808 W 23rd St · Lorain, OH 44052

$79,000

3 bd · 1.0 ba · 1,160 sqft · SingleFamily public records · 15 Days on market

Built 1940 $68/sqft · 33% below area Est $117k · 33% under

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +3.5/5.0
• Livability +3.4/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0
• Appreciation +0.0/10.0

Listing remarks

Attention Investors add this home to your portfolio. Cosmetic upgrades needed. Newer furnace/ hotwater tank.

Key facts

• Built 1940
• Listed 14 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $79k.

Deal economics

• At list price, monthly cash flow is $503 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $79k).
• Recommended offer: $78k (1.5% below list) — sets the bar for market timing.
• Cap rate 13.9% 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: Rents rising fast (+4.1%/yr); 129 active listings in the ZIP; 33 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 52% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,098 units permitted in Lorain County in 2024 (20 in 5+ unit buildings).
• This rent runs 35% of the median local income ($45k/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 $546 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 4.1% rent growth), your $22k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($78k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $49k; list at $79k implies a 60% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $77,815 (1.5% below list)

Questions for the listing agent

1. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
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: 1.66% ✓
• Cap rate: 13.93%
• Cash-on-cash: 27.28%
• DSCR: 2.21
• GRM: 5.0

CMA / ARV

• ARV (median comp): $117,496
• List price: $79,000
• Delta: -32.76%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2349 Kelly Pl	0.30mi	3/1.0	1,164 (+0%)	1mo	$110,210	$95	85
1935 Hamilton Ave	0.43mi	3/1.0	1,160 (0%)	3mo	$165,000	$142	77
1725 Washington Ave	0.43mi	2/1.0 (-1)	1,127 (-3%)	3mo	$136,900	$121	67
3116 Chris Ave	0.53mi	3/1.0	1,120 (-3%)	4mo	$170,000	$152	67
2347 Oberlin Ave	0.52mi	2/1.0 (-1)	1,154 (-0%)	4mo	$139,225	$121	66
1035 W 12th St	0.69mi	3/1.0	1,152 (-1%)	3mo	$125,000	$109	64
125 E 30th St	0.69mi	3/1.5	1,137 (-2%)	2mo	$136,800	$120	61
2606 Oberlin Ave	0.60mi	3/1.0	1,239 (+7%)	0mo	$167,000	$135	60
2027 Lexington Ave	0.32mi	4/2.0 (+1)	1,260 (+9%)	4mo	$63,000	$50	59
1134 W 19th St	0.55mi	3/1.5	1,068 (-8%)	2mo	$160,000	$150	58
3209 Tressa Ave	0.53mi	2/2.0 (-1)	1,089 (-6%)	0mo	$206,000	$189	56
3030 Kay Ave	0.58mi	3/1.0	1,269 (+9%)	4mo	$145,000	$114	54

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 · 4.09% rent growth · sell at horizon

5-year hold

• IRR: 22.5%
• Equity multiple: 1.94×
• Total profit: $20,688
• Equity at exit: $11,779

10-year hold

• IRR: 31.2%
• Equity multiple: 3.96×
• Total profit: $65,384
• Equity at exit: $6,830

Cash invested: $22,120 (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 44052

• Home prices YoY: -28.1%
• Rents YoY: 4.1%
• Active inventory: 129
• Price-to-rent: 5.0×

Monthly cashflow live

• Estimated rent: $1,308 high
• Mortgage (P&I): −$414
• Tax from tax record: −$84 /mo · $1,003/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$275
• Net cashflow: $503

Break-even live

Break-even rent $672

Max offer price $79,000

Occupancy floor 57%

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: $19,750
• Closing costs: $2,370
• Reserves months: —
• Total cash needed: —

Rent comps 33 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
704 W 21st St Lorain, OH	4.0	1.0	1410	$1,450	$1.03	23d	1	0.14mi
939 W 22nd St Lorain, OH	3.0	1.0	950	$1,295	$1.36	43d	1	0.20mi
509 W 24th St Lorain, OH	2.0	1.0	1036	$1,400	$1.35	43d	1	0.20mi
2307 Washington Ave Lorain, OH	1.0–3.0	1.0	880	$1,499	$1.70	1d	1	0.21mi
944 S Central Dr Lorain, OH	3.0	1.0	950	$1,250	$1.32	23d	1	0.22mi
942 S Central Dr Lorain, OH	2.0	1.0	850	$1,000	$1.18	23d	1	0.22mi
938 S Central Dr Lorain, OH	2.0	1.0	850	$950	$1.12	43d	1	0.23mi
930 W 18th St Lorain, OH	4.0	1.0	1344	$1,450	$1.08	43d	1	0.39mi
128 W 22nd St Lorain, OH	3.0	1.0	1402	$1,470	$1.05	43d	1	0.41mi
1703 Oakdale Ave Lorain, OH	3.0	1.0	1237	$1,300	$1.05	3d	1	0.43mi
1421 Long Ave Lorain, OH	2.0	1.0	719	$1,140	$1.59	43d	1	0.45mi
336 W 29th St Lorain, OH	3.0	1.0	1440	$1,350	$0.94	43d	1	0.45mi
1724 Lexington Ave Lorain, OH	3.0	1.0	1150	$1,215	$1.06	23d	1	0.46mi
521 W 14th St Lorain, OH	3.0	1.0	968	$950	$0.98	43d	1	0.52mi
117 W 30th St Lorain, OH	2.0	1.0	1344	$925	$0.69	43d	1	0.64mi
2715 Apple Ave Lorain, OH	3.0	1.0	1240	$1,311	$1.06	43d	1	0.64mi
1220 W 19th St Lorain, OH	4.0	1.0	1492	$1,550	$1.04	23d	1	0.64mi
2349 Elyria Ave Unit 2 Lorain, OH	2.0	1.0	800	$925	$1.16	43d	1	0.64mi
2550 Elyria Ave Unit 2 Lorain, OH	3.0	1.0	765	$1,200	$1.57	7d	1	0.67mi
420 W 12th St Lorain, OH	3.0	1.0	1204	$1,650	$1.37	4d	1	0.68mi
1055 W 12th St Lorain, OH	4.0	1.0	1206	$1,750	$1.45	23d	1	0.70mi
1053 Washington Ave Unit 4 Lorain, OH	3.0	1.0	1000	$899	$0.90	43d	1	0.71mi
3132 Elyria Ave Lorain, OH	3.0	1.5	1109	$1,250	$1.13	43d	1	0.84mi
1031 W 9th St Lorain, OH	2.0	1.0	854	$895	$1.05	23d	1	0.86mi
612 E 33rd St Lorain, OH	3.0	1.0	960	$995	$1.04	43d	1	1.03mi
1312 W 37th St Lorain, OH	2.0	1.0	810	$1,200	$1.48	43d	1	1.09mi
1712 W 12th St Lorain, OH	3.0	1.0	996	$1,295	$1.30	23d	1	1.16mi
1028 W 5th St Lorain, OH	3.0	2.0	1250	$1,650	$1.32	43d	1	1.19mi
1223 W 5th St Lorain, OH	3.0	2.0	1152	$1,150	$1.00	12d	1	1.23mi
1239 W 5th St Unit 1 Lorain, OH	3.0	1.0	1200	$1,100	$0.92	23d	1	1.25mi
3502 Lowell Ave Lorain, OH	3.0	1.0	788	$1,095	$1.39	1d	1	1.34mi
1220 W Erie Ave Lorain, OH	2.0	2.0	1458	$1,050	$0.72	2d	1	1.34mi
860 Colorado Ave Lorain, OH	2.0	1.0	825	$1,225	$1.48	43d	1	1.36mi

Listing history 2 events

1. 2026-05-12
   listed $79,000 Active 108-char remark
2. 2003-12-10
   soldstatus $49,400

ⓘ 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: $1,003 · $84/mo
• Projected year-2 tax: $1,118 · $93/mo
• Expected delta: +$115/yr (+$10/mo · 11.4%)

ⓘ 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 ≥97°F today · 17 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: $15,701
• − Mortgage interest: −$4,425
• − Property taxes: −$1,003
• − Insurance: −$395
• − Repairs & maintenance: −$1,256
• − Management: −$1,256
• − Depreciation: −$2,298
• Taxable income: $5,068
• Est. tax owed @ 24.0%: −$1,216
• After-tax cash flow: $4,818/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): 28,282
• Household income: $45,023
• Rent vs Own: 46.0% rent · 54.0% own
• Severe rent burden: 1423.0

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 0.66)
• Race & ethnicity: White 49% Hispanic / Latino 24% Black 21% Two or more races 16%
• Hispanic origin (detail): Mexican 5% Puerto Rican 17%
• Common ancestry: Romanian 6% Lithuanian 1% Iranian 1%
• Foreign-born: 3% · Canada, Vietnam
• Languages at home: 84% English-only · Spanish 14%

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: ▼ -73.23%
• Current HPI: 186.9657
• Rent YoY: ▲ 4.09%
• 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

• 2003-12-10 Sold (Public Records) $49,400 Public Records

Property tax history

+3.9%/yr

Latest (2025): $1,003 · -4.9% YoY. Source: county tax records.