3177 Elyria Ave · Lorain, OH 44055

$140,000

4 bd · 2.0 ba · — sqft · MultiFamily · 280 Days on market

Built 1910 4,356 sqft lot Est $108k · 30% over

---

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
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

Introducing a prime opportunity to own a versatile multi-unit building in Lorain. This property features multiple income-generating residential units on the upper floors, while offering complete flexibility on the first floor—ideal for a variety of uses. Whether you're envisioning a retail storefront, office space, café, wellness studio, or a spacious ground-level apartment, the first floor is a blank canvas ready to be tailored to your specific vision, making it ideal for owners, investors, or business operators looking for adaptable space. This building offers both immediate functionality and long-term potential. Whether you're looking to live and work in one place, lease out multiple units, or run a business from home, this property gives you the flexibility to shape it to your needs. Both units are currently leased, showings with accepted contract only.

Key facts

• Multi-unit building
• Office space
• Retail storefront

Tags

• MULTI-UNIT BUILDING
• RETAIL STOREFRONT
• OFFICE SPACE
• WELLNESS STUDIO
• GROUND-LEVEL APARTMENT
• ADAPTABLE SPACE

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $140k.

Deal economics

• At list price, monthly cash flow is $2k ($20k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $140k).
• Recommended offer: $123k (12.0% below list) — sets the bar for market timing.
• Cap rate 20.5% 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; 32 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 59% 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).
• At $3,323/mo this rent would consume 98% of the median local household income ($41k/yr) (locally 1140% 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 $968 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $39k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 280 days — a 12% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 19y ago; this cycle's ask has dropped $25k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $14k; list at $140k implies a 900% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $123,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 280 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1910 — 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 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: 2.37% ✓
• Cap rate: 20.50%
• Cash-on-cash: 50.74%
• DSCR: 3.26
• GRM: 3.5

CMA / ARV

• ARV (median comp): $107,767
• List price: $140,000
• Delta: 29.91%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3115 Elyria Ave	0.06mi	4/2.0	2,600	18mo	$31,500	$12	69
3309 Elyria Ave	0.08mi	5/3.0 (+1)	1,536	9mo	$126,250	$82	67
2603 Oakdale Ave	0.64mi	5/2.0 (+1)	—	17mo	$165,900	—	38

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: 48.5%
• Equity multiple: 3.12×
• Total profit: $82,941
• Equity at exit: $20,874

10-year hold

• IRR: 54.1%
• Equity multiple: 6.32×
• Total profit: $208,375
• Equity at exit: $12,105

Cash invested: $39,200 (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: 10.5×

Monthly cashflow live

• Estimated rent: $3,323 high
• Mortgage (P&I): −$734
• Tax est. 1.5%: −$175 /mo · $2,100/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$698
• Net cashflow: $1,658

Break-even live

Break-even rent $1,225

Max offer price $140,000

Occupancy floor 45%

Sensitivity live

Price	-10% $1,754	-5% $1,706	+0% $1,658	+5% $1,609	+10% $1,561
Rent	-10% $1,395	-5% $1,526	+0% $1,658	+5% $1,789	+10% $1,920
Rate	-1.0pp $1,728	-0.5pp $1,693	base $1,658	+0.5pp $1,621	+1.0pp $1,584

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$3,324
Total (3 units)			$3,323

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: $35,000
• Closing costs: $4,200
• Reserves months: —
• Total cash needed: —

Rent comps 32 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3132 Elyria Ave Lorain, OH	3.0	1.5	1109	$1,250	$1.13	44d	1	0.03mi
200 E 32nd St Lorain, OH	4.0	1.0	—	$1,295	—	44d	1	0.10mi
200 E 31st St Lorain, OH	5.0	2.0	1562	$1,550	$0.99	2d	1	0.10mi
216 E 33rd St Lorain, OH	3.0	2.0	—	$1,650	—	2d	1	0.11mi
612 E 33rd St Lorain, OH	3.0	1.0	960	$995	$1.04	44d	1	0.16mi
2909 Denver Ave Lorain, OH	3.0	1.0	1597	$1,400	$0.88	44d	1	0.20mi
2715 Apple Ave Lorain, OH	3.0	1.0	1240	$1,311	$1.06	44d	1	0.29mi
2550 Elyria Ave Unit 2 Lorain, OH	3.0	1.0	765	$1,200	$1.57	8d	1	0.34mi
336 W 29th St Lorain, OH	3.0	1.0	1440	$1,350	$0.94	44d	1	0.46mi
3502 Lowell Ave Lorain, OH	3.0	1.0	788	$1,095	$1.39	2d	1	0.47mi
128 W 22nd St Lorain, OH	3.0	1.0	1402	$1,470	$1.05	44d	1	0.68mi
1639 E 31st St Unit 1637 Lorain, OH	3.0	1.0	1500	$1,200	$0.80	44d	1	0.88mi
944 S Central Dr Lorain, OH	3.0	1.0	950	$1,250	$1.32	24d	1	0.92mi
704 W 21st St Lorain, OH	4.0	1.0	1410	$1,450	$1.03	24d	1	0.92mi
2307 Washington Ave Lorain, OH	1.0–3.0	1.0	880	$1,499	$1.70	2d	1	1.02mi
1724 Lexington Ave Lorain, OH	3.0	1.0	1150	$1,215	$1.06	24d	1	1.04mi
939 W 22nd St Lorain, OH	3.0	1.0	950	$1,295	$1.36	44d	1	1.06mi
1703 Oakdale Ave Lorain, OH	3.0	1.0	1237	$1,300	$1.05	3d	1	1.10mi
1730 E 30th St Unit 1730 Lorain, OH	3.0	1.0	1120	$1,250	$1.12	44d	1	1.11mi
220 W 15th St Lorain, OH	3.0	1.0	—	$1,470	—	44d	1	1.15mi
521 W 14th St Lorain, OH	3.0	1.0	968	$950	$0.98	44d	1	1.18mi
1763 E 36th St Lorain, OH	5.0	1.5	2000	$1,895	$0.95	2d	1	1.22mi
930 W 18th St Lorain, OH	4.0	1.0	1344	$1,450	$1.08	44d	1	1.23mi
3009 Pearl Ave Lorain, OH	3.0	1.0	—	$1,075	—	18d	1	1.28mi
3009 Pearl Ave Lorain, OH	3.0	1.0	—	$1,075	—	44d	1	1.28mi
3009 Pearl Ave Unit 102 Lorain, OH	3.0	1.5	—	$1,075	—	44d	1	1.28mi
4850 Oneil Blvd Lorain, OH	2.0–3.0	1.0–1.5	981	$915	$0.93	2d	1	1.30mi
1813 E 30th St Lorain, OH	4.0	1.0	1344	$1,450	$1.08	44d	1	1.31mi
1818 E 29th St Unit 1816 Lorain, OH	3.0	1.0	1098	$1,195	$1.09	44d	1	1.32mi
420 W 12th St Lorain, OH	3.0	1.0	1204	$1,650	$1.37	5d	1	1.36mi
1819 Oberlin Ave Lorain, OH	3.0	1.0	—	$1,395	—	44d	1	1.47mi
1053 Washington Ave Unit 4 Lorain, OH	3.0	1.0	1000	$899	$0.90	44d	1	1.49mi

Listing history 20 events

1. 2026-06-18
   days on market $140,000 Active 280 DOM
2. 2026-06-17
   days on market $140,000 Active 279 DOM
3. 2026-06-16
   days on market $140,000 Active 278 DOM
4. 2026-06-15
   days on market $140,000 Active 277 DOM
5. 2026-06-13
   days on market $140,000 Active 275 DOM
6. 2026-06-13
   days on market $140,000 Active 274 DOM
7. 2026-06-09
   days on market $140,000 Active 271 DOM
8. 2026-06-08
   days on market $140,000 Active 270 DOM
9. 2026-06-07
   days on market $140,000 Active 269 DOM
10. 2026-06-03
    days on market $140,000 Active 265 DOM
11. 2026-06-02
    days on market $140,000 Active 264 DOM
12. 2026-06-01
    days on market $140,000 Active 263 DOM
13. 2026-05-31
    days on market $140,000 Active 262 DOM
14. 2026-05-16
    price $140,000 883-char remark

    Show marketing remark (883 chars)

    Introducing a prime opportunity to own a versatile multi-unit building in Lorain. This property features multiple income-generating residential units on the upper floors, while offering complete flexibility on the first floor—ideal for a variety of uses. Whether you're envisioning a retail storefront, office space, café, wellness studio, or a spacious ground-level apartment, the first floor is a blank canvas ready to be tailored to your specific vision, making it ideal for owners, investors, or business operators looking for adaptable space. This building offers both immediate functionality and long-term potential. Whether you're looking to live and work in one place, lease out multiple units, or run a business from home, this property gives you the flexibility to shape it to your needs. Both units are currently leased, showings with accepted contract only.

15. 2026-03-14
    price $145,000 883-char remark

    Show marketing remark (883 chars)

    Introducing a prime opportunity to own a versatile multi-unit building in Lorain. This property features multiple income-generating residential units on the upper floors, while offering complete flexibility on the first floor—ideal for a variety of uses. Whether you're envisioning a retail storefront, office space, café, wellness studio, or a spacious ground-level apartment, the first floor is a blank canvas ready to be tailored to your specific vision, making it ideal for owners, investors, or business operators looking for adaptable space. This building offers both immediate functionality and long-term potential. Whether you're looking to live and work in one place, lease out multiple units, or run a business from home, this property gives you the flexibility to shape it to your needs. Both units are currently leased, showings with accepted contract only.

16. 2025-12-03
    price $150,000 883-char remark

    Show marketing remark (883 chars)

    Introducing a prime opportunity to own a versatile multi-unit building in Lorain. This property features multiple income-generating residential units on the upper floors, while offering complete flexibility on the first floor—ideal for a variety of uses. Whether you're envisioning a retail storefront, office space, café, wellness studio, or a spacious ground-level apartment, the first floor is a blank canvas ready to be tailored to your specific vision, making it ideal for owners, investors, or business operators looking for adaptable space. This building offers both immediate functionality and long-term potential. Whether you're looking to live and work in one place, lease out multiple units, or run a business from home, this property gives you the flexibility to shape it to your needs. Both units are currently leased, showings with accepted contract only.

17. 2025-10-25
    price $159,900 883-char remark

    Show marketing remark (883 chars)

    Introducing a prime opportunity to own a versatile multi-unit building in Lorain. This property features multiple income-generating residential units on the upper floors, while offering complete flexibility on the first floor—ideal for a variety of uses. Whether you're envisioning a retail storefront, office space, café, wellness studio, or a spacious ground-level apartment, the first floor is a blank canvas ready to be tailored to your specific vision, making it ideal for owners, investors, or business operators looking for adaptable space. This building offers both immediate functionality and long-term potential. Whether you're looking to live and work in one place, lease out multiple units, or run a business from home, this property gives you the flexibility to shape it to your needs. Both units are currently leased, showings with accepted contract only.

18. 2025-09-11
    listed $164,900 Active 883-char remark

    Show marketing remark (883 chars)

    Introducing a prime opportunity to own a versatile multi-unit building in Lorain. This property features multiple income-generating residential units on the upper floors, while offering complete flexibility on the first floor—ideal for a variety of uses. Whether you're envisioning a retail storefront, office space, café, wellness studio, or a spacious ground-level apartment, the first floor is a blank canvas ready to be tailored to your specific vision, making it ideal for owners, investors, or business operators looking for adaptable space. This building offers both immediate functionality and long-term potential. Whether you're looking to live and work in one place, lease out multiple units, or run a business from home, this property gives you the flexibility to shape it to your needs. Both units are currently leased, showings with accepted contract only.

19. 2007-09-17
    soldstatus $14,000 264-char remark

    Show marketing remark (264 chars)

    Bank-owned. As Is-where Is. Seller Makes No Representations Or Warranties As To Condition Of Property, Improvements Or Appurtenances. Large Storefront-type Building Previously Contained Nite Club In Lower Level With Living Quarters Above. Large Paved Parking Area.

20. 2007-08-09
    listed $14,935 264-char remark

    Show marketing remark (264 chars)

    Bank-owned. As Is-where Is. Seller Makes No Representations Or Warranties As To Condition Of Property, Improvements Or Appurtenances. Large Storefront-type Building Previously Contained Nite Club In Lower Level With Living Quarters Above. Large Paved Parking Area.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $39,876
• − Mortgage interest: −$7,842
• − Property taxes: −$2,100
• − Insurance: −$700
• − Repairs & maintenance: −$3,190
• − Management: −$3,190
• − Depreciation: −$4,073
• Taxable income: $18,781
• Est. tax owed @ 24.0%: −$4,507
• After-tax cash flow: $15,385/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

+837.4% since first listed

7 events — show timeline

• 2026-05-16 Price Changed $140,000 MLSNOW
• 2026-03-14 Price Changed $145,000 MLSNOW
• 2025-12-03 Price Changed $150,000 MLSNOW
• 2025-10-25 Price Changed $159,900 MLSNOW
• 2025-09-11 Listed $164,900 MLSNOW
• 2007-09-17 Sold (MLS) $14,000 MLSNOW
• 2007-08-09 Listed $14,935 MLSNOW