626 Princeton Ave · Elyria, OH 44035

$135,000

3 bd · 1.0 ba · 1,089 sqft · SingleFamily public records · 4 Days on market

Built 1950 5,662 sqft lot Est $171k · 21% 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 +12.6/30.0
• Rent growth +4.2/5.0
• DSCR +3.8/10.0
• Livability +3.8/5.0
• 1% rule +3.5/10.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to this charming two-story Bungalow situated in the desirable East Broad Street Heights neighborhood of Elyria! Offering 3 bedrooms and 1 full bathroom across 1,089 square feet of comfortable living space, this home is full of classic appeal and ready for your personal touch. The traditional layout features a bright and inviting dining area that flows into a functional kitchen equipped with classic wood cabinetry and white appliances, including a gas range. The home’s bedrooms are cozy and feature ceiling fans for added comfort, while the full bathroom highlights a classic pedestal sink. The finished upper level provides fantastic flexible space—perfect for a primary bed

Key facts

• Two story bungalow
• Functional kitchen
• Ceiling fans

Tags

• TWO STORY BUNGALOW
• BRIGHT DINING AREA
• FUNCTIONAL KITCHEN
• CLASSIC WOOD CABINETRY
• GAS RANGE
• CEILING FANS

Property features AI

Exterior

• Parking: Detached garage; 1 garage space
• Utilities: Public water; Public sewer
• Home design: 2-story home; Aluminum siding; Asphalt fiberglass shingle roof
• Construction: Aluminum siding construction; Asphalt/fiberglass shingle roof; Has basement (unfinished)
• Exterior features: Driveway access; On-street parking available

Interior

• Bedrooms: 2 main-level bedrooms
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Central air conditioning; Forced air heating
• Interior features: Unfinished basement; Total of 5 rooms

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $135k.

Deal economics

• At list price, monthly cash flow is $-17 ($-206/yr) — negative.
• To cash-flow at today's rent, offer at most $132k (2.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $114k (15.3% below list).
• Recommended offer: $114k (15.3% below list) — sets the bar for 1% rule.
• Cap rate 6.1% 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: schools C-, 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.
• Market conditions: Rents rising fast (+6.7%/yr); 360 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 23d 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 $933 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $46k; list at $135k implies a 190% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $114,373 (15.3% 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 1950 — 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: 0.85% ✗
• Cap rate: 6.14%
• Cash-on-cash: -0.54%
• DSCR: 0.98
• GRM: 9.8

CMA / ARV

• ARV (on-the-fly): $170,973
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
609 Princeton Ave	0.05mi	3/1.0	1,089 (0%)	2mo	$165,000	$152	96
532 Princeton Ave	0.12mi	3/1.0	1,089 (0%)	1mo	$190,000	$174	94
537 Cambridge Ave	0.11mi	3/1.0	1,089 (0%)	3mo	$127,000	$117	93
539 Princeton Ave	0.11mi	3/1.0	1,089 (0%)	3mo	$195,000	$179	92
453 Kenyon Ave	0.27mi	3/1.5	1,028 (-6%)	1mo	$152,000	$148	75
254 Boston Ave	0.24mi	2/1.0 (-1)	1,040 (-4%)	2mo	$140,000	$135	75
746 Delaware Ave	0.42mi	3/1.0	1,050 (-4%)	2mo	$165,000	$157	73
229 Lexington Ave	0.23mi	3/1.0	984 (-10%)	1mo	$162,900	$166	73
908 Baldwin Ave	0.64mi	3/1.0	1,050 (-4%)	4mo	$130,000	$124	61
817 Boston Ave	0.30mi	3/1.0	925 (-15%)	2mo	$161,000	$174	59
553 Purdue Ave	0.53mi	3/1.0	1,207 (+11%)	4mo	$191,000	$158	54
128 Northrup St	0.64mi	2/1.0 (-1)	940 (-14%)	1mo	$66,000	$70	41

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: -13.1%
• Equity multiple: 0.51×
• Total profit: $-18,492
• Equity at exit: $20,129

10-year hold

• IRR: 0.8%
• Equity multiple: 1.06×
• Total profit: $2,324
• Equity at exit: $11,672

Cash invested: $37,800 (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: 360
• Price-to-rent: 9.8×

Monthly cashflow live

• Estimated rent: $1,144 high
• Mortgage (P&I): −$708
• Tax from tax record: −$156 /mo · $1,878/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$240
• Net cashflow: $-17

Break-even live

Break-even rent $1,165

Max offer price $131,973

Occupancy floor 96%

Sensitivity live

Price	-10% $59	-5% $21	+0% $-17	+5% $-55	+10% $-94
Rent	-10% $-107	-5% $-62	+0% $-17	+5% $28	+10% $73
Rate	-1.0pp $51	-0.5pp $17	base $-17	+0.5pp $-52	+1.0pp $-88

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: $33,750
• Closing costs: $4,050
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
630 Abbe Rd S Unit 3 Elyria, OH	2.0	1.0	830	$1,025	$1.23	3d	1	0.42mi
630 Abbe Rd S Unit 23 Elyria, OH	2.0	1.0	830	$1,050	$1.27	45d	1	0.44mi
129 Park Meadow Ln Elyria, OH	1.0–2.0	1.0	729	$1,179	$1.62	3d	1	0.76mi
327 Beebe Ave Elyria, OH	3.0	1.0	976	$1,650	$1.69	17d	1	1.28mi
334 Washington Ave Unit 102F Elyria, OH	2.0	1.0	750	$895	$1.19	22d	1	1.33mi
1309 Middle Ave Elyria, OH	2.0	1.0	1000	$795	$0.80	45d	1	1.39mi

Listing history 2 events

1. 2026-05-22
   listed $135,000 Active
2. 1989-02-15
   soldstatus $46,500

ⓘ 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: $1,878 · $156/mo
• Projected year-2 tax: $1,992 · $166/mo
• Expected delta: +$114/yr (+$10/mo · 6.1%)

ⓘ 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: $13,725
• − Mortgage interest: −$7,562
• − Property taxes: −$1,878
• − Insurance: −$675
• − Repairs & maintenance: −$1,098
• − Management: −$1,098
• − Depreciation: −$3,927
• Taxable loss: −$2,513
• Est. tax savings @ 24.0%: +$603
• After-tax cash flow: $398/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

+190.3% since first listed

2 events — show timeline

• 2026-05-22 Listed $135,000 MLSNOW
• 1989-02-15 Sold (Public Records) $46,500 Public Records

Property tax history

+2.3%/yr

Latest (2025): $1,878 · -0.4% YoY. Source: county tax records.