109 Gull Dr · Elyria, OH 44035

$83,500

2 bd · 2.0 ba · 1,248 sqft · Manufactured · 80 Days on market

Built 2026

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Why this score? — see what drove the C+ 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 +25.6/30.0
• DSCR +8.5/10.0
• ARV discount +7.5/15.0
• 1% rule +6.7/10.0
• 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

Welcome to your peaceful retreat! This beautiful, move-in-ready home sits on a prime waterfront lot, offering stunning views and a modern interior designed for comfort and convenience. Whether you're enjoying the breeze from your massive back porch or taking advantage of the community's resort-style amenities, this home offers a lifestyle, not just a place to live. Schedule a Tour Today! Don't miss out on this waterfront gem. For all inquiries or to schedule a private showing, please contact:

Key facts

• Massive back porch
• Waterfront lot
• Built 2026

Tags

• WATERFRONT LOT
• MASSIVE BACK PORCH

Property features AI

Finance

• Other: Address: 109 Gull Dr, Elyria, OH 44035
• Financial info: List price $83,500

Exterior

• Utilities: Natural gas; Central air
• Home design: Single-family spec plan: Eagle River 109G Pikewood Manor; Active listing
• Construction: Living area approximately 1248
• Exterior features: Shake roof

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator
• Bedrooms: 2 bedrooms
• Bathrooms: 2 full bathrooms
• Heating & cooling: Natural gas heating; Central air; Ceiling fan(s)
• Interior features: Dishwasher; Microwave; Refrigerator

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $84k.

Deal economics

• At list price, monthly cash flow is $197 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($979 rent vs $84k).
• Recommended offer: $78k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.1% 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: schools C-, 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.
• Market conditions: Rents rising fast (+6.7%/yr); 360 active listings in the ZIP; 8 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 $577 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 $23k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 80 days — a 6% lower offer ($78k) is reasonable based on typical stale-listing flexibility.

Recommended offer $78,490 (6.0% below list)

Questions for the listing agent

1. It's been on market 80 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
5. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
6. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
7. 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.
8. 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.
9. 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: 1.17% ✓
• Cap rate: 9.12%
• Cash-on-cash: 10.09%
• DSCR: 1.45
• GRM: 7.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.74% rent growth · sell at horizon

5-year hold

• IRR: 3.0%
• Equity multiple: 1.12×
• Total profit: $2,824
• Equity at exit: $12,450

10-year hold

• IRR: 15.9%
• Equity multiple: 2.52×
• Total profit: $35,581
• Equity at exit: $7,220

Cash invested: $23,380 (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: 360
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $979 high
• Mortgage (P&I): −$438
• Tax est. 1.5%: −$104 /mo · $1,252/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$206
• Net cashflow: $197

Break-even live

Break-even rent $730

Max offer price $83,500

Occupancy floor 75%

Sensitivity live

Price	-10% $254	-5% $225	+0% $197	+5% $168	+10% $139
Rent	-10% $119	-5% $158	+0% $197	+5% $235	+10% $274
Rate	-1.0pp $239	-0.5pp $218	base $197	+0.5pp $175	+1.0pp $153

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: $20,875
• Closing costs: $2,505
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1780 Lorain Blvd Elyria, OH	2.0–3.0	1.0–2.0	916	$950	$1.04	3d	1	0.10mi
129 David Dr Elyria, OH	1.0	1.0	700	$900	$1.29	25d	1	0.70mi
610 Bond St Elyria, OH	1.0	1.0	824	$874	$1.06	3d	1	0.86mi
944 Walnut St Elyria, OH	2.0	1.0	1064	$1,200	$1.13	18d	1	0.88mi
421 Foster Ave Elyria, OH	1.0–2.0	1.0	700	$899	$1.28	3d	1	0.92mi
100 Rush St Elyria, OH	3.0	1.0	1248	$1,099	$0.88	9d	1	1.15mi
518 Lake Ave Unit 100 Rush Elyria, OH	3.0	1.0	1248	$1,099	$0.88	5d	1	1.15mi
138 Mendel Ct #1 Elyria, OH	2.0	1.0	700	$750	$1.07	16d	1	1.25mi

Listing history 14 events

1. 2026-06-21
   days on market $83,500 Active 80 DOM
2. 2026-06-18
   days on market $83,500 Active 77 DOM
3. 2026-06-17
   days on market $83,500 Active 76 DOM
4. 2026-06-16
   days on market $83,500 Active 75 DOM
5. 2026-06-15
   days on market $83,500 Active 74 DOM
6. 2026-06-13
   days on market $83,500 Active 72 DOM
7. 2026-06-13
   days on market $83,500 Active 71 DOM
8. 2026-06-09
   days on market $83,500 Active 68 DOM
9. 2026-06-08
   days on market $83,500 Active 67 DOM
10. 2026-06-07
    days on market $83,500 Active 66 DOM
11. 2026-06-03
    days on market $83,500 Active 62 DOM
12. 2026-06-02
    days on market $83,500 Active 61 DOM
13. 2026-06-01
    days on market $83,500 Active 60 DOM
14. 2026-05-31
    days on market $83,500 Active 59 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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: $11,750
• − Mortgage interest: −$4,677
• − Property taxes: −$1,252
• − Insurance: −$418
• − Repairs & maintenance: −$940
• − Management: −$940
• − Depreciation: −$2,429
• Taxable income: $1,094
• Est. tax owed @ 24.0%: −$263
• After-tax cash flow: $2,096/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