2305-2307 Hamilton Ave · Lorain, OH 44052

$174,900

4 bd · 3.0 ba · 2,000 sqft · MultiFamily public records · 2 Days on market

Built 1969 8,276 sqft lot Est $172k · at est.

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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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +7.9/10.0
• ARV discount +6.7/15.0
• 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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Nice duplex in a great Lorain neighborhood. Close to schools, shops and access to major highways. This property is ideal for an investor, or a first time buyer who lives in one side and rents the other. . Well thought out property. Oversized 2 car garage so each tenant has extra storage and room for their vehicle. New concrete driveway. Many updates throughout. Long term tenants presently occupy the property. Gas and Electric are billed to the tenant. Water/Sewer/Trash is on one meter and billed to the property owner. The siding is Aluminium and looks great. NOTE: James G. Rieth, Real Estate Broker is a member of Team Rieth, LLC owner of this property

Key facts

• Close to schools
• Close to shops
• New concrete patio

Tags

• CLOSE TO SCHOOLS
• CLOSE TO SHOPS
• ACCESS TO MAJOR HIGHWAYS
• OVERSIZED 2 CAR GARAGE
• NEW CONCRETE PATIO
• ALUMINIUM SIDING

Property features AI

Finance

• Financial info: Owner pays sewer, trash collection, and water; Tenant pays electricity and gas

Exterior

• Parking: 2-car garage; On-site paved parking
• Utilities: Public water; Public sewer
• Home design: Two-story property; Above-grade finished area approximately 1,000 (per assessor)
• Construction: Aluminum siding; Asphalt roof; Year built source: Assessor
• Exterior features: Two buildings on the property; Lot recorded at 0.19 acres

Interior

• Kitchen: Disposal; Range; Refrigerator
• Bathrooms: 2 full bathrooms; 2 half bathrooms
• Heating & cooling: Central air conditioning; Forced air heating (gas)
• Interior features: Eat-in kitchen; Total of 8 rooms

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.5-bath units multifamily listed at $175k.

Deal economics

• At list price, monthly cash flow is $651 ($8k/yr) — positive. Per door: $326/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $175k).
• Cap rate 10.8% vs local median 5.9% 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: schools C-, amenities D, health & safety D.
• 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.
• Market conditions: Rents rising fast (+4.1%/yr); 129 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% 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).
• At $2,263/mo this rent would consume 60% 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.

Forward outlook

• 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.
• At projected returns (-3.0% appreciation + 4.1% rent growth), your $49k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $174,900

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1969 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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.

Investment metrics

• 1% rule: 1.29% ✓
• Cap rate: 10.76%
• Cash-on-cash: 15.95%
• DSCR: 1.71
• GRM: 6.4

CMA / ARV

• ARV (on-the-fly): $172,000
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2400 Oberlin Ave	0.22mi	5/2.5 (+1)	2,224 (+11%)	0mo	$190,300	$86	64
1031 W 17th St	0.41mi	4/2.0	1,848 (-8%)	16mo	$64,000	$35	51

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: 8.0%
• Equity multiple: 1.32×
• Total profit: $15,622
• Equity at exit: $26,078

10-year hold

• IRR: 18.2%
• Equity multiple: 2.58×
• Total profit: $77,480
• Equity at exit: $15,122

Cash invested: $48,972 (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: 129
• Price-to-rent: 12.9×

Monthly cashflow live

• Estimated rent: $2,263 high
• Mortgage (P&I): −$917
• Tax from tax record: −$147 /mo · $1,760/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$475
• Net cashflow: $651

Break-even live

Break-even rent $1,439

Max offer price $174,900

Occupancy floor 66%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1.5	$2,264
Total (2 units)			$2,263

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: $43,725
• Closing costs: $5,247
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1220 W 19th St Lorain, OH	4.0	1.0	1492	$1,550	$1.04	23d	1	0.35mi
704 W 21st St Lorain, OH	4.0	1.0	1410	$1,450	$1.03	23d	1	0.43mi
1322 Brownell Ave Lorain, OH	4.0	1.0	1571	$1,570	$1.00	43d	1	0.62mi
1037 Washington Ave Lorain, OH	4.0	2.0	1567	$1,600	$1.02	17d	1	0.72mi
1413 W 12th St Lorain, OH	4.0	1.5	1725	$1,700	$0.99	43d	1	0.73mi
336 W 29th St Lorain, OH	3.0	1.0	1440	$1,350	$0.94	43d	1	0.74mi
128 W 22nd St Lorain, OH	3.0	1.0	1402	$1,470	$1.05	43d	1	0.77mi
760 W 9th St Lorain, OH	4.0	2.0	1987	$1,600	$0.81	43d	1	0.88mi
812 Lovett Pl Unit UP Lorain, OH	3.0	1.0	2694	$1,300	$0.48	14d	1	0.91mi
200 E 31st St Lorain, OH	5.0	2.0	1562	$1,550	$0.99	1d	1	1.09mi
1906 N Leavitt Rd Unit 1496120P Lorain, OH	3.0	2.0	1517	$5,246	$3.46	3d	1	1.11mi
2909 Denver Ave Lorain, OH	3.0	1.0	1597	$1,400	$0.88	43d	1	1.23mi

Listing history 3 events

1. 2026-06-18
   days on market $174,900 Active 2 DOM
2. 2026-06-17
   remarks 661-char remark
3. 2026-06-17
   listed $174,900 Active 1 DOM

ⓘ 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: $1,760 · $147/mo
• Projected year-2 tax: $2,244 · $187/mo
• Expected delta: +$484/yr (+$40/mo · 27.5%)

ⓘ 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 · 17 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: $27,156
• − Mortgage interest: −$9,797
• − Property taxes: −$1,760
• − Insurance: −$874
• − Repairs & maintenance: −$2,172
• − Management: −$2,172
• − Depreciation: −$5,088
• Taxable income: $5,291
• Est. tax owed @ 24.0%: −$1,270
• After-tax cash flow: $6,542/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

1 event — show timeline

• 2026-06-16 Listed $174,900 MLSNOW

Property tax history

+0.3%/yr

Latest (2025): $1,760 · -4.9% YoY. Source: county tax records.