1113 W 9th St

Lorain, OH 44052

$159,900B-

6 bd · 2.0 ba · 2,480 sqft · Built 1900 · MultiFamily · Pending · 5 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,860/mo
• Mortgage (P&I): −$839
• Tax + insurance: −$210
• HOA: −$0
• Vac / Maint / Mgmt: −$601
• Net cashflow: $1,211/mo
• Annual: $14,534/yr
• Cap rate: 15.38%
• Cash-on-cash: 32.46%
• DSCR: 2.44
• 1% rule: 1.79%
• Cash to close: $44,772

Investor read

• This is a 2 × 4-bed/1.5-bath units multifamily listed at $160k.
• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $606/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $160k).
• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 67/100 on livability (#595 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: amenities D, health & safety D, crime F.
• 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.
• Zoned schools: Admiral King Elementary School (math 17% / reading 27%, grade F, #1,242 of 1,584 statewide, top 80%, 239 students, 0% FRL); General Johnnie Wilson Middle School (math 14% / reading 24%, grade F, #614 of 654 statewide, top 94%, 472 students, 0% FRL); Lorain High School (math 17% / reading 34%, grade F, #638 of 781 statewide, top 82%, 1,722 students, 0% FRL) — zoned schools average 0% FRL vs 80% district-wide (80 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+4.1%/yr); 135 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 1,098 units permitted in Lorain County in 2024 (20 in 5+ unit buildings).
• 4 sale attempts since 30y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $63k; list at $160k implies a 152% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 4.1% rent growth), your $45k cash investment doubles in ~4 years — after that, you're playing with house money.
• Cap rate 15.4% vs local median 5.7% 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.
• At $2,860/mo this rent would consume 76% of the median local household income ($45k/yr) (locally 1423% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.
• 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.