232 W River Rd N · Elyria, OH 44035

$120,000

3 bd · 1.5 ba · 1,240 sqft · SingleFamily public records · 146 Days on market

Built 1900 5,227 sqft lot Est $105k · 14% over

---

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 +15.7/30.0
• DSCR +4.8/10.0
• 1% rule +4.2/10.0
• Rent growth +4.2/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0
• ARV discount +1.3/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Lovely home! Move-in condition! Hardwood in living and dining rooms; vinyl in kitchen. Second level has newer carpet. Backyard with deck and utility shed. Great front porch to relax on! Come and see your new home! New roof 2008; new hot water heater 2009.

Key facts

• Updated panel
• Updated baths
• Large front porch

Tags

• LARGE FRONT PORCH
• HUGE DECK
• UPDATED KITCHEN
• UPDATED BATHS
• NEW SEWER LINE
• UPDATED PANEL

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $53 ($638/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 $111k (7.7% below list).
• Recommended offer: $106k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.8% 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: 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.
• Zoned schools: Hamilton Elementary School (math 8% / reading 17%, grade F, #1,434 of 1,584 statewide, top 92%, 421 students, 90% FRL); Eastern Heights Middle School (math 15% / reading 29%, grade F, #602 of 654 statewide, top 93%, 579 students, 100% FRL); Elyria High School (math 20% / reading 47%, grade F, #598 of 781 statewide, top 77%, 1,639 students, 62% FRL) — zoned schools average 84% FRL vs 58% district-wide (26 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+6.7%/yr); 359 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 19d 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 $830 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 146 days — a 12% lower offer ($106k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 24y ago; this cycle's ask has dropped $15k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $18k; list at $120k implies a 561% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — 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 146 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 1900 — 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. 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?
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 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: 0.92% ✗
• Cap rate: 6.82%
• Cash-on-cash: 1.90%
• DSCR: 1.08
• GRM: 9.0

CMA / ARV

• ARV (on-the-fly): $105,400
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
447 W River Rd	0.35mi	3/1.0	1,241 (+0%)	17mo	$105,000	$85	67
3 Henkle Ct	0.16mi	3/1.0	1,188 (-4%)	20mo	$41,000	$35	67
6112 Gateway Blvd S	0.11mi	3/1.0	1,056 (-15%)	7mo	$118,000	$112	62
227 7th St	0.74mi	3/1.0	1,202 (-3%)	10mo	$71,500	$59	50
469 11th St	0.73mi	3/1.0	1,210 (-2%)	15mo	$147,000	$121	48
327 8th St	0.66mi	3/1.0	1,155 (-7%)	12mo	$65,000	$56	46
160 Erie St	0.61mi	3/1.5	1,413 (+14%)	4mo	$56,000	$40	46
343 Furnace St	0.66mi	3/1.0	1,400 (+13%)	1mo	$45,000	$32	45
119 Floral Ct	0.46mi	3/1.0	1,120 (-10%)	21mo	$79,900	$71	43
810 Riverside Dr	0.57mi	3/1.0	1,341 (+8%)	18mo	$150,000	$112	43
480 10th St	0.68mi	3/1.0	1,087 (-12%)	9mo	$129,900	$120	38
322 8th St	0.69mi	3/2.0	1,328 (+7%)	23mo	$152,000	$114	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 · 6.74% rent growth · sell at horizon

5-year hold

• IRR: -9.2%
• Equity multiple: 0.65×
• Total profit: $-11,724
• Equity at exit: $17,892

10-year hold

• IRR: 4.7%
• Equity multiple: 1.40×
• Total profit: $13,366
• 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 44035

• Rents YoY: 6.7%
• Active inventory: 359
• Price-to-rent: 9.0×

Monthly cashflow live

• Estimated rent: $1,108 high
• Mortgage (P&I): −$629
• Tax from tax record: −$143 /mo · $1,711/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$233
• Net cashflow: $53

Break-even live

Break-even rent $1,040

Max offer price $120,000

Occupancy floor 90%

Sensitivity live

Price	-10% $121	-5% $87	+0% $53	+5% $19	+10% $-15
Rent	-10% $-34	-5% $9	+0% $53	+5% $97	+10% $141
Rate	-1.0pp $114	-0.5pp $84	base $53	+0.5pp $22	+1.0pp $-10

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 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
116 Water St Elyria, OH	2.0	1.0	888	$1,100	$1.24	25d	1	0.14mi
334 Washington Ave Unit 102F Elyria, OH	2.0	1.0	750	$895	$1.19	23d	1	0.65mi
518 Lake Ave Unit 100 Rush Elyria, OH	3.0	1.0	1248	$1,099	$0.88	6d	1	0.66mi
100 Rush St Elyria, OH	3.0	1.0	1248	$1,099	$0.88	9d	1	0.67mi
138 Mendel Ct #1 Elyria, OH	2.0	1.0	700	$750	$1.07	16d	1	0.72mi
421 Foster Ave Elyria, OH	1.0–2.0	1.0	700	$899	$1.28	3d	1	0.89mi
1309 Middle Ave Elyria, OH	2.0	1.0	1000	$795	$0.80	45d	1	1.04mi
944 Walnut St Elyria, OH	2.0	1.0	1064	$1,200	$1.13	19d	1	1.14mi

Listing history 29 events

1. 2026-06-21
   days on market $120,000 Active 146 DOM
2. 2026-06-18
   days on market $120,000 Active 143 DOM
3. 2026-06-17
   days on market $120,000 Active 142 DOM
4. 2026-06-16
   days on market $120,000 Active 141 DOM
5. 2026-06-15
   days on market $120,000 Active 140 DOM
6. 2026-06-13
   days on market $120,000 Active 138 DOM
7. 2026-06-13
   days on market $120,000 Active 137 DOM
8. 2026-06-09
   days on market $120,000 Active 134 DOM
9. 2026-06-08
   days on market $120,000 Active 133 DOM
10. 2026-06-07
    days on market $120,000 Active 132 DOM
11. 2026-06-03
    days on market $120,000 Active 128 DOM
12. 2026-06-02
    days on market $120,000 Active 127 DOM
13. 2026-06-01
    days on market $120,000 Active 126 DOM
14. 2026-05-31
    days on market $120,000 Active 125 DOM
15. 2026-05-23
    status Active
16. 2026-05-15
    status Pending
17. 2026-04-22
    price $120,000
18. 2026-01-16
    listed $135,000 Active
19. 2011-03-04
    soldstatus $18,150 259-char remark

    Show marketing remark (259 chars)

    Lovely home! Move-in condition! Hardwood in living and dining rooms; vinyl in kitchen. Second level has newer carpet. Backyard with deck and utility shed. Great front porch to relax on! Come and see your new home! New roof 2008; new hot water heater 2009.

20. 2010-08-17
    listed $25,000 259-char remark

    Show marketing remark (259 chars)

    Lovely home! Move-in condition! Hardwood in living and dining rooms; vinyl in kitchen. Second level has newer carpet. Backyard with deck and utility shed. Great front porch to relax on! Come and see your new home! New roof 2008; new hot water heater 2009.

21. 2005-10-28
    historical
22. 2005-04-28
    listed $84,900
23. 2004-01-27
    soldstatus $76,500
24. 2004-01-27
    soldstatus $76,500
25. 2003-10-22
    historical
26. 2003-04-22
    listed $76,500
27. 2003-03-09
    historical
28. 2002-09-09
    listed $89,500
29. 1987-12-15
    soldstatus $26,500

ⓘ 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: $1,711 · $143/mo
• Projected year-2 tax: $1,791 · $149/mo
• Expected delta: +$81/yr (+$7/mo · 4.7%)

ⓘ 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: $13,291
• − Mortgage interest: −$6,722
• − Property taxes: −$1,711
• − Insurance: −$600
• − Repairs & maintenance: −$1,063
• − Management: −$1,063
• − Depreciation: −$3,491
• Taxable loss: −$1,359
• Est. tax savings @ 24.0%: +$326
• After-tax cash flow: $964/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

+352.8% since first listed

15 events — show timeline

• 2026-05-23 Relisted — MLSNOW
• 2026-05-15 Pending — MLSNOW
• 2026-04-22 Price Changed $120,000 MLSNOW
• 2026-01-16 Listed $135,000 MLSNOW
• 2011-03-04 Sold (MLS) $18,150 MLSNOW
• 2010-08-17 Listed $25,000 MLSNOW
• 2005-10-28 Listing Removed — MLSNOW
• 2005-04-28 Listed $84,900 MLSNOW
• 2004-01-27 Sold (Public Records) $76,500 Public Records
• 2004-01-27 Sold (MLS) $76,500 MLSNOW
• 2003-10-22 Listing Removed — MLSNOW
• 2003-04-22 Listed $76,500 MLSNOW
• 2003-03-09 Listing Removed — MLSNOW
• 2002-09-09 Listed $89,500 MLSNOW
• 1987-12-15 Sold (Public Records) $26,500 Public Records

Property tax history

+14.7%/yr

Latest (2025): $1,711 · +2.0% YoY. Source: county tax records.