1816 E 34th St · Lorain, OH 44055

$115,000

4 bd · 2.0 ba · 1,538 sqft · MultiFamily public records · 87 Days on market

Built 1900 6,969 sqft lot Est $156k · 26% under

---

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 +29.7/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.2/10.0
• 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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Spacious five-bedroom home in a wonderful Lorain neighborhood offering flexibility and value. This brick property features low maintenance exterior, inviting front porch, and a large kitchen perfect for everyday living or entertaining. The main floor includes a bedroom and full bath -- ideal for a home office or convenient first floor living, Four additional bedrooms and a second full bath are located on the second floor. With plenty of space and layout options, this home is well-suited for both owner-occupants and investors alike!

Key facts

• Inviting front porch
• Large kitchen
• First floor living

Tags

• LOW MAINTENANCE EXTERIOR
• INVITING FRONT PORCH
• LARGE KITCHEN
• HOME OFFICE
• FIRST FLOOR LIVING

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $115k.

Deal economics

• At list price, monthly cash flow is $-8 ($-94/yr) — negative.
• To cash-flow at today's rent, offer at most $114k (1.2% below list).
• Meets the 1% rule at list price ($2k rent vs $115k).
• Recommended offer: $108k (6.0% below list) — sets the bar for market timing.
• Cap rate 10.7% 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; 14 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 64% 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 45% 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 $795 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 87 days — a 6% lower offer ($108k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 36y ago; this cycle's ask has dropped $10k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $108,100 (6.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 87 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
3. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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: 1.32% ✓
• Cap rate: 10.66%
• Cash-on-cash: 15.60%
• DSCR: 1.69
• GRM: 6.3

CMA / ARV

• ARV (median comp): $156,044
• List price: $115,000
• Delta: -26.30%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1771-1773 E 37th St	0.20mi	4/2.0	1,500 (-2%)	5mo	$132,500	$88	82
1777 E 37th St	0.18mi	4/2.0	1,560 (+1%)	18mo	$159,000	$102	74
1829-1831 E 34th St	0.04mi	4/2.0	1,440 (-6%)	18mo	$125,000	$87	73
1627 E 33rd St	0.47mi	4/2.0	1,584 (+3%)	1mo	$152,500	$96	72
1923 E 34th St	0.25mi	4/2.0	1,680 (+9%)	21mo	$145,000	$86	55

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: -16.5%
• Equity multiple: 0.41×
• Total profit: $-18,855
• Equity at exit: $17,147

10-year hold

• IRR: -7.8%
• Equity multiple: 0.51×
• Total profit: $-15,930
• Equity at exit: $9,943

Cash invested: $32,200 (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: 81
• Price-to-rent: 6.3×

Monthly cashflow live

• Estimated rent: $1,521 high
• Mortgage (P&I): −$603
• Tax from tax record: −$132 /mo · $1,583/yr
• Insurance: −$48
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$319
• Net cashflow: $-8

Break-even live

Break-even rent $1,531

Max offer price $113,620

Occupancy floor 96%

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: $28,750
• Closing costs: $3,450
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1763 E 36th St Lorain, OH	5.0	1.5	2000	$1,895	$0.95	2d	1	0.12mi
1813 E 30th St Lorain, OH	4.0	1.0	1344	$1,450	$1.08	44d	1	0.32mi
1730 E 30th St Unit 1730 Lorain, OH	3.0	1.0	1120	$1,250	$1.12	44d	1	0.35mi
1818 E 29th St Unit 1816 Lorain, OH	3.0	1.0	1098	$1,195	$1.09	44d	1	0.37mi
1639 E 31st St Unit 1637 Lorain, OH	3.0	1.0	1500	$1,200	$0.80	44d	1	0.48mi
3237 Grove Ave Unit 3235 Lorain, OH	3.0	1.0	1080	$950	$0.88	21d	1	0.86mi
3235 Grove Ave Unit 3235 Lorain, OH	3.0	1.0	1080	$950	$0.88	21d	1	0.86mi
2484 E 38th St Lorain, OH	3.0	1.5	1101	$1,295	$1.18	44d	1	1.22mi
2909 Denver Ave Lorain, OH	3.0	1.0	1597	$1,400	$0.88	44d	1	1.26mi
4850 Oneil Blvd Lorain, OH	2.0–3.0	1.0–1.5	981	$915	$0.93	2d	1	1.34mi
3132 Elyria Ave Lorain, OH	3.0	1.5	1109	$1,250	$1.13	44d	1	1.35mi
3251 Camden Ave Lorain, OH	3.0	1.0	1090	$995	$0.91	44d	1	1.40mi
200 E 31st St Lorain, OH	5.0	2.0	1562	$1,550	$0.99	2d	1	1.42mi
2715 Apple Ave Lorain, OH	3.0	1.0	1240	$1,311	$1.06	44d	1	1.50mi

Listing history 23 events

1. 2026-06-18
   days on market $115,000 Active 87 DOM
2. 2026-06-17
   days on market $115,000 Active 86 DOM
3. 2026-06-16
   days on market $115,000 Active 85 DOM
4. 2026-06-15
   days on market $115,000 Active 84 DOM
5. 2026-06-13
   days on market $115,000 Active 82 DOM
6. 2026-06-13
   days on market $115,000 Active 81 DOM
7. 2026-06-09
   days on market $115,000 Active 78 DOM
8. 2026-06-08
   days on market $115,000 Active 77 DOM
9. 2026-06-07
   pricedays on market $115,000 Active 76 DOM
10. 2026-06-03
    days on market $125,000 Active 72 DOM
11. 2026-06-02
    days on market $125,000 Active 71 DOM
12. 2026-06-01
    days on market $125,000 Active 70 DOM
13. 2026-05-31
    days on market $125,000 Active 69 DOM
14. 2026-03-23
    listed $125,000 Active 537-char remark

    Show marketing remark (537 chars)

    Spacious five-bedroom home in a wonderful Lorain neighborhood offering flexibility and value. This brick property features low maintenance exterior, inviting front porch, and a large kitchen perfect for everyday living or entertaining. The main floor includes a bedroom and full bath -- ideal for a home office or convenient first floor living, Four additional bedrooms and a second full bath are located on the second floor. With plenty of space and layout options, this home is well-suited for both owner-occupants and investors alike!

15. 2025-06-18
    soldstatus $122,500
16. 2024-04-22
    soldstatus $5,000,000
17. 2017-03-31
    soldstatus $1,990,000
18. 1994-06-23
    soldstatus $35,300
19. 1994-03-07
    soldstatus $29,000
20. 1991-06-13
    soldstatus $33,000 97-char remark

    Show marketing remark (97 chars)

    Brick Duplex In Excellent Cond/Crpet Plmbing, Wiring, Roof, Updated/Programable Thermostat Locked

21. 1991-06-07
    soldstatus $33,000
22. 1990-12-29
    listed $36,900 97-char remark

    Show marketing remark (97 chars)

    Brick Duplex In Excellent Cond/Crpet Plmbing, Wiring, Roof, Updated/Programable Thermostat Locked

23. 1988-12-15
    soldstatus $29,000

ⓘ 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: $1,583 · $132/mo
• Projected year-2 tax: $1,689 · $141/mo
• Expected delta: +$105/yr (+$9/mo · 6.6%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone AE · 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: $18,253
• − Mortgage interest: −$6,442
• − Property taxes: −$1,583
• − Insurance: −$5,694
• − Repairs & maintenance: −$1,460
• − Management: −$1,460
• − Depreciation: −$3,345
• Taxable loss: −$1,731
• Est. tax savings @ 24.0%: +$416
• After-tax cash flow: $322/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

+331.0% since first listed

10 events — show timeline

• 2026-03-23 Listed $125,000 MLSNOW
• 2025-06-18 Sold (Public Records) $122,500 Public Records
• 2024-04-22 Sold (Public Records) $5,000,000 Public Records
• 2017-03-31 Sold (Public Records) $1,990,000 Public Records
• 1994-06-23 Sold (Public Records) $35,300 Public Records
• 1994-03-07 Sold (Public Records) $29,000 Public Records
• 1991-06-13 Sold (MLS) $33,000 MLSNOW
• 1991-06-07 Sold (Public Records) $33,000 Public Records
• 1990-12-29 Listed $36,900 MLSNOW
• 1988-12-15 Sold (Public Records) $29,000 Public Records

Property tax history

+2.8%/yr

Latest (2025): $1,583 · -4.9% YoY. Source: county tax records.