131 Kentucky Dr

Elyria, OH 44035

$47,000B

3 bd · 2.0 ba · 1,149 sqft · Built 1996 · SingleFamily · Active · 26 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,158/mo
• Mortgage (P&I): −$246
• Tax + insurance: −$78
• HOA: −$0
• Vac / Maint / Mgmt: −$243
• Net cashflow: $590/mo
• Annual: $7,076/yr
• Cap rate: 21.35%
• Cash-on-cash: 53.77%
• DSCR: 3.39
• 1% rule: 2.46%
• Cash to close: $13,160

Investor read

• This is a 3-bed/2.0-bath single-family listed at $47k.
• At list price, monthly cash flow is $590 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $47k).
• It's been on market 26 days — a 2% lower offer ($46k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $46k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $325 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• 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: employment D, commute F.
• Midview Local (suburban): math 55% / reading 59% proficiency, ranked #314 of 656 in OH (top 48%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Midview West Elementary School (math 71% / reading 62%, grade B+, #500 of 1,584 statewide, top 32%, 523 students, 46% FRL); Midview Middle School (math 55% / reading 56%, grade B-, #321 of 654 statewide, top 51%, 439 students, 46% FRL); Midview High School (math 37% / reading 67%, grade D+, #343 of 781 statewide, top 47%, 767 students, 43% FRL) — zoned schools average 45% FRL vs 30% district-wide (15 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+6.7%/yr); 361 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 0d on market — plan ~1-2 weeks tenant-placement turnaround); 1,098 units permitted in Lorain County in 2024 (20 in 5+ unit buildings).
• 4 sale attempts since 7y ago; this cycle's ask has dropped $2k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $24k; list at $47k implies a 96% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 6.7% rent growth), your $13k cash investment doubles in ~3 years — after that, you're playing with house money.
• Cap rate 21.3% 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.

Questions for listing agent

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.
• 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.