1813 Lexington Ave · Lorain, OH 44052

$99,900

4 bd · 2.0 ba · 2,204 sqft · MultiFamily public records · 29 Days on market

Built 1900 7,492 sqft lot Est $152k · 34% 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 +15.0/15.0
• 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

Unique 2-family investment opportunity offering exceptional income potential/Also perfect for owner occupied use! Spacious vinyl-sided duplex features a total of 7 bedrooms/2 full baths w/ flexible layout consisting of 3-bedroom, 1-bath main floor unit plus 4-bedroom, 1-bath second-floor unit. Situated on quiet street w/ 2 separate driveways, partially fenced yard & separate entrances for each unit, includes welcoming porch for one of the units. Property will be delivered vacant at closing, making it ideal for owner occupancy or for investors looking to maximize rental income. Second-floor unit complete & owner-occupied, while main-floor unit requires some finishing work, allowi

Key facts

• 2 furnaces
• Separate gas service
• Welcoming porch

Tags

• SPACIOUS VINYL SIDED DUPLEX
• PARTIALLY FENCED YARD
• WELCOMING PORCH
• LAUNDRY ON EACH FLOOR
• 2 FURNACES
• SEPARATE GAS SERVICE

Property features AI

Exterior

• Parking: Paved parking; no garage
• Utilities: Public water; Public sewer
• Home design: Two-story home; Vinyl siding; Asphalt/fiberglass roof
• Construction: Built as recorded in public records
• Exterior features: Partially fenced yard

Interior

• Bedrooms: Total rooms: 11
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating; Gas heating
• Interior features: Full, unfinished basement
• Laundry & utility: Laundry on main level; Laundry on upper level

What this means for you Summary

Snapshot

• This is a 2 × 4-bed/1.0-bath units multifamily listed at $100k.

Deal economics

• At list price, monthly cash flow is $2k ($18k/yr) — positive. Per door: $754/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $100k).
• Recommended offer: $98k (1.5% below list) — sets the bar for market timing.
• Cap rate 24.4% 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; 11 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 55% 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 $2,745/mo this rent would consume 73% 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 $691 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 $28k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 29 days — a 2% lower offer ($98k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 27y ago; this cycle's ask has dropped $10k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $98,401 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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 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: 2.75% ✓
• Cap rate: 24.41%
• Cash-on-cash: 64.70%
• DSCR: 3.88
• GRM: 3.0

CMA / ARV

• ARV (on-the-fly): $152,076
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
330 W 17th St	0.14mi	5/3.0 (+1)	2,340 (+6%)	3mo	$162,500	$69	71
316 W 10th St	0.58mi	5/3.0 (+1)	2,072 (-6%)	6mo	$210,000	$101	49
321 W 8th St	0.69mi	4/2.0	1,922 (-13%)	7mo	$109,000	$57	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 · 4.09% rent growth · sell at horizon

5-year hold

• IRR: 65.1%
• Equity multiple: 3.97×
• Total profit: $82,938
• Equity at exit: $14,895

10-year hold

• IRR: 69.7%
• Equity multiple: 8.46×
• Total profit: $208,775
• Equity at exit: $8,638

Cash invested: $27,972 (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: 6.1×

Monthly cashflow live

• Estimated rent: $2,745 high
• Mortgage (P&I): −$524
• Tax from tax record: −$95 /mo · $1,138/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$576
• Net cashflow: $1,508

Break-even live

Break-even rent $836

Max offer price $99,900

Occupancy floor 40%

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

Units	Beds	Baths	Est. rent
▸ 2× units	4	1	$2,744
Total (2 units)			$2,745

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: $24,975
• Closing costs: $2,997
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
128 W 22nd St Lorain, OH	3.0	1.0	1402	$1,470	$1.05	44d	1	0.27mi
704 W 21st St Lorain, OH	4.0	1.0	1410	$1,450	$1.03	24d	1	0.30mi
1037 Washington Ave Lorain, OH	4.0	2.0	1567	$1,600	$1.02	17d	1	0.58mi
760 W 9th St Lorain, OH	4.0	2.0	1987	$1,600	$0.81	44d	1	0.63mi
336 W 29th St Lorain, OH	3.0	1.0	1440	$1,350	$0.94	44d	1	0.69mi
812 Lovett Pl Unit UP Lorain, OH	3.0	1.0	2694	$1,300	$0.48	15d	1	0.69mi
1220 W 19th St Lorain, OH	4.0	1.0	1492	$1,550	$1.04	24d	1	0.84mi
2909 Denver Ave Lorain, OH	3.0	1.0	1597	$1,400	$0.88	44d	1	0.87mi
200 E 31st St Lorain, OH	5.0	2.0	1562	$1,550	$0.99	2d	1	0.88mi
1322 Brownell Ave Lorain, OH	4.0	1.0	1571	$1,570	$1.00	44d	1	0.93mi
1413 W 12th St Lorain, OH	4.0	1.5	1725	$1,700	$0.99	44d	1	1.09mi

Listing history 20 events

1. 2026-06-16
   statusdays on market $99,900 Pending 29 DOM
2. 2026-06-15
   days on market $99,900 Active 28 DOM
3. 2026-06-13
   days on market $99,900 Active 26 DOM
4. 2026-06-13
   days on market $99,900 Active 25 DOM
5. 2026-06-09
   days on market $99,900 Active 22 DOM
6. 2026-06-08
   days on market $99,900 Active 21 DOM
7. 2026-06-07
   pricedays on market $99,900 Active 20 DOM
8. 2026-06-03
   days on market $109,500 Active 16 DOM
9. 2026-06-02
   days on market $109,500 Active 15 DOM
10. 2026-06-01
    days on market $109,500 Active 14 DOM
11. 2026-05-31
    days on market $109,500 Active 13 DOM
12. 2026-05-18
    listed $109,500 Active
13. 2011-05-31
    historical
14. 2010-11-04
    listed $19,000
15. 2010-09-10
    historical
16. 2010-06-10
    listed $29,900
17. 1999-09-13
    historical
18. 1999-09-13
    historical
19. 1999-03-15
    listed $45,000
20. 1999-03-15
    listed $45,000

ⓘ 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: $1,138 · $95/mo
• Projected year-2 tax: $1,348 · $112/mo
• Expected delta: +$210/yr (+$18/mo · 18.5%)

ⓘ 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 ≥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: $32,940
• − Mortgage interest: −$5,596
• − Property taxes: −$1,138
• − Insurance: −$500
• − Repairs & maintenance: −$2,635
• − Management: −$2,635
• − Depreciation: −$2,906
• Taxable income: $17,530
• Est. tax owed @ 24.0%: −$4,207
• After-tax cash flow: $13,892/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

+143.3% since first listed

9 events — show timeline

• 2026-05-18 Listed $109,500 MLSNOW
• 2011-05-31 Listing Removed — MLSNOW
• 2010-11-04 Listed $19,000 MLSNOW
• 2010-09-10 Listing Removed — MLSNOW
• 2010-06-10 Listed $29,900 MLSNOW
• 1999-09-13 Listing Removed — MLSNOW
• 1999-09-13 Listing Removed — MLSNOW
• 1999-03-15 Listed $45,000 MLSNOW
• 1999-03-15 Listed $45,000 MLSNOW

Property tax history

+2.4%/yr

Latest (2025): $1,138 · -6.1% YoY. Source: county tax records.