3835 Lake Ave · Ashtabula, OH 44004

$144,000

4 bd · 2.0 ba · 1,727 sqft · MultiFamily public records · 121 Days on market

Built 1890 6,098 sqft lot $83/sqft · 49% above area Est $97k · 49% over

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0
• ARV discount +0.0/15.0
• 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 MLS

Income-Producing Duplex in Ashtabula City – Investor Opportunity! Located close to shopping, restaurants, schools, parks, and all the everyday amenities Ashtabula City has to offer, this duplex is a solid addition to any investment portfolio. This property features two units: A spacious 3-bedroom, 1-bath A comfortable 1-bedroom, 1-bath Both units are currently rented, providing immediate cash flow from day one. The property does need a little TLC, making it a great opportunity for an investor ready to add value and build equity. The big-ticket item? The roof is only 5 years old, giving peace of mind and saving on major upfront expenses. Outside you’ll find a detached garage and a large driveway with plenty of parking — a huge bonus for tenants. If you’re looking for steady rental income with upside potential in a convenient Ashtabula City location, this one is full of opportunity. Bring your vision and make it your next smart investment!

Key facts

• Large driveway
• Plenty of parking
• Detached garage

Tags

• INCOME-PRODUCING DUPLEX
• DETACHED GARAGE
• LARGE DRIVEWAY
• PLENTY OF PARKING
• ROOF IS ONLY 5 YEARS OLD

What this means for you Summary

Snapshot

• This is a 1×3bd/1.0ba + 1×1bd/1.0ba units multifamily listed at $144k.

Deal economics

• At list price, monthly cash flow is $858 ($10k/yr) — positive. Per door: $429/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $144k).
• Recommended offer: $127k (12.0% below list) — sets the bar for market timing.
• Cap rate 13.4% vs local median 8.2% in Ashtabula — 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 71/100 on livability (#420 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A; Watch: schools C-, amenities F, commute F.
• Ashtabula Area City (town): math 24% / reading 35% proficiency, ranked #588 of 656 in OH (top 90%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 63% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 162 active listings in the ZIP; 155 units permitted in Ashtabula County in 2024 (0 in 5+ unit buildings).
• At $2,163/mo this rent would consume 52% of the median local household income ($50k/yr) — 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 $996 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Ashtabula County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $40k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 121 days — a 12% lower offer ($127k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $16k; list at $144k implies a 800% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $126,720 (12.0% below list)

Questions for the listing agent

1. It's been on market 121 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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 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: 1.50% ✓
• Cap rate: 13.45%
• Cash-on-cash: 25.54%
• DSCR: 2.14
• GRM: 5.5

CMA / ARV

• ARV (median comp): $96,694
• List price: $144,000
• Delta: 48.92%
• Verdict: OVERPRICED
• Comps: 15 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3825 Lake Ave	0.02mi	4/2.0	1,590 (-8%)	15mo	$80,000	$50	74

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 19.1%
• Equity multiple: 1.78×
• Total profit: $31,273
• Equity at exit: $21,471

10-year hold

• IRR: 27.4%
• Equity multiple: 3.42×
• Total profit: $97,392
• Equity at exit: $12,450

Cash invested: $40,320 (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 44004

• Home prices YoY: -30.5%
• Active inventory: 162
• Price-to-rent: 9.3×

Monthly cashflow live

• Estimated rent: $2,163 medium
• Mortgage (P&I): −$755
• Tax from tax record: −$35 /mo · $424/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$454
• Net cashflow: $858

Break-even live

Break-even rent $1,077

Max offer price $144,000

Occupancy floor 55%

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

Units	Beds	Baths	Est. rent
1× unit	3	1	$1,288
1× unit	1	1	$875
Total (2 units)			$2,163

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: $36,000
• Closing costs: $4,320
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-18
   days on market $144,000 Active 121 DOM
2. 2026-06-17
   days on market $144,000 Active 120 DOM
3. 2026-06-16
   days on market $144,000 Active 119 DOM
4. 2026-06-15
   days on market $144,000 Active 118 DOM
5. 2026-06-13
   days on market $144,000 Active 116 DOM
6. 2026-06-12
   days on market $144,000 Active 115 DOM
7. 2026-06-09
   days on market $144,000 Active 112 DOM
8. 2026-06-08
   days on market $144,000 Active 111 DOM
9. 2026-06-07
   days on market $144,000 Active 110 DOM
10. 2026-06-07
    days on market $144,000 Active 109 DOM
11. 2026-06-04
    days on market $144,000 Active 106 DOM
12. 2026-06-02
    days on market $144,000 Active 105 DOM
13. 2026-06-01
    days on market $144,000 Active 104 DOM
14. 2026-05-31
    days on market $144,000 Active 103 DOM
15. 2026-04-08
    price $144,000 983-char remark

    Show marketing remark (983 chars)

    Income-Producing Duplex in Ashtabula City – Investor Opportunity! Located close to shopping, restaurants, schools, parks, and all the everyday amenities Ashtabula City has to offer, this duplex is a solid addition to any investment portfolio. This property features two units: A spacious 3-bedroom, 1-bath A comfortable 1-bedroom, 1-bath Both units are currently rented, providing immediate cash flow from day one. The property does need a little TLC, making it a great opportunity for an investor ready to add value and build equity. The big-ticket item? The roof is only 5 years old, giving peace of mind and saving on major upfront expenses. Outside you’ll find a detached garage and a large driveway with plenty of parking — a huge bonus for tenants. If you’re looking for steady rental income with upside potential in a convenient Ashtabula City location, this one is full of opportunity. Bring your vision and make it your next smart investment!

16. 2026-02-18
    listed $153,000 Active 983-char remark

    Show marketing remark (983 chars)

    Income-Producing Duplex in Ashtabula City – Investor Opportunity! Located close to shopping, restaurants, schools, parks, and all the everyday amenities Ashtabula City has to offer, this duplex is a solid addition to any investment portfolio. This property features two units: A spacious 3-bedroom, 1-bath A comfortable 1-bedroom, 1-bath Both units are currently rented, providing immediate cash flow from day one. The property does need a little TLC, making it a great opportunity for an investor ready to add value and build equity. The big-ticket item? The roof is only 5 years old, giving peace of mind and saving on major upfront expenses. Outside you’ll find a detached garage and a large driveway with plenty of parking — a huge bonus for tenants. If you’re looking for steady rental income with upside potential in a convenient Ashtabula City location, this one is full of opportunity. Bring your vision and make it your next smart investment!

17. 1990-07-25
    soldstatus $16,000

ⓘ 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: $424 · $35/mo
• Projected year-2 tax: $1,335 · $111/mo
• Expected delta: +$911/yr (+$76/mo · 214.8%)

ⓘ 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 2/10 Low 7 d/yr ≥93°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,956
• − Mortgage interest: −$8,066
• − Property taxes: −$424
• − Insurance: −$720
• − Repairs & maintenance: −$2,076
• − Management: −$2,076
• − Depreciation: −$4,189
• Taxable income: $8,404
• Est. tax owed @ 24.0%: −$2,017
• After-tax cash flow: $8,282/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: Ashtabula Area City
• NCES district ID: 3904351
• Math proficiency: 24% ▼ -27.00%
• Reading proficiency: 35% ▼ -13.00%
• Median HH income: $34,812
• Composite: 24.3/100
• National rank: #7712
• State rank: #588 of 656 in OH

Livability — Ashtabula

• Score: 71/100
• State rank: #420
• US rank: #6883

Category grades

Amenities F Commute F Cost of living A+ Crime A- Employment F Housing A Health & safety A+ User ratings D-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ashtabula, OH
• County: Ashtabula · 97,617 people
• City population: 31,076
• Metro: Cleveland, OH
• Population (ZIP): 31,076
• Household income: $49,507
• Rent vs Own: 32.7% rent · 67.3% own
• Severe rent burden: 14.1

Population outlook (Ashtabula County) Hauer SSP2

• Today (2025): 92,950 people
• By 2030: 89,146 · -4.1%
• By 2040: 80,715 · -13.2%
• By 2050: 72,270 · -22.2%
• By 2075: 55,780 · -40.0%
• By 2100: 40,928 · -56.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (79%)
• Race & ethnicity: White 79% Hispanic / Latino 9% Two or more races 7% Black 6%
• Hispanic origin (detail): Mexican 3% Puerto Rican 5%
• Common ancestry: Romanian 4% Iranian 2% Slovak 1%
• Foreign-born: 3% · Canada
• Languages at home: 94% English-only · Spanish 4%

Political lean MEDSL · Ashtabula

• 2024 margin: Strong R (+28.4) · D 35.4% · R 63.8%
• 2008→2024 swing: -41.9pp toward R · 2008: 13.5pp · 2024: -28.4pp
• All cycles: 2024: R+28.4 2020: R+23.5 2016: R+19.0 2012: D+12.1 2008: D+13.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -114.51%
• Current HPI: 260.7146
• Rent YoY: —
• Metro: —
• 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

+800.0% since first listed

3 events — show timeline

• 2026-04-08 Price Changed $144,000 MLSNOW
• 2026-02-18 Listed $153,000 MLSNOW
• 1990-07-25 Sold (Public Records) $16,000 Public Records

Property tax history

-9.1%/yr

Latest (2025): $424 · -0.2% YoY. Source: county tax records.