122 Elbe St · Elyria, OH 44035

$210,000

76 bd · 76.0 ba · — sqft · MultiFamily · 53 Days on market

Built 1900 Fair condition 5,227 sqft lot

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Why this score? — see what drove the D+ 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Rent growth +4.2/5.0
• Livability +3.8/5.0
• Schools +2.4/10.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 19 units. estimate disagrees with records

Listing remarks

Income-generating property with established tenancy 122 Elbe St in Elyria, offered exclusively as part of a 19-unit portfolio-no individual sales. This fully occupied four-unit property delivers strong, immediate cash flow with current rents of $725, $760, $760, and $900, all on month-to-month leases, providing consistent income across the building. Expense structure varies by unit, with owner-paid water, sewer, and trash throughout, gas included for two units, and tenants responsible for remaining utilities. The property offers a functional multi-unit layout with steady rental demand, supporting long-term occupancy. Ideal for investors seeking to expand their portfolio with a stabilized as

Key facts

• Established tenancy
• Long term occupancy
• Multi unit layout

Tags

• INCOME GENERATING PROPERTY
• ESTABLISHED TENANCY
• FULLY OCCUPIED
• MULTI UNIT LAYOUT
• STEADY RENTAL DEMAND
• LONG TERM OCCUPANCY

Property features AI

Finance

• Financial info: Annual taxes reported

Exterior

• Parking: Driveway
• Home design: 2-story building; Frame construction
• Construction: Frame construction; Year built source: Appraiser
• Exterior features: 0.12 acre lot

Interior

• Bedrooms: Four one-bedroom units (each unit has 1 bedroom)
• Bathrooms: Four full bathrooms (one per unit)
• Interior features: Has a basement (type: Other); 12 total rooms

What this means for you Summary

Snapshot

• This is a 19 × 4-bed/?-bath units multifamily listed at $210k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $19k ($222k/yr) — positive. Per door: $975/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($25k rent vs $210k).
• Recommended offer: $204k (3.0% below list) — sets the bar for market timing.
• Cap rate 112.2% 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.

Location & tenants

• 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: schools C-, 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.
• Market conditions: Rents rising fast (+6.7%/yr); 360 active listings in the ZIP; 1,098 units permitted in Lorain County in 2024 (20 in 5+ unit buildings).
• At $25,287/mo this rent would consume 538% of the median local household income ($56k/yr) (locally 2229% 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.
• At projected returns (-3.0% appreciation + 6.7% rent growth), your $59k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 53 days — a 3% lower offer ($204k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $203,700 (3.0% below list)

Questions for the listing agent

1. It's been on market 53 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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 12.04% ✓
• Cap rate: 112.15%
• Cash-on-cash: 378.07%
• DSCR: 17.82
• GRM: 0.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.74% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 22.17×
• Total profit: $1,244,977
• Equity at exit: $31,312

10-year hold

• IRR: —
• Equity multiple: 52.74×
• Total profit: $3,042,553
• Equity at exit: $18,157

Cash invested: $58,800 (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 44035

• Rents YoY: 6.7%
• Active inventory: 360
• Price-to-rent: 13.1×

Monthly cashflow live

• Estimated rent: $25,287 high
• Mortgage (P&I): −$1,101
• Tax est. 1.5%: −$262 /mo · $3,150/yr
• Insurance: −$88
• HOA: −$0
• Vacancy / Maint / Mgmt: −$5,310
• Net cashflow: $18,525

Break-even live

Break-even rent $1,837

Max offer price $210,000

Occupancy floor 22%

Sensitivity live

Price	-10% $18,671	-5% $18,598	+0% $18,525	+5% $18,453	+10% $18,380
Rent	-10% $16,528	-5% $17,527	+0% $18,525	+5% $19,524	+10% $20,523
Rate	-1.0pp $18,631	-0.5pp $18,579	base $18,525	+0.5pp $18,471	+1.0pp $18,416

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

Units	Beds	Baths	Est. rent
▸ 19× units	4	—	$25,289
Total (19 units)			$25,287

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: $52,500
• Closing costs: $6,300
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-21
   days on market $210,000 Active 53 DOM
2. 2026-06-18
   days on market $210,000 Active 50 DOM
3. 2026-06-17
   days on market $210,000 Active 49 DOM
4. 2026-06-16
   days on market $210,000 Active 48 DOM
5. 2026-06-15
   days on market $210,000 Active 47 DOM
6. 2026-06-13
   days on market $210,000 Active 45 DOM
7. 2026-06-13
   days on market $210,000 Active 44 DOM
8. 2026-06-09
   days on market $210,000 Active 41 DOM
9. 2026-06-08
   days on market $210,000 Active 40 DOM
10. 2026-06-07
    days on market $210,000 Active 39 DOM
11. 2026-06-03
    days on market $210,000 Active 35 DOM
12. 2026-06-02
    days on market $210,000 Active 34 DOM
13. 2026-06-01
    days on market $210,000 Active 33 DOM
14. 2026-05-31
    days on market $210,000 Active 32 DOM
15. 2026-04-29
    listed $253,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 66% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥98°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: $303,444
• − Mortgage interest: −$11,763
• − Property taxes: −$3,150
• − Insurance: −$1,050
• − Repairs & maintenance: −$24,276
• − Management: −$24,276
• − Depreciation: −$6,109
• Taxable income: $232,821
• Est. tax owed @ 24.0%: −$55,877
• After-tax cash flow: $166,429/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.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab

The property requires moderate repairs and maintenance to improve its condition and value. Painting the exterior siding and organizing the bathrooms and kitchen would significantly enhance its appeal and value.

Repairs flagged

• Minor Kitchen appliances — Scattered and not in use
• Minor Bathroom clutter — Items need to be organized
• Moderate Exterior siding — Worn and needs repainting

Value-add opportunities

• Both Painting exterior siding — Improves curb appeal and value
• Both Organizing bathrooms and kitchen — Enhances functionality and aesthetics
• Both Landscaping and lawn care — Improves curb appeal and value

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen appliances · Scattered and not in use	Minor	$500–3,000
Bathroom clutter · Items need to be organized	Minor	$500–3,000
Exterior siding · Worn and needs repainting	Moderate	$3,000–15,000
Total estimated repair cost · 3 items		$4,000–21,000

Value-add ROI direction

• Both Painting exterior siding — Improves curb appeal and value ↑
• Both Organizing bathrooms and kitchen — Enhances functionality and aesthetics ↑
• Both Landscaping and lawn care — Improves curb appeal and value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Elyria City Schools
• NCES district ID: 3904394
• Math proficiency: 21% ▼ -25.00%
• Reading proficiency: 37% ▼ -15.00%
• Median HH income: $40,992
• Composite: 24.45/100
• National rank: #7670
• State rank: #586 of 656 in OH

Livability — Elyria

• Score: 75/100
• State rank: #243
• US rank: #3869

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Elyria, OH
• County: Lorain County · 219,437 people
• City population: 62,179
• Metro: Cleveland-Elyria, OH
• Population (ZIP): 62,179
• Household income: $56,408
• Rent vs Own: 37.3% rent · 62.7% own
• Severe rent burden: 2229.0

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: Predominantly White (70%)
• Race & ethnicity: White 70% Two or more races 12% Black 11% Hispanic / Latino 10% Asian 1%
• Hispanic origin (detail): Mexican 2% Puerto Rican 6%
• Common ancestry: Romanian 5% Slovak 2% Lithuanian 2%
• Foreign-born: 2% · China, Canada
• Languages at home: 94% English-only · Spanish 4% Chinese 1%

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: ▼ -139.09%
• Current HPI: 199.7354
• Rent YoY: ▲ 6.74%
• 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

1 event — show timeline

• 2026-04-29 Listed $253,000 MLSNOW