2394 Elyria Ave · Lorain, OH 44055

$145,000

4 bd · 2.0 ba · 1,976 sqft · MultiFamily public records · 63 Days on market

Built 1900 8,276 sqft lot Est $114k · 28% over

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

Multi-family units

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

Listing remarks MLS

Brick duplex investment opportunity in Lorain featuring two well-maintained units, each offering 2 bedrooms and 1 bathroom, ideal for steady tenant demand. Both units are fully occupied at $950/month with leases in place through November 2026 and January 2027, providing immediate and reliable cash flow. Tenants are responsible for electric and gas, while the owner covers water, helping maintain manageable expenses. Seller also owns multiple properties throughout Cleveland, Lorain, and Akron and is willing to sell properties individually or as packaged portfolios, giving buyers the flexibility to pick and choose assets to fit their investment strategy.

Key facts

• 8,276 sq ft lot
• Parking
• Built 1900

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1-bath units multifamily listed at $145k.

Deal economics

• At list price, monthly cash flow is $825 ($10k/yr) — positive. Per door: $413/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $145k).
• Recommended offer: $136k (6.0% below list) — sets the bar for market timing.
• Cap rate 13.1% 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: 81 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 60% 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).
• At $2,211/mo this rent would consume 65% of the median local household income ($41k/yr) (locally 1140% 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 $4k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $41k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 63 days — a 6% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• 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.
• Current owner paid $86k; list at $145k implies a 69% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $136,300 (6.0% below list)

Questions for the listing agent

1. It's been on market 63 days. Have you received any prior offers? Is the seller open to a 6% 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 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 1.52% ✓
• Cap rate: 13.12%
• Cash-on-cash: 24.39%
• DSCR: 2.09
• GRM: 5.5

CMA / ARV

• ARV (median comp): $113,651
• List price: $145,000
• Delta: 27.58%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 17.7%
• Equity multiple: 1.72×
• Total profit: $29,040
• Equity at exit: $21,620

10-year hold

• IRR: 26.1%
• Equity multiple: 3.29×
• Total profit: $92,893
• Equity at exit: $12,537

Cash invested: $40,600 (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: 81
• Price-to-rent: 10.9×

Monthly cashflow live

• Estimated rent: $2,211 high
• Mortgage (P&I): −$760
• Tax from tax record: −$101 /mo · $1,209/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$464
• Net cashflow: $825

Break-even live

Break-even rent $1,167

Max offer price $145,000

Occupancy floor 58%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,210
Total (2 units)			$2,211

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: $36,250
• Closing costs: $4,350
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2715 Apple Ave Lorain, OH	3.0	1.0	1240	$1,311	$1.06	43d	1	0.16mi
128 W 22nd St Lorain, OH	3.0	1.0	1402	$1,470	$1.05	43d	1	0.29mi
2909 Denver Ave Lorain, OH	3.0	1.0	1597	$1,400	$0.88	43d	1	0.32mi
200 E 31st St Lorain, OH	5.0	2.0	1562	$1,550	$0.99	1d	1	0.39mi
336 W 29th St Lorain, OH	3.0	1.0	1440	$1,350	$0.94	43d	1	0.43mi
704 W 21st St Lorain, OH	4.0	1.0	1410	$1,450	$1.03	23d	1	0.62mi
1703 Oakdale Ave Lorain, OH	3.0	1.0	1237	$1,300	$1.05	3d	1	0.72mi
930 W 18th St Lorain, OH	4.0	1.0	1344	$1,450	$1.08	43d	1	0.90mi
1639 E 31st St Unit 1637 Lorain, OH	3.0	1.0	1500	$1,200	$0.80	43d	1	1.05mi
1037 Washington Ave Lorain, OH	4.0	2.0	1567	$1,600	$1.02	17d	1	1.12mi
760 W 9th St Lorain, OH	4.0	2.0	1987	$1,600	$0.81	43d	1	1.18mi
1220 W 19th St Lorain, OH	4.0	1.0	1492	$1,550	$1.04	23d	1	1.25mi
1322 Brownell Ave Lorain, OH	4.0	1.0	1571	$1,570	$1.00	43d	1	1.41mi
1813 E 30th St Lorain, OH	4.0	1.0	1344	$1,450	$1.08	43d	1	1.44mi
1763 E 36th St Lorain, OH	5.0	1.5	2000	$1,895	$0.95	1d	1	1.46mi

Listing history 26 events

1. 2026-06-17
   days on market $145,000 Active 63 DOM
2. 2026-06-16
   days on market $145,000 Active 62 DOM
3. 2026-06-15
   days on market $145,000 Active 61 DOM
4. 2026-06-13
   days on market $145,000 Active 59 DOM
5. 2026-06-13
   days on market $145,000 Active 58 DOM
6. 2026-06-09
   days on market $145,000 Active 55 DOM
7. 2026-06-08
   days on market $145,000 Active 54 DOM
8. 2026-06-07
   days on market $145,000 Active 53 DOM
9. 2026-06-03
   statusdays on market $145,000 Active 49 DOM
10. 2026-06-02
    days on market $145,000 Contingent 48 DOM
11. 2026-06-01
    days on market $145,000 Contingent 47 DOM
12. 2026-05-31
    days on market $145,000 Contingent 46 DOM
13. 2026-05-14
    historical Contingent 659-char remark

    Show marketing remark (659 chars)

    Brick duplex investment opportunity in Lorain featuring two well-maintained units, each offering 2 bedrooms and 1 bathroom, ideal for steady tenant demand. Both units are fully occupied at $950/month with leases in place through November 2026 and January 2027, providing immediate and reliable cash flow. Tenants are responsible for electric and gas, while the owner covers water, helping maintain manageable expenses. Seller also owns multiple properties throughout Cleveland, Lorain, and Akron and is willing to sell properties individually or as packaged portfolios, giving buyers the flexibility to pick and choose assets to fit their investment strategy.

14. 2026-05-03
    status Active 659-char remark

    Show marketing remark (659 chars)

    Brick duplex investment opportunity in Lorain featuring two well-maintained units, each offering 2 bedrooms and 1 bathroom, ideal for steady tenant demand. Both units are fully occupied at $950/month with leases in place through November 2026 and January 2027, providing immediate and reliable cash flow. Tenants are responsible for electric and gas, while the owner covers water, helping maintain manageable expenses. Seller also owns multiple properties throughout Cleveland, Lorain, and Akron and is willing to sell properties individually or as packaged portfolios, giving buyers the flexibility to pick and choose assets to fit their investment strategy.

15. 2026-04-23
    historical Contingent 659-char remark

    Show marketing remark (659 chars)

    Brick duplex investment opportunity in Lorain featuring two well-maintained units, each offering 2 bedrooms and 1 bathroom, ideal for steady tenant demand. Both units are fully occupied at $950/month with leases in place through November 2026 and January 2027, providing immediate and reliable cash flow. Tenants are responsible for electric and gas, while the owner covers water, helping maintain manageable expenses. Seller also owns multiple properties throughout Cleveland, Lorain, and Akron and is willing to sell properties individually or as packaged portfolios, giving buyers the flexibility to pick and choose assets to fit their investment strategy.

16. 2026-04-14
    listed $145,000 Active 659-char remark

    Show marketing remark (659 chars)

    Brick duplex investment opportunity in Lorain featuring two well-maintained units, each offering 2 bedrooms and 1 bathroom, ideal for steady tenant demand. Both units are fully occupied at $950/month with leases in place through November 2026 and January 2027, providing immediate and reliable cash flow. Tenants are responsible for electric and gas, while the owner covers water, helping maintain manageable expenses. Seller also owns multiple properties throughout Cleveland, Lorain, and Akron and is willing to sell properties individually or as packaged portfolios, giving buyers the flexibility to pick and choose assets to fit their investment strategy.

17. 2024-10-03
    soldstatus $86,000
18. 2024-09-30
    soldstatus $86,000 Closed 1342-char remark

    Show marketing remark (1342 chars)

    Attention all investors! All-brick exterior duplex is the perfect opportunity for the beginning investor or a great addition to your existing portfolio. One unit is currently vacant for easy showings, but it's rent-ready for an owner-occupant (live in one unit and let the other cover your mortgage) or rent both units to maximize revenue. First-floor unit is tenant-occupied & will be shown to serious buyers only. Includes a 3rd-floor walk-up, easily accessible from either unit, providing valuable storage or potential expansion space. Each 2-bedroom, 1-bath unit features a desirable floor plan, well-lit w/ hardwood & hard surface flooring throughout. Market rent is approximately $795 per month, appliances included. Tenants pay for gas/electric, while the owner covers water/sewer/trash. Full basement offers washer/dryer for tenant use if desired. Recent updates include a newer roof, updated electrical, & 2021 hot water tank. Property is self-managed by an out-of-state investor, but professional management services are available for a smooth transition. 2nd-floor unit, 3rd floor attic, & basement are easy to show on short notice. Great SECTION 8 property, low taxes/expenses, low regulation with no lead certification requirement. Don’t miss this lucrative opportunity—schedule your tour today!

19. 2024-09-16
    historical Contingent 1342-char remark

    Show marketing remark (1342 chars)

    Attention all investors! All-brick exterior duplex is the perfect opportunity for the beginning investor or a great addition to your existing portfolio. One unit is currently vacant for easy showings, but it's rent-ready for an owner-occupant (live in one unit and let the other cover your mortgage) or rent both units to maximize revenue. First-floor unit is tenant-occupied & will be shown to serious buyers only. Includes a 3rd-floor walk-up, easily accessible from either unit, providing valuable storage or potential expansion space. Each 2-bedroom, 1-bath unit features a desirable floor plan, well-lit w/ hardwood & hard surface flooring throughout. Market rent is approximately $795 per month, appliances included. Tenants pay for gas/electric, while the owner covers water/sewer/trash. Full basement offers washer/dryer for tenant use if desired. Recent updates include a newer roof, updated electrical, & 2021 hot water tank. Property is self-managed by an out-of-state investor, but professional management services are available for a smooth transition. 2nd-floor unit, 3rd floor attic, & basement are easy to show on short notice. Great SECTION 8 property, low taxes/expenses, low regulation with no lead certification requirement. Don’t miss this lucrative opportunity—schedule your tour today!

20. 2024-09-09
    listed $89,900 Active 1342-char remark

    Show marketing remark (1342 chars)

    Attention all investors! All-brick exterior duplex is the perfect opportunity for the beginning investor or a great addition to your existing portfolio. One unit is currently vacant for easy showings, but it's rent-ready for an owner-occupant (live in one unit and let the other cover your mortgage) or rent both units to maximize revenue. First-floor unit is tenant-occupied & will be shown to serious buyers only. Includes a 3rd-floor walk-up, easily accessible from either unit, providing valuable storage or potential expansion space. Each 2-bedroom, 1-bath unit features a desirable floor plan, well-lit w/ hardwood & hard surface flooring throughout. Market rent is approximately $795 per month, appliances included. Tenants pay for gas/electric, while the owner covers water/sewer/trash. Full basement offers washer/dryer for tenant use if desired. Recent updates include a newer roof, updated electrical, & 2021 hot water tank. Property is self-managed by an out-of-state investor, but professional management services are available for a smooth transition. 2nd-floor unit, 3rd floor attic, & basement are easy to show on short notice. Great SECTION 8 property, low taxes/expenses, low regulation with no lead certification requirement. Don’t miss this lucrative opportunity—schedule your tour today!

21. 2021-12-29
    soldstatus $62,000 Closed
22. 2021-12-29
    soldstatus $62,000
23. 2021-12-08
    status Pending
24. 2021-11-15
    historical Contingent
25. 2021-11-09
    listed $65,900 Active
26. 1992-04-13
    soldstatus $22,000

ⓘ 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: $1,209 · $101/mo
• Projected year-2 tax: $1,736 · $145/mo
• Expected delta: +$526/yr (+$44/mo · 43.5%)

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

Taxation est. · year 1

• Rental income: $26,532
• − Mortgage interest: −$8,122
• − Property taxes: −$1,209
• − Insurance: −$725
• − Repairs & maintenance: −$2,123
• − Management: −$2,123
• − Depreciation: −$4,218
• Taxable income: $8,012
• Est. tax owed @ 24.0%: −$1,923
• After-tax cash flow: $7,979/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

+559.1% since first listed

14 events — show timeline

• 2026-05-14 Contingent — MLSNOW
• 2026-05-03 Relisted — MLSNOW
• 2026-04-23 Contingent — MLSNOW
• 2026-04-14 Listed $145,000 MLSNOW
• 2024-10-03 Sold (Public Records) $86,000 Public Records
• 2024-09-30 Sold (MLS) $86,000 MLSNOW
• 2024-09-16 Contingent — MLSNOW
• 2024-09-09 Listed $89,900 MLSNOW
• 2021-12-29 Sold (Public Records) $62,000 Public Records
• 2021-12-29 Sold (MLS) $62,000 MLSNOW
• 2021-12-08 Pending — MLSNOW
• 2021-11-15 Contingent — MLSNOW
• 2021-11-09 Listed $65,900 MLSNOW
• 1992-04-13 Sold (Public Records) $22,000 Public Records

Property tax history

+5.4%/yr

Latest (2025): $1,209 · -31.8% YoY. Source: county tax records.