1716 Middle Ave · Elyria, OH 44035

$89,000

2 bd · 2.0 ba · 1,436 sqft · MultiFamily public records · 286 Days on market

Built 1920 0.25 ac lot

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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 +25.4/30.0
• DSCR +8.4/10.0
• ARV discount +7.5/15.0
• 1% rule +6.8/10.0
• 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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Investor opportunity in Elyria! This spacious 2-bedroom, 1-bath home offers over 2,000 sq ft of potential living space with a full basement for storage or future finishing. With its size and layout, this property is ideal for investors looking to add value through updates and renovations. There is an attic that can be converted back to a 3rd bedroom. Conveniently located near local amenities and major routes, this home provides an excellent chance to build equity and maximize returns. Don’t miss the opportunity to bring your vision to life in this large Elyria property.

Key facts

• 0.25 acre lot
• 2 garage spots
• Built 1920

Property features AI

Exterior

• Parking: Detached garage with 2 car spaces
• Utilities: Sewer not available; Water not available
• Home design: Two-story house; Above-grade living area reported by assessor
• Construction: Aluminum and vinyl siding; Asphalt/fiberglass roof
• Exterior features: Front porch

Interior

• Kitchen: Range; Refrigerator
• Bedrooms: Two bedrooms on the second floor
• Bathrooms: One full bathroom
• Heating & cooling: Baseboard heating
• Interior features: Full unfinished basement
• Laundry & utility: Laundry in basement

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath multifamily listed at $89k.

Deal economics

• At list price, monthly cash flow is $206 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $89k).
• Recommended offer: $78k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.1% vs local median 3.8% 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); 356 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 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 $615 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 $25k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 286 days — a 12% lower offer ($78k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 24y ago; this cycle's ask has dropped $41k (32%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $78,320 (12.0% below list)

Questions for the listing agent

1. It's been on market 286 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 1920 — 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. 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.
6. 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.
7. 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: 1.18% ✓
• Cap rate: 9.07%
• Cash-on-cash: 9.92%
• DSCR: 1.44
• GRM: 7.0

CMA / ARV

• ARV (on-the-fly): $57,440
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1406 Middle Ave	0.21mi	3/2.0 (+1)	1,618 (+13%)	15mo	$65,000	$40	52
802 East Ave	0.66mi	3/2.0 (+1)	1,498 (+4%)	22mo	$105,900	$71	39
804 West Ave	0.65mi	3/2.0 (+1)	1,591 (+11%)	12mo	$28,000	$18	36

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: 2.8%
• Equity multiple: 1.11×
• Total profit: $2,834
• Equity at exit: $13,270

10-year hold

• IRR: 15.8%
• Equity multiple: 2.51×
• Total profit: $37,697
• Equity at exit: $7,695

Cash invested: $24,920 (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: 356
• Price-to-rent: 7.0×

Monthly cashflow live

• Estimated rent: $1,054 high
• Mortgage (P&I): −$467
• Tax from tax record: −$123 /mo · $1,478/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$221
• Net cashflow: $206

Break-even live

Break-even rent $794

Max offer price $89,000

Occupancy floor 75%

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: $22,250
• Closing costs: $2,670
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1309 Middle Ave Elyria, OH	2.0	1.0	1000	$795	$0.80	43d	1	0.25mi
238 Howe St Unit UP Elyria, OH	1.0	1.0	1204	$1,000	$0.83	1d	1	0.46mi
222 Georgia Ave Elyria, OH	3.0	2.5	1850	$1,750	$0.95	1d	1	0.61mi
10425 Middle Ave Elyria, OH	3.0–4.0	2.0	1424	$1,209	$0.85	1d	1	0.77mi
140 Middle Ave Unit 203 Elyria, OH	1.0	1.0	1000	$925	$0.93	23d	1	1.16mi
116 Water St Elyria, OH	2.0	1.0	888	$1,100	$1.24	23d	1	1.25mi

Listing history 30 events

1. 2026-06-18
   days on market $89,000 Active 286 DOM
2. 2026-06-17
   days on market $89,000 Active 285 DOM
3. 2026-06-16
   days on market $89,000 Active 284 DOM
4. 2026-06-15
   days on market $89,000 Active 283 DOM
5. 2026-06-13
   days on market $89,000 Active 281 DOM
6. 2026-06-13
   days on market $89,000 Active 280 DOM
7. 2026-06-09
   days on market $89,000 Active 277 DOM
8. 2026-06-08
   days on market $89,000 Active 276 DOM
9. 2026-06-07
   pricedays on market $89,000 Active 275 DOM
10. 2026-06-03
    days on market $90,000 Active 271 DOM
11. 2026-06-02
    days on market $90,000 Active 270 DOM
12. 2026-06-01
    days on market $90,000 Active 269 DOM
13. 2026-05-31
    days on market $90,000 Active 268 DOM
14. 2026-04-21
    price $90,000
15. 2026-03-09
    price $95,000
16. 2025-11-05
    price $99,000
17. 2025-10-06
    price $105,000
18. 2025-09-22
    price $115,000
19. 2025-09-13
    price $120,000
20. 2025-09-05
    listed $130,000 Active
21. 2023-07-21
    soldstatus $105,000
22. 2022-11-08
    soldstatus $71,000
23. 2004-11-17
    historical
24. 2004-05-19
    listed $115,899
25. 2003-01-14
    soldstatus $60,000
26. 2002-10-19
    historical
27. 2002-10-19
    historical
28. 2002-03-19
    listed $94,900
29. 2002-03-19
    listed $94,900
30. 1997-03-31
    soldstatus $59,000

ⓘ 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: $1,478 · $123/mo
• Projected year-2 tax: $1,478 · $123/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: $12,652
• − Mortgage interest: −$4,985
• − Property taxes: −$1,478
• − Insurance: −$445
• − Repairs & maintenance: −$1,012
• − Management: −$1,012
• − Depreciation: −$2,589
• Taxable income: $1,130
• Est. tax owed @ 24.0%: −$271
• After-tax cash flow: $2,200/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

+52.5% since first listed

17 events — show timeline

• 2026-04-21 Price Changed $90,000 MLSNOW
• 2026-03-09 Price Changed $95,000 MLSNOW
• 2025-11-05 Price Changed $99,000 MLSNOW
• 2025-10-06 Price Changed $105,000 MLSNOW
• 2025-09-22 Price Changed $115,000 MLSNOW
• 2025-09-13 Price Changed $120,000 MLSNOW
• 2025-09-05 Listed $130,000 MLSNOW
• 2023-07-21 Sold (Public Records) $105,000 Public Records
• 2022-11-08 Sold (Public Records) $71,000 Public Records
• 2004-11-17 Listing Removed — MLSNOW
• 2004-05-19 Listed $115,899 MLSNOW
• 2003-01-14 Sold (Public Records) $60,000 Public Records
• 2002-10-19 Listing Removed — MLSNOW
• 2002-10-19 Listing Removed — MLSNOW
• 2002-03-19 Listed $94,900 MLSNOW
• 2002-03-19 Listed $94,900 MLSNOW
• 1997-03-31 Sold (Public Records) $59,000 Public Records

Property tax history

+0.5%/yr

Latest (2023): $1,478 · +0.9% YoY. Source: county tax records.