1702 Lexington Ave · Lorain, OH 44052

$115,000

4 bd · 2.0 ba · 1,441 sqft · MultiFamily public records · 147 Days on market

Built 1900 3,920 sqft lot $80/sqft · 6% below area Est $123k · 6% under

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Why this score? — see what drove the B 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
• ARV discount +10.4/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +3.5/5.0
• Livability +3.4/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0
• 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

Welcome to 1702 Lexington Ave in Lorain, Ohio—a fully occupied duplex that delivers immediate income from day one. Both units are leased at $850 per month, creating strong, predictable cash flow with built-in upside. The upper unit is locked in through August 2026, providing long-term stability, while the lower unit is month-to-month, giving you flexibility to adjust rents or reposition the asset. This is the kind of property investors want: stable, performing, and easy to step into. Whether you’re scaling a portfolio or securing a solid standalone investment, this duplex checks the boxes—tenants in place, income on the books, and zero downtime. Opportunities like this don’t wait. Neither should you.

Key facts

• 3,920 sq ft lot
• Built 1900
• Listed 146 days

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $115k.

Deal economics

• At list price, monthly cash flow is $926 ($11k/yr) — positive. Per door: $463/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $115k).
• Recommended offer: $101k (12.0% below list) — sets the bar for market timing.
• Cap rate 16.0% vs local median 5.9% in Lorain — 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 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; 28 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 46% 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).
• At $2,103/mo this rent would consume 56% of the median local household income ($45k/yr) (locally 1423% of renters already pay >50% of income on rent) — 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 $795 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 4.1% rent growth), your $32k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 147 days — a 12% lower offer ($101k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 35y ago; this cycle's ask has dropped $15k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $65k; list at $115k implies a 77% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $101,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 147 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 1900 — 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. 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?
8. 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.
9. 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.
10. 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: 1.83% ✓
• Cap rate: 15.95%
• Cash-on-cash: 34.50%
• DSCR: 2.54
• GRM: 4.6

CMA / ARV

• ARV (median comp): $122,982
• List price: $115,000
• Delta: -6.49%
• Verdict: FAIR
• Comps: 15 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
418 W 17th St	0.06mi	3/2.0 (-1)	1,290 (-10%)	7mo	$144,000	$112	69

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: 31.1%
• Equity multiple: 2.32×
• Total profit: $42,656
• Equity at exit: $17,147

10-year hold

• IRR: 38.9%
• Equity multiple: 4.81×
• Total profit: $122,833
• Equity at exit: $9,943

Cash invested: $32,200 (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: 9.1×

Monthly cashflow live

• Estimated rent: $2,103 high
• Mortgage (P&I): −$603
• Tax from tax record: −$85 /mo · $1,015/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$442
• Net cashflow: $926

Break-even live

Break-even rent $931

Max offer price $115,000

Occupancy floor 51%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,104
Total (2 units)			$2,103

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: $28,750
• Closing costs: $3,450
• Reserves months: —
• Total cash needed: —

Rent comps 28 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1724 Lexington Ave Lorain, OH	3.0	1.0	1150	$1,215	$1.06	23d	1	0.01mi
1703 Oakdale Ave Lorain, OH	3.0	1.0	1237	$1,300	$1.05	2d	1	0.12mi
521 W 14th St Lorain, OH	3.0	1.0	968	$950	$0.98	43d	1	0.15mi
420 W 12th St Lorain, OH	3.0	1.0	1204	$1,650	$1.37	4d	1	0.32mi
704 W 21st St Lorain, OH	4.0	1.0	1410	$1,450	$1.03	23d	1	0.32mi
128 W 22nd St Lorain, OH	3.0	1.0	1402	$1,470	$1.05	43d	1	0.36mi
930 W 18th St Lorain, OH	4.0	1.0	1344	$1,450	$1.08	43d	1	0.39mi
1053 Washington Ave Unit 4 Lorain, OH	3.0	1.0	1000	$899	$0.90	43d	1	0.48mi
1037 Washington Ave Lorain, OH	4.0	2.0	1567	$1,600	$1.02	17d	1	0.50mi
939 W 22nd St Lorain, OH	3.0	1.0	950	$1,295	$1.36	43d	1	0.55mi
1055 W 12th St Lorain, OH	4.0	1.0	1206	$1,750	$1.45	23d	1	0.59mi
2307 Washington Ave Lorain, OH	1.0–3.0	1.0	880	$1,499	$1.70	1d	1	0.63mi
944 S Central Dr Lorain, OH	3.0	1.0	950	$1,250	$1.32	23d	1	0.68mi
2715 Apple Ave Lorain, OH	3.0	1.0	1240	$1,311	$1.06	43d	1	0.75mi
336 W 29th St Lorain, OH	3.0	1.0	1440	$1,350	$0.94	43d	1	0.76mi
1220 W 19th St Lorain, OH	4.0	1.0	1492	$1,550	$1.04	23d	1	0.80mi
1322 Brownell Ave Lorain, OH	4.0	1.0	1571	$1,570	$1.00	43d	1	0.87mi
1028 W 5th St Lorain, OH	3.0	2.0	1250	$1,650	$1.32	43d	1	0.90mi
2909 Denver Ave Lorain, OH	3.0	1.0	1597	$1,400	$0.88	43d	1	0.95mi
200 E 31st St Lorain, OH	5.0	2.0	1562	$1,550	$0.99	1d	1	0.97mi
3132 Elyria Ave Lorain, OH	3.0	1.5	1109	$1,250	$1.13	43d	1	1.01mi
1413 W 12th St Lorain, OH	4.0	1.5	1725	$1,700	$0.99	43d	1	1.03mi
1223 W 5th St Lorain, OH	3.0	2.0	1152	$1,150	$1.00	12d	1	1.03mi
1239 W 5th St Unit 1 Lorain, OH	3.0	1.0	1200	$1,100	$0.92	23d	1	1.06mi
612 E 33rd St Lorain, OH	3.0	1.0	960	$995	$1.04	43d	1	1.20mi
1712 W 12th St Lorain, OH	3.0	1.0	996	$1,295	$1.30	23d	1	1.20mi
1510 Fillmore Ave Lorain, OH	3.0	1.0	896	$900	$1.00	7d	1	1.33mi
1508 Fillmore Ave Unit 1510 Fillmore Ave: Left Unit Lorain, OH	3.0	1.0	896	$900	$1.00	7d	1	1.34mi

Listing history 35 events

1. 2026-06-18
   days on market $115,000 Active 147 DOM
2. 2026-06-17
   days on market $115,000 Active 146 DOM
3. 2026-06-16
   days on market $115,000 Active 145 DOM
4. 2026-06-15
   days on market $115,000 Active 144 DOM
5. 2026-06-13
   days on market $115,000 Active 142 DOM
6. 2026-06-13
   days on market $115,000 Active 141 DOM
7. 2026-06-09
   days on market $115,000 Active 138 DOM
8. 2026-06-08
   days on market $115,000 Active 137 DOM
9. 2026-06-07
   days on market $115,000 Active 136 DOM
10. 2026-06-03
    days on market $115,000 Active 132 DOM
11. 2026-06-02
    days on market $115,000 Active 131 DOM
12. 2026-06-01
    days on market $115,000 Active 130 DOM
13. 2026-05-31
    days on market $115,000 Active 129 DOM
14. 2026-04-23
    price $125,000 733-char remark

    Show marketing remark (733 chars)

    Welcome to 1702 Lexington Ave in Lorain, Ohio—a fully occupied duplex that delivers immediate income from day one. Both units are leased at $850 per month, creating strong, predictable cash flow with built-in upside. The upper unit is locked in through August 2026, providing long-term stability, while the lower unit is month-to-month, giving you flexibility to adjust rents or reposition the asset. This is the kind of property investors want: stable, performing, and easy to step into. Whether you’re scaling a portfolio or securing a solid standalone investment, this duplex checks the boxes—tenants in place, income on the books, and zero downtime. Opportunities like this don’t wait. Neither should you.

15. 2026-03-12
    status Active 733-char remark

    Show marketing remark (733 chars)

    Welcome to 1702 Lexington Ave in Lorain, Ohio—a fully occupied duplex that delivers immediate income from day one. Both units are leased at $850 per month, creating strong, predictable cash flow with built-in upside. The upper unit is locked in through August 2026, providing long-term stability, while the lower unit is month-to-month, giving you flexibility to adjust rents or reposition the asset. This is the kind of property investors want: stable, performing, and easy to step into. Whether you’re scaling a portfolio or securing a solid standalone investment, this duplex checks the boxes—tenants in place, income on the books, and zero downtime. Opportunities like this don’t wait. Neither should you.

16. 2026-03-01
    historical Contingent 733-char remark

    Show marketing remark (733 chars)

    Welcome to 1702 Lexington Ave in Lorain, Ohio—a fully occupied duplex that delivers immediate income from day one. Both units are leased at $850 per month, creating strong, predictable cash flow with built-in upside. The upper unit is locked in through August 2026, providing long-term stability, while the lower unit is month-to-month, giving you flexibility to adjust rents or reposition the asset. This is the kind of property investors want: stable, performing, and easy to step into. Whether you’re scaling a portfolio or securing a solid standalone investment, this duplex checks the boxes—tenants in place, income on the books, and zero downtime. Opportunities like this don’t wait. Neither should you.

17. 2026-02-20
    status Active 733-char remark

    Show marketing remark (733 chars)

    Welcome to 1702 Lexington Ave in Lorain, Ohio—a fully occupied duplex that delivers immediate income from day one. Both units are leased at $850 per month, creating strong, predictable cash flow with built-in upside. The upper unit is locked in through August 2026, providing long-term stability, while the lower unit is month-to-month, giving you flexibility to adjust rents or reposition the asset. This is the kind of property investors want: stable, performing, and easy to step into. Whether you’re scaling a portfolio or securing a solid standalone investment, this duplex checks the boxes—tenants in place, income on the books, and zero downtime. Opportunities like this don’t wait. Neither should you.

18. 2026-01-29
    historical Contingent 733-char remark

    Show marketing remark (733 chars)

    Welcome to 1702 Lexington Ave in Lorain, Ohio—a fully occupied duplex that delivers immediate income from day one. Both units are leased at $850 per month, creating strong, predictable cash flow with built-in upside. The upper unit is locked in through August 2026, providing long-term stability, while the lower unit is month-to-month, giving you flexibility to adjust rents or reposition the asset. This is the kind of property investors want: stable, performing, and easy to step into. Whether you’re scaling a portfolio or securing a solid standalone investment, this duplex checks the boxes—tenants in place, income on the books, and zero downtime. Opportunities like this don’t wait. Neither should you.

19. 2026-01-22
    listed $130,000 Active 733-char remark

    Show marketing remark (733 chars)

    Welcome to 1702 Lexington Ave in Lorain, Ohio—a fully occupied duplex that delivers immediate income from day one. Both units are leased at $850 per month, creating strong, predictable cash flow with built-in upside. The upper unit is locked in through August 2026, providing long-term stability, while the lower unit is month-to-month, giving you flexibility to adjust rents or reposition the asset. This is the kind of property investors want: stable, performing, and easy to step into. Whether you’re scaling a portfolio or securing a solid standalone investment, this duplex checks the boxes—tenants in place, income on the books, and zero downtime. Opportunities like this don’t wait. Neither should you.

20. 2008-06-15
    historical
21. 2007-12-31
    historical
22. 2007-12-05
    listed $65,000
23. 2007-06-11
    listed $65,000
24. 2005-12-07
    soldstatus $65,000
25. 2005-12-07
    soldstatus $65,000
26. 2005-06-16
    listed $69,900
27. 2005-04-12
    historical
28. 2004-10-12
    listed $69,900
29. 2002-04-15
    soldstatus $34,000
30. 2002-02-13
    historical
31. 2001-12-10
    listed $36,500
32. 1999-04-01
    soldstatus $50,000
33. 1991-09-23
    historical
34. 1991-03-23
    listed $35,000
35. 1987-10-15
    soldstatus $18,000

ⓘ 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: $1,015 · $85/mo
• Projected year-2 tax: $1,405 · $117/mo
• Expected delta: +$389/yr (+$32/mo · 38.4%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 49% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥97°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: $25,236
• − Mortgage interest: −$6,442
• − Property taxes: −$1,015
• − Insurance: −$575
• − Repairs & maintenance: −$2,019
• − Management: −$2,019
• − Depreciation: −$3,345
• Taxable income: $9,821
• Est. tax owed @ 24.0%: −$2,357
• After-tax cash flow: $8,753/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

+594.4% since first listed

22 events — show timeline

• 2026-04-23 Price Changed $125,000 MLSNOW
• 2026-03-12 Relisted — MLSNOW
• 2026-03-01 Contingent — MLSNOW
• 2026-02-20 Relisted — MLSNOW
• 2026-01-29 Contingent — MLSNOW
• 2026-01-22 Listed $130,000 MLSNOW
• 2008-06-15 Listing Removed — MLSNOW
• 2007-12-31 Listing Removed — MLSNOW
• 2007-12-05 Listed $65,000 MLSNOW
• 2007-06-11 Listed $65,000 MLSNOW
• 2005-12-07 Sold (Public Records) $65,000 Public Records
• 2005-12-07 Sold (MLS) $65,000 MLSNOW
• 2005-06-16 Listed $69,900 MLSNOW
• 2005-04-12 Listing Removed — MLSNOW
• 2004-10-12 Listed $69,900 MLSNOW
• 2002-04-15 Sold (MLS) $34,000 MLSNOW
• 2002-02-13 Listing Removed — MLSNOW
• 2001-12-10 Listed $36,500 MLSNOW
• 1999-04-01 Sold (Public Records) $50,000 Public Records
• 1991-09-23 Listing Removed — MLSNOW
• 1991-03-23 Listed $35,000 MLSNOW
• 1987-10-15 Sold (Public Records) $18,000 Public Records

Property tax history

+4.5%/yr

Latest (2025): $1,015 · -4.9% YoY. Source: county tax records.