212 Gull Dr · Elyria, OH 44035

$45,500

3 bd · 2.0 ba · 1,100 sqft · Manufactured · 226 Days on market

Built 1993 4,356 sqft lot

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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 +7.5/15.0
• Rent growth +4.2/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0
• Appreciation +0.0/10.0

Listing remarks

Three bedroom/Two bath mnufactured uhome. Approximately 1100 square feet with open layout. * * * * Easy financing available through Vanderbilt Mortgage or get your own:) Located in a wonderful community. property boasts, community pool, club house/community center, several picnic pavilions, beautiful lake, dog park, new playground for children and basketball courts. Lot rent is $535. Home was newly remodeled last year. New porcelain flooring throughout with updated decor. All new appliances included. . Roof is approximately seven years old and brand new heat tape was installed last fall. newer furnace and air conditioning unit. MORE PICS AVAILABLE UPON REQUEST. New owner must be appro

Key facts

• Dog park
• Beautiful lake
• Picnic pavilions

Tags

• COMMUNITY POOL
• CLUB HOUSE
• PICNIC PAVILIONS
• BEAUTIFUL LAKE
• DOG PARK
• NEW PLAYGROUND

Property features AI

Exterior

• Home design: House
• Exterior features: Parcel of approximately 0.1 acre

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $46k.

Deal economics

• At list price, monthly cash flow is $581 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $46k).
• Recommended offer: $40k (12.0% below list) — sets the bar for market timing.
• Cap rate 21.6% 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; 6 comparable units currently listed for rent nearby; rentals leasing fast (median 9d on market — plan ~1-2 weeks tenant-placement turnaround); 1,098 units permitted in Lorain County in 2024 (20 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $315 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 6.7% rent growth), your $13k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 226 days — a 12% lower offer ($40k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 31y ago; this cycle's ask has dropped $4k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $36k; 26% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $40,040 (12.0% below list)

Questions for the listing agent

1. It's been on market 226 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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: 2.49% ✓
• Cap rate: 21.61%
• Cash-on-cash: 54.71%
• DSCR: 3.43
• GRM: 3.3

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: 57.1%
• Equity multiple: 3.67×
• Total profit: $34,064
• Equity at exit: $6,784

10-year hold

• IRR: 63.4%
• Equity multiple: 8.61×
• Total profit: $96,981
• Equity at exit: $3,934

Cash invested: $12,740 (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: 3.3×

Monthly cashflow live

• Estimated rent: $1,133 high
• Mortgage (P&I): −$239
• Tax est. 1.5%: −$57 /mo · $682/yr
• Insurance: −$19
• HOA: −$0
• Vacancy / Maint / Mgmt: −$238
• Net cashflow: $581

Break-even live

Break-even rent $398

Max offer price $45,500

Occupancy floor 44%

Sensitivity live

Price	-10% $612	-5% $597	+0% $581	+5% $565	+10% $549
Rent	-10% $491	-5% $536	+0% $581	+5% $626	+10% $670
Rate	-1.0pp $604	-0.5pp $592	base $581	+0.5pp $569	+1.0pp $557

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: $11,375
• Closing costs: $1,365
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1780 Lorain Blvd Elyria, OH	2.0–3.0	1.0–2.0	916	$1,100	$1.20	3d	1	0.30mi
944 Walnut St Elyria, OH	2.0	1.0	1064	$1,200	$1.13	18d	1	0.74mi
421 Foster Ave Elyria, OH	1.0–2.0	1.0	700	$899	$1.28	3d	1	0.92mi
100 Rush St Elyria, OH	3.0	1.0	1248	$1,099	$0.88	9d	1	1.10mi
518 Lake Ave Unit 100 Rush Elyria, OH	3.0	1.0	1248	$1,099	$0.88	5d	1	1.10mi
138 Mendel Ct #1 Elyria, OH	2.0	1.0	700	$750	$1.07	16d	1	1.28mi

Listing history 34 events

1. 2026-06-21
   days on market $45,500 Active 226 DOM
2. 2026-06-18
   days on market $45,500 Active 223 DOM
3. 2026-06-17
   days on market $45,500 Active 222 DOM
4. 2026-06-16
   days on market $45,500 Active 221 DOM
5. 2026-06-15
   days on market $45,500 Active 220 DOM
6. 2026-06-13
   days on market $45,500 Active 218 DOM
7. 2026-06-13
   days on market $45,500 Active 217 DOM
8. 2026-06-09
   days on market $45,500 Active 214 DOM
9. 2026-06-08
   days on market $45,500 Active 213 DOM
10. 2026-06-07
    days on market $45,500 Active 212 DOM
11. 2026-06-03
    days on market $45,500 Active 208 DOM
12. 2026-06-02
    days on market $45,500 Active 207 DOM
13. 2026-06-01
    days on market $45,500 Active 206 DOM
14. 2026-05-31
    days on market $45,500 Active 205 DOM
15. 2026-01-26
    historical
16. 2025-12-22
    price $49,000
17. 2025-11-24
    price $45,500
18. 2025-11-14
    status Active
19. 2025-11-11
    historical Contingent
20. 2025-11-07
    listed $50,000 Active
21. 2025-10-01
    price $49,500
22. 2025-09-22
    price $54,000
23. 2025-08-13
    listed $59,000 Active
24. 2008-07-23
    historical
25. 2008-01-23
    listed $15,000
26. 2007-12-22
    historical
27. 2007-06-22
    listed $19,900
28. 2007-04-10
    historical
29. 2006-10-10
    listed $30,999
30. 1998-03-26
    soldstatus $36,000
31. 1998-03-17
    historical
32. 1997-09-17
    listed $37,500
33. 1996-01-26
    soldstatus $39,500
34. 1995-08-17
    listed $42,500

ⓘ 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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 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: $13,599
• − Mortgage interest: −$2,549
• − Property taxes: −$682
• − Insurance: −$228
• − Repairs & maintenance: −$1,088
• − Management: −$1,088
• − Depreciation: −$1,324
• Taxable income: $6,641
• Est. tax owed @ 24.0%: −$1,594
• After-tax cash flow: $5,376/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: 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

+15.3% since first listed

20 events — show timeline

• 2026-01-26 Listing Removed — MLSNOW
• 2025-12-22 Price Changed $49,000 MLSNOW
• 2025-11-24 Price Changed $45,500 ForSaleByOwner.com
• 2025-11-14 Relisted — MLSNOW
• 2025-11-11 Contingent — MLSNOW
• 2025-11-07 Listed $50,000 ForSaleByOwner.com
• 2025-10-01 Price Changed $49,500 MLSNOW
• 2025-09-22 Price Changed $54,000 MLSNOW
• 2025-08-13 Listed $59,000 MLSNOW
• 2008-07-23 Listing Removed — MLSNOW
• 2008-01-23 Listed $15,000 MLSNOW
• 2007-12-22 Listing Removed — MLSNOW
• 2007-06-22 Listed $19,900 MLSNOW
• 2007-04-10 Listing Removed — MLSNOW
• 2006-10-10 Listed $30,999 MLSNOW
• 1998-03-26 Sold (MLS) $36,000 MLSNOW
• 1998-03-17 Listing Removed — MLSNOW
• 1997-09-17 Listed $37,500 MLSNOW
• 1996-01-26 Sold (MLS) $39,500 MLSNOW
• 1995-08-17 Listed $42,500 MLSNOW