321 8th St · Elyria, OH 44035

$130,000

3 bd · 2.0 ba · 1,568 sqft · MultiFamily public records · 135 Days on market

Built 1900 2,613 sqft lot Est $88k · 48% over

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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).

• Cash flow +21.9/30.0
• DSCR +7.0/10.0
• 1% rule +5.3/10.0
• Rent growth +4.2/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

HUD Property - #412-528630. SOLD AS-IS. Buyer responsible for due diligence and inquiry of all property information.

Key facts

• Quiet street
• Large kitchen
• Enclosed porch

Tags

• 1ST FLOOR MASTER SUITE
• LARGE KITCHEN
• ENCLOSED PORCH
• PARTIALLY FENCED YARD
• QUIET STREET

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $130k.

Deal economics

• At list price, monthly cash flow is $205 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $130k).
• Recommended offer: $114k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.2% vs local median 3.8% 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); 356 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 4d on market — plan ~1-2 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 $899 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 6.7% rent growth), your $36k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 135 days — a 12% lower offer ($114k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 32y 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 $13k; list at $130k implies a 928% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $114,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 135 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 1.03% ✓
• Cap rate: 8.18%
• Cash-on-cash: 6.76%
• DSCR: 1.30
• GRM: 8.1

CMA / ARV

• ARV (on-the-fly): $87,808
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
804 West Ave	0.10mi	3/2.0	1,591 (+2%)	12mo	$28,000	$18	83
802 East Ave	0.24mi	3/2.0	1,498 (-4%)	22mo	$105,900	$71	63
1406 Middle Ave	0.46mi	3/2.0	1,618 (+3%)	15mo	$65,000	$40	61
608 3rd St	0.54mi	4/2.0 (+1)	1,584 (+1%)	16mo	$50,000	$32	55
312 16th St	0.57mi	4/2.0 (+1)	1,632 (+4%)	9mo	$129,900	$80	54
725 E River St	0.49mi	4/2.0 (+1)	1,611 (+3%)	21mo	$90,000	$56	50
127 Denison Ave	0.47mi	4/2.0 (+1)	1,685 (+8%)	16mo	$135,000	$80	47
116 Water St	0.58mi	4/2.0 (+1)	1,776 (+13%)	22mo	$75,100	$42	27

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: -1.9%
• Equity multiple: 0.92×
• Total profit: $-2,779
• Equity at exit: $19,383

10-year hold

• IRR: 11.3%
• Equity multiple: 2.03×
• Total profit: $37,588
• Equity at exit: $11,240

Cash invested: $36,400 (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: 356
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $1,342 medium
• Mortgage (P&I): −$682
• Tax from tax record: −$119 /mo · $1,432/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$282
• Net cashflow: $205

Break-even live

Break-even rent $1,083

Max offer price $130,000

Occupancy floor 80%

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: $32,500
• Closing costs: $3,900
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
222 Georgia Ave Elyria, OH	3.0	2.5	1850	$1,750	$0.95	1d	1	0.74mi
518 Lake Ave Unit 100 Rush Elyria, OH	3.0	1.0	1248	$1,099	$0.88	4d	1	1.29mi
100 Rush St Elyria, OH	3.0	1.0	1248	$1,099	$0.88	7d	1	1.29mi
10425 Middle Ave Elyria, OH	3.0–4.0	2.0	1424	$1,209	$0.85	1d	1	1.46mi

Listing history 33 events

1. 2026-06-18
   days on market $130,000 Active 135 DOM
2. 2026-06-17
   days on market $130,000 Active 134 DOM
3. 2026-06-16
   days on market $130,000 Active 133 DOM
4. 2026-06-15
   days on market $130,000 Active 132 DOM
5. 2026-06-13
   days on market $130,000 Active 130 DOM
6. 2026-06-13
   days on market $130,000 Active 129 DOM
7. 2026-06-09
   days on market $130,000 Active 126 DOM
8. 2026-06-08
   days on market $130,000 Active 125 DOM
9. 2026-06-07
   days on market $130,000 Active 124 DOM
10. 2026-06-03
    days on market $130,000 Active 120 DOM
11. 2026-06-02
    days on market $130,000 Active 119 DOM
12. 2026-06-01
    days on market $130,000 Active 118 DOM
13. 2026-05-31
    days on market $130,000 Active 117 DOM
14. 2026-02-03
    listed $130,000 Active
15. 2010-09-20
    soldstatus $12,651 117-char remark

    Show marketing remark (117 chars)

    HUD Property - #412-528630. SOLD AS-IS. Buyer responsible for due diligence and inquiry of all property information.

16. 2010-04-02
    listed $12,600 117-char remark

    Show marketing remark (117 chars)

    HUD Property - #412-528630. SOLD AS-IS. Buyer responsible for due diligence and inquiry of all property information.

17. 2007-12-20
    historical
18. 2007-06-25
    listed $98,900
19. 2007-06-14
    historical
20. 2006-12-14
    listed $98,900
21. 2006-11-02
    historical
22. 2006-05-02
    listed $99,900
23. 2006-04-30
    historical
24. 2005-10-14
    listed $106,900
25. 2004-12-20
    soldstatus $92,600
26. 2004-12-20
    soldstatus $92,500
27. 2004-09-15
    listed $89,900
28. 2002-11-10
    historical
29. 2002-05-10
    listed $85,900
30. 1994-04-08
    soldstatus $47,000
31. 1994-04-08
    soldstatus $19,000
32. 1994-04-08
    soldstatus $47,000
33. 1994-02-08
    listed $49,900

ⓘ 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: $1,432 · $119/mo
• Projected year-2 tax: $1,730 · $144/mo
• Expected delta: +$298/yr (+$25/mo · 20.8%)

ⓘ 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 ≥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: $16,105
• − Mortgage interest: −$7,282
• − Property taxes: −$1,432
• − Insurance: −$650
• − Repairs & maintenance: −$1,288
• − Management: −$1,288
• − Depreciation: −$3,782
• Taxable income: $382
• Est. tax owed @ 24.0%: −$92
• After-tax cash flow: $2,368/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

+160.5% since first listed

20 events — show timeline

• 2026-02-03 Listed $130,000 MLSNOW
• 2010-09-20 Sold (MLS) $12,651 MLSNOW
• 2010-04-02 Listed $12,600 MLSNOW
• 2007-12-20 Listing Removed — MLSNOW
• 2007-06-25 Listed $98,900 MLSNOW
• 2007-06-14 Listing Removed — MLSNOW
• 2006-12-14 Listed $98,900 MLSNOW
• 2006-11-02 Listing Removed — MLSNOW
• 2006-05-02 Listed $99,900 MLSNOW
• 2006-04-30 Listing Removed — MLSNOW
• 2005-10-14 Listed $106,900 MLSNOW
• 2004-12-20 Sold (Public Records) $92,500 Public Records
• 2004-12-20 Sold (MLS) $92,600 MLSNOW
• 2004-09-15 Listed $89,900 MLSNOW
• 2002-11-10 Listing Removed — MLSNOW
• 2002-05-10 Listed $85,900 MLSNOW
• 1994-04-08 Sold (Public Records) $47,000 Public Records
• 1994-04-08 Sold (Public Records) $19,000 Public Records
• 1994-04-08 Sold (MLS) $47,000 MLSNOW
• 1994-02-08 Listed $49,900 MLSNOW

Property tax history

+0.2%/yr

Latest (2025): $1,432 · +0.3% YoY. Source: county tax records.