119 Neufer Ct

Elyria, OH 44035

$110,000B

4 bd · 2.0 ba · — sqft · Built 1900 · MultiFamily · Active · 63 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,127/mo
• Mortgage (P&I): −$577
• Tax + insurance: −$183
• HOA: −$0
• Vac / Maint / Mgmt: −$447
• Net cashflow: $920/mo
• Annual: $11,042/yr
• Cap rate: 16.33%
• Cash-on-cash: 35.85%
• DSCR: 2.60
• 1% rule: 1.93%
• Cash to close: $30,800

Investor read

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $110k. Condition is rated fair.
• 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).
• It's been on market 63 days — a 6% lower offer ($103k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $103k (6.0% below list) — sets the bar for market timing.
• 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.
• 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.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• 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 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.
• 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.
• 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.

Questions for listing agent

• 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?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?

Repairs flagged (vision-AI assessment)

• 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