1240 W 21st St · Lorain, OH 44052

$120,000

2 bd · 1.0 ba · 912 sqft · SingleFamily public records · 159 Days on market

Built 1950 7,840 sqft lot $132/sqft · 13% above area Est $107k · 13% over

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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).

• Cash flow +18.3/30.0
• DSCR +5.7/10.0
• 1% rule +4.0/10.0
• Rent growth +3.5/5.0
• Livability +3.4/5.0
• Condition / age +2.5/5.0
• ARV discount +1.9/15.0
• Schools +1.6/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Single floor living. This two bedroom ranch is located near numerous amenities such as stores, restaurants, black river landing, the lake, etc. The house consists of two bedrooms, a bathroom, a kitchen, a living room, and huge bonus utility room. There is a big back porch. Furnace and central air recently replaced. New roof in June 2025. Nice sized yard.

Key facts

• Big back porch
• Single floor living
• New roof

Tags

• SINGLE FLOOR LIVING
• NEAR NUMEROUS AMENITIES
• BIG BACK PORCH
• HUGE BONUS UTILITY ROOM
• NEW ROOF

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $110 ($1k/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 $108k (10.2% below list).
• Recommended offer: $106k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.4% vs local median 5.9% in Lorain — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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; 22 comparable units currently listed for rent nearby; rentals lingering (median 45d 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $830 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 159 days — a 12% lower offer ($106k) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 27y 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 $12k; list at $120k implies a 943% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $105,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 159 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 1950 — 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. 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?
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: 0.90% ✗
• Cap rate: 7.39%
• Cash-on-cash: 3.93%
• DSCR: 1.17
• GRM: 9.3

CMA / ARV

• ARV (median comp): $106,650
• List price: $120,000
• Delta: 12.52%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1410 W 21st St	0.11mi	2/1.0	900 (-1%)	14mo	$90,000	$100	81
1504 W 19th St	0.25mi	2/1.0	951 (+4%)	4mo	$95,000	$100	78
1332 W 18th St	0.21mi	2/1.0	1,002 (+10%)	6mo	$108,000	$108	69
1836 W 21st St	0.48mi	3/1.5 (+1)	896 (-2%)	2mo	$140,000	$156	66
2010 Utica Ave	0.21mi	2/2.0	800 (-12%)	0mo	$100,000	$125	66
813 W 17th St	0.64mi	3/1.0 (+1)	914 (+0%)	1mo	$80,000	$88	64
1106 W 21st St	0.23mi	3/1.0 (+1)	974 (+7%)	14mo	$136,000	$140	62
1933 W 29th St	0.74mi	3/1.0 (+1)	912 (0%)	9mo	$149,900	$164	53
2817 Utica Ave	0.52mi	3/1.5 (+1)	1,010 (+11%)	13mo	$132,000	$131	40
908 W 20th St	0.51mi	3/1.0 (+1)	1,046 (+15%)	11mo	$110,000	$105	38
2285 Arrowhead St	0.74mi	2/1.0	818 (-10%)	14mo	$179,900	$220	37
930 W 30th St	0.71mi	3/1.0 (+1)	996 (+9%)	14mo	$95,500	$96	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 · 4.09% rent growth · sell at horizon

5-year hold

• IRR: -9.1%
• Equity multiple: 0.66×
• Total profit: $-11,284
• Equity at exit: $17,892

10-year hold

• IRR: 1.6%
• Equity multiple: 1.12×
• Total profit: $4,054
• Equity at exit: $10,375

Cash invested: $33,600 (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: 9.3×

Monthly cashflow live

• Estimated rent: $1,078 high
• Mortgage (P&I): −$629
• Tax from tax record: −$62 /mo · $748/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$226
• Net cashflow: $110

Break-even live

Break-even rent $939

Max offer price $120,000

Occupancy floor 85%

Sensitivity live

Price	-10% $178	-5% $144	+0% $110	+5% $76	+10% $42
Rent	-10% $25	-5% $67	+0% $110	+5% $153	+10% $195
Rate	-1.0pp $170	-0.5pp $140	base $110	+0.5pp $79	+1.0pp $47

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Rent comps 22 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
939 W 22nd St Lorain, OH	3.0	1.0	950	$1,295	$1.36	44d	1	0.44mi
2307 Washington Ave Lorain, OH	1.0–3.0	1.0	880	$1,224	$1.39	2d	1	0.47mi
944 S Central Dr Lorain, OH	3.0	1.0	950	$1,250	$1.32	24d	1	0.58mi
942 S Central Dr Lorain, OH	2.0	1.0	850	$1,000	$1.18	24d	1	0.58mi
938 S Central Dr Lorain, OH	2.0	1.0	850	$950	$1.12	44d	1	0.58mi
936 S Central Dr Lorain, OH	1.0	1.0	700	$800	$1.14	24d	1	0.59mi
1712 W 12th St Lorain, OH	3.0	1.0	996	$1,295	$1.30	24d	1	0.60mi
1053 Washington Ave Unit 2 Lorain, OH	1.0	1.0	990	$799	$0.81	13d	1	0.70mi
1053 Washington Ave Unit 4 Lorain, OH	3.0	1.0	1000	$899	$0.90	44d	1	0.70mi
1421 Long Ave Lorain, OH	2.0	1.0	719	$1,140	$1.59	44d	1	0.71mi
1031 W 9th St Lorain, OH	2.0	1.0	854	$895	$1.05	24d	1	0.75mi
521 W 14th St Lorain, OH	3.0	1.0	968	$950	$0.98	44d	1	0.81mi
509 W 24th St Lorain, OH	2.0	1.0	1036	$1,400	$1.35	44d	1	0.84mi
1312 W 37th St Lorain, OH	2.0	1.0	810	$1,200	$1.48	44d	1	0.97mi
516 Washington Ave Unit 516 A Lorain, OH	1.0	1.0	1008	$915	$0.91	44d	1	1.05mi
2809 W Erie Ave Lorain, OH	1.0–2.0	1.0	800	$1,049	$1.31	2d	1	1.05mi
2349 Elyria Ave Unit 2 Lorain, OH	2.0	1.0	800	$925	$1.16	44d	1	1.28mi
2550 Elyria Ave Unit 2 Lorain, OH	3.0	1.0	765	$1,200	$1.57	8d	1	1.31mi
4461 Oberlin Ave Unit D Lorain, OH	1.0	1.0	700	$795	$1.14	3d	1	1.40mi
4461 Oberlin Ave Unit D Lorain, OH	1.0	1.0	700	$795	$1.14	44d	1	1.40mi
4461 Oberlin Ave Unit A Lorain, OH	1.0	1.0	700	$750	$1.07	2d	1	1.40mi
3132 Elyria Ave Lorain, OH	3.0	1.5	1109	$1,250	$1.13	44d	1	1.45mi

Listing history 42 events

1. 2026-06-18
   days on market $120,000 Active 159 DOM
2. 2026-06-17
   days on market $120,000 Active 158 DOM
3. 2026-06-16
   days on market $120,000 Active 157 DOM
4. 2026-06-15
   days on market $120,000 Active 156 DOM
5. 2026-06-13
   days on market $120,000 Active 154 DOM
6. 2026-06-13
   days on market $120,000 Active 153 DOM
7. 2026-06-09
   days on market $120,000 Active 150 DOM
8. 2026-06-08
   days on market $120,000 Active 149 DOM
9. 2026-06-07
   days on market $120,000 Active 148 DOM
10. 2026-06-03
    days on market $120,000 Active 144 DOM
11. 2026-06-02
    days on market $120,000 Active 143 DOM
12. 2026-06-01
    days on market $120,000 Active 142 DOM
13. 2026-05-31
    days on market $120,000 Active 141 DOM
14. 2026-01-10
    historical

    Show marketing remark (358 chars)

    Single floor living. This two bedroom ranch is located near numerous amenities such as stores, restaurants, black river landing, the lake, etc. The house consists of two bedrooms, a bathroom, a kitchen, a living room, and huge bonus utility room. There is a big back porch. Furnace and central air recently replaced. New roof in June 2025. Nice sized yard.

15. 2026-01-10
    listed $120,000 Active 358-char remark

    Show marketing remark (358 chars)

    Single floor living. This two bedroom ranch is located near numerous amenities such as stores, restaurants, black river landing, the lake, etc. The house consists of two bedrooms, a bathroom, a kitchen, a living room, and huge bonus utility room. There is a big back porch. Furnace and central air recently replaced. New roof in June 2025. Nice sized yard.

16. 2025-12-06
    price $120,000
17. 2025-12-06
    price $102,000
18. 2025-07-12
    listed $120,000 Active
19. 2025-04-21
    historical
20. 2025-03-25
    status Active
21. 2025-03-15
    historical Contingent
22. 2025-02-03
    status Active
23. 2024-12-24
    historical Contingent
24. 2024-10-21
    listed $119,900 Active
25. 2018-06-19
    soldstatus $11,500 Sold
26. 2018-05-24
    status Pending
27. 2018-04-04
    listed $14,500 Active
28. 2018-03-23
    historical
29. 2018-02-01
    price $14,500
30. 2017-12-26
    price $16,500
31. 2017-11-30
    listed $18,000 Active
32. 2017-05-25
    status Pending
33. 2017-05-25
    historical
34. 2017-03-28
    status Active
35. 2017-03-23
    historical
36. 2017-03-15
    price $18,000
37. 2017-02-01
    price $19,000
38. 2016-12-24
    listed $20,000 Active
39. 1999-07-30
    soldstatus $54,000
40. 1999-07-29
    soldstatus $54,000
41. 1999-03-12
    listed $56,500
42. 1992-06-15
    soldstatus $21,900

ⓘ 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: $748 · $62/mo
• Projected year-2 tax: $1,310 · $109/mo
• Expected delta: +$562/yr (+$47/mo · 75.1%)

ⓘ 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 · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,936
• − Mortgage interest: −$6,722
• − Property taxes: −$748
• − Insurance: −$600
• − Repairs & maintenance: −$1,035
• − Management: −$1,035
• − Depreciation: −$3,491
• Taxable loss: −$695
• Est. tax savings @ 24.0%: +$167
• After-tax cash flow: $1,486/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

+447.9% since first listed

29 events — show timeline

• 2026-01-10 Listed $120,000 MLSNOW
• 2026-01-10 Listing Removed — MLSNOW
• 2025-12-06 Price Changed $120,000 MLSNOW
• 2025-12-06 Price Changed $102,000 MLSNOW
• 2025-07-12 Listed $120,000 MLSNOW
• 2025-04-21 Listing Removed — MLSNOW
• 2025-03-25 Relisted — MLSNOW
• 2025-03-15 Contingent — MLSNOW
• 2025-02-03 Relisted — MLSNOW
• 2024-12-24 Contingent — MLSNOW
• 2024-10-21 Listed $119,900 MLSNOW
• 2018-06-19 Sold (MLS) $11,500 MLSNOW
• 2018-05-24 Pending — MLSNOW
• 2018-04-04 Listed $14,500 MLSNOW
• 2018-03-23 Listing Removed — MLSNOW
• 2018-02-01 Price Changed $14,500 MLSNOW
• 2017-12-26 Price Changed $16,500 MLSNOW
• 2017-11-30 Listed $18,000 MLSNOW
• 2017-05-25 Pending — MLSNOW
• 2017-05-25 Listing Removed — MLSNOW
• 2017-03-28 Relisted — MLSNOW
• 2017-03-23 Listing Removed — MLSNOW
• 2017-03-15 Price Changed $18,000 MLSNOW
• 2017-02-01 Price Changed $19,000 MLSNOW
• 2016-12-24 Listed $20,000 MLSNOW
• 1999-07-30 Sold (MLS) $54,000 MLSNOW
• 1999-07-29 Sold (Public Records) $54,000 Public Records
• 1999-03-12 Listed $56,500 MLSNOW
• 1992-06-15 Sold (Public Records) $21,900 Public Records

Property tax history

-0.2%/yr

Latest (2025): $748 · -4.9% YoY. Source: county tax records.