1004 East Ave · Elyria, OH 44035

$179,900

8 bd · 4.0 ba · 2,518 sqft · MultiFamily public records · 27 Days on market

Built 1900 2.24 ac 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
• Rent growth +4.2/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0
• 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 MLS

This Rare Triplex in Elyria needs Rehab and Cosmetics * Spacious 3 Family Century Colonial Home with Wooded Rear Lot that Backs to the Black River * Open Floor Plan with High Ceilings and over 2500 Square Feet of Living Space * Detached 2 Car Garage and Full Basement * Current Tenant is Occupying all 3 Units Paying 1400/Month Total * Rents Should be Higher * Newer Roof * Separate Utility Meters * Excellent Investment Property that Needs Work * Great Income Potential Here *

Key facts

• Prime riverfront lot
• Spacious quadplex
• Solid roof

Tags

• SPACIOUS QUADPLEX
• PRIME RIVERFRONT LOT
• INCOME PRODUCING POSSIBILITIES
• SOLID ROOF
• UPDATED VINYL WINDOWS
• FRESHLY IMPROVED EXTERIOR

Property features AI

Exterior

• Parking: Driveway with gravel surface
• Utilities: Public water; Public sewer
• Home design: Three-story residence; Vinyl and wood siding
• Construction: Built according to public records; Asphalt/fiberglass roof
• Exterior features: Waterfront property on a river; Lot approximately 2.24 acres

Interior

• Bathrooms: Four full bathrooms
• Heating & cooling: Heating present; Baseboard heating; Electric heating; Forced air heating; Gas heating
• Interior features: Total of 11 rooms; Unfinished walk-out basement
• Laundry & utility: Dedicated laundry room

What this means for you Summary

Snapshot

• This is a 4 × 7-bed/4.0-bath units multifamily listed at $180k.

Deal economics

• At list price, monthly cash flow is $3k ($40k/yr) — positive. Per door: $825/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $180k).
• Recommended offer: $177k (1.5% below list) — sets the bar for market timing.
• Cap rate 28.3% vs local median 3.8% in Elyria — 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 75/100 on livability (#243 in OH, #3,869 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A; Watch: schools C-, employment D, commute F.
• Elyria City Schools (urban): math 21% / reading 37% proficiency, ranked #586 of 656 in OH (top 89%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising fast (+6.7%/yr); 356 active listings in the ZIP; 1,098 units permitted in Lorain County in 2024 (20 in 5+ unit buildings).
• At $5,596/mo this rent would consume 119% of the median local household income ($56k/yr) (locally 2229% 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 $5k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 6.7% rent growth), your $50k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 27 days — a 2% lower offer ($177k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 33y 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 $52k; list at $180k implies a 249% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $177,201 (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. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
6. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
7. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
8. 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.
9. 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.
10. 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: 3.11% ✓
• Cap rate: 28.30%
• Cash-on-cash: 78.58%
• DSCR: 4.50
• GRM: 2.7

CMA / ARV

• ARV (on-the-fly): $115,828
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
231 Oberlin Rd	0.64mi	7/3.0 (-1)	2,306 (-8%)	8mo	$106,000	$46	40

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 · 6.74% rent growth · sell at horizon

5-year hold

• IRR: 82.8%
• Equity multiple: 5.03×
• Total profit: $202,790
• Equity at exit: $26,824

10-year hold

• IRR: 87.0%
• Equity multiple: 11.80×
• Total profit: $543,983
• Equity at exit: $15,554

Cash invested: $50,372 (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 44035

• Rents YoY: 6.7%
• Active inventory: 356
• Price-to-rent: 10.7×

Monthly cashflow live

• Estimated rent: $5,596 medium
• Mortgage (P&I): −$943
• Tax from tax record: −$104 /mo · $1,248/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,175
• Net cashflow: $3,299

Break-even live

Break-even rent $1,421

Max offer price $179,900

Occupancy floor 36%

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

Units	Beds	Baths	Est. rent
▸ 4× units	7	4	$5,596
Total (4 units)			$5,596

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: $44,975
• Closing costs: $5,397
• Reserves months: —
• Total cash needed: —

Listing history 42 events

1. 2026-06-18
   days on market $179,900 Active 27 DOM
2. 2026-06-17
   days on market $179,900 Active 26 DOM
3. 2026-06-16
   days on market $179,900 Active 25 DOM
4. 2026-06-15
   days on market $179,900 Active 24 DOM
5. 2026-06-13
   days on market $179,900 Active 22 DOM
6. 2026-06-13
   days on market $179,900 Active 21 DOM
7. 2026-06-09
   days on market $179,900 Active 18 DOM
8. 2026-06-08
   days on market $179,900 Active 17 DOM
9. 2026-06-07
   days on market $179,900 Active 16 DOM
10. 2026-06-03
    days on market $179,900 Active 12 DOM
11. 2026-06-02
    days on market $179,900 Active 11 DOM
12. 2026-06-01
    days on market $179,900 Active 10 DOM
13. 2026-05-31
    days on market $179,900 Active 9 DOM
14. 2026-05-22
    listed $179,900 Active
15. 2024-06-28
    soldstatus $51,500
16. 2024-06-27
    soldstatus $65,000 Closed 477-char remark

    Show marketing remark (477 chars)

    This Rare Triplex in Elyria needs Rehab and Cosmetics * Spacious 3 Family Century Colonial Home with Wooded Rear Lot that Backs to the Black River * Open Floor Plan with High Ceilings and over 2500 Square Feet of Living Space * Detached 2 Car Garage and Full Basement * Current Tenant is Occupying all 3 Units Paying 1400/Month Total * Rents Should be Higher * Newer Roof * Separate Utility Meters * Excellent Investment Property that Needs Work * Great Income Potential Here *

17. 2024-05-30
    status Pending 477-char remark

    Show marketing remark (477 chars)

    This Rare Triplex in Elyria needs Rehab and Cosmetics * Spacious 3 Family Century Colonial Home with Wooded Rear Lot that Backs to the Black River * Open Floor Plan with High Ceilings and over 2500 Square Feet of Living Space * Detached 2 Car Garage and Full Basement * Current Tenant is Occupying all 3 Units Paying 1400/Month Total * Rents Should be Higher * Newer Roof * Separate Utility Meters * Excellent Investment Property that Needs Work * Great Income Potential Here *

18. 2024-05-16
    historical Contingent 477-char remark

    Show marketing remark (477 chars)

    This Rare Triplex in Elyria needs Rehab and Cosmetics * Spacious 3 Family Century Colonial Home with Wooded Rear Lot that Backs to the Black River * Open Floor Plan with High Ceilings and over 2500 Square Feet of Living Space * Detached 2 Car Garage and Full Basement * Current Tenant is Occupying all 3 Units Paying 1400/Month Total * Rents Should be Higher * Newer Roof * Separate Utility Meters * Excellent Investment Property that Needs Work * Great Income Potential Here *

19. 2024-04-21
    status Active 477-char remark

    Show marketing remark (477 chars)

    This Rare Triplex in Elyria needs Rehab and Cosmetics * Spacious 3 Family Century Colonial Home with Wooded Rear Lot that Backs to the Black River * Open Floor Plan with High Ceilings and over 2500 Square Feet of Living Space * Detached 2 Car Garage and Full Basement * Current Tenant is Occupying all 3 Units Paying 1400/Month Total * Rents Should be Higher * Newer Roof * Separate Utility Meters * Excellent Investment Property that Needs Work * Great Income Potential Here *

20. 2024-04-10
    historical Contingent 477-char remark

    Show marketing remark (477 chars)

    This Rare Triplex in Elyria needs Rehab and Cosmetics * Spacious 3 Family Century Colonial Home with Wooded Rear Lot that Backs to the Black River * Open Floor Plan with High Ceilings and over 2500 Square Feet of Living Space * Detached 2 Car Garage and Full Basement * Current Tenant is Occupying all 3 Units Paying 1400/Month Total * Rents Should be Higher * Newer Roof * Separate Utility Meters * Excellent Investment Property that Needs Work * Great Income Potential Here *

21. 2024-04-10
    listed $94,900 Active 477-char remark

    Show marketing remark (477 chars)

    This Rare Triplex in Elyria needs Rehab and Cosmetics * Spacious 3 Family Century Colonial Home with Wooded Rear Lot that Backs to the Black River * Open Floor Plan with High Ceilings and over 2500 Square Feet of Living Space * Detached 2 Car Garage and Full Basement * Current Tenant is Occupying all 3 Units Paying 1400/Month Total * Rents Should be Higher * Newer Roof * Separate Utility Meters * Excellent Investment Property that Needs Work * Great Income Potential Here *

22. 2024-04-09
    historical
23. 2024-03-31
    historical Contingent
24. 2024-03-25
    price $94,900
25. 2024-02-27
    price $139,900
26. 2024-02-03
    price $149,900
27. 2024-01-19
    listed $174,900 Active
28. 2022-01-27
    soldstatus $47,251
29. 2015-07-28
    soldstatus $6,600 Sold
30. 2015-07-16
    status Pending
31. 2015-06-25
    price $6,600
32. 2015-05-20
    price $9,500
33. 2015-04-27
    price $12,000
34. 2015-03-11
    listed $14,900 Active
35. 2013-12-18
    historical
36. 2013-06-18
    listed $69,900
37. 2005-12-21
    soldstatus $97,100
38. 2005-12-14
    soldstatus $97,100
39. 2005-09-03
    listed $99,900
40. 1993-07-29
    soldstatus $46,900
41. 1993-07-29
    soldstatus $46,900
42. 1993-05-07
    listed $49,900

ⓘ 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: $1,248 · $104/mo
• Projected year-2 tax: $2,027 · $169/mo
• Expected delta: +$779/yr (+$65/mo · 62.5%)

ⓘ 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 ≥98°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $67,152
• − Mortgage interest: −$10,077
• − Property taxes: −$1,248
• − Insurance: −$900
• − Repairs & maintenance: −$5,372
• − Management: −$5,372
• − Depreciation: −$5,233
• Taxable income: $38,950
• Est. tax owed @ 24.0%: −$9,348
• After-tax cash flow: $30,234/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: Elyria City Schools
• NCES district ID: 3904394
• Math proficiency: 21% ▼ -25.00%
• Reading proficiency: 37% ▼ -15.00%
• Median HH income: $40,992
• Composite: 24.45/100
• National rank: #7670
• State rank: #586 of 656 in OH

Livability — Elyria

• Score: 75/100
• State rank: #243
• US rank: #3869

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Elyria, OH
• County: Lorain County · 219,437 people
• City population: 62,179
• Metro: Cleveland-Elyria, OH
• Population (ZIP): 62,179
• Household income: $56,408
• Rent vs Own: 37.3% rent · 62.7% own
• Severe rent burden: 2229.0

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 (70%)
• Race & ethnicity: White 70% Two or more races 12% Black 11% Hispanic / Latino 10% Asian 1%
• Hispanic origin (detail): Mexican 2% Puerto Rican 6%
• Common ancestry: Romanian 5% Slovak 2% Lithuanian 2%
• Foreign-born: 2% · China, Canada
• Languages at home: 94% English-only · Spanish 4% Chinese 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: ▼ -139.09%
• Current HPI: 199.7354
• Rent YoY: ▲ 6.74%
• 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

+260.5% since first listed

29 events — show timeline

• 2026-05-22 Listed $179,900 MLSNOW
• 2024-06-28 Sold (Public Records) $51,500 Public Records
• 2024-06-27 Sold (MLS) $65,000 MLSNOW
• 2024-05-30 Pending — MLSNOW
• 2024-05-16 Contingent — MLSNOW
• 2024-04-21 Relisted — MLSNOW
• 2024-04-10 Contingent — MLSNOW
• 2024-04-10 Listed $94,900 MLSNOW
• 2024-04-09 Listing Removed — MLSNOW
• 2024-03-31 Contingent — MLSNOW
• 2024-03-25 Price Changed $94,900 MLSNOW
• 2024-02-27 Price Changed $139,900 MLSNOW
• 2024-02-03 Price Changed $149,900 MLSNOW
• 2024-01-19 Listed $174,900 MLSNOW
• 2022-01-27 Sold (Public Records) $47,251 Public Records
• 2015-07-28 Sold (MLS) $6,600 MLSNOW
• 2015-07-16 Pending — MLSNOW
• 2015-06-25 Price Changed $6,600 MLSNOW
• 2015-05-20 Price Changed $9,500 MLSNOW
• 2015-04-27 Price Changed $12,000 MLSNOW
• 2015-03-11 Listed $14,900 MLSNOW
• 2013-12-18 Listing Removed — MLSNOW
• 2013-06-18 Listed $69,900 MLSNOW
• 2005-12-21 Sold (MLS) $97,100 MLSNOW
• 2005-12-14 Sold (Public Records) $97,100 Public Records
• 2005-09-03 Listed $99,900 MLSNOW
• 1993-07-29 Sold (Public Records) $46,900 Public Records
• 1993-07-29 Sold (MLS) $46,900 MLSNOW
• 1993-05-07 Listed $49,900 MLSNOW

Property tax history

-1.5%/yr

Latest (2025): $1,248 · +3.3% YoY. Source: county tax records.