1006 Middle Ave · Elyria, OH 44035

$49,900

3 bd · 2.0 ba · 2,280 sqft · MultiFamily public records · 18 Days on market

Built 1900 6,534 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Two story duplex! 1st floor has 3 bedrooms, 2nd floor has 2 bedrooms. Utilities all separate and paid by the tenants. Great cash flow!

Key facts

• 6,534 sq ft lot
• Parking
• Built 1900

Property features AI

Finance

• Other: Lot size about 0.15 acres
• Financial info: Owner pays insurance and taxes; Tenants pay electricity, heat, and water; Two-bedroom unit actual rent: $500 (leased); Three-bedroom unit actual rent: $750 (leased)
• HOA & community: No HOA information listed

Exterior

• Parking: Driveway
• Security: No security features listed
• Utilities: Public water; Public sewer
• Home design: Two-story building; Multi-unit property with 1 building; Above-grade finished area approximately 2,280
• Construction: Built (year source: public records); Asphalt and fiberglass roof
• Exterior features: City lot; West-facing

Interior

• Kitchen: No appliances listed
• Bedrooms: Two-bedroom unit (unit leased); Three-bedroom unit (unit leased)
• Flooring: No flooring details listed
• Bathrooms: Two full bathrooms total across the property; Each unit has one bathroom
• Heating & cooling: Forced air heating; Gas heating
• Interior features: Full basement; Has a view
• Laundry & utility: No laundry details listed

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $50k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive. Per door: $536/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $50k).
• Recommended offer: $49k (1.5% below list) — sets the bar for market timing.
• Cap rate 32.1% 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; 2 comparable units currently listed for rent nearby; 1,098 units permitted in Lorain County in 2024 (20 in 5+ unit buildings).
• This rent runs 40% of the median local income ($56k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $345 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 $14k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 18 days — a 2% lower offer ($49k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 33y 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.

Risks & watch-outs

• Watch-outs: property tax is 3.5% of price; built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $49,151 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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.
7. 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.
8. 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: 3.80% ✓
• Cap rate: 32.05%
• Cash-on-cash: 92.00%
• DSCR: 5.09
• GRM: 2.2

CMA / ARV

• ARV (on-the-fly): $123,120
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
317 West Ave	0.56mi	4/3.0 (+1)	2,112 (-7%)	2mo	$119,000	$56	51
220 Chestnut St	0.65mi	4/2.0 (+1)	2,216 (-3%)	18mo	$120,000	$54	44
1600 West Ave	0.41mi	4/2.0 (+1)	2,046 (-10%)	19mo	$100,000	$49	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 · 6.74% rent growth · sell at horizon

5-year hold

• IRR: 97.2%
• Equity multiple: 5.84×
• Total profit: $67,624
• Equity at exit: $7,440

10-year hold

• IRR: —
• Equity multiple: 13.87×
• Total profit: $179,885
• Equity at exit: $4,314

Cash invested: $13,972 (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: 4.4×

Monthly cashflow live

• Estimated rent: $1,897 high
• Mortgage (P&I): −$262
• Tax from tax record: −$145 /mo · $1,740/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$398
• Net cashflow: $1,071

Break-even live

Break-even rent $541

Max offer price $49,900

Occupancy floor 39%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$1,898
Total (2 units)			$1,897

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: $12,475
• Closing costs: $1,497
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
222 Georgia Ave Elyria, OH	3.0	2.5	1850	$1,750	$0.95	1d	1	0.59mi
10425 Middle Ave Elyria, OH	3.0–4.0	2.0	1424	$1,209	$0.85	1d	1	1.24mi

Listing history 7 events

1. 2026-05-22
   status Pending
2. 2026-05-04
   listed $49,900 Active
3. 2017-01-27
   historical
4. 2016-12-07
   price $46,000
5. 2016-06-07
   listed $65,000 Active
6. 1993-08-18
   historical
7. 1993-02-20
   listed $50,000

ⓘ 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: $1,740 · $145/mo
• Projected year-2 tax: $1,740 · $145/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: $22,764
• − Mortgage interest: −$2,795
• − Property taxes: −$1,740
• − Insurance: −$250
• − Repairs & maintenance: −$1,821
• − Management: −$1,821
• − Depreciation: −$1,452
• Taxable income: $12,886
• Est. tax owed @ 24.0%: −$3,093
• After-tax cash flow: $9,762/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

-0.2% since first listed

7 events — show timeline

• 2026-05-22 Pending — MLSNOW
• 2026-05-04 Listed $49,900 MLSNOW
• 2017-01-27 Listing Removed — MLSNOW
• 2016-12-07 Price Changed $46,000 MLSNOW
• 2016-06-07 Listed $65,000 MLSNOW
• 1993-08-18 Listing Removed — MLSNOW
• 1993-02-20 Listed $50,000 MLSNOW

Property tax history

+1.2%/yr

Latest (2025): $1,740 · +3.4% YoY. Source: county tax records.