2349 Kelly Pl · Lorain, OH 44052

$115,000

3 bd · 1.0 ba · 1,164 sqft · SingleFamily public records · 123 Days on market

Built 1900 5,662 sqft lot Est $141k · 18% 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 +26.2/30.0
• ARV discount +15.0/15.0
• DSCR +8.8/10.0
• 1% rule +6.3/10.0
• Rent growth +3.5/5.0
• Livability +3.4/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This well-maintained home offers the perfect combination of comfort and convenience! Featuring 3 spacious bedrooms, 1 full bathroom, and a versatile shed for additional storage, this property is ideal for a variety of needs. The full basement includes a laundry hookup, providing extra space and functionality. The first-floor bedroom and bathroom make this home accessible and easy to navigate. Outside, the large backyard offers plenty of room for outdoor activities or gardening. Located just minutes from Lakeview Park, The Palace Theatre, Rockin' on the River events, and shopping on Broadway, this home is in a prime location to enjoy all the best the area has to offer. Call today for a private showing!

Key facts

• First-floor bedroom
• Versatile shed
• Large backyard

Tags

• VERSATILE SHED
• FULL BASEMENT
• LAUNDRY HOOKUP
• FIRST-FLOOR BEDROOM
• LARGE BACKYARD
• PRIME LOCATION

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $115k.

Deal economics

• At list price, monthly cash flow is $292 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $115k).
• Recommended offer: $101k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.3% 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.

Location & tenants

• 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: Garfield Elementary School (math 22% / reading 27%, grade F, #1,217 of 1,584 statewide, top 78%, 217 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.
• Market conditions: Rents rising fast (+4.1%/yr); 135 active listings in the ZIP; 34 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 53% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,098 units permitted in Lorain County in 2024 (20 in 5+ unit buildings).
• This rent runs 35% of the median local income ($45k/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 $795 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 4.1% rent growth), your $32k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 123 days — a 12% lower offer ($101k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 24y 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 $96k; 20% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $101,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 123 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 1.13% ✓
• Cap rate: 9.34%
• Cash-on-cash: 10.89%
• DSCR: 1.48
• GRM: 7.4

CMA / ARV

• ARV (on-the-fly): $140,844
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2349 Kelly Pl	0.00mi	3/1.0	1,164 (0%)	1mo	$110,210	$95	99
504 W 21st St	0.24mi	3/1.0	1,174 (+1%)	6mo	$115,000	$98	82
125 E 30th St	0.44mi	3/1.5	1,137 (-2%)	2mo	$136,800	$120	72
2731 Lexington Ave	0.23mi	3/1.0	1,056 (-9%)	6mo	$60,000	$57	69
2623 Elyria Ave	0.41mi	3/1.0	1,109 (-5%)	6mo	$55,000	$50	68
623 W 24th St	0.23mi	3/2.0	1,056 (-9%)	6mo	$140,700	$133	65
213 W 23rd St	0.09mi	3/2.0	1,328 (+14%)	5mo	$164,000	$123	64
1935 Hamilton Ave	0.71mi	3/1.0	1,160 (-0%)	3mo	$165,000	$142	63
2027 Lexington Ave	0.23mi	4/2.0 (+1)	1,260 (+8%)	4mo	$63,000	$50	63
3116 Chris Ave	0.66mi	3/1.0	1,120 (-4%)	4mo	$170,000	$152	60
1725 Washington Ave	0.65mi	2/1.0 (-1)	1,127 (-3%)	3mo	$136,900	$121	56
3209 Tressa Ave	0.58mi	2/2.0 (-1)	1,089 (-6%)	0mo	$206,000	$189	53

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 · 4.09% rent growth · sell at horizon

5-year hold

• IRR: 1.1%
• Equity multiple: 1.04×
• Total profit: $1,401
• Equity at exit: $17,147

10-year hold

• IRR: 11.8%
• Equity multiple: 1.97×
• Total profit: $31,177
• Equity at exit: $9,943

Cash invested: $32,200 (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 44052

• Home prices YoY: -28.1%
• Rents YoY: 4.1%
• Active inventory: 135
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $1,303 high
• Mortgage (P&I): −$603
• Tax from tax record: −$86 /mo · $1,035/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$274
• Net cashflow: $292

Break-even live

Break-even rent $933

Max offer price $115,000

Occupancy floor 73%

Sensitivity live

Price	-10% $357	-5% $325	+0% $292	+5% $260	+10% $227
Rent	-10% $189	-5% $241	+0% $292	+5% $344	+10% $395
Rate	-1.0pp $350	-0.5pp $321	base $292	+0.5pp $262	+1.0pp $232

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: $28,750
• Closing costs: $3,450
• Reserves months: —
• Total cash needed: —

Rent comps 34 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
509 W 24th St Lorain, OH	2.0	1.0	1036	$1,400	$1.35	45d	1	0.13mi
128 W 22nd St Lorain, OH	3.0	1.0	1402	$1,470	$1.05	45d	1	0.20mi
336 W 29th St Lorain, OH	3.0	1.0	1440	$1,350	$0.94	45d	1	0.28mi
2715 Apple Ave Lorain, OH	3.0	1.0	1240	$1,311	$1.06	45d	1	0.33mi
2349 Elyria Ave Unit 2 Lorain, OH	2.0	1.0	800	$925	$1.16	45d	1	0.34mi
704 W 21st St Lorain, OH	4.0	1.0	1410	$1,450	$1.03	25d	1	0.34mi
2550 Elyria Ave Unit 2 Lorain, OH	3.0	1.0	765	$1,200	$1.57	9d	1	0.35mi
117 W 30th St Lorain, OH	2.0	1.0	1344	$925	$0.69	45d	1	0.38mi
944 S Central Dr Lorain, OH	3.0	1.0	950	$1,250	$1.32	25d	1	0.46mi
942 S Central Dr Lorain, OH	2.0	1.0	850	$1,000	$1.18	25d	1	0.46mi
938 S Central Dr Lorain, OH	2.0	1.0	850	$950	$1.12	45d	1	0.46mi
1724 Lexington Ave Lorain, OH	3.0	1.0	1150	$1,215	$1.06	25d	1	0.49mi
2307 Washington Ave Lorain, OH	1.0–3.0	1.0	880	$1,499	$1.70	3d	1	0.51mi
939 W 22nd St Lorain, OH	3.0	1.0	950	$1,295	$1.36	45d	1	0.52mi
1703 Oakdale Ave Lorain, OH	3.0	1.0	1237	$1,300	$1.05	4d	1	0.53mi
3132 Elyria Ave Lorain, OH	3.0	1.5	1109	$1,250	$1.13	45d	1	0.56mi
1421 Long Ave Lorain, OH	2.0	1.0	719	$1,140	$1.59	45d	1	0.59mi
521 W 14th St Lorain, OH	3.0	1.0	968	$950	$0.98	45d	1	0.62mi
930 W 18th St Lorain, OH	4.0	1.0	1344	$1,450	$1.08	45d	1	0.64mi
612 E 33rd St Lorain, OH	3.0	1.0	960	$995	$1.04	45d	1	0.75mi
420 W 12th St Lorain, OH	3.0	1.0	1204	$1,650	$1.37	5d	1	0.80mi
1053 Washington Ave Unit 4 Lorain, OH	3.0	1.0	1000	$899	$0.90	45d	1	0.91mi
1055 W 12th St Lorain, OH	4.0	1.0	1206	$1,750	$1.45	25d	1	0.95mi
1220 W 19th St Lorain, OH	4.0	1.0	1492	$1,550	$1.04	25d	1	0.96mi
3502 Lowell Ave Lorain, OH	3.0	1.0	788	$1,095	$1.39	3d	1	1.05mi
1031 W 9th St Lorain, OH	2.0	1.0	854	$895	$1.05	25d	1	1.07mi
1312 W 37th St Lorain, OH	2.0	1.0	810	$1,200	$1.48	45d	1	1.27mi
1637 E 29th St Lorain, OH	2.0	1.0	1200	$979	$0.82	16d	1	1.29mi
860 Colorado Ave Lorain, OH	2.0	1.0	825	$1,225	$1.48	45d	1	1.31mi
1639 E 31st St Unit 1637 Lorain, OH	3.0	1.0	1500	$1,200	$0.80	45d	1	1.35mi
1028 W 5th St Lorain, OH	3.0	2.0	1250	$1,650	$1.32	45d	1	1.37mi
1223 W 5th St Lorain, OH	3.0	2.0	1152	$1,150	$1.00	14d	1	1.46mi
1712 W 12th St Lorain, OH	3.0	1.0	996	$1,295	$1.30	25d	1	1.46mi
1239 W 5th St Unit 1 Lorain, OH	3.0	1.0	1200	$1,100	$0.92	25d	1	1.48mi

Listing history 20 events

1. 2026-04-27
   status Pending 710-char remark

   Show marketing remark (710 chars)

   This well-maintained home offers the perfect combination of comfort and convenience! Featuring 3 spacious bedrooms, 1 full bathroom, and a versatile shed for additional storage, this property is ideal for a variety of needs. The full basement includes a laundry hookup, providing extra space and functionality. The first-floor bedroom and bathroom make this home accessible and easy to navigate. Outside, the large backyard offers plenty of room for outdoor activities or gardening. Located just minutes from Lakeview Park, The Palace Theatre, Rockin' on the River events, and shopping on Broadway, this home is in a prime location to enjoy all the best the area has to offer. Call today for a private showing!

2. 2026-04-27
   status Pending

   Show marketing remark (710 chars)

   This well-maintained home offers the perfect combination of comfort and convenience! Featuring 3 spacious bedrooms, 1 full bathroom, and a versatile shed for additional storage, this property is ideal for a variety of needs. The full basement includes a laundry hookup, providing extra space and functionality. The first-floor bedroom and bathroom make this home accessible and easy to navigate. Outside, the large backyard offers plenty of room for outdoor activities or gardening. Located just minutes from Lakeview Park, The Palace Theatre, Rockin' on the River events, and shopping on Broadway, this home is in a prime location to enjoy all the best the area has to offer. Call today for a private showing!

3. 2026-03-30
   listed $115,000 Active 710-char remark

   Show marketing remark (710 chars)

   This well-maintained home offers the perfect combination of comfort and convenience! Featuring 3 spacious bedrooms, 1 full bathroom, and a versatile shed for additional storage, this property is ideal for a variety of needs. The full basement includes a laundry hookup, providing extra space and functionality. The first-floor bedroom and bathroom make this home accessible and easy to navigate. Outside, the large backyard offers plenty of room for outdoor activities or gardening. Located just minutes from Lakeview Park, The Palace Theatre, Rockin' on the River events, and shopping on Broadway, this home is in a prime location to enjoy all the best the area has to offer. Call today for a private showing!

4. 2026-03-11
   status Active
5. 2026-02-26
   historical Contingent
6. 2026-02-12
   status Active
7. 2026-01-23
   status Pending
8. 2025-12-05
   listed $115,000 Active
9. 2023-05-17
   soldstatus $96,000
10. 2023-05-15
    soldstatus $96,000 Closed 244-char remark

    Show marketing remark (244 chars)

    Tenant occupied investment property. Updated home features new vinyl flooring, fresh paint throughout, updated kitchen and bath, full basement, covered front porch and off- street parking. Owner is selling as-is and won't be making any repairs.

11. 2023-04-19
    historical 244-char remark

    Show marketing remark (244 chars)

    Tenant occupied investment property. Updated home features new vinyl flooring, fresh paint throughout, updated kitchen and bath, full basement, covered front porch and off- street parking. Owner is selling as-is and won't be making any repairs.

12. 2023-04-19
    listed $94,000 244-char remark

    Show marketing remark (244 chars)

    Tenant occupied investment property. Updated home features new vinyl flooring, fresh paint throughout, updated kitchen and bath, full basement, covered front porch and off- street parking. Owner is selling as-is and won't be making any repairs.

13. 2023-02-20
    historical
14. 2023-02-20
    historical
15. 2023-02-20
    listed $94,000
16. 2022-04-29
    soldstatus $51,000
17. 2002-03-07
    soldstatus $31,500
18. 2002-01-30
    listed $31,500
19. 1987-05-21
    soldstatus $23,000
20. 1987-03-04
    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: $1,035 · $86/mo
• Projected year-2 tax: $1,415 · $118/mo
• Expected delta: +$379/yr (+$32/mo · 36.7%)

ⓘ 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 ≥97°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,636
• − Mortgage interest: −$6,442
• − Property taxes: −$1,035
• − Insurance: −$575
• − Repairs & maintenance: −$1,251
• − Management: −$1,251
• − Depreciation: −$3,345
• Taxable income: $1,737
• Est. tax owed @ 24.0%: −$417
• After-tax cash flow: $3,089/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: Lorain City
• NCES district ID: 3904426
• Math proficiency: 13% ▼ -24.00%
• Reading proficiency: 26% ▼ -10.00%
• Median HH income: $32,823
• Composite: 15.81/100
• National rank: #9266
• State rank: #633 of 656 in OH

Livability — Lorain

• Score: 67/100
• State rank: #595
• US rank: #10183

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lorain, OH
• County: Lorain County · 219,437 people
• City population: 69,409
• Metro: Cleveland-Elyria, OH
• Population (ZIP): 28,282
• Household income: $45,023
• Rent vs Own: 46.0% rent · 54.0% own
• Severe rent burden: 1423.0

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: Diverse neighborhood (Simpson 0.66)
• Race & ethnicity: White 49% Hispanic / Latino 24% Black 21% Two or more races 16%
• Hispanic origin (detail): Mexican 5% Puerto Rican 17%
• Common ancestry: Romanian 6% Lithuanian 1% Iranian 1%
• Foreign-born: 3% · Canada, Vietnam
• Languages at home: 84% English-only · Spanish 14%

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: ▼ -73.23%
• Current HPI: 186.9657
• Rent YoY: ▲ 4.09%
• 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

+1050.0% since first listed

20 events — show timeline

• 2026-04-27 Pending — FAOR
• 2026-04-27 Pending — MLSNOW
• 2026-03-30 Listed $115,000 FAOR
• 2026-03-11 Relisted — MLSNOW
• 2026-02-26 Contingent — MLSNOW
• 2026-02-12 Relisted — MLSNOW
• 2026-01-23 Pending — MLSNOW
• 2025-12-05 Listed $115,000 MLSNOW
• 2023-05-17 Sold (Public Records) $96,000 Public Records
• 2023-05-15 Sold (MLS) $96,000 MLSNOW
• 2023-04-19 Listed $94,000 MLSNOW
• 2023-04-19 Listing Removed — MLSNOW
• 2023-02-20 Listed $94,000 MLSNOW
• 2023-02-20 Listing Removed — MLSNOW
• 2023-02-20 Listing Removed — MLSNOW
• 2022-04-29 Sold (Public Records) $51,000 Public Records
• 2002-03-07 Sold (MLS) $31,500 MLSNOW
• 2002-01-30 Listed $31,500 MLSNOW
• 1987-05-21 Sold (Public Records) $23,000 Public Records
• 1987-03-04 Sold (Public Records) $10,000 Public Records

Property tax history

+1.0%/yr

Latest (2025): $1,035 · -4.9% YoY. Source: county tax records.