887-889 Colony Dr · Aurora, OH 44202

$299,900

4 bd · 2.0 ba · 3,100 sqft · MultiFamily public records · 17 Days on market

Built 1940 2.19 ac 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 +29.3/30.0
• DSCR +10.0/10.0
• 1% rule +8.3/10.0
• ARV discount +7.5/15.0
• Schools +7.2/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 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

Rare opportunity in Aurora! Situated on 2.18 picturesque acres with stunning lakefront views, this side-by-side raised ranch duplex offers endless potential for investors, renovators, or those looking to build their dream waterfront home. Each unit features 2 bedrooms, central air conditioning, and separate living spaces. A newer roof was installed approximately 3-4 years ago. The property also includes a detached 20x24 garage and an impressive 30x40 outbuilding with concrete floors and a mezzanine, providing abundant storage, workshop space, or future hobby use. Please note: the existing home is in need of substantial rehabilitation, view at your own risk with your favorite Realtor and it

Key facts

• Mezzanine
• 2.18 acres
• Lakefront views

Tags

• LAKEFRONT VIEWS
• 2.18 ACRES
• DETACHED GARAGE
• 30X40 OUTBUILDING
• CONCRETE FLOORS
• MEZZANINE

Property features AI

Exterior

• Parking: Detached garage and additional garage space; 5 garage spaces; Driveway (paved); Garage faces front and side; Workshop space in garage
• Utilities: Public sewer; Well water
• Home design: Two-story home; Fixer condition
• Construction: Vinyl siding; Asphalt/fiberglass roof
• Exterior features: Cleared lot with few trees; Gentle sloping; Fishing pond(s); Lakefront with lake privileges and waterfront views; Views

Interior

• Kitchen: Range
• Bathrooms: 2 full bathrooms
• Heating & cooling: Gas heating with baseboard units; Central air conditioning
• Interior features: Double-pane windows; Full basement with interior entry, partially finished and walk-out access
• Laundry & utility: Washer; Dryer; Laundry in basement

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $300k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive. Per door: $526/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $300k).
• Recommended offer: $295k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.5% vs local median 2.5% in Aurora — 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 (#258 in OH, #4,104 nationally) — a middle-class / working-renter tenant base. Strengths: schools A+, crime A+, employment A+; Watch: amenities F, commute F, health & safety F.
• Aurora City (suburban): math 79% / reading 84% proficiency, ranked #35 of 656 in OH (top 5%) — strong family-tenant draw, lease renewals of 3-5y typical; only 7% free/reduced lunch — higher-income household profile.
• Market conditions: 135 active listings in the ZIP; high-income renter base; 196 units permitted in Portage County in 2024 (10 in 5+ unit buildings).
• This rent runs 41% of the median local income ($117k/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 $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $84k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($295k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $65k; list at $300k implies a 361% 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 $295,401 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
6. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
7. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
8. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
9. 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.
10. 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.
11. 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: 1.33% ✓
• Cap rate: 10.50%
• Cash-on-cash: 15.02%
• DSCR: 1.67
• GRM: 6.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 5.6%
• Equity multiple: 1.22×
• Total profit: $18,429
• Equity at exit: $44,716

10-year hold

• IRR: 15.1%
• Equity multiple: 2.22×
• Total profit: $102,586
• Equity at exit: $25,930

Cash invested: $83,972 (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 44202

• Active inventory: 135
• Price-to-rent: 12.5×

Monthly cashflow live

• Estimated rent: $4,002 medium
• Mortgage (P&I): −$1,573
• Tax from tax record: −$413 /mo · $4,954/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$840
• Net cashflow: $1,051

Break-even live

Break-even rent $2,672

Max offer price $299,900

Occupancy floor 69%

Sensitivity live

Price	-10% $1,221	-5% $1,136	+0% $1,051	+5% $966	+10% $881
Rent	-10% $735	-5% $893	+0% $1,051	+5% $1,209	+10% $1,367
Rate	-1.0pp $1,202	-0.5pp $1,127	base $1,051	+0.5pp $973	+1.0pp $894

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$4,002
Total (2 units)			$4,002

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: $74,975
• Closing costs: $8,997
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-06-18
   days on market $299,900 Active 17 DOM
2. 2026-06-17
   days on market $299,900 Active 16 DOM
3. 2026-06-16
   days on market $299,900 Active 15 DOM
4. 2026-06-15
   days on market $299,900 Active 14 DOM
5. 2026-06-14
   days on market $299,900 Active 12 DOM
6. 2026-06-10
   days on market $299,900 Active 9 DOM
7. 2026-06-09
   days on market $299,900 Active 8 DOM
8. 2026-06-08
   days on market $299,900 Active 7 DOM
9. 2026-06-07
   days on market $299,900 Active 6 DOM
10. 2026-06-03
    days on market $299,900 Active 2 DOM
11. 2026-06-02
    remarks 699-char remark
12. 2026-06-02
    listed $299,900 Active 1 DOM

ⓘ 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: $4,954 · $413/mo
• Projected year-2 tax: $4,954 · $413/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 2/10 Low 7 d/yr ≥96°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $48,024
• − Mortgage interest: −$16,799
• − Property taxes: −$4,954
• − Insurance: −$1,500
• − Repairs & maintenance: −$3,842
• − Management: −$3,842
• − Depreciation: −$8,724
• Taxable income: $8,363
• Est. tax owed @ 24.0%: −$2,007
• After-tax cash flow: $10,605/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: Aurora City
• NCES district ID: 3904917
• Math proficiency: 79% ▼ -7.00%
• Reading proficiency: 84% ▼ -5.00%
• Median HH income: $81,791
• Composite: 71.93/100
• National rank: #213
• State rank: #35 of 656 in OH

Livability — Aurora

• Score: 75/100
• State rank: #258
• US rank: #4104

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Aurora, OH
• County: Portage · 165,699 people
• City population: 22,857
• Metro: Akron, OH
• Population (ZIP): 22,857
• Household income: $116,556
• Rent vs Own: 15.8% rent · 84.2% own
• Severe rent burden: 4.9

Population outlook (Portage County) Hauer SSP2

• Today (2025): 166,109 people
• By 2030: 167,752 · +1.0%
• By 2040: 168,640 · +1.5%
• By 2050: 167,469 · +0.8%
• By 2075: 170,131 · +2.4%
• By 2100: 167,958 · +1.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Asian 4% Two or more races 4% Black 3%
• Common ancestry: Romanian 9% Italian 3% Lithuanian 2%
• Foreign-born: 6% · Canada, China, South Korea
• Languages at home: 94% English-only · Other Indo-European 2% Other Asian/Pacific 1% Russian/Polish/Slavic 1%

Political lean MEDSL · Portage

• 2024 margin: R (+15.5) · D 41.8% · R 57.3%
• 2008→2024 swing: -24.5pp toward R · 2008: 9.0pp · 2024: -15.5pp
• All cycles: 2024: R+15.5 2020: R+12.5 2016: R+10.2 2012: D+4.9 2008: D+9.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -270.23%
• Current HPI: 186.4919
• Rent YoY: —
• Metro: —
• 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

+361.4% since first listed

2 events — show timeline

• 2026-05-31 Listed $299,900 MLSNOW
• 1992-01-07 Sold (Public Records) $65,000 Public Records

Property tax history

+3.9%/yr

Latest (2025): $4,954 · +16.9% YoY. Source: county tax records.