1305 W 9th St · Lorain, OH 44052

$149,900

2 bd · 2.0 ba · 1,403 sqft · MultiFamily · 26 Days on market

Built 1900 Good condition 3,049 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
• Condition / age +4.0/5.0
• Rent growth +3.5/5.0
• Livability +3.4/5.0
• Schools +1.6/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Great Income producing property! 1) Studio apartment $650 month to month tenant. 1) 1 Bedroom apartment $600 per month 1) 1,000 sq ft warehouse $600 per month. Newly updated & ready for the next investor! Unit 1 is month to month, units 2 & 3 are on a 1 yr lease signed 4/1/25. New shop roof replaced 5/8/2026, new garage door, 2 new exterior doors, new hwt, new paint, new LVP throughout & interiors remodeled late 2023

Key facts

• Warehouse
• New exterior doors
• 1 bedroom apartment

Tags

• STUDIO APARTMENT
• 1 BEDROOM APARTMENT
• WAREHOUSE
• NEW SHOP ROOF
• NEW GARAGE DOOR
• NEW EXTERIOR DOORS

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath multifamily listed at $150k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $971 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $150k).
• Recommended offer: $148k (1.5% below list) — sets the bar for market timing.
• Cap rate 14.1% 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: Rents rising fast (+4.1%/yr); 129 active listings in the ZIP; 22 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 41% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,098 units permitted in Lorain County in 2024 (20 in 5+ unit buildings).
• At $2,541/mo this rent would consume 68% of the median local household income ($45k/yr) (locally 1423% 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 $4k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 4.1% rent growth), your $42k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 26 days — a 2% lower offer ($148k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $147,651 (1.5% below list)

Questions for the listing agent

1. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
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 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: 1.70% ✓
• Cap rate: 14.07%
• Cash-on-cash: 27.77%
• DSCR: 2.24
• GRM: 4.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.09% rent growth · sell at horizon

5-year hold

• IRR: 23.1%
• Equity multiple: 1.96×
• Total profit: $40,438
• Equity at exit: $22,351

10-year hold

• IRR: 31.8%
• Equity multiple: 4.02×
• Total profit: $126,859
• Equity at exit: $12,961

Cash invested: $41,972 (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 44052

• Home prices YoY: -28.1%
• Rents YoY: 4.1%
• Active inventory: 129
• Price-to-rent: 14.9×

Monthly cashflow live

• Estimated rent: $2,541 medium
• Mortgage (P&I): −$786
• Tax est. 1.5%: −$187 /mo · $2,248/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$534
• Net cashflow: $971

Break-even live

Break-even rent $1,311

Max offer price $149,900

Occupancy floor 57%

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

Units	Beds	Baths	Est. rent
▸ 2× units	0	1	$1,676
1× unit	1	1	$866
Total (3 units)			$2,541

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: $37,475
• Closing costs: $4,497
• Reserves months: —
• Total cash needed: —

Rent comps 22 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1239 W 5th St Unit 1 Lorain, OH	3.0	1.0	1200	$1,100	$0.92	24d	1	0.33mi
1223 W 5th St Lorain, OH	3.0	2.0	1152	$1,150	$1.00	12d	1	0.33mi
1712 W 12th St Lorain, OH	3.0	1.0	996	$1,295	$1.30	24d	1	0.38mi
1053 Washington Ave Unit 2 Lorain, OH	1.0	1.0	990	$799	$0.81	12d	1	0.44mi
1053 Washington Ave Unit 4 Lorain, OH	3.0	1.0	1000	$899	$0.90	44d	1	0.44mi
1220 W Erie Ave Lorain, OH	2.0	2.0	1458	$1,050	$0.72	2d	1	0.46mi
1028 W 5th St Lorain, OH	3.0	2.0	1250	$1,650	$1.32	44d	1	0.48mi
516 Washington Ave Unit 516 A Lorain, OH	1.0	1.0	1008	$915	$0.91	44d	1	0.51mi
220 Hamilton Ave Lorain, OH	2.0	1.0	1848	$950	$0.51	21d	1	0.60mi
420 W 12th St Lorain, OH	3.0	1.0	1204	$1,650	$1.37	4d	1	0.66mi
521 W 14th St Lorain, OH	3.0	1.0	968	$950	$0.98	44d	1	0.76mi
1703 Oakdale Ave Lorain, OH	3.0	1.0	1237	$1,300	$1.05	3d	1	0.79mi
939 W 22nd St Lorain, OH	3.0	1.0	950	$1,295	$1.36	44d	1	0.84mi
1724 Lexington Ave Lorain, OH	3.0	1.0	1150	$1,215	$1.06	24d	1	0.89mi
2307 Washington Ave Lorain, OH	1.0–3.0	1.0	880	$1,224	$1.39	2d	1	0.92mi
1906 N Leavitt Rd Unit 1496120P Lorain, OH	3.0	2.0	1517	$5,246	$3.46	3d	1	0.93mi
2809 W Erie Ave Lorain, OH	1.0–2.0	1.0	800	$1,049	$1.31	2d	1	1.01mi
944 S Central Dr Lorain, OH	3.0	1.0	950	$1,250	$1.32	24d	1	1.05mi
509 W 24th St Lorain, OH	2.0	1.0	1036	$1,400	$1.35	44d	1	1.17mi
128 W 22nd St Lorain, OH	3.0	1.0	1402	$1,470	$1.05	44d	1	1.21mi
810 E Erie Ave #4 Lorain, OH	2.0	1.0	1200	$895	$0.75	44d	1	1.40mi
336 W 29th St Lorain, OH	3.0	1.0	1440	$1,350	$0.94	44d	1	1.43mi

Listing history 14 events

1. 2026-06-18
   days on market $149,900 Active 26 DOM
2. 2026-06-17
   days on market $149,900 Active 25 DOM
3. 2026-06-16
   days on market $149,900 Active 24 DOM
4. 2026-06-15
   days on market $149,900 Active 23 DOM
5. 2026-06-13
   days on market $149,900 Active 21 DOM
6. 2026-06-13
   days on market $149,900 Active 20 DOM
7. 2026-06-09
   days on market $149,900 Active 17 DOM
8. 2026-06-08
   days on market $149,900 Active 16 DOM
9. 2026-06-07
   days on market $149,900 Active 15 DOM
10. 2026-06-03
    days on market $149,900 Active 11 DOM
11. 2026-06-02
    days on market $149,900 Active 10 DOM
12. 2026-06-01
    days on market $149,900 Active 9 DOM
13. 2026-05-31
    days on market $149,900 Active 8 DOM
14. 2026-05-22
    listed $149,900 Active

ⓘ 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 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $30,492
• − Mortgage interest: −$8,397
• − Property taxes: −$2,248
• − Insurance: −$750
• − Repairs & maintenance: −$2,439
• − Management: −$2,439
• − Depreciation: −$4,361
• Taxable income: $9,858
• Est. tax owed @ 24.0%: −$2,366
• After-tax cash flow: $9,292/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 · 30 photos

Good 80/100 Cosmetic rehab

This property is in excellent condition with recent updates, making it a great investment opportunity for both resale and rental.

Value-add opportunities

• Both Painting exterior and interior walls — Enhances curb appeal and interior aesthetics.
• Both Landscaping and curb appeal improvements — Improves property's visual appeal and marketability.
• Both Upgrading appliances — Modernizes the kitchen and increases rental value.
• Both Adding smart home features — Enhances convenience and adds value to the property.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting exterior and interior walls — Enhances curb appeal and interior aesthetics. ↑
• Both Landscaping and curb appeal improvements — Improves property's visual appeal and marketability. ↑
• Both Upgrading appliances — Modernizes the kitchen and increases rental value. ↑
• Both Adding smart home features — Enhances convenience and adds value to the property. ↑

ⓘ 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: 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): 28,282
• Household income: $45,023
• Rent vs Own: 46.0% rent · 54.0% own
• Severe rent burden: 1423.0

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 0.66)
• Race & ethnicity: White 49% Hispanic / Latino 24% Black 21% Two or more races 16%
• Hispanic origin (detail): Mexican 5% Puerto Rican 17%
• Common ancestry: Romanian 6% Lithuanian 1% Iranian 1%
• Foreign-born: 3% · Canada, Vietnam
• Languages at home: 84% English-only · Spanish 14%

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: ▼ -73.23%
• Current HPI: 186.9657
• Rent YoY: ▲ 4.09%
• 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

• 2026-05-22 Listed $149,900 MLSNOW