448 Delaware Ave · Lorain, OH 44052

$210,000

24 bd · 16.0 ba · 2,202 sqft · MultiFamily · 20 Days on market

Built 1923 Fair condition 4,356 sqft lot $95/sqft · 33% above area Est $158k · 33% 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 +3.5/5.0
• Livability +3.4/5.0
• Condition / age +2.2/5.0
• Schools +1.6/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks

Investment Opportunity in Lorain! This 4-unit property features a mix of 2 bed / 1 bath and 1 bed / 1 bath units, all currently leased on month-to-month terms, providing immediate income and flexibility. Rents range from $525–$750/month, offering strong upside potential for increased cash flow. Conveniently located near shopping, dining, parks, and major roadways. A great addition to any investment portfolio!

Key facts

• Near dining
• Currently leased
• Near shopping

Tags

• 4 UNIT PROPERTY
• CURRENTLY LEASED
• NEAR SHOPPING
• NEAR DINING
• NEAR PARKS
• NEAR MAJOR ROADWAYS

Property features AI

Finance

• Financial info: Leased units with current rents: Unit 1 $725 (leased through 01/31/2026), Unit 2 $550 (leased through 02/28/2027), Unit 3 $750 (leased through 04/30/2026), Unit 4 $525 (lease through 01/31/2027)

Exterior

• Parking: No garage; On-street parking
• Utilities: Public water; Public sewer
• Home design: Multi-unit property with 1 building; 2 stories
• Construction: Vinyl siding; Shingle roof
• Exterior features: Small lot (approximately 0.1 acre)

Interior

• Bedrooms: Unit 1: 2 bedrooms (month-to-month); Unit 2: 1 bedroom; Unit 3: 2 bedrooms (month-to-month); Unit 4: 1 bedroom
• Bathrooms: 4 full bathrooms total; Each unit includes 1 bathroom
• Heating & cooling: Forced-air heating; Gas heating
• Interior features: Unfinished basement; 14 total rooms

What this means for you Summary

Snapshot

• This is a 2×2bd/1ba + 2×1bd/1ba units multifamily listed at $210k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive. Per door: $339/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $210k).
• Recommended offer: $207k (1.5% below list) — sets the bar for market timing.
• Cap rate 14.0% 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; 1,098 units permitted in Lorain County in 2024 (20 in 5+ unit buildings).
• At $3,552/mo this rent would consume 95% 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 $6k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 4.1% rent growth), your $59k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($207k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

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

Recommended offer $206,850 (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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Built in 1923 — 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. 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?
7. 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.
8. 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.
9. 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: 1.69% ✓
• Cap rate: 14.03%
• Cash-on-cash: 27.65%
• DSCR: 2.23
• GRM: 4.9

CMA / ARV

• ARV (median comp): $157,764
• List price: $210,000
• Delta: 33.11%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 23.0%
• Equity multiple: 1.96×
• Total profit: $56,251
• Equity at exit: $31,312

10-year hold

• IRR: 31.6%
• Equity multiple: 4.01×
• Total profit: $176,832
• Equity at exit: $18,157

Cash invested: $58,800 (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: 19.1×

Monthly cashflow live

• Estimated rent: $3,552 medium
• Mortgage (P&I): −$1,101
• Tax est. 1.5%: −$262 /mo · $3,150/yr
• Insurance: −$88
• HOA: −$0
• Vacancy / Maint / Mgmt: −$746
• Net cashflow: $1,355

Break-even live

Break-even rent $1,837

Max offer price $210,000

Occupancy floor 57%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$1,836
▸ 2× units	1	1	$1,714
Total (4 units)			$3,552

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: $52,500
• Closing costs: $6,300
• Reserves months: —
• Total cash needed: —

Listing history 1 events

1. 2026-04-24
   listed $210,000 Active 418-char remark

ⓘ 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 ≥97°F today · 17 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: $42,624
• − Mortgage interest: −$11,763
• − Property taxes: −$3,150
• − Insurance: −$1,050
• − Repairs & maintenance: −$3,410
• − Management: −$3,410
• − Depreciation: −$6,109
• Taxable income: $13,732
• Est. tax owed @ 24.0%: −$3,296
• After-tax cash flow: $12,962/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

Fair 45/100 Moderate rehab

This 4-unit property in Lorain requires moderate repairs and maintenance to improve its condition and value. Key areas for improvement include organizing the kitchen and bathrooms, painting interior walls and ceilings, and landscaping the exterior. With these updates, the property can be transformed into a move-in-ready investment opportunity.

Repairs flagged

• Moderate kitchen cabinets — Cabinets are cluttered and need organization.
• Moderate bathroom shelves — Shelves in bathrooms are cluttered and need organization.
• Moderate landscaping — Landscaping and curb appeal need trimming and cleaning up to improve curb appeal.

Value-add opportunities

• Both Paint interior walls and ceilings — Fresh paint can improve the overall appearance and value of the property.
• Both Replace kitchen cabinets and countertops — New cabinets and countertops can significantly improve the kitchen's functionality and aesthetic appeal.
• Both Replace bathroom fixtures and tiles — New fixtures and tiles can improve the functionality and aesthetic appeal of the bathrooms.
• Both Landscaping and curb appeal improvements — A well-maintained and attractive exterior can improve the property's curb appeal and overall value.

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · Cabinets are cluttered and need organization.	Moderate	$3,000–15,000
bathroom shelves · Shelves in bathrooms are cluttered and need organization.	Moderate	$3,000–15,000
landscaping · Landscaping and curb appeal need trimming and cleaning up to improve curb appeal.	Moderate	$3,000–15,000
Total estimated repair cost · 3 items		$9,000–45,000

Value-add ROI direction

• Both Paint interior walls and ceilings — Fresh paint can improve the overall appearance and value of the property. ↑
• Both Replace kitchen cabinets and countertops — New cabinets and countertops can significantly improve the kitchen's functionality and aesthetic appeal. ↑
• Both Replace bathroom fixtures and tiles — New fixtures and tiles can improve the functionality and aesthetic appeal of the bathrooms. ↑
• Both Landscaping and curb appeal improvements — A well-maintained and attractive exterior can improve the property's curb appeal and overall value. ↑

ⓘ 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

2 events — show timeline

• 2026-05-21 Pending — MLSNOW
• 2026-04-24 Listed $210,000 MLSNOW