407 W 22nd St · Lorain, OH 44052

$135,000

5 bd · 2.0 ba · 1,596 sqft · MultiFamily public records · 50 Days on market

Built 1900 7,405 sqft lot Est $155k · 13% under

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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 +15.0/30.0
• ARV discount +13.4/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• 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: 19 units. estimate disagrees with records

Listing remarks

Value-add opportunity with immediate lease-up potential at 407 W 22nd St in Lorain, offered exclusively as part of a 19-unit portfolio-no individual sales. This two-unit property features one occupied unit generating $995 per month with a lease in place through 3/31/26, while the second unit is currently vacant, providing upside through stabilization. Utilities are structured with the tenant responsible for electric and the owner covering water, sewer, and trash. The property offers a functional layout with solid rental demand in the area, supporting continued occupancy. A strong addition to a larger portfolio, this asset combines in-place income with near-term growth potential. Multiple pr

Key facts

• 7,405 sq ft lot
• Garage
• Built 1900

Property features AI

Finance

• Financial info: Annual tax amount reported

Exterior

• Parking: Detached garage (1 garage space)
• Home design: 2-story building
• Construction: Year built (per public records)
• Exterior features: Lot approximately 0.17 acres

Interior

• Bedrooms: Two 2-bedroom units (each unit is two bedroom)
• Bathrooms: Each unit has 1 bathroom (two units total); building has 2 full bathrooms total
• Interior features: Basement (other type); Total of 10 rooms in the building

What this means for you Summary

Snapshot

• This is a 19 × 1-bed/?-bath units multifamily listed at $135k.

Deal economics

• At list price, monthly cash flow is $12k ($143k/yr) — positive. Per door: $628/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($16k rent vs $135k).
• Recommended offer: $131k (3.0% below list) — sets the bar for market timing.
• Cap rate 112.4% 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; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 40% 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 $16,227/mo this rent would consume 432% 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 $933 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 4.1% rent growth), your $38k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 50 days — a 3% lower offer ($131k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 24y ago; this cycle's ask has dropped $25k (16%) 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 $130,950 (3.0% below list)

Questions for the listing agent

1. It's been on market 50 days. Have you received any prior offers? Is the seller open to a 3% 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. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 12.02% ✓
• Cap rate: 112.41%
• Cash-on-cash: 378.99%
• DSCR: 17.86
• GRM: 0.7

CMA / ARV

• ARV (median comp): $155,238
• List price: $135,000
• Delta: -13.04%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 4.09% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 21.02×
• Total profit: $756,668
• Equity at exit: $20,129

10-year hold

• IRR: —
• Equity multiple: 46.35×
• Total profit: $1,714,295
• Equity at exit: $11,672

Cash invested: $37,800 (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 44052

• Home prices YoY: -28.1%
• Rents YoY: 4.1%
• Active inventory: 129
• Price-to-rent: 13.2×

Monthly cashflow live

• Estimated rent: $16,227 high
• Mortgage (P&I): −$708
• Tax from tax record: −$117 /mo · $1,405/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,408
• Net cashflow: $11,938

Break-even live

Break-even rent $1,116

Max offer price $135,000

Occupancy floor 21%

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

Units	Beds	Baths	Est. rent
▸ 19× units	1	—	$16,226
Total (19 units)			$16,227

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: $33,750
• Closing costs: $4,050
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
704 W 21st St Lorain, OH	4.0	1.0	1410	$1,450	$1.03	24d	1	0.23mi
930 W 18th St Lorain, OH	4.0	1.0	1344	$1,450	$1.08	44d	1	0.52mi
640 W 13th St Lorain, OH	6.0	2.0	1920	$2,041	$1.06	4d	1	0.57mi
200 E 31st St Lorain, OH	5.0	2.0	1562	$1,550	$0.99	2d	1	0.64mi
1037 Washington Ave Lorain, OH	4.0	2.0	1567	$1,600	$1.02	17d	1	0.78mi
1055 W 12th St Lorain, OH	4.0	1.0	1206	$1,750	$1.45	24d	1	0.81mi
760 W 9th St Lorain, OH	4.0	2.0	1987	$1,600	$0.81	44d	1	0.87mi
1220 W 19th St Lorain, OH	4.0	1.0	1492	$1,550	$1.04	24d	1	0.87mi
1322 Brownell Ave Lorain, OH	4.0	1.0	1571	$1,570	$1.00	44d	1	1.03mi
1413 W 12th St Lorain, OH	4.0	1.5	1725	$1,700	$0.99	44d	1	1.18mi

Listing history 24 events

1. 2026-06-18
   remarks 699-char remark
2. 2026-06-18
   days on market $135,000 Active 50 DOM
3. 2026-06-17
   days on market $135,000 Active 49 DOM
4. 2026-06-16
   days on market $135,000 Active 48 DOM
5. 2026-06-15
   days on market $135,000 Active 47 DOM
6. 2026-06-13
   days on market $135,000 Active 45 DOM
7. 2026-06-13
   days on market $135,000 Active 44 DOM
8. 2026-06-09
   days on market $135,000 Active 41 DOM
9. 2026-06-08
   days on market $135,000 Active 40 DOM
10. 2026-06-07
    days on market $135,000 Active 39 DOM
11. 2026-06-03
    days on market $135,000 Active 35 DOM
12. 2026-06-02
    days on market $135,000 Active 34 DOM
13. 2026-06-01
    days on market $135,000 Active 33 DOM
14. 2026-05-31
    days on market $135,000 Active 32 DOM
15. 2026-04-29
    listed $160,000 Active 687-char remark
16. 2023-08-11
    soldstatus $1,050,000
17. 2015-12-22
    historical
18. 2015-06-22
    listed $26,900 Active
19. 2015-06-05
    historical
20. 2015-03-05
    listed $33,000 Active
21. 2014-12-23
    historical
22. 2014-06-23
    listed $39,900
23. 2003-04-01
    soldstatus $25,000
24. 2002-12-20
    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: $1,405 · $117/mo
• Projected year-2 tax: $1,755 · $146/mo
• Expected delta: +$351/yr (+$29/mo · 25.0%)

ⓘ 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 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $194,724
• − Mortgage interest: −$7,562
• − Property taxes: −$1,405
• − Insurance: −$675
• − Repairs & maintenance: −$15,578
• − Management: −$15,578
• − Depreciation: −$3,927
• Taxable income: $149,999
• Est. tax owed @ 24.0%: −$36,000
• After-tax cash flow: $107,257/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

+170.5% since first listed

11 events — show timeline

• 2026-05-28 Price Changed $135,000 MLSNOW
• 2026-04-29 Listed $160,000 MLSNOW
• 2023-08-11 Sold (Public Records) $1,050,000 Public Records
• 2015-12-22 Listing Removed — MLSNOW
• 2015-06-22 Listed $26,900 MLSNOW
• 2015-06-05 Listing Removed — MLSNOW
• 2015-03-05 Listed $33,000 MLSNOW
• 2014-12-23 Listing Removed — MLSNOW
• 2014-06-23 Listed $39,900 MLSNOW
• 2003-04-01 Sold (MLS) $25,000 MLSNOW
• 2002-12-20 Listed $49,900 MLSNOW

Property tax history

+2.8%/yr

Latest (2025): $1,405 · -4.9% YoY. Source: county tax records.