119 Neufer Ct · Elyria, OH 44035

$110,000

4 bd · 2.0 ba · — sqft · MultiFamily · 63 Days on market

Built 1900 Fair condition 3,049 sqft lot

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +4.2/5.0
• Livability +3.8/5.0
• Schools +2.4/10.0
• Condition / age +2.2/5.0
• 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

Duplex investment opportunity in Elyria featuring two units, each offering 2 bedrooms and 1 bathroom, providing strong rental appeal and flexibility for investors. One unit is currently occupied at $800/month on a month-to-month lease, while the second unit is vacant, offering immediate value-add potential through lease-up or rent increases. Tenants are responsible for all utilities, including water, helping keep operating expenses low. Seller also owns multiple properties throughout Cleveland, Lorain, and Akron and is willing to sell properties individually or as packaged portfolios, giving buyers the flexibility to pick and choose assets to fit their investment strategy.

Key facts

• 3,049 sq ft lot
• Parking
• Built 1900

Property features AI

Finance

• Other: Annual tax amount (reported): $1,469
• Financial info: Tenant pays all utilities; One unit currently leased month-to-month for $800; Property generates rental income from two separate 2-bedroom units

Exterior

• Parking: Driveway; On-street parking
• Utilities: Public water; Public sewer
• Home design: Two-story building
• Construction: Built (year per public records); Wood siding exterior; Asphalt/fiberglass roof
• Exterior features: Public water; Public sewer

Interior

• Bedrooms: Two 2-bedroom units (each unit has 2 bedrooms)
• Bathrooms: Two full bathrooms total (each unit has 1 bathroom)
• Heating & cooling: Gas heating
• Interior features: Unfinished basement; Total of 10 rooms

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $110k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $920 ($11k/yr) — positive. Per door: $460/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $110k).
• Recommended offer: $103k (6.0% below list) — sets the bar for market timing.
• Cap rate 16.3% 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: Hamilton Elementary School (math 8% / reading 17%, grade F, #1,434 of 1,584 statewide, top 92%, 421 students, 90% FRL); Eastern Heights Middle School (math 15% / reading 29%, grade F, #602 of 654 statewide, top 93%, 579 students, 100% FRL); Elyria High School (math 20% / reading 47%, grade F, #598 of 781 statewide, top 77%, 1,639 students, 62% FRL) — zoned schools average 84% FRL vs 58% district-wide (26 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; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 10d on market — plan ~1-2 weeks tenant-placement turnaround); 1,098 units permitted in Lorain County in 2024 (20 in 5+ unit buildings).
• At $2,127/mo this rent would consume 45% of the median local household income ($56k/yr) (locally 2229% 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 $761 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 6.7% rent growth), your $31k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 63 days — a 6% lower offer ($103k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

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

Recommended offer $103,400 (6.0% below list)

Questions for the listing agent

1. It's been on market 63 days. Have you received any prior offers? Is the seller open to a 6% 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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
9. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
10. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
11. 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.
12. 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.
13. 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: 1.93% ✓
• Cap rate: 16.33%
• Cash-on-cash: 35.85%
• DSCR: 2.60
• GRM: 4.3

CMA / ARV

No comps found within radius.

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
317 West Ave	0.55mi	4/3.0	2,112	2mo	$119,000	$56	56
116 Water St	0.35mi	4/2.0	1,776	22mo	$75,100	$42	52
220 Chestnut St	0.46mi	4/2.0	2,216	19mo	$120,000	$54	50
608 3rd St	0.53mi	4/2.0	1,584	16mo	$50,000	$32	50
959 Foster Ave	0.70mi	4/2.0	1,484	11mo	$25,000	$17	46
442 6th St	0.73mi	3/3.0 (-1)	—	8mo	$109,900	—	37

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: 35.7%
• Equity multiple: 2.59×
• Total profit: $49,116
• Equity at exit: $16,401

10-year hold

• IRR: 44.4%
• Equity multiple: 6.04×
• Total profit: $155,170
• Equity at exit: $9,511

Cash invested: $30,800 (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: 359
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $2,127 high
• Mortgage (P&I): −$577
• Tax est. 1.5%: −$138 /mo · $1,650/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$447
• Net cashflow: $920

Break-even live

Break-even rent $962

Max offer price $110,000

Occupancy floor 52%

Sensitivity live

Price	-10% $996	-5% $958	+0% $920	+5% $882	+10% $844
Rent	-10% $752	-5% $836	+0% $920	+5% $1,004	+10% $1,088
Rate	-1.0pp $976	-0.5pp $948	base $920	+0.5pp $892	+1.0pp $863

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,126
Total (2 units)			$2,127

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: $27,500
• Closing costs: $3,300
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
121 Monroe St Elyria, OH	3.0	1.0	—	$1,650	—	25d	1	0.16mi
518 Lake Ave Unit 100 Rush Elyria, OH	3.0	1.0	1248	$1,099	$0.88	6d	1	0.40mi
100 Rush St Elyria, OH	3.0	1.0	1248	$1,099	$0.88	9d	1	0.40mi
408 9th St Elyria, OH	3.0	1.0	—	$1,450	—	23d	1	0.97mi
334 13th St Elyria, OH	3.0	1.0	—	$1,200	—	9d	1	1.30mi

Listing history 13 events

1. 2026-06-17
   days on market $110,000 Active 63 DOM
2. 2026-06-16
   days on market $110,000 Active 62 DOM
3. 2026-06-15
   days on market $110,000 Active 61 DOM
4. 2026-06-13
   days on market $110,000 Active 59 DOM
5. 2026-06-13
   days on market $110,000 Active 58 DOM
6. 2026-06-09
   days on market $110,000 Active 55 DOM
7. 2026-06-08
   days on market $110,000 Active 54 DOM
8. 2026-06-07
   days on market $110,000 Active 53 DOM
9. 2026-06-03
   days on market $110,000 Active 49 DOM
10. 2026-06-02
    days on market $110,000 Active 48 DOM
11. 2026-06-01
    days on market $110,000 Active 47 DOM
12. 2026-05-31
    days on market $110,000 Active 46 DOM
13. 2026-04-14
    listed $110,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 ≥98°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: $25,524
• − Mortgage interest: −$6,162
• − Property taxes: −$1,650
• − Insurance: −$550
• − Repairs & maintenance: −$2,042
• − Management: −$2,042
• − Depreciation: −$3,200
• Taxable income: $9,878
• Est. tax owed @ 24.0%: −$2,371
• After-tax cash flow: $8,671/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.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab

This two-unit property requires moderate renovations to improve its condition and increase its value. Exterior repairs, kitchen and bathroom updates, and HVAC replacement are key areas for investment.

Repairs flagged

• Major exterior siding — Significant damage and peeling
• Major kitchen appliances — Old and worn
• Major bathroom fixtures — Old and worn
• Major flooring — Worn and in need of replacement
• Major HVAC units — Older units, need maintenance

Value-add opportunities

• Both exterior paint job — Enhances curb appeal and value
• Both new flooring — Improves living space and value
• Both HVAC replacement — Improves comfort and energy efficiency
• Both kitchen appliances — Modernizes and increases appeal
• Both bathroom fixtures — Modernizes and increases appeal

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · Significant damage and peeling	Major	$15,000–50,000
kitchen appliances · Old and worn	Major	$15,000–50,000
bathroom fixtures · Old and worn	Major	$15,000–50,000
flooring · Worn and in need of replacement	Major	$15,000–50,000
HVAC units · Older units, need maintenance	Major	$15,000–50,000
Total estimated repair cost · 5 items		$75,000–250,000

Value-add ROI direction

• Both exterior paint job — Enhances curb appeal and value ↑
• Both new flooring — Improves living space and value ↑
• Both HVAC replacement — Improves comfort and energy efficiency ↑
• Both kitchen appliances — Modernizes and increases appeal ↑
• Both bathroom fixtures — Modernizes and increases appeal ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

1 event — show timeline

• 2026-04-14 Listed $110,000 MLSNOW