564 Williams St · Painesville, OH 44077

$189,900

3 bd · 2.0 ba · 1,592 sqft · SingleFamily public records · 5 Days on market

Built 1935 0.36 ac lot Est $231k · 18% under

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Why this score? — see what drove the D+ 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).

• ARV discount +15.0/15.0
• Cash flow +14.1/30.0
• DSCR +4.3/10.0
• Livability +3.6/5.0
• 1% rule +3.4/10.0
• Rent growth +3.4/5.0
• Schools +2.6/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Charming 3 bedroom, 2 full bath colonial with over 1500 sq ft of living space. Enjoy original hardwood floors, beautiful woodwork, a lovely front porch and nicely sized yard with 1-car garage. Eat-in kitchen boasts modern updates and spacious floor plan with eat-in breakfast nook! Enjoy a freshly-carpeted living room with bright light coming in the front window. Walk through the classic arches into your formal dining room, with original, unpainted woodwork and hardwood floors. Upstairs you will find three spacious bedrooms and a full bathroom. Second, bonus, full bathroom located in the basement. This charming colonial sits on a spacious lot, plenty of room for gardening, or add your own fire pit and create an outdoor oasis.

Key facts

• 0.36 acre lot
• Garage
• Built 1935

Property features AI

Exterior

• Parking: Driveway; Detached 1-car garage
• Utilities: Public water; Public sewer
• Home design: Two-story home
• Construction: Built per public records; Asphalt/fiberglass roof
• Exterior features: Aluminum siding; Lot approximately 0.36 acre

Interior

• Kitchen: Dishwasher; Microwave; Range; Refrigerator
• Bedrooms: Three bedrooms located on the second floor
• Bathrooms: Two full bathrooms
• Heating & cooling: Forced air heating (gas); Central air conditioning
• Interior features: Full, unfinished basement
• Laundry & utility: Laundry on the main level and lower level

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $190k.

Deal economics

• At list price, monthly cash flow is $27 ($319/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $159k (16.2% below list).
• Recommended offer: $159k (16.2% below list) — sets the bar for 1% rule.
• Cap rate 6.5% vs local median 2.9% in Painesville — 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 72/100 on livability (#360 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D+, amenities F, commute F.
• Painesville City Local (suburban): math 28% / reading 35% proficiency, ranked #577 of 656 in OH (top 88%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 76% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+3.7%/yr); 267 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 448 units permitted in Lake County in 2024 (0 in 5+ unit buildings).

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.
• Lake County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 7 sale attempts since 32y 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 $128k; 48% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1935 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $159,050 (16.2% below list)

Questions for the listing agent

1. Built in 1935 — 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.84% ✗
• Cap rate: 6.46%
• Cash-on-cash: 0.60%
• DSCR: 1.03
• GRM: 9.9

CMA / ARV

• ARV (on-the-fly): $230,840
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
613 Ericston Ct	0.29mi	3/2.0	1,487 (-7%)	2mo	$250,000	$168	74
590 Elm St	0.27mi	3/1.5	1,630 (+2%)	9mo	$207,000	$127	74
677 N State St	0.21mi	4/2.5 (+1)	1,378 (-13%)	5mo	$200,000	$145	56
623 Beacon Dr	0.71mi	3/2.5	1,615 (+1%)	14mo	$217,900	$135	51
852 Doris Cir	0.38mi	3/1.5	1,387 (-13%)	10mo	$212,150	$153	50
609 Beacon Dr	0.72mi	2/2.0 (-1)	1,490 (-6%)	2mo	$225,000	$151	49
440 N St Clair St	0.22mi	3/1.0	1,360 (-15%)	20mo	$118,000	$87	45
95 Nebraska St	0.58mi	4/1.0 (+1)	1,478 (-7%)	10mo	$129,000	$87	44
629 Beacon Dr	0.69mi	3/2.5	1,824 (+15%)	8mo	$290,000	$159	35

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 · 3.68% rent growth · sell at horizon

5-year hold

• IRR: -14.6%
• Equity multiple: 0.47×
• Total profit: $-28,009
• Equity at exit: $28,315

10-year hold

• IRR: -5.0%
• Equity multiple: 0.67×
• Total profit: $-17,759
• Equity at exit: $16,419

Cash invested: $53,172 (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 44077

• Rents YoY: 3.7%
• Active inventory: 267
• Price-to-rent: 9.9×

Monthly cashflow live

• Estimated rent: $1,590 medium
• Mortgage (P&I): −$996
• Tax from tax record: −$155 /mo · $1,859/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$334
• Net cashflow: $27

Break-even live

Break-even rent $1,557

Max offer price $189,900

Occupancy floor 93%

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: $47,475
• Closing costs: $5,697
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
189 E Prospect St Painesville, OH	3.0	2.0	1240	$1,600	$1.29	23d	1	0.47mi

Listing history 25 events

1. 2026-05-21
   status Pending
2. 2026-05-17
   status Active
3. 2026-05-07
   status Pending
4. 2026-05-07
   historical Contingent
5. 2026-05-06
   listed $189,900 Active
6. 2021-05-13
   soldstatus $128,500
7. 2021-05-12
   soldstatus $128,500 Closed 734-char remark

   Show marketing remark (734 chars)

   Charming 3 bedroom, 2 full bath colonial with over 1500 sq ft of living space. Enjoy original hardwood floors, beautiful woodwork, a lovely front porch and nicely sized yard with 1-car garage. Eat-in kitchen boasts modern updates and spacious floor plan with eat-in breakfast nook! Enjoy a freshly-carpeted living room with bright light coming in the front window. Walk through the classic arches into your formal dining room, with original, unpainted woodwork and hardwood floors. Upstairs you will find three spacious bedrooms and a full bathroom. Second, bonus, full bathroom located in the basement. This charming colonial sits on a spacious lot, plenty of room for gardening, or add your own fire pit and create an outdoor oasis.

8. 2021-04-02
   status Pending 734-char remark

   Show marketing remark (734 chars)

   Charming 3 bedroom, 2 full bath colonial with over 1500 sq ft of living space. Enjoy original hardwood floors, beautiful woodwork, a lovely front porch and nicely sized yard with 1-car garage. Eat-in kitchen boasts modern updates and spacious floor plan with eat-in breakfast nook! Enjoy a freshly-carpeted living room with bright light coming in the front window. Walk through the classic arches into your formal dining room, with original, unpainted woodwork and hardwood floors. Upstairs you will find three spacious bedrooms and a full bathroom. Second, bonus, full bathroom located in the basement. This charming colonial sits on a spacious lot, plenty of room for gardening, or add your own fire pit and create an outdoor oasis.

9. 2021-03-20
   historical Contingent 734-char remark

   Show marketing remark (734 chars)

   Charming 3 bedroom, 2 full bath colonial with over 1500 sq ft of living space. Enjoy original hardwood floors, beautiful woodwork, a lovely front porch and nicely sized yard with 1-car garage. Eat-in kitchen boasts modern updates and spacious floor plan with eat-in breakfast nook! Enjoy a freshly-carpeted living room with bright light coming in the front window. Walk through the classic arches into your formal dining room, with original, unpainted woodwork and hardwood floors. Upstairs you will find three spacious bedrooms and a full bathroom. Second, bonus, full bathroom located in the basement. This charming colonial sits on a spacious lot, plenty of room for gardening, or add your own fire pit and create an outdoor oasis.

10. 2021-03-14
    listed $125,000 Active 734-char remark

    Show marketing remark (734 chars)

    Charming 3 bedroom, 2 full bath colonial with over 1500 sq ft of living space. Enjoy original hardwood floors, beautiful woodwork, a lovely front porch and nicely sized yard with 1-car garage. Eat-in kitchen boasts modern updates and spacious floor plan with eat-in breakfast nook! Enjoy a freshly-carpeted living room with bright light coming in the front window. Walk through the classic arches into your formal dining room, with original, unpainted woodwork and hardwood floors. Upstairs you will find three spacious bedrooms and a full bathroom. Second, bonus, full bathroom located in the basement. This charming colonial sits on a spacious lot, plenty of room for gardening, or add your own fire pit and create an outdoor oasis.

11. 2021-03-12
    historical $125,000 734-char remark

    Show marketing remark (734 chars)

    Charming 3 bedroom, 2 full bath colonial with over 1500 sq ft of living space. Enjoy original hardwood floors, beautiful woodwork, a lovely front porch and nicely sized yard with 1-car garage. Eat-in kitchen boasts modern updates and spacious floor plan with eat-in breakfast nook! Enjoy a freshly-carpeted living room with bright light coming in the front window. Walk through the classic arches into your formal dining room, with original, unpainted woodwork and hardwood floors. Upstairs you will find three spacious bedrooms and a full bathroom. Second, bonus, full bathroom located in the basement. This charming colonial sits on a spacious lot, plenty of room for gardening, or add your own fire pit and create an outdoor oasis.

12. 2008-08-19
    historical
13. 2008-02-19
    listed $129,900
14. 1999-05-12
    soldstatus $77,000
15. 1999-05-12
    soldstatus $77,000
16. 1999-03-25
    listed $77,000
17. 1999-03-15
    historical
18. 1998-05-27
    listed $79,900
19. 1994-10-28
    soldstatus $66,000
20. 1994-10-28
    soldstatus $53,500
21. 1994-10-28
    soldstatus $66,000
22. 1994-08-04
    listed $65,900
23. 1987-08-14
    soldstatus $38,500
24. 1987-08-14
    soldstatus $38,500
25. 1984-04-26
    soldstatus $44,700

ⓘ 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: $1,859 · $155/mo
• Projected year-2 tax: $2,411 · $201/mo
• Expected delta: +$552/yr (+$46/mo · 29.7%)

ⓘ 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 ≥95°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,086
• − Mortgage interest: −$10,637
• − Property taxes: −$1,859
• − Insurance: −$950
• − Repairs & maintenance: −$1,527
• − Management: −$1,527
• − Depreciation: −$5,524
• Taxable loss: −$2,938
• Est. tax savings @ 24.0%: +$705
• After-tax cash flow: $1,024/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: Painesville City Local
• NCES district ID: 3910015
• Math proficiency: 28% ▼ -8.00%
• Reading proficiency: 35% ▼ -6.00%
• Median HH income: $35,381
• Composite: 26.03/100
• National rank: #7309
• State rank: #577 of 656 in OH

Livability — Painesville

• Score: 72/100
• State rank: #360
• US rank: #5785

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Painesville, OH
• County: Lake County · 204,927 people
• City population: 57,325
• Metro: Cleveland-Elyria, OH
• Population (ZIP): 57,325
• Household income: $85,056
• Rent vs Own: 25.7% rent · 74.3% own
• Severe rent burden: 1333.0

Population outlook (Lake County) Hauer SSP2

• Today (2025): 230,022 people
• By 2030: 228,151 · -0.8%
• By 2040: 221,018 · -3.9%
• By 2050: 212,754 · -7.5%
• By 2075: 200,309 · -12.9%
• By 2100: 183,315 · -20.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (78%)
• Race & ethnicity: White 78% Hispanic / Latino 12% Two or more races 7% Black 5% Asian 1%
• Hispanic origin (detail): Mexican 7% Puerto Rican 3%
• Common ancestry: Romanian 6% Lithuanian 2% Slovak 2%
• Foreign-born: 6% · Canada, China
• Languages at home: 88% English-only · Spanish 9% Russian/Polish/Slavic 1% Other Indo-European 1%

Political lean MEDSL · Lake

• 2024 margin: R (+14.3) · D 42.4% · R 56.7%
• 2008→2024 swing: -15.2pp toward R · 2008: 0.8pp · 2024: -14.3pp
• All cycles: 2024: R+14.3 2020: R+13.6 2016: R+15.6 2012: R+1.7 2008: D+0.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -183.05%
• Current HPI: 181.2976
• Rent YoY: ▲ 3.68%
• 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

+324.8% since first listed

25 events — show timeline

• 2026-05-21 Pending — MLSNOW
• 2026-05-17 Relisted — MLSNOW
• 2026-05-07 Pending — MLSNOW
• 2026-05-07 Contingent — MLSNOW
• 2026-05-06 Listed $189,900 MLSNOW
• 2021-05-13 Sold (Public Records) $128,500 Public Records
• 2021-05-12 Sold (MLS) $128,500 MLSNOW
• 2021-04-02 Pending — MLSNOW
• 2021-03-20 Contingent — MLSNOW
• 2021-03-14 Listed $125,000 MLSNOW
• 2021-03-12 Coming Soon $125,000 MLSNOW
• 2008-08-19 Listing Removed — MLSNOW
• 2008-02-19 Listed $129,900 MLSNOW
• 1999-05-12 Sold (Public Records) $77,000 Public Records
• 1999-05-12 Sold (MLS) $77,000 MLSNOW
• 1999-03-25 Listed $77,000 MLSNOW
• 1999-03-15 Listing Removed — MLSNOW
• 1998-05-27 Listed $79,900 MLSNOW
• 1994-10-28 Sold (Public Records) $66,000 Public Records
• 1994-10-28 Sold (Public Records) $53,500 Public Records
• 1994-10-28 Sold (MLS) $66,000 MLSNOW
• 1994-08-04 Listed $65,900 MLSNOW
• 1987-08-14 Sold (Public Records) $38,500 Public Records
• 1987-08-14 Sold (Public Records) $38,500 Public Records
• 1984-04-26 Sold (Public Records) $44,700 Public Records

Property tax history

+0.0%/yr

Latest (2025): $1,859 · -7.3% YoY. Source: county tax records.