15
   days on market $219,000 Active 52 DOM
6. 2026-06-13
   days on market $219,000 Active 50 DOM
7. 2026-06-13
   days on market $219,000 Active 49 DOM
8. 2026-06-09
   days on market $219,000 Active 46 DOM
9. 2026-06-08
   days on market $219,000 Active 45 DOM
10. 2026-06-07
    days on market $219,000 Active 44 DOM
11. 2026-06-05
    days on market $219,000 Active 41 DOM
12. 2026-06-03
    days on market $219,000 Active 40 DOM
13. 2026-06-02
    days on market $219,000 Active 39 DOM
14. 2026-06-01
    days on market $219,000 Active 38 DOM
15. 2026-05-31
    days on market $219,000 Active 37 DOM
16. 2026-05-06
    price $219,000 813-char remark
17. 2026-04-24
    listed $229,000 Active 813-char remark
18. 2023-06-30
    soldstatus $135,000
19. 1997-02-27
    soldstatus $71,000 271-char remark

    Show marketing remark (271 chars)

    3 Family Vinyl Sided Home. 3 Car Det. Garage. Front 1-bdrm. Unit Is Vacant. Back 2-bdrm. Unit Has An Encl. Patio & Is Occupied, Up Unit Has 1 Bdrm. & Is Occupied Basement W/ Laundry Area, 12 Mo. Home Warranty. Owner Pays Water, Sewer & Gas For Hw Tank Only.

20. 1997-02-27
    soldstatus $71,000

    Show marketing remark (271 chars)

    3 Family Vinyl Sided Home. 3 Car Det. Garage. Front 1-bdrm. Unit Is Vacant. Back 2-bdrm. Unit Has An Encl. Patio & Is Occupied, Up Unit Has 1 Bdrm. & Is Occupied Basement W/ Laundry Area, 12 Mo. Home Warranty. Owner Pays Water, Sewer & Gas For Hw Tank Only.

21. 1996-06-28
    listed $74,900 271-char remark

    Show marketing remark (271 chars)

    3 Family Vinyl Sided Home. 3 Car Det. Garage. Front 1-bdrm. Unit Is Vacant. Back 2-bdrm. Unit Has An Encl. Patio & Is Occupied, Up Unit Has 1 Bdrm. & Is Occupied Basement W/ Laundry Area, 12 Mo. Home Warranty. Owner Pays Water, Sewer & Gas For Hw Tank Only.

ⓘ 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: $3,826 · $319/mo
• Projected year-2 tax: $3,826 · $319/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 67% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥94°F today · 18 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $51,936
• − Mortgage interest: −$11,147
• − Property taxes: −$3,826
• − Insurance: −$995
• − Repairs & maintenance: −$4,155
• − Management: −$4,155
• − Depreciation: −$5,789
• Taxable income: $21,869
• Est. tax owed @ 24.0%: −$5,249
• After-tax cash flow: $18,437/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: Fairport Harbor Exempted Village
• NCES district ID: 3904536
• Math proficiency: 26% ▼ -16.00%
• Reading proficiency: 45% ▼ -13.00%
• Median HH income: $46,266
• Composite: 30.33/100
• National rank: #6270
• State rank: #558 of 656 in OH

Livability — Fairport Harbor

• Score: 71/100
• State rank: #446
• US rank: #7313

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Fairport Harbor, OH
• County: Lake County · 204,927 people
• Metro: Cleveland-Elyria, OH
• Population (ZIP): 57,325
• Household income: $85,056
• Rent vs Own: 25.7% rent · 74.3% own
• Severe rent burden: 1333.0

Population outlook (Lake County) Hauer SSP2

• Today (2025): 230,022 people
• By 2030: 228,151 · -0.8%
• By 2040: 221,018 · -3.9%
• By 2050: 212,754 · -7.5%
• By 2075: 200,309 · -12.9%
• By 2100: 183,315 · -20.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (78%)
• Race & ethnicity: White 78% Hispanic / Latino 12% Two or more races 7% Black 5% Asian 1%
• Hispanic origin (detail): Mexican 7% Puerto Rican 3%
• Common ancestry: Romanian 6% Lithuanian 2% Slovak 2%
• Foreign-born: 6% · Canada, China
• Languages at home: 88% English-only · Spanish 9% Russian/Polish/Slavic 1% Other Indo-European 1%

Political lean MEDSL · Lake

• 2024 margin: R (+14.3) · D 42.4% · R 56.7%
• 2008→2024 swing: -15.2pp toward R · 2008: 0.8pp · 2024: -14.3pp
• All cycles: 2024: R+14.3 2020: R+13.6 2016: R+15.6 2012: R+1.7 2008: D+0.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -183.05%
• Current HPI: 181.2976
• Rent YoY: ▲ 3.68%
• 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

+165.7% since first listed

7 events — show timeline

• 2026-06-18 Price Changed $199,000 MLSNOW
• 2026-05-06 Price Changed $219,000 MLSNOW
• 2026-04-24 Listed $229,000 MLSNOW
• 2023-06-30 Sold (Public Records) $135,000 Public Records
• 1997-02-27 Sold (Public Records) $71,000 Public Records
• 1997-02-27 Sold (MLS) $71,000 MLSNOW
• 1996-06-28 Listed $74,900 MLSNOW

Property tax history

+5.0%/yr

Latest (2025): $3,826 · +10.6% YoY. Source: county tax records.