5 Water St · Elyria, OH 44035

$94,500

4 bd · 2.0 ba · 1,844 sqft · SingleFamily public records · 1 Days on market

Built 1900 7,405 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
• DSCR +10.0/10.0
• 1% rule +9.2/10.0
• ARV discount +7.5/15.0
• Rent growth +4.2/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0
• Appreciation +0.0/10.0

Listing remarks

This lovely home is currently tenant occupied and has been rented out for 24 years. This large home can either be owner occupied or may be an investment property. Current tenant would like to remain. The home has 4 bedrooms on the second floor with a full bath. The main floor living space has a foyer, living room, dining room and large kitchen, also a full bathroom. The basement has a full bathroom, and the attic has a full bathroom that is not used. Windows are vinyl replacements, hot water tank is newer, furnace and A/C is 90% efficient. The 2 car detached garage door does not open (needs repair) and is not currently in use. This is a solid house that will need the new owners TLC. This ho

Key facts

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

Property features AI

Exterior

• Parking: 1-car garage; Concrete driveway; Garage faces front
• Security: Smoke detector(s)
• Utilities: Public water; Public sewer
• Home design: 3 stories; 3 total stories
• Construction: Built (year from public records); Frame construction with vinyl siding and plaster; Asphalt/fiberglass shingle pitched roof; Block, combination and stone foundation
• Exterior features: Rear covered porch; Front porch; Deck; Back yard; City lot; Front yard; Paved; Rectangular lot; Has view; Smoke detector(s)

Interior

• Kitchen: Range
• Bathrooms: 3 full bathrooms; 1 main-level bathroom
• Heating & cooling: Forced air gas heating; Central air; Ceiling fan(s); Window unit(s)
• Interior features: Entrance foyer; Double pane, insulated windows with screens
• Laundry & utility: Washer hookup in basement

🏷️ Possibly a rental listed for sale. The $94,500 price doesn't fit this home's estimated sale value (~$230,500) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $94k.

Deal economics

• At list price, monthly cash flow is $376 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $94k).
• Cap rate 11.1% 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; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 5d 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 $653 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 6.7% rent growth), your $26k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 7 sale attempts since 30y 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 $40k; list at $94k implies a 136% 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 $94,500

Questions for the listing agent

1. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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: 1.42% ✓
• Cap rate: 11.06%
• Cash-on-cash: 17.04%
• DSCR: 1.76
• GRM: 5.9

CMA / ARV

• ARV (on-the-fly): $230,500
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
128 W Bridge St	0.05mi	3/1.0 (-1)	1,800 (-2%)	20mo	$74,000	$41	68
121 Parkview Ct	0.33mi	4/1.0	1,714 (-7%)	5mo	$165,000	$96	65
568 Turner St	0.18mi	4/2.0	1,578 (-14%)	4mo	$180,000	$114	64
127 Cascade St	0.34mi	4/1.0	1,612 (-13%)	3mo	$106,000	$66	57
206 Gateway Blvd N	0.38mi	3/1.5 (-1)	1,891 (+2%)	20mo	$85,000	$45	55
420 East Ave	0.68mi	3/1.5 (-1)	1,767 (-4%)	1mo	$150,000	$85	53
132 Willow Way	0.39mi	3/2.0 (-1)	1,628 (-12%)	11mo	$383,680	$236	48
129 Willow Way	0.39mi	4/3.0	2,099 (+14%)	12mo	$372,000	$177	45
217 Columbus St	0.74mi	3/1.5 (-1)	1,728 (-6%)	13mo	$216,000	$125	37
906 Oak Point Cir	0.39mi	4/4.0	2,099 (+14%)	16mo	$379,990	$181	37
182 Harvest Way	0.71mi	3/3.0 (-1)	1,628 (-12%)	22mo	$379,970	$233	20
174 Harvest Way	0.71mi	3/3.0 (-1)	1,628 (-12%)	23mo	$394,175	$242	19

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: 12.6%
• Equity multiple: 1.52×
• Total profit: $13,885
• Equity at exit: $14,090

10-year hold

• IRR: 24.4%
• Equity multiple: 3.50×
• Total profit: $66,231
• Equity at exit: $8,171

Cash invested: $26,460 (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: 5.9×

Monthly cashflow live

• Estimated rent: $1,339 medium
• Mortgage (P&I): −$496
• Tax from tax record: −$147 /mo · $1,763/yr
• Insurance: −$39
• HOA: −$0
• Vacancy / Maint / Mgmt: −$281
• Net cashflow: $376

Break-even live

Break-even rent $863

Max offer price $94,500

Occupancy floor 67%

Sensitivity live

Price	-10% $429	-5% $403	+0% $376	+5% $349	+10% $322
Rent	-10% $270	-5% $323	+0% $376	+5% $429	+10% $482
Rate	-1.0pp $423	-0.5pp $400	base $376	+0.5pp $351	+1.0pp $326

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: $23,625
• Closing costs: $2,835
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
518 Lake Ave Unit 100 Rush Elyria, OH	3.0	1.0	1248	$1,099	$0.88	5d	1	0.63mi
100 Rush St Elyria, OH	3.0	1.0	1248	$1,099	$0.88	8d	1	0.64mi
222 Georgia Ave Elyria, OH	3.0	2.5	1850	$1,750	$0.95	2d	1	1.37mi

Listing history 2 events

1. 2026-06-18
   remarks 699-char remark
2. 2026-06-18
   listed $94,500 Active 1 DOM

ⓘ 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: $1,763 · $147/mo
• Projected year-2 tax: $1,763 · $147/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 ≥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: $16,066
• − Mortgage interest: −$5,293
• − Property taxes: −$1,763
• − Insurance: −$472
• − Repairs & maintenance: −$1,285
• − Management: −$1,285
• − Depreciation: −$2,749
• Taxable income: $3,217
• Est. tax owed @ 24.0%: −$772
• After-tax cash flow: $3,737/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

+136.8% since first listed

15 events — show timeline

• 2026-06-18 Listed $94,500 MLSNOW
• 2025-10-21 Pending — MLSNOW
• 2025-10-20 Listing Removed — MLSNOW
• 2025-10-02 Listed $94,500 MLSNOW
• 2006-12-02 Listing Removed — MLSNOW
• 2006-12-02 Listing Removed — MLSNOW
• 2006-09-02 Listed $79,900 MLSNOW
• 2006-09-02 Listed $79,900 MLSNOW
• 2006-05-24 Sold (Public Records) $40,000 Public Records
• 2006-05-18 Sold (MLS) $40,000 MLSNOW
• 2006-01-05 Listed $42,900 MLSNOW
• 2005-12-29 Listing Removed — MLSNOW
• 2005-09-29 Listed $68,500 MLSNOW
• 1996-05-29 Sold (MLS) $32,700 MLSNOW
• 1996-02-08 Listed $39,900 MLSNOW

Property tax history

+6.2%/yr

Latest (2025): $1,763 · +0.6% YoY. Source: county tax records.