179 Caroline St · Elyria, OH 44035

$179,000

3 bd · 1.5 ba · 1,862 sqft · SingleFamily public records · 3 Days on market

Built 1960 6,098 sqft lot Est $244k · 27% under

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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).

• ARV discount +15.0/15.0
• Cash flow +12.0/30.0
• Rent growth +4.2/5.0
• Livability +3.8/5.0
• DSCR +3.6/10.0
• 1% rule +2.9/10.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

What a GREAT home! This one owner sits on a nice lot with a fully fenced yard, 1 1/2 car garage, landscaped and offers an additional parking pad! The generous 1862 square foot (not including basement) offers a large living room, eat - in kitchen with all built - ins, all appliances stay and new GFI outlets installed 8/09. If you are in need of 4 bedrooms you will LOVE the first floor master with two closets OR you can use as a family room with great entertaining space! The upstairs offers 2 bedrooms and a 1/2 bath PLUS oversized closets and attic access for plenty of storage. This wonderful home comes with several recent upgrades, such as: roof (approx 8 years), electric 8/09 and this home has a security system you can activate! What a whole lotta house for the price! Call today! Sellers are motivated!

Key facts

• New furnace
• New hot water tank
• New storm windows

Tags

• NEW LIVING ROOM WINDOWS
• NEW STORM WINDOWS
• WHOLE-HOUSE BLOWN INSULATION
• NEW FURNACE
• NEW CENTRAL AIR CONDITIONER
• NEW HOT WATER TANK

Property features AI

Finance

• Financial info: Annual taxes reported (2025)

Exterior

• Parking: Detached 2-car garage
• Utilities: Public water and sewer (per public records)
• Home design: Two-story home; Above-grade finished area approximately 1,862
• Construction: Vinyl siding; Asphalt/fiberglass roof
• Exterior features: Patio

Interior

• Bedrooms: Two main-level bedrooms
• Bathrooms: One full bathroom; One half bathroom; One main-level bathroom
• Heating & cooling: Gas heating; Central air conditioning
• Interior features: Full unfinished basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $179k.

Deal economics

• At list price, monthly cash flow is $-41 ($-496/yr) — negative.
• To cash-flow at today's rent, offer at most $172k (4.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $141k (21.2% below list).
• Recommended offer: $141k (21.2% below list) — sets the bar for 1% rule.
• Cap rate 6.0% 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: Ely Elementary School (math 12% / reading 27%, grade F, #1,293 of 1,584 statewide, top 83%, 453 students, 70% FRL); Northwood Middle School (math 22% / reading 42%, grade F, #559 of 654 statewide, top 87%, 564 students, 94% FRL); Elyria High School (math 20% / reading 47%, grade F, #598 of 781 statewide, top 77%, 1,639 students, 62% FRL) — zoned schools average 75% FRL vs 58% district-wide (17 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; 1 comparable units currently listed for rent nearby; 1,098 units permitted in Lorain County in 2024 (20 in 5+ unit buildings).
• This rent runs 30% of the median local income ($56k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 17y 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 $100k; list at $179k implies a 79% gain — meaningful room to come down on a strong offer.

Recommended offer $141,031 (21.2% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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 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: 0.79% ✗
• Cap rate: 6.02%
• Cash-on-cash: -0.99%
• DSCR: 0.96
• GRM: 10.6

CMA / ARV

• ARV (on-the-fly): $243,922
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
235 Brandtson Ave	0.10mi	2/3.0 (-1)	1,833 (-2%)	2mo	$253,000	$138	80
347 Ohio St	0.44mi	3/2.0	1,754 (-6%)	2mo	$233,500	$133	67
141 Elma Dr	0.18mi	3/3.0	2,100 (+13%)	3mo	$275,000	$131	62
137 Lafayette St	0.16mi	4/2.5 (+1)	1,636 (-12%)	2mo	$210,000	$128	62
276 Harrison St	0.61mi	4/2.5 (+1)	1,906 (+2%)	4mo	$201,000	$105	56
269 Hamilton Ave	0.54mi	3/1.0	1,607 (-14%)	2mo	$205,500	$128	48
261 Hawthorne St	0.56mi	3/2.0	1,696 (-9%)	10mo	$240,000	$142	48
976 Gulf Rd	0.74mi	3/1.5	1,688 (-9%)	4mo	$245,000	$145	46
110 Bailey Ct	0.57mi	4/2.0 (+1)	1,620 (-13%)	0mo	$150,000	$93	44
217 Columbus St	0.71mi	3/1.5	1,728 (-7%)	13mo	$216,000	$125	44
251 Hamilton Ave	0.58mi	4/2.5 (+1)	1,996 (+7%)	11mo	$217,163	$109	43
991 Valley Blvd	0.72mi	4/2.0 (+1)	2,099 (+13%)	10mo	$310,000	$148	30

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: -14.1%
• Equity multiple: 0.48×
• Total profit: $-26,163
• Equity at exit: $26,689

10-year hold

• IRR: -0.5%
• Equity multiple: 0.96×
• Total profit: $-1,886
• Equity at exit: $15,477

Cash invested: $50,120 (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: 10.6×

Monthly cashflow live

• Estimated rent: $1,410 medium
• Mortgage (P&I): −$939
• Tax from tax record: −$142 /mo · $1,707/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$296
• Net cashflow: $-41

Break-even live

Break-even rent $1,463

Max offer price $171,693

Occupancy floor 98%

Sensitivity live

Price	-10% $60	-5% $9	+0% $-41	+5% $-92	+10% $-143
Rent	-10% $-153	-5% $-97	+0% $-41	+5% $14	+10% $70
Rate	-1.0pp $49	-0.5pp $4	base $-41	+0.5pp $-88	+1.0pp $-135

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: $44,750
• Closing costs: $5,370
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
689 Lucille Dr Elyria, OH	3.0	1.0	1225	$1,425	$1.16	3d	1	0.77mi

Listing history 3 events

1. 2026-06-08
   statusdays on market $179,000 Pending 3 DOM
2. 2026-06-07
   remarks 699-char remark
3. 2026-06-07
   listed $179,000 Active 2 DOM

ⓘ 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: $1,707 · $142/mo
• Projected year-2 tax: $2,250 · $187/mo
• Expected delta: +$543/yr (+$45/mo · 31.8%)

ⓘ 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 3/10 Moderate 7 d/yr ≥99°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: $16,924
• − Mortgage interest: −$10,027
• − Property taxes: −$1,707
• − Insurance: −$895
• − Repairs & maintenance: −$1,354
• − Management: −$1,354
• − Depreciation: −$5,207
• Taxable loss: −$3,620
• Est. tax savings @ 24.0%: +$869
• After-tax cash flow: $372/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

+49.3% since first listed

4 events — show timeline

• 2026-06-05 Listed $179,000 MLSNOW
• 2010-04-08 Sold (Public Records) $100,000 Public Records
• 2010-04-07 Sold (MLS) $100,000 MLSNOW
• 2009-08-28 Listed $119,900 MLSNOW

Property tax history

+1.0%/yr

Latest (2025): $1,707 · -23.7% YoY. Source: county tax records.