2440 E 32nd St · Lorain, OH 44055

$140,000

4 bd · 2.0 ba · 1,388 sqft · SingleFamily public records · 111 Days on market

Built 1900 5,662 sqft lot Est $160k · 12% under ↓ 3% since listing

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Why this score? — see what drove the C- 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 +17.4/30.0
• ARV discount +13.0/15.0
• DSCR +5.4/10.0
• 1% rule +4.3/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to this charming 4-bedroom, 2-full bath colonial featuring fresh paint, brand-new carpeting, and durable vinyl flooring throughout. The spacious layout offers a bright living area, an updated kitchen, and generously sized bedrooms. Outside, enjoy a 2-car detached garage and a nice yard perfect for relaxing or entertaining. Conveniently located near Oakwood Park, schools, shopping, and local amenities, this move-in-ready home is the perfect blend of comfort and convenience!

Key facts

• 5,662 sq ft lot
• 2 garage spots
• Built 1900

Property features AI

Exterior

• Parking: Detached garage; Two garage spaces
• Utilities: Public water; Public sewer
• Home design: Two-story house; Vinyl siding exterior; Asphalt/fiberglass roof
• Construction: Built (year per public records); Vinyl siding construction; Asphalt and fiberglass roofing; Full basement foundation
• Exterior features: Public water; Public sewer

Interior

• Bathrooms: Two full bathrooms; One bathroom on the main level
• Heating & cooling: Electric heating
• Interior features: Full basement
• Laundry & utility: Laundry located in the basement

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $105 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $130k (6.9% below list).
• Recommended offer: $127k (9.0% below list) — sets the bar for market timing.
• Cap rate 7.2% vs local median 5.7% in Lorain — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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: amenities D, health & safety D, crime F.
• 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.
• Zoned schools: Palm Elementary School (math 8% / reading 22%, grade F, #1,382 of 1,584 statewide, top 88%, 281 students, 0% FRL); Longfellow Middle School (math 9% / reading 23%, grade F, #624 of 654 statewide, top 96%, 390 students, 0% FRL); Lorain High School (math 17% / reading 34%, grade F, #638 of 781 statewide, top 82%, 1,722 students, 0% FRL) — zoned schools average 0% FRL vs 80% district-wide (80 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 84 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 71% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 1,098 units permitted in Lorain County in 2024 (20 in 5+ unit buildings).
• This rent runs 39% of the median local income ($41k/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 $968 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 111 days — a 9% lower offer ($127k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts; this cycle's ask has dropped $10k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $127,400 (9.0% below list)

Questions for the listing agent

1. It's been on market 111 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 0.93% ✗
• Cap rate: 7.19%
• Cash-on-cash: 3.20%
• DSCR: 1.14
• GRM: 8.9

CMA / ARV

• ARV (on-the-fly): $159,620
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2333 E 33rd St	0.15mi	3/1.0 (-1)	1,384 (-0%)	5mo	$122,500	$89	79
3308 Norfolk Ave	0.24mi	3/2.5 (-1)	1,328 (-4%)	2mo	$165,000	$124	73
2312 E 32nd St	0.19mi	3/1.5 (-1)	1,300 (-6%)	4mo	$158,000	$122	70
2427 E 31st St	0.11mi	3/1.5 (-1)	1,285 (-7%)	12mo	$175,000	$136	66
2217 E 32nd St	0.30mi	3/1.0 (-1)	1,246 (-10%)	1mo	$139,000	$112	59
2434 E 33rd St	0.06mi	3/1.0 (-1)	1,219 (-12%)	13mo	$172,250	$141	57
2342 E 29th St	0.25mi	4/2.0	1,208 (-13%)	14mo	$128,000	$106	56
2159 E 30th St	0.45mi	4/2.0	1,530 (+10%)	10mo	$95,000	$62	53
2311 E 29th St	0.32mi	3/1.0 (-1)	1,216 (-12%)	4mo	$95,000	$78	52
2011 E 31st St	0.74mi	4/3.0	1,258 (-9%)	0mo	$145,000	$115	46
2127 E 39th St	0.65mi	3/1.5 (-1)	1,268 (-9%)	14mo	$170,000	$134	36
2047 Homewood Dr	0.71mi	3/1.0 (-1)	1,264 (-9%)	12mo	$138,000	$109	33

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -11.3%
• Equity multiple: 0.59×
• Total profit: $-16,034
• Equity at exit: $20,874

10-year hold

• IRR: -2.0%
• Equity multiple: 0.86×
• Total profit: $-5,413
• Equity at exit: $12,105

Cash invested: $39,200 (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 44055

• Home prices YoY: -30.5%
• Active inventory: 84
• Price-to-rent: 8.9×

Monthly cashflow live

• Estimated rent: $1,304 high
• Mortgage (P&I): −$734
• Tax from tax record: −$133 /mo · $1,596/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$274
• Net cashflow: $105

Break-even live

Break-even rent $1,172

Max offer price $140,000

Occupancy floor 87%

Sensitivity live

Price	-10% $184	-5% $144	+0% $105	+5% $65	+10% $25
Rent	-10% $2	-5% $53	+0% $105	+5% $156	+10% $208
Rate	-1.0pp $175	-0.5pp $140	base $105	+0.5pp $68	+1.0pp $31

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: $35,000
• Closing costs: $4,200
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3251 Camden Ave Lorain, OH	3.0	1.0	1090	$995	$0.91	45d	1	0.20mi
3235 Grove Ave Unit 3235 Lorain, OH	3.0	1.0	1080	$950	$0.88	23d	1	0.34mi
3237 Grove Ave Unit 3235 Lorain, OH	3.0	1.0	1080	$950	$0.88	23d	1	0.35mi
2484 E 38th St Lorain, OH	3.0	1.5	1101	$1,295	$1.18	45d	1	0.35mi
1818 E 29th St Unit 1816 Lorain, OH	3.0	1.0	1098	$1,195	$1.09	45d	1	1.20mi
1813 E 30th St Lorain, OH	4.0	1.0	1344	$1,450	$1.08	45d	1	1.20mi
1730 E 30th St Unit 1730 Lorain, OH	3.0	1.0	1120	$1,250	$1.12	45d	1	1.40mi

Listing history 21 events

1. 2026-06-21
   days on market $140,000 Active 111 DOM
2. 2026-06-18
   days on market $140,000 Active 108 DOM
3. 2026-06-17
   days on market $140,000 Active 107 DOM
4. 2026-06-16
   days on market $140,000 Active 106 DOM
5. 2026-06-15
   days on market $140,000 Active 105 DOM
6. 2026-06-13
   days on market $140,000 Active 103 DOM
7. 2026-06-13
   pricedays on market $140,000 Active 102 DOM
8. 2026-06-09
   days on market $145,000 Active 99 DOM
9. 2026-06-08
   days on market $145,000 Active 98 DOM
10. 2026-06-07
    days on market $145,000 Active 97 DOM
11. 2026-06-03
    days on market $145,000 Active 93 DOM
12. 2026-06-02
    days on market $145,000 Active 92 DOM
13. 2026-06-01
    days on market $145,000 Active 91 DOM
14. 2026-05-31
    days on market $145,000 Active 90 DOM
15. 2026-05-18
    status Active
16. 2026-03-21
    price $145,000
17. 2026-03-17
    status Active
18. 2026-03-12
    historical Contingent
19. 2026-01-09
    listed $150,000 Active
20. 2025-12-15
    historical
21. 2025-11-15
    listed $150,000 Active

ⓘ 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: $1,596 · $133/mo
• Projected year-2 tax: $1,890 · $158/mo
• Expected delta: +$294/yr (+$24/mo · 18.4%)

ⓘ 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 ≥99°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,647
• − Mortgage interest: −$7,842
• − Property taxes: −$1,596
• − Insurance: −$700
• − Repairs & maintenance: −$1,252
• − Management: −$1,252
• − Depreciation: −$4,073
• Taxable loss: −$1,068
• Est. tax savings @ 24.0%: +$256
• After-tax cash flow: $1,511/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): 20,043
• Household income: $40,636
• Rent vs Own: 47.3% rent · 52.7% own
• Severe rent burden: 1140.0

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 0.68)
• Race & ethnicity: White 41% Hispanic / Latino 37% Two or more races 24% Black 14%
• Hispanic origin (detail): Mexican 7% Puerto Rican 27%
• Common ancestry: Romanian 5% Slovak 1%
• Foreign-born: 4% · Canada, Guatemala
• Languages at home: 75% English-only · Spanish 23%

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: ▼ -79.26%
• Current HPI: 180.9309
• Rent YoY: —
• 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

-3.3% since first listed

7 events — show timeline

• 2026-05-18 Relisted — MLSNOW
• 2026-03-21 Price Changed $145,000 MLSNOW
• 2026-03-17 Relisted — MLSNOW
• 2026-03-12 Contingent — MLSNOW
• 2026-01-09 Listed $150,000 MLSNOW
• 2025-12-15 Listing Removed — MLSNOW
• 2025-11-15 Listed $150,000 MLSNOW

Property tax history

+4.5%/yr

Latest (2025): $1,596 · -4.9% YoY. Source: county tax records.