850 Bank St · Painesville, OH 44077

$109,000

2 bd · 1.0 ba · 1,236 sqft · SingleFamily public records · 36 Days on market

Built 1952 9,121 sqft lot Est $148k · 27% under ↓ 9% since listing

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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 +21.3/30.0
• ARV discount +15.0/15.0
• DSCR +6.8/10.0
• 1% rule +6.0/10.0
• 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

3 Bedroom, 1 full bath, features include spacious living room, formal dining room, family room, back yard is fully fenced, horseshoe drive, 1 car attached. Baseboard heat in family room. Property needs work, BEING SOLD AS IS, Inspections for buyers information, Seller will make no repairs. Showings on Saturdays & Sundays 2:00 pm - 4:30 pm only beginning 03-28-26. Bank Appraisal is complete short sale is in final stage. Special conditions apply to this property contact Listing Agent.

Key facts

• Formal dining room
• Horseshoe drive
• Family room

Tags

• SPACIOUS LIVING ROOM
• FORMAL DINING ROOM
• FAMILY ROOM
• BACK YARD IS FULLY FENCED
• HORSESHOE DRIVE

Property features AI

Exterior

• Parking: Attached garage with 1 garage space
• Utilities: Public water; Public sewer
• Home design: Single-story home; Above-grade living area approximately 1,236 finished (per Realist)
• Construction: Vinyl siding; Asphalt/fiberglass roof; Slab foundation; Built per public records
• Exterior features: Back yard with fencing; Fenced yard

Interior

• Kitchen: Kitchen on the main level
• Bedrooms: Three main-level bedrooms
• Bathrooms: One full bathroom on the main level
• Heating & cooling: Gas baseboard heating
• Interior features: 7 total rooms; Fixer condition

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $109k.

Deal economics

• At list price, monthly cash flow is $159 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $109k).
• Recommended offer: $106k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.0% 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; 8 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 448 units permitted in Lake County in 2024 (0 in 5+ unit buildings).
• This rent is only 17% of the median local income ($85k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $754 of loan paydown is wiped out by about $3k 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 36 days — a 3% lower offer ($106k) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 24y ago; this cycle's ask is 68% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $80k; 36% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1952 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $105,730 (3.0% below list)

Questions for the listing agent

1. It's been on market 36 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 1952 — 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: 1.10% ✓
• Cap rate: 8.04%
• Cash-on-cash: 6.25%
• DSCR: 1.28
• GRM: 7.6

CMA / ARV

• ARV (on-the-fly): $148,320
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
524 S State St	0.40mi	2/1.5	1,240 (+0%)	1mo	$116,000	$94	78
210 Charlotte St	0.12mi	2/1.5	1,140 (-8%)	6mo	$151,500	$133	75
219 Meriden Rd	0.19mi	3/1.5 (+1)	1,209 (-2%)	9mo	$225,000	$186	73
639 Liberty St	0.37mi	3/1.0 (+1)	1,342 (+9%)	0mo	$153,000	$114	63
314 E Walnut Ave	0.52mi	3/1.5 (+1)	1,320 (+7%)	13mo	$210,000	$159	47
48 Lusard St	0.63mi	3/1.0 (+1)	1,352 (+9%)	8mo	$147,000	$109	43
457 Liberty St	0.53mi	3/1.5 (+1)	1,377 (+11%)	10mo	$165,000	$120	41
128 Pearl St	0.69mi	3/1.0 (+1)	1,152 (-7%)	23mo	$135,000	$117	32

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: -5.8%
• Equity multiple: 0.78×
• Total profit: $-6,677
• Equity at exit: $16,252

10-year hold

• IRR: 4.7%
• Equity multiple: 1.35×
• Total profit: $10,819
• Equity at exit: $9,424

Cash invested: $30,520 (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: 7.6×

Monthly cashflow live

• Estimated rent: $1,200 high
• Mortgage (P&I): −$572
• Tax from tax record: −$172 /mo · $2,066/yr
• Insurance: −$45
• HOA: −$0
• Vacancy / Maint / Mgmt: −$252
• Net cashflow: $159

Break-even live

Break-even rent $999

Max offer price $109,000

Occupancy floor 82%

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: $27,250
• Closing costs: $3,270
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
52 Kensington Ave Unit 52K 3 Painesville, OH	2.0	1.0	850	$920	$1.08	44d	1	0.45mi
48 Pearl St Painesville, OH	2.0	1.0	950	$1,250	$1.32	44d	1	0.66mi
48 Pearl St Unit B48-2 Painesville, OH	1.0	1.0	700	$1,015	$1.45	44d	1	0.67mi
551 W Jackson St Unit RFV A201 Painesville, OH	2.0	1.0	860	$1,045	$1.22	44d	1	1.31mi
763 Mentor Ave Painesville, OH	3.0	1.5	1472	$1,800	$1.22	3d	1	1.34mi
244 E Prospect St Painesville, OH	2.0	1.0	1000	$1,195	$1.20	2d	1	1.37mi
762 Mentor Ave Unit 31 Painesville, OH	3.0	1.5	1160	$1,400	$1.21	2d	1	1.38mi
189 E Prospect St Painesville, OH	3.0	2.0	1240	$1,600	$1.29	24d	1	1.44mi

Listing history 25 events

1. 2026-04-20
   status Pending
2. 2026-03-23
   status Active
3. 2026-03-23
   price $109,000
4. 2025-10-25
   status Pending
5. 2025-10-16
   listed $64,900 Active
6. 2025-10-14
   historical
7. 2025-09-02
   listed $126,000 Active
8. 2025-08-18
   historical
9. 2025-08-15
   status Active
10. 2025-06-06
    historical Contingent
11. 2025-05-27
    listed $120,000 Active
12. 2023-06-19
    status Pending
13. 2023-06-19
    historical
14. 2023-06-16
    price $99,900
15. 2023-06-08
    listed $119,500 Active
16. 2008-08-07
    soldstatus $79,900
17. 2008-07-25
    soldstatus $79,900
18. 2008-04-11
    listed $79,900
19. 2002-12-31
    historical
20. 2002-12-31
    historical
21. 2002-10-07
    soldstatus $112,500
22. 2002-10-04
    soldstatus $112,500
23. 2002-07-16
    listed $117,000
24. 2002-06-20
    listed $119,900
25. 2002-06-06
    listed $120,000

ⓘ 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: $2,066 · $172/mo
• Projected year-2 tax: $2,066 · $172/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 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: $14,401
• − Mortgage interest: −$6,106
• − Property taxes: −$2,066
• − Insurance: −$545
• − Repairs & maintenance: −$1,152
• − Management: −$1,152
• − Depreciation: −$3,171
• Taxable income: $209
• Est. tax owed @ 24.0%: −$50
• After-tax cash flow: $1,856/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

-9.2% since first listed

25 events — show timeline

• 2026-04-20 Pending — MLSNOW
• 2026-03-23 Relisted — MLSNOW
• 2026-03-23 Price Changed $109,000 MLSNOW
• 2025-10-25 Pending — MLSNOW
• 2025-10-16 Listed $64,900 MLSNOW
• 2025-10-14 Listing Removed — MLSNOW
• 2025-09-02 Listed $126,000 MLSNOW
• 2025-08-18 Listing Removed — MLSNOW
• 2025-08-15 Relisted — MLSNOW
• 2025-06-06 Contingent — MLSNOW
• 2025-05-27 Listed $120,000 MLSNOW
• 2023-06-19 Pending — MLSNOW
• 2023-06-19 Listing Removed — MLSNOW
• 2023-06-16 Price Changed $99,900 MLSNOW
• 2023-06-08 Listed $119,500 MLSNOW
• 2008-08-07 Sold (MLS) $79,900 MLSNOW
• 2008-07-25 Sold (Public Records) $79,900 Public Records
• 2008-04-11 Listed $79,900 MLSNOW
• 2002-12-31 Listing Removed — MLSNOW
• 2002-12-31 Listing Removed — MLSNOW
• 2002-10-07 Sold (MLS) $112,500 MLSNOW
• 2002-10-04 Sold (Public Records) $112,500 Public Records
• 2002-07-16 Listed $117,000 MLSNOW
• 2002-06-20 Listed $119,900 MLSNOW
• 2002-06-06 Listed $120,000 MLSNOW

Property tax history

+1.9%/yr

Latest (2025): $2,066 · -2.0% YoY. Source: county tax records.