205 Larkstone Pl · Elyria, OH 44035

$37,000

3 bd · 2.0 ba · 924 sqft · SingleFamily · 1 Days on market

Built 2018 Average condition 999 ac lot Est $29k · 29% over

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +4.2/5.0
• Livability +3.8/5.0
• Condition / age +2.8/5.0
• Schools +2.4/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

This charming 3-bedroom, 2-bath ranch home featuring an open floor plan and convenient in-suite laundry area. The kitchen comes complete with appliances, making it easy to settle in and start living. Enjoy a vibrant community with monthly activities, plus access to a pool and playground—all with a low lot fee. A handy shed provides extra storage for outdoor items. Ideally located near highways and shopping, this home combines comfort, convenience, and affordability in one perfect package. Just needs some flooring and a little paint

Key facts

• Open floor plan
• Handy shed
• Access to pool

Tags

• OPEN FLOOR PLAN
• IN-SUITE LAUNDRY AREA
• KITCHEN WITH APPLIANCES
• ACCESS TO POOL
• ACCESS TO PLAYGROUND
• HANDY SHED

Property features AI

Finance

• HOA & community: Community amenities include a pool and playground

Exterior

• Parking: Parking lot
• Utilities: Public water; Public sewer
• Home design: Single-story home
• Construction: Asphalt/fiberglass roof; Year built reported by owner
• Exterior features: Shed(s) on the property; Community pool; Community playground

Interior

• Bedrooms: 3 bedrooms on the main level
• Bathrooms: 2 full bathrooms, both on the main level
• Heating & cooling: Electric forced-air heating
• Interior features: 5 total rooms; Laundry on the first floor
• Laundry & utility: First-floor laundry

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $37k. Condition is rated average.

Deal economics

• At list price, monthly cash flow is $623 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $37k).
• Cap rate 26.5% 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; 6 comparable units currently listed for rent nearby; rentals leasing fast (median 4d 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 $256 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 6.7% rent growth), your $10k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $37,000

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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.
3. 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.
4. 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: 3.01% ✓
• Cap rate: 26.49%
• Cash-on-cash: 72.14%
• DSCR: 4.21
• GRM: 2.8

CMA / ARV

• ARV (on-the-fly): $28,644
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
230 Cedar Brook Dr	0.07mi	3/2.0	924 (0%)	0mo	$47,500	$51	96
110 Larkstone Pl	0.03mi	3/2.0	924 (0%)	4mo	$39,900	$43	95
155 Cedar Brook Dr	0.18mi	3/2.0	924 (0%)	3mo	$35,000	$38	89
135 Fox Chase	0.16mi	2/1.0 (-1)	952 (+3%)	9mo	$10,000	$11	71
135 Cedar Brook Dr	0.16mi	2/2.0 (-1)	810 (-12%)	7mo	$21,000	$26	61
131 Hickory Cir	0.49mi	2/1.0 (-1)	952 (+3%)	8mo	$24,000	$25	56
116 Hickory Cir	0.45mi	2/1.0 (-1)	980 (+6%)	8mo	$29,900	$31	53
335 Ashwood Dr	0.44mi	2/2.0 (-1)	975 (+6%)	18mo	$17,000	$17	50

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: 76.0%
• Equity multiple: 4.67×
• Total profit: $38,028
• Equity at exit: $5,517

10-year hold

• IRR: 80.7%
• Equity multiple: 10.99×
• Total profit: $103,501
• Equity at exit: $3,199

Cash invested: $10,360 (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: 2.8×

Monthly cashflow live

• Estimated rent: $1,112 high
• Mortgage (P&I): −$194
• Tax est. 1.5%: −$46 /mo · $555/yr
• Insurance: −$15
• HOA: −$0
• Vacancy / Maint / Mgmt: −$234
• Net cashflow: $623

Break-even live

Break-even rent $324

Max offer price $37,000

Occupancy floor 39%

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: $9,250
• Closing costs: $1,110
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
235 Cedar Brook Dr Elyria, OH	3.0	2.0	924	$1,150	$1.24	2d	1	0.05mi
1891 Turner Blvd Elyria, OH	2.0	1.0	700	$875	$1.25	3d	1	0.63mi
1891 Turner Blvd Unit H Elyria, OH	2.0	1.0	700	$875	$1.25	7d	1	0.63mi
1875 Turner Blvd Unit D Elyria, OH	2.0	1.0	700	$850	$1.21	44d	1	0.66mi
1875 Turner Blvd Elyria, OH	2.0	1.0	700	$840	$1.20	2d	1	0.66mi
1877 Turner Blvd Elyria, OH	2.0	1.0	700	$850	$1.21	2d	1	0.68mi

Listing history 2 events

1. 2026-06-18
   remarks 537-char remark
2. 2026-06-18
   listed $37,000 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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

Taxation est. · year 1

• Rental income: $13,344
• − Mortgage interest: −$2,073
• − Property taxes: −$555
• − Insurance: −$185
• − Repairs & maintenance: −$1,068
• − Management: −$1,068
• − Depreciation: −$1,076
• Taxable income: $7,320
• Est. tax owed @ 24.0%: −$1,757
• After-tax cash flow: $5,717/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.

Condition & rehab AI · 8 photos

Average 55/100 Cosmetic rehab

This 3-bedroom, 2-bath home is in the process of being renovated. It requires new flooring and paint to be move-in ready. The location and amenities make it a great investment opportunity.

Repairs flagged

• Major kitchen flooring — Exposed subfloor
• Major bathroom flooring — Exposed subfloor
• Major kitchen walls — Exposed subfloor
• Major bathroom walls — Exposed subfloor

Value-add opportunities

• Resale Paint interior walls — Enhances curb appeal and interior finish
• Resale Install flooring in kitchen and bathrooms — Improves functionality and aesthetics
• Rental Paint interior walls — Enhances curb appeal and interior finish
• Rental Install flooring in kitchen and bathrooms — Improves functionality and aesthetics

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen flooring · Exposed subfloor	Major	$15,000–50,000
bathroom flooring · Exposed subfloor	Major	$15,000–50,000
kitchen walls · Exposed subfloor	Major	$15,000–50,000
bathroom walls · Exposed subfloor	Major	$15,000–50,000
Total estimated repair cost · 4 items		$60,000–200,000

Value-add ROI direction

• Resale Paint interior walls — Enhances curb appeal and interior finish ↑
• Resale Install flooring in kitchen and bathrooms — Improves functionality and aesthetics ↑
• Rental Paint interior walls — Enhances curb appeal and interior finish ↑
• Rental Install flooring in kitchen and bathrooms — Improves functionality and aesthetics ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

1 event — show timeline

• 2026-06-17 Listed $37,000 MLSNOW