537 3rd St · Elyria, OH 44035

$86,900

3 bd · 1.5 ba · 1,538 sqft · SingleFamily public records · 226 Days on market

Built 1900 0.25 ac lot Est $129k · 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 +29.3/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.6/10.0
• 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

Listing remarks MLS

Traditional century home with spacious living spaces and huge eat-in kitchen. Garage in back, and back yard made for playing, planting or your heart's desire. Hardwood floors in many rooms, with built-in hardwood cabinets in part of kitchen leading to dining room for serving. Great home for first time home buyers and those wishing to put their own stamp on this home!

Key facts

• Eat-in kitchen
• Hardwood floors
• 0.25 acre lot

Tags

• EAT-IN KITCHEN
• HARDWOOD FLOORS
• BUILT-IN HARDWOOD CABINETS
• SPACIOUS LIVING AREAS

Property features AI

Exterior

• Parking: Detached garage (1 car); Driveway and additional parking
• Utilities: Public water; Public sewer
• Home design: 2-story home; Vinyl siding; Asphalt roof
• Construction: Vinyl siding construction; Asphalt roof
• Exterior features: Back yard fencing

Interior

• Kitchen: Range; Refrigerator
• Bedrooms: Second-level bedroom (approx. 11 x 12); First-level bedroom (approx. 10 x 10); Second-level bedroom (approx. 12 x 16)
• Flooring: Hardwood in living and dining areas; Linoleum in kitchen
• Bathrooms: 1 full bathroom; 1 half bathroom; Main-level bathroom included
• Heating & cooling: Gas heating
• Interior features: Ceiling fan(s); Partial basement
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $87k.

Deal economics

• At list price, monthly cash flow is $306 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $87k).
• Recommended offer: $76k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.5% 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: 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.
• Zoned schools: Hamilton Elementary School (math 8% / reading 17%, grade F, #1,434 of 1,584 statewide, top 92%, 421 students, 90% FRL); Eastern Heights Middle School (math 15% / reading 29%, grade F, #602 of 654 statewide, top 93%, 579 students, 100% FRL); Elyria High School (math 20% / reading 47%, grade F, #598 of 781 statewide, top 77%, 1,639 students, 62% FRL) — zoned schools average 84% FRL vs 58% district-wide (26 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+6.7%/yr); 359 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 9d on market — plan ~1-2 weeks tenant-placement turnaround); 1,098 units permitted in Lorain County in 2024 (20 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $601 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 6.7% rent growth), your $24k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 226 days — a 12% lower offer ($76k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 21y ago; this cycle's ask has dropped $58k (40%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $10k; list at $87k implies a 769% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 2.8% of price; built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $76,472 (12.0% below list)

Questions for the listing agent

1. It's been on market 226 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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.
7. 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.
8. 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: 1.46% ✓
• Cap rate: 10.52%
• Cash-on-cash: 15.09%
• DSCR: 1.67
• GRM: 5.7

CMA / ARV

• ARV (on-the-fly): $129,192
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
568 Turner St	0.07mi	4/2.0 (+1)	1,578 (+3%)	4mo	$180,000	$114	82
6234 W River Rd S	0.22mi	2/1.0 (-1)	1,612 (+5%)	9mo	$75,000	$47	68
455 9th St	0.45mi	3/1.0	1,448 (-6%)	8mo	$125,000	$86	61
127 Cascade St	0.51mi	4/1.0 (+1)	1,612 (+5%)	3mo	$106,000	$66	59
142 4th St	0.61mi	3/1.0	1,428 (-7%)	4mo	$120,000	$84	54
348 11th Ave	0.67mi	3/1.0	1,418 (-8%)	3mo	$75,000	$53	52
160 Erie St	0.74mi	3/1.5	1,413 (-8%)	4mo	$56,000	$40	49
343 Furnace St	0.74mi	3/1.0	1,400 (-9%)	1mo	$45,000	$32	48
420 East Ave	0.56mi	3/1.5	1,767 (+15%)	1mo	$150,000	$85	48
121 Parkview Ct	0.48mi	4/1.0 (+1)	1,714 (+11%)	5mo	$165,000	$96	47
1122 West Ave	0.69mi	4/1.5 (+1)	1,392 (-10%)	4mo	$140,000	$101	44
213 Gates Ave	0.70mi	3/1.0	1,368 (-11%)	4mo	$100,000	$73	43

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 · 6.74% rent growth · sell at horizon

5-year hold

• IRR: 10.3%
• Equity multiple: 1.43×
• Total profit: $10,420
• Equity at exit: $12,957

10-year hold

• IRR: 22.6%
• Equity multiple: 3.32×
• Total profit: $56,359
• Equity at exit: $7,514

Cash invested: $24,332 (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: 359
• Price-to-rent: 5.7×

Monthly cashflow live

• Estimated rent: $1,264 medium
• Mortgage (P&I): −$456
• Tax from tax record: −$201 /mo · $2,412/yr
• Insurance: −$36
• HOA: −$0
• Vacancy / Maint / Mgmt: −$266
• Net cashflow: $306

Break-even live

Break-even rent $877

Max offer price $86,900

Occupancy floor 71%

Sensitivity live

Price	-10% $355	-5% $331	+0% $306	+5% $281	+10% $257
Rent	-10% $206	-5% $256	+0% $306	+5% $356	+10% $406
Rate	-1.0pp $350	-0.5pp $328	base $306	+0.5pp $283	+1.0pp $261

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: $21,725
• Closing costs: $2,607
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
518 Lake Ave Unit 100 Rush Elyria, OH	3.0	1.0	1248	$1,099	$0.88	5d	1	0.84mi
100 Rush St Elyria, OH	3.0	1.0	1248	$1,099	$0.88	9d	1	0.85mi
222 Georgia Ave Elyria, OH	3.0	2.5	1850	$1,750	$0.95	3d	1	1.19mi
944 Walnut St Elyria, OH	2.0	1.0	1064	$1,200	$1.13	18d	1	1.34mi

Listing history 39 events

1. 2026-06-21
   days on market $86,900 Active 226 DOM
2. 2026-06-18
   days on market $86,900 Active 223 DOM
3. 2026-06-17
   days on market $86,900 Active 222 DOM
4. 2026-06-16
   days on market $86,900 Active 221 DOM
5. 2026-06-15
   days on market $86,900 Active 220 DOM
6. 2026-06-13
   days on market $86,900 Active 218 DOM
7. 2026-06-13
   days on market $86,900 Active 217 DOM
8. 2026-06-09
   days on market $86,900 Active 214 DOM
9. 2026-06-08
   days on market $86,900 Active 213 DOM
10. 2026-06-07
    days on market $86,900 Active 212 DOM
11. 2026-06-03
    days on market $86,900 Active 208 DOM
12. 2026-06-02
    days on market $86,900 Active 207 DOM
13. 2026-06-01
    days on market $86,900 Active 206 DOM
14. 2026-05-31
    days on market $86,900 Active 205 DOM
15. 2026-04-28
    price $86,900 369-char remark

    Show marketing remark (369 chars)

    Traditional century home with spacious living spaces and huge eat-in kitchen. Garage in back, and back yard made for playing, planting or your heart's desire. Hardwood floors in many rooms, with built-in hardwood cabinets in part of kitchen leading to dining room for serving. Great home for first time home buyers and those wishing to put their own stamp on this home!

16. 2026-04-28
    price $86,900

    Show marketing remark (369 chars)

    Traditional century home with spacious living spaces and huge eat-in kitchen. Garage in back, and back yard made for playing, planting or your heart's desire. Hardwood floors in many rooms, with built-in hardwood cabinets in part of kitchen leading to dining room for serving. Great home for first time home buyers and those wishing to put their own stamp on this home!

17. 2026-04-06
    price $89,900 369-char remark

    Show marketing remark (369 chars)

    Traditional century home with spacious living spaces and huge eat-in kitchen. Garage in back, and back yard made for playing, planting or your heart's desire. Hardwood floors in many rooms, with built-in hardwood cabinets in part of kitchen leading to dining room for serving. Great home for first time home buyers and those wishing to put their own stamp on this home!

18. 2026-04-06
    price $89,900

    Show marketing remark (369 chars)

    Traditional century home with spacious living spaces and huge eat-in kitchen. Garage in back, and back yard made for playing, planting or your heart's desire. Hardwood floors in many rooms, with built-in hardwood cabinets in part of kitchen leading to dining room for serving. Great home for first time home buyers and those wishing to put their own stamp on this home!

19. 2026-02-04
    price $99,900

    Show marketing remark (369 chars)

    Traditional century home with spacious living spaces and huge eat-in kitchen. Garage in back, and back yard made for playing, planting or your heart's desire. Hardwood floors in many rooms, with built-in hardwood cabinets in part of kitchen leading to dining room for serving. Great home for first time home buyers and those wishing to put their own stamp on this home!

20. 2026-02-04
    price $99,900 369-char remark

    Show marketing remark (369 chars)

    Traditional century home with spacious living spaces and huge eat-in kitchen. Garage in back, and back yard made for playing, planting or your heart's desire. Hardwood floors in many rooms, with built-in hardwood cabinets in part of kitchen leading to dining room for serving. Great home for first time home buyers and those wishing to put their own stamp on this home!

21. 2026-01-05
    price $102,900 369-char remark

    Show marketing remark (369 chars)

    Traditional century home with spacious living spaces and huge eat-in kitchen. Garage in back, and back yard made for playing, planting or your heart's desire. Hardwood floors in many rooms, with built-in hardwood cabinets in part of kitchen leading to dining room for serving. Great home for first time home buyers and those wishing to put their own stamp on this home!

22. 2026-01-05
    price $102,900

    Show marketing remark (369 chars)

    Traditional century home with spacious living spaces and huge eat-in kitchen. Garage in back, and back yard made for playing, planting or your heart's desire. Hardwood floors in many rooms, with built-in hardwood cabinets in part of kitchen leading to dining room for serving. Great home for first time home buyers and those wishing to put their own stamp on this home!

23. 2025-12-09
    price $104,900
24. 2025-11-24
    price $124,900

    Show marketing remark (369 chars)

    Traditional century home with spacious living spaces and huge eat-in kitchen. Garage in back, and back yard made for playing, planting or your heart's desire. Hardwood floors in many rooms, with built-in hardwood cabinets in part of kitchen leading to dining room for serving. Great home for first time home buyers and those wishing to put their own stamp on this home!

25. 2025-11-24
    price $124,900 369-char remark

    Show marketing remark (369 chars)

    Traditional century home with spacious living spaces and huge eat-in kitchen. Garage in back, and back yard made for playing, planting or your heart's desire. Hardwood floors in many rooms, with built-in hardwood cabinets in part of kitchen leading to dining room for serving. Great home for first time home buyers and those wishing to put their own stamp on this home!

26. 2025-11-06
    listed $144,900 Active 369-char remark

    Show marketing remark (369 chars)

    Traditional century home with spacious living spaces and huge eat-in kitchen. Garage in back, and back yard made for playing, planting or your heart's desire. Hardwood floors in many rooms, with built-in hardwood cabinets in part of kitchen leading to dining room for serving. Great home for first time home buyers and those wishing to put their own stamp on this home!

27. 2025-11-06
    listed $144,900 Active

    Show marketing remark (369 chars)

    Traditional century home with spacious living spaces and huge eat-in kitchen. Garage in back, and back yard made for playing, planting or your heart's desire. Hardwood floors in many rooms, with built-in hardwood cabinets in part of kitchen leading to dining room for serving. Great home for first time home buyers and those wishing to put their own stamp on this home!

28. 2023-02-22
    historical
29. 2023-01-31
    price $74,500
30. 2022-12-04
    listed $89,500 Active
31. 2010-06-05
    historical
32. 2009-12-05
    listed $35,000
33. 2007-12-05
    historical
34. 2007-10-29
    historical
35. 2007-06-05
    listed $59,900
36. 2006-05-07
    listed $59,900
37. 2006-03-28
    historical
38. 2005-09-29
    listed $82,900
39. 1987-10-13
    soldstatus $10,000

ⓘ 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: $2,412 · $201/mo
• Projected year-2 tax: $2,412 · $201/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 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: $15,173
• − Mortgage interest: −$4,868
• − Property taxes: −$2,412
• − Insurance: −$434
• − Repairs & maintenance: −$1,214
• − Management: −$1,214
• − Depreciation: −$2,528
• Taxable income: $2,504
• Est. tax owed @ 24.0%: −$601
• After-tax cash flow: $3,071/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

+769.0% since first listed

25 events — show timeline

• 2026-04-28 Price Changed $86,900 FAOR
• 2026-04-28 Price Changed $86,900 MLSNOW
• 2026-04-06 Price Changed $89,900 FAOR
• 2026-04-06 Price Changed $89,900 MLSNOW
• 2026-02-04 Price Changed $99,900 MLSNOW
• 2026-02-04 Price Changed $99,900 FAOR
• 2026-01-05 Price Changed $102,900 FAOR
• 2026-01-05 Price Changed $102,900 MLSNOW
• 2025-12-09 Price Changed $104,900 MLSNOW
• 2025-11-24 Price Changed $124,900 MLSNOW
• 2025-11-24 Price Changed $124,900 FAOR
• 2025-11-06 Listed $144,900 MLSNOW
• 2025-11-06 Listed $144,900 FAOR
• 2023-02-22 Listing Removed — MLSNOW
• 2023-01-31 Price Changed $74,500 MLSNOW
• 2022-12-04 Listed $89,500 MLSNOW
• 2010-06-05 Listing Removed — MLSNOW
• 2009-12-05 Listed $35,000 MLSNOW
• 2007-12-05 Listing Removed — MLSNOW
• 2007-10-29 Listing Removed — MLSNOW
• 2007-06-05 Listed $59,900 MLSNOW
• 2006-05-07 Listed $59,900 MLSNOW
• 2006-03-28 Listing Removed — MLSNOW
• 2005-09-29 Listed $82,900 MLSNOW
• 1987-10-13 Sold (Public Records) $10,000 Public Records

Property tax history

+4.9%/yr

Latest (2025): $2,412 · +2.0% YoY. Source: county tax records.