622 Middle Ave · Elyria, OH 44035

$175,000

5 bd · 2.0 ba · 2,720 sqft · MultiFamily public records · 52 Days on market

Built 1925 3,920 sqft lot Est $155k · 13% 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 +2.5/5.0
• Schools +2.4/10.0
• ARV discount +1.7/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

Attention All Investors. .. Well maintained, affordable TRIPLEX, fully occupied with quality tenants, trunkey professional management in place (management can remain if new owner would like), ample parking in a desirable city w/ limited regulation, great tenant pool, low property taxes, no lead certification requirement. .. rents are well below market rent w/ increases possible. Attractive units, beautiful hardwood floors, decorative fireplaces w/ well thought out & comfortable floor plans for happy tenants. Quality location near restaurants, entertainment, highways, shopping and public transit. Unit #1: 2 bedroom $700, Unit #2: 2 bedroom $750, Unit #3 $550: 1 bedroom. Overall the property is in good condition, exterior could be spruced up a bit cosmetically but interiors look good. Owner lives out of the country and is selling their portfolio. .. Cash flow from day one, add to your existing portfolio or start your investing journey today. Proof of funds or preapprovals needed before showings are approved and only serious investors. No wholesalers.

Key facts

• 3,920 sq ft lot
• Parking
• Built 1925

Property features AI

Finance

• Other: One building on the parcel
• Financial info: Property contains multiple units with rental income: one 1-bedroom unit (rent $550), one 2-bedroom unit (rent $850, lease expires March 31, 2027), and one 2-bedroom unit (rent $725, lease recently expired March 31, 2026)

Exterior

• Parking: Driveway; Parking lot
• Utilities: Public water service; Public sewer service; Owner pays all utilities (rental arrangement)
• Home design: Two-story building
• Construction: Aluminum siding; Asphalt/fiberglass roof
• Exterior features: Public water; Public sewer; Lot recorded as 0.09 acres

Interior

• Kitchen: No kitchen appliance details provided
• Bedrooms: One-bedroom unit (month-to-month); Two-bedroom unit (leased); Two-bedroom unit (recently expired, month-to-month)
• Bathrooms: Two full bathrooms total across the property; Each unit includes one bathroom
• Heating & cooling: Gas heating
• Interior features: Full, unfinished basement; 12 total rooms
• Laundry & utility: Owner pays all utilities

What this means for you Summary

Snapshot

• This is a 2×2bd/1ba + 1×1bd/1ba units multifamily listed at $175k.

Deal economics

• At list price, monthly cash flow is $964 ($12k/yr) — positive. Per door: $321/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $175k).
• Recommended offer: $170k (3.0% below list) — sets the bar for market timing.
• Cap rate 12.9% 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; 1,098 units permitted in Lorain County in 2024 (20 in 5+ unit buildings).
• At $2,679/mo this rent would consume 57% of the median local household income ($56k/yr) (locally 2229% 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 + 6.7% rent growth), your $49k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 52 days — a 3% lower offer ($170k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 32y 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 $150k; 17% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $169,750 (3.0% below list)

Questions for the listing agent

1. It's been on market 52 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 1925 — 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. 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: 1.53% ✓
• Cap rate: 12.90%
• Cash-on-cash: 23.60%
• DSCR: 2.05
• GRM: 5.4

CMA / ARV

• ARV (on-the-fly): $155,040
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1120 East Ave	0.37mi	4/3.0 (-1)	2,680 (-2%)	5mo	$145,000	$54	67
316 4th St	0.22mi	6/2.0 (+1)	2,454 (-10%)	18mo	$140,000	$57	53

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: 20.8%
• Equity multiple: 1.89×
• Total profit: $43,489
• Equity at exit: $26,093

10-year hold

• IRR: 31.3%
• Equity multiple: 4.33×
• Total profit: $163,292
• Equity at exit: $15,131

Cash invested: $49,000 (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: 16.0×

Monthly cashflow live

• Estimated rent: $2,679 high
• Mortgage (P&I): −$918
• Tax from tax record: −$162 /mo · $1,944/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$563
• Net cashflow: $964

Break-even live

Break-even rent $1,459

Max offer price $175,000

Occupancy floor 59%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$1,824
1× unit	1	1	$855
Total (3 units)			$2,679

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Listing history 26 events

1. 2026-06-07
   statusdays on market $175,000 Pending 52 DOM
2. 2026-06-03
   days on market $175,000 Contingent 49 DOM
3. 2026-06-02
   days on market $175,000 Contingent 48 DOM
4. 2026-06-01
   days on market $175,000 Contingent 47 DOM
5. 2026-05-31
   days on market $175,000 Contingent 46 DOM
6. 2026-04-20
   historical Contingent
7. 2026-04-14
   listed $175,000 Active
8. 2024-09-24
   soldstatus $150,000
9. 2024-09-17
   soldstatus $150,000 Closed 1070-char remark

   Show marketing remark (1070 chars)

   Attention All Investors. .. Well maintained, affordable TRIPLEX, fully occupied with quality tenants, trunkey professional management in place (management can remain if new owner would like), ample parking in a desirable city w/ limited regulation, great tenant pool, low property taxes, no lead certification requirement. .. rents are well below market rent w/ increases possible. Attractive units, beautiful hardwood floors, decorative fireplaces w/ well thought out & comfortable floor plans for happy tenants. Quality location near restaurants, entertainment, highways, shopping and public transit. Unit #1: 2 bedroom $700, Unit #2: 2 bedroom $750, Unit #3 $550: 1 bedroom. Overall the property is in good condition, exterior could be spruced up a bit cosmetically but interiors look good. Owner lives out of the country and is selling their portfolio. .. Cash flow from day one, add to your existing portfolio or start your investing journey today. Proof of funds or preapprovals needed before showings are approved and only serious investors. No wholesalers.

10. 2024-08-19
    historical Contingent 1070-char remark

    Show marketing remark (1070 chars)

    Attention All Investors. .. Well maintained, affordable TRIPLEX, fully occupied with quality tenants, trunkey professional management in place (management can remain if new owner would like), ample parking in a desirable city w/ limited regulation, great tenant pool, low property taxes, no lead certification requirement. .. rents are well below market rent w/ increases possible. Attractive units, beautiful hardwood floors, decorative fireplaces w/ well thought out & comfortable floor plans for happy tenants. Quality location near restaurants, entertainment, highways, shopping and public transit. Unit #1: 2 bedroom $700, Unit #2: 2 bedroom $750, Unit #3 $550: 1 bedroom. Overall the property is in good condition, exterior could be spruced up a bit cosmetically but interiors look good. Owner lives out of the country and is selling their portfolio. .. Cash flow from day one, add to your existing portfolio or start your investing journey today. Proof of funds or preapprovals needed before showings are approved and only serious investors. No wholesalers.

11. 2024-08-01
    listed $149,900 Active 1070-char remark

    Show marketing remark (1070 chars)

    Attention All Investors. .. Well maintained, affordable TRIPLEX, fully occupied with quality tenants, trunkey professional management in place (management can remain if new owner would like), ample parking in a desirable city w/ limited regulation, great tenant pool, low property taxes, no lead certification requirement. .. rents are well below market rent w/ increases possible. Attractive units, beautiful hardwood floors, decorative fireplaces w/ well thought out & comfortable floor plans for happy tenants. Quality location near restaurants, entertainment, highways, shopping and public transit. Unit #1: 2 bedroom $700, Unit #2: 2 bedroom $750, Unit #3 $550: 1 bedroom. Overall the property is in good condition, exterior could be spruced up a bit cosmetically but interiors look good. Owner lives out of the country and is selling their portfolio. .. Cash flow from day one, add to your existing portfolio or start your investing journey today. Proof of funds or preapprovals needed before showings are approved and only serious investors. No wholesalers.

12. 2018-03-20
    soldstatus $98,000
13. 2017-11-16
    soldstatus $42,500
14. 2014-06-02
    historical
15. 2010-08-16
    listed $60,000
16. 2010-01-31
    historical
17. 2008-09-26
    listed $89,000
18. 2008-09-02
    historical
19. 2008-02-01
    listed $97,000
20. 1997-10-02
    historical
21. 1997-01-03
    listed $69,900
22. 1996-08-22
    historical
23. 1996-02-22
    listed $73,900
24. 1995-03-28
    soldstatus $58,900
25. 1995-03-27
    soldstatus $58,900
26. 1994-01-18
    listed $68,900

ⓘ 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: $1,944 · $162/mo
• Projected year-2 tax: $2,337 · $195/mo
• Expected delta: +$393/yr (+$33/mo · 20.2%)

ⓘ 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: $32,148
• − Mortgage interest: −$9,803
• − Property taxes: −$1,944
• − Insurance: −$875
• − Repairs & maintenance: −$2,572
• − Management: −$2,572
• − Depreciation: −$5,091
• Taxable income: $9,291
• Est. tax owed @ 24.0%: −$2,230
• After-tax cash flow: $9,335/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

+154.0% since first listed

21 events — show timeline

• 2026-04-20 Contingent — MLSNOW
• 2026-04-14 Listed $175,000 MLSNOW
• 2024-09-24 Sold (Public Records) $150,000 Public Records
• 2024-09-17 Sold (MLS) $150,000 MLSNOW
• 2024-08-19 Contingent — MLSNOW
• 2024-08-01 Listed $149,900 MLSNOW
• 2018-03-20 Sold (Public Records) $98,000 Public Records
• 2017-11-16 Sold (Public Records) $42,500 Public Records
• 2014-06-02 Listing Removed — MLSNOW
• 2010-08-16 Listed $60,000 MLSNOW
• 2010-01-31 Listing Removed — MLSNOW
• 2008-09-26 Listed $89,000 MLSNOW
• 2008-09-02 Listing Removed — MLSNOW
• 2008-02-01 Listed $97,000 MLSNOW
• 1997-10-02 Listing Removed — MLSNOW
• 1997-01-03 Listed $69,900 MLSNOW
• 1996-08-22 Listing Removed — MLSNOW
• 1996-02-22 Listed $73,900 MLSNOW
• 1995-03-28 Sold (MLS) $58,900 MLSNOW
• 1995-03-27 Sold (Public Records) $58,900 Public Records
• 1994-01-18 Listed $68,900 MLSNOW

Property tax history

+3.3%/yr

Latest (2025): $1,944 · +0.7% YoY. Source: county tax records.