53 Landings Way · Avon Lake, OH 44012

$175,000

2 bd · 1.5 ba · 1,099 sqft · Condo public records · 29 Days on market

Built 1977 $502/mo HOA · 17% of rent

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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 +28.8/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +7.0/10.0
• Livability +4.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Here is your chance to get a place to call home in Avon Lake at a great price! This corner unit condo with extra green space and an attached garage is in the highly-desired Landings with pool, tennis courts, basketball courts, Community center and many shops and restaurants within walking distance. Recent updates: Newly waterproofed basement (2022), New heat pump and Central air (2021). The condo association has also replaced the roof and siding, both are less than 8 years old. The inside is ready to be finished off exactly the way you would like it. This is a smart buy in a beautiful and peaceful community with wonderful community feel. The Condo fee includes all amenities, water, sewer, trash, landscaping and snow removal.

Key facts

• Walk-in closet
• Patio area
• Full bath

Tags

• UPDATED KITCHEN
• FULL BATH
• LVP FLOORING
• STAINLESS STEEL APPLIANCES
• PATIO AREA
• WALK-IN CLOSET

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath condo listed at $175k.

Deal economics

• At list price, monthly cash flow is $590 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $175k).
• Recommended offer: $172k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.3% vs local median 3.2% in Avon Lake — 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 84/100 on livability (#52 in OH, #736 nationally) — a professional / high-income tenant draw. Strengths: schools A+, crime A+, employment A+; Watch: commute F.
• Avon Lake City (suburban): math 78% / reading 80% proficiency, ranked #48 of 656 in OH (top 7%) — strong family-tenant draw, lease renewals of 3-5y typical; only 10% free/reduced lunch — higher-income household profile.
• Market conditions: 178 active listings in the ZIP; 2 comparable units currently listed for rent nearby; high-income renter base; 1,098 units permitted in Lorain County in 2024 (20 in 5+ unit buildings).
• This rent runs 30% of the median local income ($116k/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 $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $49k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 29 days — a 2% lower offer ($172k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 3y 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 $128k; 37% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $172,375 (1.5% below list)

Questions for the listing agent

1. Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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: 1.66% ✓
• Cap rate: 10.34%
• Cash-on-cash: 14.46%
• DSCR: 1.64
• GRM: 5.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 5.0%
• Equity multiple: 1.20×
• Total profit: $9,591
• Equity at exit: $26,093

10-year hold

• IRR: 14.6%
• Equity multiple: 2.19×
• Total profit: $58,191
• 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 44012

• Active inventory: 178
• Price-to-rent: 5.0×

Monthly cashflow live

• Estimated rent: $2,910 medium
• Mortgage (P&I): −$918
• Tax from tax record: −$216 /mo · $2,595/yr
• Insurance: −$73
• HOA: −$502
• Vacancy / Maint / Mgmt: −$611
• Net cashflow: $590

Break-even live

Break-even rent $2,163

Max offer price $175,000

Occupancy floor 75%

Sensitivity live

Price	-10% $689	-5% $640	+0% $590	+5% $541	+10% $491
Rent	-10% $360	-5% $475	+0% $590	+5% $705	+10% $820
Rate	-1.0pp $678	-0.5pp $635	base $590	+0.5pp $545	+1.0pp $499

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: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
165 Moorewood Ave Avon Lake, OH	3.0	2.0	1144	$1,745	$1.53	44d	1	0.98mi
126 Beachwood Ave Unit 1496069P Avon Lake, OH	3.0	1.5	1140	$6,089	$5.34	8d	1	1.06mi

HOA detail condo

• Monthly dues: $502 · $6,024/yr
• Likely covers: watersewertrashlandscapingsnow removalpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 12 events

1. 2026-04-22
   status Pending
2. 2026-04-14
   price $175,000
3. 2026-03-24
   listed $182,500 Active
4. 2023-03-28
   soldstatus $128,000
5. 2023-03-27
   soldstatus $128,000 Closed 734-char remark

   Show marketing remark (734 chars)

   Here is your chance to get a place to call home in Avon Lake at a great price! This corner unit condo with extra green space and an attached garage is in the highly-desired Landings with pool, tennis courts, basketball courts, Community center and many shops and restaurants within walking distance. Recent updates: Newly waterproofed basement (2022), New heat pump and Central air (2021). The condo association has also replaced the roof and siding, both are less than 8 years old. The inside is ready to be finished off exactly the way you would like it. This is a smart buy in a beautiful and peaceful community with wonderful community feel. The Condo fee includes all amenities, water, sewer, trash, landscaping and snow removal.

6. 2023-02-10
   status Pending 734-char remark

   Show marketing remark (734 chars)

   Here is your chance to get a place to call home in Avon Lake at a great price! This corner unit condo with extra green space and an attached garage is in the highly-desired Landings with pool, tennis courts, basketball courts, Community center and many shops and restaurants within walking distance. Recent updates: Newly waterproofed basement (2022), New heat pump and Central air (2021). The condo association has also replaced the roof and siding, both are less than 8 years old. The inside is ready to be finished off exactly the way you would like it. This is a smart buy in a beautiful and peaceful community with wonderful community feel. The Condo fee includes all amenities, water, sewer, trash, landscaping and snow removal.

7. 2023-02-08
   status Active 734-char remark

   Show marketing remark (734 chars)

   Here is your chance to get a place to call home in Avon Lake at a great price! This corner unit condo with extra green space and an attached garage is in the highly-desired Landings with pool, tennis courts, basketball courts, Community center and many shops and restaurants within walking distance. Recent updates: Newly waterproofed basement (2022), New heat pump and Central air (2021). The condo association has also replaced the roof and siding, both are less than 8 years old. The inside is ready to be finished off exactly the way you would like it. This is a smart buy in a beautiful and peaceful community with wonderful community feel. The Condo fee includes all amenities, water, sewer, trash, landscaping and snow removal.

8. 2023-02-08
   status Active 734-char remark

   Show marketing remark (734 chars)

   Here is your chance to get a place to call home in Avon Lake at a great price! This corner unit condo with extra green space and an attached garage is in the highly-desired Landings with pool, tennis courts, basketball courts, Community center and many shops and restaurants within walking distance. Recent updates: Newly waterproofed basement (2022), New heat pump and Central air (2021). The condo association has also replaced the roof and siding, both are less than 8 years old. The inside is ready to be finished off exactly the way you would like it. This is a smart buy in a beautiful and peaceful community with wonderful community feel. The Condo fee includes all amenities, water, sewer, trash, landscaping and snow removal.

9. 2023-02-08
   historical 734-char remark

   Show marketing remark (734 chars)

   Here is your chance to get a place to call home in Avon Lake at a great price! This corner unit condo with extra green space and an attached garage is in the highly-desired Landings with pool, tennis courts, basketball courts, Community center and many shops and restaurants within walking distance. Recent updates: Newly waterproofed basement (2022), New heat pump and Central air (2021). The condo association has also replaced the roof and siding, both are less than 8 years old. The inside is ready to be finished off exactly the way you would like it. This is a smart buy in a beautiful and peaceful community with wonderful community feel. The Condo fee includes all amenities, water, sewer, trash, landscaping and snow removal.

10. 2023-02-07
    listed $129,900 734-char remark

    Show marketing remark (734 chars)

    Here is your chance to get a place to call home in Avon Lake at a great price! This corner unit condo with extra green space and an attached garage is in the highly-desired Landings with pool, tennis courts, basketball courts, Community center and many shops and restaurants within walking distance. Recent updates: Newly waterproofed basement (2022), New heat pump and Central air (2021). The condo association has also replaced the roof and siding, both are less than 8 years old. The inside is ready to be finished off exactly the way you would like it. This is a smart buy in a beautiful and peaceful community with wonderful community feel. The Condo fee includes all amenities, water, sewer, trash, landscaping and snow removal.

11. 2023-02-06
    historical 734-char remark

    Show marketing remark (734 chars)

    Here is your chance to get a place to call home in Avon Lake at a great price! This corner unit condo with extra green space and an attached garage is in the highly-desired Landings with pool, tennis courts, basketball courts, Community center and many shops and restaurants within walking distance. Recent updates: Newly waterproofed basement (2022), New heat pump and Central air (2021). The condo association has also replaced the roof and siding, both are less than 8 years old. The inside is ready to be finished off exactly the way you would like it. This is a smart buy in a beautiful and peaceful community with wonderful community feel. The Condo fee includes all amenities, water, sewer, trash, landscaping and snow removal.

12. 1995-06-21
    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: $2,595 · $216/mo
• Projected year-2 tax: $2,662 · $222/mo
• Expected delta: +$68/yr (+$6/mo · 2.6%)

ⓘ 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 ≥96°F today · 15 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: $34,925
• − Mortgage interest: −$9,803
• − Property taxes: −$2,595
• − Insurance: −$875
• − Repairs & maintenance: −$2,794
• − Management: −$2,794
• − HOA: −$6,024
• − Depreciation: −$5,091
• Taxable income: $4,949
• Est. tax owed @ 24.0%: −$1,188
• After-tax cash flow: $5,896/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: Avon Lake City
• NCES district ID: 3904812
• Math proficiency: 78% ▼ -10.00%
• Reading proficiency: 80% ▼ -6.00%
• Median HH income: $79,608
• Composite: 69.66/100
• National rank: #296
• State rank: #48 of 656 in OH

Livability — Avon Lake

• Score: 84/100
• State rank: #52
• US rank: #736

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Avon Lake, OH
• County: Lorain County · 219,437 people
• City population: 25,752
• Metro: Cleveland-Elyria, OH
• Population (ZIP): 25,752
• Household income: $115,567
• Rent vs Own: 16.9% rent · 83.1% own
• Severe rent burden: 290.0

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 (91%)
• Race & ethnicity: White 91% Two or more races 4% Hispanic / Latino 3% Asian 2% Black 1%
• Common ancestry: Romanian 8% Slovak 2% Lithuanian 1%
• Foreign-born: 4% · Canada, China
• Languages at home: 94% English-only · Spanish 2% Other Indo-European 1% Other Asian/Pacific 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: ▼ -148.16%
• Current HPI: 207.1177
• 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

+118.8% since first listed

12 events — show timeline

• 2026-04-22 Pending — MLSNOW
• 2026-04-14 Price Changed $175,000 MLSNOW
• 2026-03-24 Listed $182,500 MLSNOW
• 2023-03-28 Sold (Public Records) $128,000 Public Records
• 2023-03-27 Sold (MLS) $128,000 MLSNOW
• 2023-02-10 Pending — MLSNOW
• 2023-02-08 Relisted — MLSNOW
• 2023-02-08 Relisted — MLSNOW
• 2023-02-08 Listing Removed — MLSNOW
• 2023-02-07 Listed $129,900 MLSNOW
• 2023-02-06 Listing Removed — MLSNOW
• 1995-06-21 Sold (Public Records) $80,000 Public Records

Property tax history

+2.3%/yr

Latest (2025): $2,595 · +7.0% YoY. Source: county tax records.