18 Union St · Oberlin, OH 44074

$175,000

3 bd · 2.0 ba · 1,391 sqft · MultiFamily public records · 2 Days on market

Built 1890 3,484 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
• Schools +4.2/10.0
• Livability +4.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 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 MLS

Excellent Investment Opportunity * Neat Duplex * Quiet Street * Fenced Yard * Enclosed Front Porch * Decks * Tenants Pay All Utilities - Electric, H2o & Refuse Split.

Key facts

• Up and down duplex
• Full basement
• 3,484 sq ft lot

Tags

• INVESTMENT OPPORTUNITY
• UP AND DOWN DUPLEX
• FULL BASEMENT
• WALKING DISTANCE TO DOWNTOWN

Property features AI

Finance

• Financial info: Owner pays all utilities

Exterior

• Parking: Driveway; no garage
• Utilities: Public water; Public sewer
• Home design: 2 stories; Aluminum siding exterior; Asphalt/fiberglass roof
• Construction: Built (year per public records); Aluminum siding construction; Asphalt/fiberglass roof
• Exterior features: Lot is approximately 0.08 acres

Interior

• Kitchen: Range; Refrigerator
• Bedrooms: Total of 7 rooms (includes bedrooms and living spaces)
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central air conditioning; Forced air heating (gas)
• Interior features: Full basement
• Laundry & utility: Laundry in basement

What this means for you Summary

Snapshot

• This is a 1×3bd/1.0ba + 1×1bd/1.0ba units multifamily listed at $175k.

Deal economics

• At list price, monthly cash flow is $2k ($20k/yr) — positive. Per door: $853/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $175k).
• Cap rate 18.0% vs local median 4.0% in Oberlin — 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 83/100 on livability (#62 in OH, #923 nationally) — a professional / high-income tenant draw. Strengths: cost of living A+, housing A+, amenities A; Watch: employment D+, commute F.
• Oberlin City Schools (town): math 41% / reading 56% proficiency, ranked #447 of 656 in OH (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 38 active listings in the ZIP; 1,098 units permitted in Lorain County in 2024 (20 in 5+ unit buildings).
• At $3,692/mo this rent would consume 60% of the median local household income ($74k/yr) — 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 $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $49k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 31y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $105k; list at $175k implies a 67% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $175,000

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 1890 — 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. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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: 2.11% ✓
• Cap rate: 18.00%
• Cash-on-cash: 41.80%
• DSCR: 2.86
• GRM: 3.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 38.4%
• Equity multiple: 2.64×
• Total profit: $80,398
• Equity at exit: $26,093

10-year hold

• IRR: 44.9%
• Equity multiple: 5.29×
• Total profit: $210,205
• Equity at exit: $15,131

Cash invested: $49,000 (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 44074

• Home prices YoY: -25.8%
• Active inventory: 38
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $3,692 medium
• Mortgage (P&I): −$918
• Tax from tax record: −$219 /mo · $2,632/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$775
• Net cashflow: $1,707

Break-even live

Break-even rent $1,532

Max offer price $175,000

Occupancy floor 49%

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

Units	Beds	Baths	Est. rent
1× unit	3	1	$1,692
1× unit	1	1	$2,000
Total (2 units)			$3,692

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-05-22
   status Pending
2. 2026-05-19
   listed $175,000 Active
3. 2019-09-24
   soldstatus $105,000
4. 2004-06-09
   soldstatus $106,600 184-char remark

   Show marketing remark (184 chars)

   Excellent Investment Opportunity * Neat Duplex * Quiet Street * Fenced Yard * Enclosed Front Porch * Decks * Tenants Pay All Utilities - Electric, H2o & Refuse Split.

5. 2004-06-09
   soldstatus $106,600

   Show marketing remark (184 chars)

   Excellent Investment Opportunity * Neat Duplex * Quiet Street * Fenced Yard * Enclosed Front Porch * Decks * Tenants Pay All Utilities - Electric, H2o & Refuse Split.

6. 2004-04-13
   listed $109,900 184-char remark

   Show marketing remark (184 chars)

   Excellent Investment Opportunity * Neat Duplex * Quiet Street * Fenced Yard * Enclosed Front Porch * Decks * Tenants Pay All Utilities - Electric, H2o & Refuse Split.

7. 1995-09-26
   soldstatus $90,000 138-char remark

   Show marketing remark (138 chars)

   Excellent Investment Opportunity Neat Duplex Almost Everything Updated Quiet Street College Town Fenced Yard Waterproofed Bsmt. Won't Last

8. 1995-06-24
   listed $94,500 138-char remark

   Show marketing remark (138 chars)

   Excellent Investment Opportunity Neat Duplex Almost Everything Updated Quiet Street College Town Fenced Yard Waterproofed Bsmt. Won't Last

ⓘ 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: $2,632 · $219/mo
• Projected year-2 tax: $2,681 · $223/mo
• Expected delta: +$49/yr (+$4/mo · 1.9%)

ⓘ 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 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $44,304
• − Mortgage interest: −$9,803
• − Property taxes: −$2,632
• − Insurance: −$875
• − Repairs & maintenance: −$3,544
• − Management: −$3,544
• − Depreciation: −$5,091
• Taxable income: $18,814
• Est. tax owed @ 24.0%: −$4,515
• After-tax cash flow: $15,965/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: Oberlin City Schools
• NCES district ID: 3904459
• Math proficiency: 41% ▼ -21.00%
• Reading proficiency: 56% ▼ -7.00%
• Median HH income: $54,514
• Composite: 41.92/100
• National rank: #3362
• State rank: #447 of 656 in OH

Livability — Oberlin

• Score: 83/100
• State rank: #62
• US rank: #923

Category grades

Amenities A Commute F Cost of living A+ Crime A- Employment D+ Housing A+ Health & safety A User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Oberlin, OH
• County: Lorain · 305,041 people
• City population: 11,684
• Metro: Cleveland, OH
• Population (ZIP): 11,684
• Household income: $73,697
• Rent vs Own: 31.7% rent · 68.3% own
• Severe rent burden: 7.1

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 (75%)
• Race & ethnicity: White 75% Two or more races 11% Black 9% Hispanic / Latino 6% Asian 3%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2%
• Common ancestry: Romanian 5% Slovak 2% Lithuanian 2%
• Foreign-born: 4% · Canada, China
• Languages at home: 92% English-only · Spanish 3% Other Indo-European 1% 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: ▼ -72.36%
• Current HPI: 208.1653
• Rent YoY: —
• Metro: —
• 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

+85.2% since first listed

8 events — show timeline

• 2026-05-22 Pending — MLSNOW
• 2026-05-19 Listed $175,000 MLSNOW
• 2019-09-24 Sold (Public Records) $105,000 Public Records
• 2004-06-09 Sold (Public Records) $106,600 Public Records
• 2004-06-09 Sold (MLS) $106,600 MLSNOW
• 2004-04-13 Listed $109,900 MLSNOW
• 1995-09-26 Sold (MLS) $90,000 MLSNOW
• 1995-06-24 Listed $94,500 MLSNOW

Property tax history

+6.2%/yr

Latest (2025): $2,632 · -1.8% YoY. Source: county tax records.