322 W 28th St · Lorain, OH 44055

$129,900

3 bd · 1.0 ba · 1,468 sqft · SingleFamily public records · 72 Days on market

Built 1923 6,534 sqft lot $88/sqft · at area comps Est $126k · at est.

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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 +23.5/30.0
• DSCR +7.5/10.0
• ARV discount +6.2/15.0
• 1% rule +5.5/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Charming Classic Colonial in the heart of Lorain! This inviting 3-bedroom, 1-bath home blends timeless character with practical updates, featuring beautiful natural woodwork and hardwood floors throughout. Enjoy relaxing mornings on the spacious front porch or entertaining in the comfortable living areas. The updated bathroom adds modern convenience, while major improvements—including a new roof (2023) and hot water tank (2025)—provide peace of mind. The home offers 1,468 square feet of living space, plus a full basement for storage or future potential. There is a walk up attic that can be used for additional storage. Located near Central Park, this property also includes a 2-car garage and comes fully equipped with kitchen appliances (range, refrigerator, dishwasher) along with a washer and dryer—making it truly move-in ready. Perfect for first-time buyers or those looking for a solid investment opportunity, this home delivers value, charm, and functionality in a central location.

Key facts

• 6,534 sq ft lot
• 2 garage spots
• Built 1923

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $130k.

Deal economics

• At list price, monthly cash flow is $242 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $130k).
• Recommended offer: $122k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.5% vs local median 5.9% in Lorain — 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 67/100 on livability (#595 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools C-, amenities D, health & safety D.
• Lorain City (suburban): math 13% / reading 26% proficiency, ranked #633 of 656 in OH (top 96%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 80% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 81 active listings in the ZIP; 25 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 60% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 1,098 units permitted in Lorain County in 2024 (20 in 5+ unit buildings).
• This rent runs 40% of the median local income ($41k/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 $898 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 72 days — a 6% lower offer ($122k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $80k; list at $130k implies a 62% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1923 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $122,106 (6.0% below list)

Questions for the listing agent

1. It's been on market 72 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1923 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
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 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: 1.05% ✓
• Cap rate: 8.53%
• Cash-on-cash: 7.97%
• DSCR: 1.35
• GRM: 8.0

CMA / ARV

• ARV (median comp): $126,182
• List price: $129,900
• Delta: 2.95%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
115 W 30th St	0.22mi	3/2.0	1,404 (-4%)	0mo	$110,000	$78	78
3225 Broadway	0.37mi	3/1.0	1,440 (-2%)	5mo	$130,000	$90	76
807 W 21st St	0.51mi	3/1.0	1,498 (+2%)	3mo	$137,000	$91	71
917 Highland Park Blvd	0.47mi	3/1.0	1,393 (-5%)	6mo	$171,900	$123	65
213 W 23rd St	0.29mi	3/2.0	1,328 (-10%)	5mo	$164,000	$123	62
3402 Amherst Ave	0.50mi	3/2.0	1,544 (+5%)	5mo	$215,000	$139	60
230 W 39th St	0.75mi	4/1.0 (+1)	1,480 (+1%)	1mo	$190,000	$128	58
127 E 35th St	0.53mi	4/2.0 (+1)	1,404 (-4%)	1mo	$95,000	$68	58
3869 Dayton Ave	0.71mi	3/2.0	1,410 (-4%)	1mo	$200,000	$142	56
507 W 20th	0.49mi	3/2.0	1,684 (+15%)	2mo	$142,000	$84	47
2027 Lexington Ave	0.47mi	4/2.0 (+1)	1,260 (-14%)	4mo	$63,000	$50	42
3030 Kay Ave	0.70mi	3/1.0	1,269 (-14%)	4mo	$145,000	$114	42

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -4.2%
• Equity multiple: 0.84×
• Total profit: $-5,680
• Equity at exit: $19,369

10-year hold

• IRR: 5.5%
• Equity multiple: 1.41×
• Total profit: $14,791
• Equity at exit: $11,231

Cash invested: $36,372 (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 44055

• Home prices YoY: -30.5%
• Active inventory: 81
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $1,360 high
• Mortgage (P&I): −$681
• Tax from tax record: −$97 /mo · $1,166/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$286
• Net cashflow: $242

Break-even live

Break-even rent $1,054

Max offer price $129,900

Occupancy floor 77%

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: $32,475
• Closing costs: $3,897
• Reserves months: —
• Total cash needed: —

Rent comps 25 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
336 W 29th St Lorain, OH	3.0	1.0	1440	$1,350	$0.94	43d	1	0.07mi
117 W 30th St Lorain, OH	2.0	1.0	1344	$925	$0.69	43d	1	0.22mi
509 W 24th St Lorain, OH	2.0	1.0	1036	$1,400	$1.35	43d	1	0.23mi
2715 Apple Ave Lorain, OH	3.0	1.0	1240	$1,311	$1.06	43d	1	0.29mi
128 W 22nd St Lorain, OH	3.0	1.0	1402	$1,470	$1.05	43d	1	0.40mi
3132 Elyria Ave Lorain, OH	3.0	1.5	1109	$1,250	$1.13	43d	1	0.43mi
944 S Central Dr Lorain, OH	3.0	1.0	950	$1,250	$1.32	23d	1	0.46mi
704 W 21st St Lorain, OH	4.0	1.0	1410	$1,450	$1.03	23d	1	0.49mi
2909 Denver Ave Lorain, OH	3.0	1.0	1597	$1,400	$0.88	43d	1	0.52mi
2307 Washington Ave Lorain, OH	1.0–3.0	1.0	880	$1,499	$1.70	1d	1	0.56mi
939 W 22nd St Lorain, OH	3.0	1.0	950	$1,295	$1.36	43d	1	0.60mi
612 E 33rd St Lorain, OH	3.0	1.0	960	$995	$1.04	43d	1	0.62mi
1724 Lexington Ave Lorain, OH	3.0	1.0	1150	$1,215	$1.06	23d	1	0.70mi
1703 Oakdale Ave Lorain, OH	3.0	1.0	1237	$1,300	$1.05	3d	1	0.73mi
930 W 18th St Lorain, OH	4.0	1.0	1344	$1,450	$1.08	43d	1	0.79mi
521 W 14th St Lorain, OH	3.0	1.0	968	$950	$0.98	43d	1	0.82mi
420 W 12th St Lorain, OH	3.0	1.0	1204	$1,650	$1.37	4d	1	1.00mi
1220 W 19th St Lorain, OH	4.0	1.0	1492	$1,550	$1.04	23d	1	1.05mi
1053 Washington Ave Unit 4 Lorain, OH	3.0	1.0	1000	$899	$0.90	43d	1	1.08mi
1037 Washington Ave Lorain, OH	4.0	2.0	1567	$1,600	$1.02	17d	1	1.10mi
1055 W 12th St Lorain, OH	4.0	1.0	1206	$1,750	$1.45	23d	1	1.10mi
1322 Brownell Ave Lorain, OH	4.0	1.0	1571	$1,570	$1.00	43d	1	1.26mi
1637 E 29th St Lorain, OH	2.0	1.0	1200	$979	$0.82	14d	1	1.27mi
1639 E 31st St Unit 1637 Lorain, OH	3.0	1.0	1500	$1,200	$0.80	43d	1	1.31mi
1413 W 12th St Lorain, OH	4.0	1.5	1725	$1,700	$0.99	43d	1	1.41mi

Listing history 16 events

1. 2026-06-18
   days on market $129,900 Active 72 DOM
2. 2026-06-17
   days on market $129,900 Active 71 DOM
3. 2026-06-16
   days on market $129,900 Active 70 DOM
4. 2026-06-15
   days on market $129,900 Active 69 DOM
5. 2026-06-13
   days on market $129,900 Active 67 DOM
6. 2026-06-13
   days on market $129,900 Active 66 DOM
7. 2026-06-09
   days on market $129,900 Active 63 DOM
8. 2026-06-08
   days on market $129,900 Active 62 DOM
9. 2026-06-07
   pricedays on market $129,900 Active 61 DOM
10. 2026-06-03
    days on market $135,000 Active 57 DOM
11. 2026-06-02
    days on market $135,000 Active 56 DOM
12. 2026-06-01
    days on market $135,000 Active 55 DOM
13. 2026-05-31
    days on market $135,000 Active 54 DOM
14. 2026-05-13
    price $135,000 1014-char remark

    Show marketing remark (1014 chars)

    Charming Classic Colonial in the heart of Lorain! This inviting 3-bedroom, 1-bath home blends timeless character with practical updates, featuring beautiful natural woodwork and hardwood floors throughout. Enjoy relaxing mornings on the spacious front porch or entertaining in the comfortable living areas. The updated bathroom adds modern convenience, while major improvements—including a new roof (2023) and hot water tank (2025)—provide peace of mind. The home offers 1,468 square feet of living space, plus a full basement for storage or future potential. There is a walk up attic that can be used for additional storage. Located near Central Park, this property also includes a 2-car garage and comes fully equipped with kitchen appliances (range, refrigerator, dishwasher) along with a washer and dryer—making it truly move-in ready. Perfect for first-time buyers or those looking for a solid investment opportunity, this home delivers value, charm, and functionality in a central location.

15. 2026-04-07
    listed $140,000 Active 1014-char remark

    Show marketing remark (1014 chars)

    Charming Classic Colonial in the heart of Lorain! This inviting 3-bedroom, 1-bath home blends timeless character with practical updates, featuring beautiful natural woodwork and hardwood floors throughout. Enjoy relaxing mornings on the spacious front porch or entertaining in the comfortable living areas. The updated bathroom adds modern convenience, while major improvements—including a new roof (2023) and hot water tank (2025)—provide peace of mind. The home offers 1,468 square feet of living space, plus a full basement for storage or future potential. There is a walk up attic that can be used for additional storage. Located near Central Park, this property also includes a 2-car garage and comes fully equipped with kitchen appliances (range, refrigerator, dishwasher) along with a washer and dryer—making it truly move-in ready. Perfect for first-time buyers or those looking for a solid investment opportunity, this home delivers value, charm, and functionality in a central location.

16. 2007-01-09
    soldstatus $80,000

ⓘ 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: $1,166 · $97/mo
• Projected year-2 tax: $1,596 · $133/mo
• Expected delta: +$430/yr (+$36/mo · 36.9%)

ⓘ 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 ≥97°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: $16,316
• − Mortgage interest: −$7,276
• − Property taxes: −$1,166
• − Insurance: −$650
• − Repairs & maintenance: −$1,305
• − Management: −$1,305
• − Depreciation: −$3,779
• Taxable income: $835
• Est. tax owed @ 24.0%: −$200
• After-tax cash flow: $2,699/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: Lorain City
• NCES district ID: 3904426
• Math proficiency: 13% ▼ -24.00%
• Reading proficiency: 26% ▼ -10.00%
• Median HH income: $32,823
• Composite: 15.81/100
• National rank: #9266
• State rank: #633 of 656 in OH

Livability — Lorain

• Score: 67/100
• State rank: #595
• US rank: #10183

Category grades

Amenities D Commute F Cost of living A+ Crime F Employment F Housing A+ Health & safety D User ratings A-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lorain, OH
• County: Lorain County · 219,437 people
• City population: 69,409
• Metro: Cleveland-Elyria, OH
• Population (ZIP): 20,043
• Household income: $40,636
• Rent vs Own: 47.3% rent · 52.7% own
• Severe rent burden: 1140.0

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: Diverse neighborhood (Simpson 0.68)
• Race & ethnicity: White 41% Hispanic / Latino 37% Two or more races 24% Black 14%
• Hispanic origin (detail): Mexican 7% Puerto Rican 27%
• Common ancestry: Romanian 5% Slovak 1%
• Foreign-born: 4% · Canada, Guatemala
• Languages at home: 75% English-only · Spanish 23%

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: ▼ -79.26%
• Current HPI: 180.9309
• Rent YoY: —
• 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

+68.8% since first listed

3 events — show timeline

• 2026-05-13 Price Changed $135,000 MLSNOW
• 2026-04-07 Listed $140,000 MLSNOW
• 2007-01-09 Sold (Public Records) $80,000 Public Records

Property tax history

+0.5%/yr

Latest (2025): $1,166 · -7.3% YoY. Source: county tax records.