639 Liberty St · Painesville, OH 44077

$139,900

3 bd · 1.0 ba · 1,342 sqft · SingleFamily public records · 39 Days on market

Built 1910 7,840 sqft lot $104/sqft · 18% below area Est $171k · 18% under

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Why this score? — see what drove the C+ 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 +22.9/30.0
• ARV discount +15.0/15.0
• DSCR +7.4/10.0
• 1% rule +5.3/10.0
• Livability +3.6/5.0
• Rent growth +3.4/5.0
• Schools +2.6/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to 639 Liberty St in Painesville, a charming 3-bedroom, 1-bath home full of space, character, and opportunity! This well-maintained home offers a spacious kitchen, inviting living room, formal dining room, and a dedicated office space, perfect for working from home or added flexibility. With solid bones and classic charm, this home is move-in ready while offering the perfect opportunity for a buyer to add personal cosmetic updates and make it their own. The spacious layout provides comfortable everyday living with room to grow. All appliances stay, including newer appliances that add value and convenience from day one. Whether you're a first-time buyer, looking for extra space, or s

Key facts

• Formal dining room
• Spacious kitchen
• Newer appliances

Tags

• SPACIOUS KITCHEN
• INVITING LIVING ROOM
• FORMAL DINING ROOM
• DEDICATED OFFICE SPACE
• NEWER APPLIANCES

Property features AI

Finance

• HOA & community: Common grounds/area; Sidewalks

Exterior

• Parking: Detached 2-car garage; Driveway
• Utilities: Public water; Public sewer
• Home design: Two-story home; Vinyl siding; Block foundation; Asphalt roof; Above-grade finished area approximately 1,342
• Construction: Built with vinyl siding; Block foundation; Asphalt roof; Updated/remodeled
• Exterior features: Front porch; Back yard; Flat, level lot; Front yard

Interior

• Kitchen: Dishwasher; Microwave; Range; Refrigerator; Eat-in kitchen; Pantry; Laminate countertops
• Bedrooms: Bedrooms on second floor; Carpeted bedrooms
• Flooring: Carpet in most living areas and bedrooms; Laminate flooring in kitchen and one bathroom
• Bathrooms: One full bathroom
• Heating & cooling: Forced air heating; Gas heating
• Interior features: Skylights; Eat-in kitchen; High ceilings; Laminate counters; Pantry; Updated/remodeled condition
• Laundry & utility: Laundry in basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $246 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $140k).
• Recommended offer: $136k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.4% vs local median 2.9% in Painesville — 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 72/100 on livability (#360 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D+, amenities F, commute F.
• Painesville City Local (suburban): math 28% / reading 35% proficiency, ranked #577 of 656 in OH (top 88%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 76% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+3.7%/yr); 267 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 448 units permitted in Lake County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $967 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Lake County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 39 days — a 3% lower offer ($136k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $135,703 (3.0% below list)

Questions for the listing agent

1. It's been on market 39 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.03% ✓
• Cap rate: 8.40%
• Cash-on-cash: 7.53%
• DSCR: 1.34
• GRM: 8.1

CMA / ARV

• ARV (median comp): $171,079
• List price: $139,900
• Delta: -18.22%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
639 Liberty St	0.00mi	3/1.0	1,342 (0%)	0mo	$153,000	$114	100
48 Lusard St	0.46mi	3/1.0	1,352 (+1%)	8mo	$147,000	$109	71
515 Monroe Blvd	0.48mi	3/1.5	1,402 (+4%)	7mo	$255,000	$182	62
219 Meriden Rd	0.28mi	3/1.5	1,209 (-10%)	9mo	$225,000	$186	61
144 Charlotte St	0.18mi	4/2.0 (+1)	1,480 (+10%)	8mo	$195,000	$132	59
524 S State St	0.46mi	2/1.5 (-1)	1,240 (-8%)	1mo	$116,000	$94	58
167 Wood St	0.64mi	3/1.0	1,404 (+5%)	9mo	$166,000	$118	55
212 Cedarbrook Dr	0.29mi	3/2.5	1,506 (+12%)	9mo	$295,000	$196	53
200 Tiber Dr	0.53mi	3/1.0	1,480 (+10%)	10mo	$202,000	$136	50
210 Charlotte St	0.30mi	2/1.5 (-1)	1,140 (-15%)	6mo	$151,500	$133	49
58 W South St	0.62mi	4/1.5 (+1)	1,437 (+7%)	10mo	$100,000	$70	44
287 Liberty St	0.52mi	4/1.0 (+1)	1,516 (+13%)	8mo	$167,500	$110	43

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 · 3.68% rent growth · sell at horizon

5-year hold

• IRR: -4.1%
• Equity multiple: 0.85×
• Total profit: $-6,034
• Equity at exit: $20,860

10-year hold

• IRR: 6.3%
• Equity multiple: 1.48×
• Total profit: $18,975
• Equity at exit: $12,096

Cash invested: $39,172 (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 44077

• Rents YoY: 3.7%
• Active inventory: 267
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $1,447 high
• Mortgage (P&I): −$734
• Tax from tax record: −$106 /mo · $1,267/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$304
• Net cashflow: $246

Break-even live

Break-even rent $1,136

Max offer price $139,900

Occupancy floor 78%

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: $34,975
• Closing costs: $4,197
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
48 Pearl St Painesville, OH	2.0	1.0	950	$1,250	$1.32	43d	1	0.52mi
763 Mentor Ave Painesville, OH	3.0	1.5	1472	$1,800	$1.22	3d	1	0.98mi
762 Mentor Ave Unit 31 Painesville, OH	3.0	1.5	1160	$1,400	$1.21	1d	1	1.02mi
244 E Prospect St Painesville, OH	2.0	1.0	1000	$1,195	$1.20	1d	1	1.23mi
425 Station 44 Pl Painesville, OH	3.0	1.0	1198	$1,450	$1.21	16d	1	1.24mi
189 E Prospect St Painesville, OH	3.0	2.0	1240	$1,600	$1.29	23d	1	1.28mi

Listing history 10 events

1. 2026-06-10
   status $139,900 Pending 39 DOM
2. 2026-06-09
   days on market $139,900 Contingent 39 DOM
3. 2026-06-08
   days on market $139,900 Contingent 38 DOM
4. 2026-06-07
   days on market $139,900 Contingent 37 DOM
5. 2026-06-03
   days on market $139,900 Contingent 33 DOM
6. 2026-06-02
   days on market $139,900 Contingent 32 DOM
7. 2026-06-01
   days on market $139,900 Contingent 31 DOM
8. 2026-05-31
   days on market $139,900 Contingent 30 DOM
9. 2026-05-05
   historical Contingent 1076-char remark
10. 2026-05-01
    listed $139,900 Active 1076-char remark

ⓘ 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: $1,267 · $106/mo
• Projected year-2 tax: $1,725 · $144/mo
• Expected delta: +$458/yr (+$38/mo · 36.1%)

ⓘ 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 2/10 Low 7 d/yr ≥96°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,368
• − Mortgage interest: −$7,837
• − Property taxes: −$1,267
• − Insurance: −$700
• − Repairs & maintenance: −$1,389
• − Management: −$1,389
• − Depreciation: −$4,070
• Taxable income: $716
• Est. tax owed @ 24.0%: −$172
• After-tax cash flow: $2,779/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: Painesville City Local
• NCES district ID: 3910015
• Math proficiency: 28% ▼ -8.00%
• Reading proficiency: 35% ▼ -6.00%
• Median HH income: $35,381
• Composite: 26.03/100
• National rank: #7309
• State rank: #577 of 656 in OH

Livability — Painesville

• Score: 72/100
• State rank: #360
• US rank: #5785

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Painesville, OH
• County: Lake County · 204,927 people
• City population: 57,325
• Metro: Cleveland-Elyria, OH
• Population (ZIP): 57,325
• Household income: $85,056
• Rent vs Own: 25.7% rent · 74.3% own
• Severe rent burden: 1333.0

Population outlook (Lake County) Hauer SSP2

• Today (2025): 230,022 people
• By 2030: 228,151 · -0.8%
• By 2040: 221,018 · -3.9%
• By 2050: 212,754 · -7.5%
• By 2075: 200,309 · -12.9%
• By 2100: 183,315 · -20.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (78%)
• Race & ethnicity: White 78% Hispanic / Latino 12% Two or more races 7% Black 5% Asian 1%
• Hispanic origin (detail): Mexican 7% Puerto Rican 3%
• Common ancestry: Romanian 6% Lithuanian 2% Slovak 2%
• Foreign-born: 6% · Canada, China
• Languages at home: 88% English-only · Spanish 9% Russian/Polish/Slavic 1% Other Indo-European 1%

Political lean MEDSL · Lake

• 2024 margin: R (+14.3) · D 42.4% · R 56.7%
• 2008→2024 swing: -15.2pp toward R · 2008: 0.8pp · 2024: -14.3pp
• All cycles: 2024: R+14.3 2020: R+13.6 2016: R+15.6 2012: R+1.7 2008: D+0.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -183.05%
• Current HPI: 181.2976
• Rent YoY: ▲ 3.68%
• 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

+9.4% since first listed

4 events — show timeline

• 2026-06-11 Sold (MLS) $153,000 MLSNOW
• 2026-06-09 Pending — MLSNOW
• 2026-05-05 Contingent — MLSNOW
• 2026-05-01 Listed $139,900 MLSNOW

Property tax history

+0.6%/yr

Latest (2025): $1,267 · -31.3% YoY. Source: county tax records.