1347 Washington Ave · Lorain, OH 44052

$165,000

4 bd · 2.0 ba · 1,320 sqft · MultiFamily public records · 50 Days on market

Built 1900 3,920 sqft lot Est $121k · 36% 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 +15.0/30.0
• 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
• 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: 19 units. estimate disagrees with records

Listing remarks MLS

Duplex bottom unit rented with long time rental. Top is ready to be rented. Tenants pay gas & electric, Landlord pays water & trash

Key facts

• 3,920 sq ft lot
• Built 1900
• Listed 50 days

Property features AI

Finance

• Financial info: Annual tax approximately $1,012 (tax year 2025)

Exterior

• Home design: Two-story building
• Construction: Year built source: Appraiser
• Exterior features: Lot size approximately 0.09 acres

Interior

• Bedrooms: Two 2-bedroom units (each unit has 2 bedrooms) — both units are leased
• Bathrooms: Two full bathrooms total; Each unit has 1 bathroom
• Interior features: Basement (other)

What this means for you Summary

Snapshot

• This is a 19 × 1-bed/?-bath units multifamily listed at $165k.

Deal economics

• At list price, monthly cash flow is $12k ($146k/yr) — positive. Per door: $640/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($17k rent vs $165k).
• Recommended offer: $160k (3.0% below list) — sets the bar for market timing.
• Cap rate 94.7% 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; 26 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 46% 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 $16,680/mo this rent would consume 445% 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 $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 4.1% rent growth), your $46k 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 ($160k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 34y 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 $64k; list at $165k implies a 158% 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 $160,050 (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: 10.11% ✓
• Cap rate: 94.72%
• Cash-on-cash: 315.81%
• DSCR: 15.05
• GRM: 0.8

CMA / ARV

• ARV (median comp): $121,338
• List price: $165,000
• Delta: 35.98%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
418 W 17th St	0.35mi	3/2.0 (-1)	1,290 (-2%)	7mo	$144,000	$112	69
1234 W 21st St	0.55mi	4/2.0	1,500 (+14%)	9mo	$100,000	$67	44

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 · 4.09% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 17.59×
• Total profit: $766,328
• Equity at exit: $24,602

10-year hold

• IRR: —
• Equity multiple: 38.72×
• Total profit: $1,742,766
• Equity at exit: $14,266

Cash invested: $46,200 (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: 15.7×

Monthly cashflow live

• Estimated rent: $16,680 high
• Mortgage (P&I): −$865
• Tax from tax record: −$84 /mo · $1,013/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,503
• Net cashflow: $12,159

Break-even live

Break-even rent $1,289

Max offer price $165,000

Occupancy floor 22%

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

Units	Beds	Baths	Est. rent
▸ 19× units	1	—	$16,682
Total (19 units)			$16,680

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: $41,250
• Closing costs: $4,950
• Reserves months: —
• Total cash needed: —

Rent comps 26 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
930 W 18th St Lorain, OH	4.0	1.0	1344	$1,450	$1.08	44d	1	0.14mi
1055 W 12th St Lorain, OH	4.0	1.0	1206	$1,750	$1.45	24d	1	0.19mi
1053 Washington Ave Unit 4 Lorain, OH	3.0	1.0	1000	$899	$0.90	44d	1	0.20mi
1037 Washington Ave Lorain, OH	4.0	2.0	1567	$1,600	$1.02	17d	1	0.22mi
1703 Oakdale Ave Lorain, OH	3.0	1.0	1237	$1,300	$1.05	3d	1	0.30mi
521 W 14th St Lorain, OH	3.0	1.0	968	$950	$0.98	44d	1	0.30mi
420 W 12th St Lorain, OH	3.0	1.0	1204	$1,650	$1.37	4d	1	0.32mi
1724 Lexington Ave Lorain, OH	3.0	1.0	1150	$1,215	$1.06	24d	1	0.41mi
1220 W 19th St Lorain, OH	4.0	1.0	1492	$1,550	$1.04	24d	1	0.42mi
704 W 21st St Lorain, OH	4.0	1.0	1410	$1,450	$1.03	24d	1	0.43mi
939 W 22nd St Lorain, OH	3.0	1.0	950	$1,295	$1.36	44d	1	0.45mi
1322 Brownell Ave Lorain, OH	4.0	1.0	1571	$1,570	$1.00	44d	1	0.45mi
2307 Washington Ave Lorain, OH	1.0–3.0	1.0	880	$1,499	$1.70	2d	1	0.54mi
1413 W 12th St Lorain, OH	4.0	1.5	1725	$1,700	$0.99	44d	1	0.61mi
944 S Central Dr Lorain, OH	3.0	1.0	950	$1,250	$1.32	24d	1	0.66mi
1028 W 5th St Lorain, OH	3.0	2.0	1250	$1,650	$1.32	44d	1	0.67mi
1223 W 5th St Lorain, OH	3.0	2.0	1152	$1,150	$1.00	12d	1	0.71mi
128 W 22nd St Lorain, OH	3.0	1.0	1402	$1,470	$1.05	44d	1	0.71mi
1239 W 5th St Unit 1 Lorain, OH	3.0	1.0	1200	$1,100	$0.92	24d	1	0.73mi
1712 W 12th St Lorain, OH	3.0	1.0	996	$1,295	$1.30	24d	1	0.78mi
336 W 29th St Lorain, OH	3.0	1.0	1440	$1,350	$0.94	44d	1	0.97mi
2715 Apple Ave Lorain, OH	3.0	1.0	1240	$1,311	$1.06	44d	1	1.08mi
1906 N Leavitt Rd Unit 1496120P Lorain, OH	3.0	2.0	1517	$5,246	$3.46	3d	1	1.24mi
200 E 31st St Lorain, OH	5.0	2.0	1562	$1,550	$0.99	2d	1	1.26mi
2909 Denver Ave Lorain, OH	3.0	1.0	1597	$1,400	$0.88	44d	1	1.30mi
3132 Elyria Ave Lorain, OH	3.0	1.5	1109	$1,250	$1.13	44d	1	1.32mi

Listing history 35 events

1. 2026-06-18
   days on market $165,000 Active 50 DOM
2. 2026-06-17
   days on market $165,000 Active 49 DOM
3. 2026-06-16
   days on market $165,000 Active 48 DOM
4. 2026-06-15
   days on market $165,000 Active 47 DOM
5. 2026-06-13
   days on market $165,000 Active 45 DOM
6. 2026-06-13
   days on market $165,000 Active 44 DOM
7. 2026-06-09
   days on market $165,000 Active 41 DOM
8. 2026-06-08
   days on market $165,000 Active 40 DOM
9. 2026-06-07
   days on market $165,000 Active 39 DOM
10. 2026-06-03
    days on market $165,000 Active 35 DOM
11. 2026-06-02
    days on market $165,000 Active 34 DOM
12. 2026-06-01
    days on market $165,000 Active 33 DOM
13. 2026-05-31
    days on market $165,000 Active 32 DOM
14. 2026-04-29
    listed $167,000 Active 706-char remark
15. 2024-08-02
    historical $595
16. 2024-02-14
    soldstatus $64,000 Closed 143-char remark

    Show marketing remark (143 chars)

    Duplex bottom unit rented with long time rental. Top is ready to be rented. Tenants pay gas & electric, Landlord pays water & trash

17. 2024-01-17
    status Pending 143-char remark

    Show marketing remark (143 chars)

    Duplex bottom unit rented with long time rental. Top is ready to be rented. Tenants pay gas & electric, Landlord pays water & trash

18. 2024-01-05
    price $67,900 143-char remark

    Show marketing remark (143 chars)

    Duplex bottom unit rented with long time rental. Top is ready to be rented. Tenants pay gas & electric, Landlord pays water & trash

19. 2023-12-12
    listed $74,900 Active 143-char remark

    Show marketing remark (143 chars)

    Duplex bottom unit rented with long time rental. Top is ready to be rented. Tenants pay gas & electric, Landlord pays water & trash

20. 2023-09-09
    price $595
21. 2023-08-12
    listed $695
22. 2023-07-21
    historical
23. 2021-04-21
    soldstatus $57,211 Closed

    Show marketing remark (368 chars)

    Lorain Westside Double , 2 Bedrooms up and 2 Bedrooms down, separate entrances. Separate electric and gas, Kitchens and baths are updated. Great rental , city park across the street. Driveway is extra wide so no issues with off street parking. These rentals only come by once in a while and this one is available to start making income. Call now for a private showing.

24. 2021-04-21
    soldstatus $34,500

    Show marketing remark (368 chars)

    Lorain Westside Double , 2 Bedrooms up and 2 Bedrooms down, separate entrances. Separate electric and gas, Kitchens and baths are updated. Great rental , city park across the street. Driveway is extra wide so no issues with off street parking. These rentals only come by once in a while and this one is available to start making income. Call now for a private showing.

25. 2021-03-26
    status Pending

    Show marketing remark (368 chars)

    Lorain Westside Double , 2 Bedrooms up and 2 Bedrooms down, separate entrances. Separate electric and gas, Kitchens and baths are updated. Great rental , city park across the street. Driveway is extra wide so no issues with off street parking. These rentals only come by once in a while and this one is available to start making income. Call now for a private showing.

26. 2021-03-23
    listed $54,900 Active

    Show marketing remark (368 chars)

    Lorain Westside Double , 2 Bedrooms up and 2 Bedrooms down, separate entrances. Separate electric and gas, Kitchens and baths are updated. Great rental , city park across the street. Driveway is extra wide so no issues with off street parking. These rentals only come by once in a while and this one is available to start making income. Call now for a private showing.

27. 2008-01-15
    historical
28. 2007-01-15
    listed $42,900
29. 2003-10-17
    soldstatus $33,000
30. 2003-10-17
    soldstatus $33,000
31. 2003-05-16
    listed $44,900
32. 1992-12-16
    soldstatus $25,000
33. 1992-12-11
    soldstatus $25,000
34. 1992-11-14
    historical
35. 1992-08-14
    listed $27,900

ⓘ 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: $1,013 · $84/mo
• Projected year-2 tax: $1,793 · $149/mo
• Expected delta: +$781/yr (+$65/mo · 77.1%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 10% 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 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $200,160
• − Mortgage interest: −$9,243
• − Property taxes: −$1,013
• − Insurance: −$825
• − Repairs & maintenance: −$16,013
• − Management: −$16,013
• − Depreciation: −$4,800
• Taxable income: $152,254
• Est. tax owed @ 24.0%: −$36,541
• After-tax cash flow: $109,364/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

+491.4% since first listed

23 events — show timeline

• 2026-05-28 Price Changed $165,000 MLSNOW
• 2026-04-29 Listed $167,000 MLSNOW
• 2024-08-02 Rental Removed $595 BUILDIUM
• 2024-02-14 Sold (MLS) $64,000 MLSNOW
• 2024-01-17 Pending — MLSNOW
• 2024-01-05 Price Changed $67,900 MLSNOW
• 2023-12-12 Listed $74,900 MLSNOW
• 2023-09-09 Price Changed $595 BUILDIUM
• 2023-08-12 Listed for Rent $695 BUILDIUM
• 2023-07-21 Rental Removed — BUILDIUM
• 2021-04-21 Sold (Public Records) $34,500 Public Records
• 2021-04-21 Sold (MLS) $57,211 MLSNOW
• 2021-03-26 Pending — MLSNOW
• 2021-03-23 Listed $54,900 MLSNOW
• 2008-01-15 Listing Removed — MLSNOW
• 2007-01-15 Listed $42,900 MLSNOW
• 2003-10-17 Sold (Public Records) $33,000 Public Records
• 2003-10-17 Sold (MLS) $33,000 MLSNOW
• 2003-05-16 Listed $44,900 MLSNOW
• 1992-12-16 Sold (MLS) $25,000 MLSNOW
• 1992-12-11 Sold (Public Records) $25,000 Public Records
• 1992-11-14 Listing Removed — MLSNOW
• 1992-08-14 Listed $27,900 MLSNOW

Property tax history

+1.3%/yr

Latest (2025): $1,013 · -4.9% YoY. Source: county tax records.