140 School St · Elyria, OH 44035

$189,000

5 bd · 3.0 ba · 3,460 sqft · MultiFamily public records · 72 Days on market

Built 1900 9,147 sqft lot

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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 +24.8/30.0
• DSCR +8.0/10.0
• ARV discount +7.5/15.0
• 1% rule +6.3/10.0
• 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

Multi-family units

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

Listing remarks MLS

Nice looking duplex home in Elyria off Gateway Blvd. First floor is vacant - second floor rented for $600. per month. Work started refinishing 2nd bedroom and bathroom on first floor - needs completion.

Key facts

• 9,147 sq ft lot
• Parking
• Built 1900

Property features AI

Finance

• Other: Property contains one building; Total of 10 rooms
• Financial info: Two rental units with current rents: $980 for the two-bedroom and $1,310 for the three-bedroom; Both units are leased with leases expiring September 30, 2026
• HOA & community: No HOA information provided

Exterior

• Parking: Driveway
• Security: No security details provided
• Utilities: Public water; Public sewer
• Home design: Two-story building; Brick construction; Asphalt/fiberglass roof
• Construction: Built year per public records; Brick exterior; Asphalt and fiberglass roofing
• Exterior features: 0.21-acre lot

Interior

• Kitchen: No kitchen appliance details provided
• Bedrooms: Two-bedroom unit (leased); Three-bedroom unit (leased)
• Flooring: No flooring details provided
• Bathrooms: Three full bathrooms total across units; Two-bedroom unit has 1 bathroom; Three-bedroom unit has 2 bathrooms
• Heating & cooling: Gas heating; Ceiling fans for cooling
• Interior features: Unfinished basement
• Laundry & utility: No laundry details provided

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.5-bath units multifamily listed at $189k.

Deal economics

• At list price, monthly cash flow is $400 ($5k/yr) — positive. Per door: $200/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $189k).
• Recommended offer: $178k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.8% 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 $2,142/mo this rent would consume 46% 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 $53k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 72 days — a 6% lower offer ($178k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 5y ago; this cycle's ask has dropped $10k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $58k; list at $189k implies a 229% 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 $177,660 (6.0% below list)

Questions for the listing agent

1. It's been on market 72 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. 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.
8. 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.
9. 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: 1.13% ✓
• Cap rate: 8.83%
• Cash-on-cash: 9.07%
• DSCR: 1.40
• GRM: 7.4

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: 1.5%
• Equity multiple: 1.06×
• Total profit: $3,233
• Equity at exit: $28,181

10-year hold

• IRR: 14.5%
• Equity multiple: 2.38×
• Total profit: $72,780
• Equity at exit: $16,341

Cash invested: $52,920 (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: 14.7×

Monthly cashflow live

• Estimated rent: $2,142 medium
• Mortgage (P&I): −$991
• Tax from tax record: −$222 /mo · $2,668/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$450
• Net cashflow: $400

Break-even live

Break-even rent $1,636

Max offer price $189,000

Occupancy floor 76%

Sensitivity live

Price	-10% $507	-5% $453	+0% $400	+5% $346	+10% $293
Rent	-10% $231	-5% $315	+0% $400	+5% $485	+10% $569
Rate	-1.0pp $495	-0.5pp $448	base $400	+0.5pp $351	+1.0pp $301

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1.5	$2,142
Total (2 units)			$2,142

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: $47,250
• Closing costs: $5,670
• Reserves months: —
• Total cash needed: —

Listing history 26 events

1. 2026-06-21
   days on market $189,000 Active 72 DOM
2. 2026-06-18
   days on market $189,000 Active 69 DOM
3. 2026-06-17
   days on market $189,000 Active 68 DOM
4. 2026-06-16
   days on market $189,000 Active 67 DOM
5. 2026-06-15
   days on market $189,000 Active 66 DOM
6. 2026-06-13
   days on market $189,000 Active 64 DOM
7. 2026-06-13
   days on market $189,000 Active 63 DOM
8. 2026-06-09
   days on market $189,000 Active 60 DOM
9. 2026-06-08
   days on market $189,000 Active 59 DOM
10. 2026-06-07
    days on market $189,000 Active 58 DOM
11. 2026-06-03
    days on market $189,000 Active 54 DOM
12. 2026-06-02
    days on market $189,000 Active 53 DOM
13. 2026-06-01
    days on market $189,000 Active 52 DOM
14. 2026-05-31
    days on market $189,000 Active 51 DOM
15. 2026-05-23
    price $189,000
16. 2026-04-10
    listed $199,000 Active
17. 2025-08-16
    historical
18. 2025-07-21
    price $209,000
19. 2025-04-04
    price $218,900
20. 2025-03-16
    listed $225,000 Active
21. 2022-04-19
    soldstatus $57,500 Closed 202-char remark

    Show marketing remark (202 chars)

    Nice looking duplex home in Elyria off Gateway Blvd. First floor is vacant - second floor rented for $600. per month. Work started refinishing 2nd bedroom and bathroom on first floor - needs completion.

22. 2022-02-23
    status Pending 202-char remark

    Show marketing remark (202 chars)

    Nice looking duplex home in Elyria off Gateway Blvd. First floor is vacant - second floor rented for $600. per month. Work started refinishing 2nd bedroom and bathroom on first floor - needs completion.

23. 2022-01-19
    historical Contingent 202-char remark

    Show marketing remark (202 chars)

    Nice looking duplex home in Elyria off Gateway Blvd. First floor is vacant - second floor rented for $600. per month. Work started refinishing 2nd bedroom and bathroom on first floor - needs completion.

24. 2022-01-07
    status Active 202-char remark

    Show marketing remark (202 chars)

    Nice looking duplex home in Elyria off Gateway Blvd. First floor is vacant - second floor rented for $600. per month. Work started refinishing 2nd bedroom and bathroom on first floor - needs completion.

25. 2021-12-24
    historical Contingent 202-char remark

    Show marketing remark (202 chars)

    Nice looking duplex home in Elyria off Gateway Blvd. First floor is vacant - second floor rented for $600. per month. Work started refinishing 2nd bedroom and bathroom on first floor - needs completion.

26. 2021-12-13
    listed $85,000 Active 202-char remark

    Show marketing remark (202 chars)

    Nice looking duplex home in Elyria off Gateway Blvd. First floor is vacant - second floor rented for $600. per month. Work started refinishing 2nd bedroom and bathroom on first floor - needs completion.

ⓘ 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: $2,668 · $222/mo
• Projected year-2 tax: $2,808 · $234/mo
• Expected delta: +$140/yr (+$12/mo · 5.3%)

ⓘ 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 2/10 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: $25,704
• − Mortgage interest: −$10,587
• − Property taxes: −$2,668
• − Insurance: −$945
• − Repairs & maintenance: −$2,056
• − Management: −$2,056
• − Depreciation: −$5,498
• Taxable income: $1,893
• Est. tax owed @ 24.0%: −$454
• After-tax cash flow: $4,345/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

+122.4% since first listed

12 events — show timeline

• 2026-05-23 Price Changed $189,000 MLSNOW
• 2026-04-10 Listed $199,000 MLSNOW
• 2025-08-16 Listing Removed — MLSNOW
• 2025-07-21 Price Changed $209,000 MLSNOW
• 2025-04-04 Price Changed $218,900 MLSNOW
• 2025-03-16 Listed $225,000 MLSNOW
• 2022-04-19 Sold (MLS) $57,500 MLSNOW
• 2022-02-23 Pending — MLSNOW
• 2022-01-19 Contingent — MLSNOW
• 2022-01-07 Relisted — MLSNOW
• 2021-12-24 Contingent — MLSNOW
• 2021-12-13 Listed $85,000 MLSNOW

Property tax history

+14.0%/yr

Latest (2025): $2,668 · +2.0% YoY. Source: county tax records.