48903-48905 N Ridge Rd · Amherst, OH 44001

$369,900

6 bd · 3.0 ba · 3,840 sqft · MultiFamily public records · 3 Days on market

Built 2000 2.03 ac lot

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Why this score? — see what drove the D- 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 +10.5/30.0
• ARV discount +7.5/15.0
• Schools +5.7/10.0
• Livability +4.0/5.0
• 1% rule +3.1/10.0
• DSCR +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks MLS

Spaciousness Galore in this 3384 square foot Townhouse Style Duplex! Vertical board and batten cedar pole barn built 1980. In 2000, side-by-side townhouse-style duplex was built inside the cedar structure. 2 spacious units with 1.5 bathrooms, 1 car garage and laundry room for each unit. One unit has sunroom, both have access to covered porches.

Key facts

• Both units remodeled
• Roof was redone
• 2.03 acre lot

Tags

• ROOF WAS REDONE
• BOTH UNITS REMODELED

Property features AI

Finance

• Financial info: Owner pays insurance, snow removal, and taxes; Tenant pays all utilities and insurance

Exterior

• Parking: Attached garage with 2 spaces; Additional parking on driveway and on-site; Gravel parking; Direct access
• Security: Smoke detector(s)
• Utilities: Public water; Septic tank
• Home design: Two-story property; Asphalt/fiberglass roof; Cedar construction
• Construction: Built per public records; Cedar exterior materials; Asphalt/fiberglass roof
• Exterior features: Private entrance; Private yard; Sloped, wooded lot; Has a view

Interior

• Kitchen: Dishwasher; Range; Refrigerator
• Bathrooms: Two full bathrooms; Two half bathrooms
• Heating & cooling: Central air conditioning; Gas forced-air heating
• Interior features: Double pane windows; Walk-in closet(s); Total of 10 rooms; Two buildings on the parcel
• Laundry & utility: Main level laundry room; In-unit laundry

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.5-bath units multifamily listed at $370k.

Deal economics

• At list price, monthly cash flow is $-188 ($-2k/yr) — negative. Per door: $-94/mo.
• To cash-flow at today's rent, offer at most $337k (9.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $300k (18.9% below list).
• Recommended offer: $300k (18.9% below list) — sets the bar for 1% rule.
• Cap rate 5.7% vs local median 3.3% in Amherst — 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 81/100 on livability (#100 in OH, #1,523 nationally) — a professional / high-income tenant draw. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities D-, commute F.
• Firelands Local (rural): math 65% / reading 67% proficiency, ranked #180 of 656 in OH (top 27%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Firelands Elementary School (math 72% / reading 68%, grade A-, #380 of 1,584 statewide, top 25%, 783 students, 35% FRL); Firelands Middle School (math 63% / reading 68%, grade A-, #186 of 654 statewide, top 29%, 414 students, 39% FRL); Firelands High School (math 57% / reading 62%, grade C+, #243 of 781 statewide, top 33%, 487 students, 41% FRL).
• Market conditions: 120 active listings in the ZIP; solid renter incomes; 1,098 units permitted in Lorain County in 2024 (20 in 5+ unit buildings).
• This rent runs 40% of the median local income ($91k/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 $3k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts 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.

Recommended offer $300,000 (18.9% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.81% ✗
• Cap rate: 5.68%
• Cash-on-cash: -2.18%
• DSCR: 0.90
• GRM: 10.3

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: -19.9%
• Equity multiple: 0.31×
• Total profit: $-71,881
• Equity at exit: $55,153

10-year hold

• IRR: -12.8%
• Equity multiple: 0.25×
• Total profit: $-77,841
• Equity at exit: $31,982

Cash invested: $103,572 (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 44001

• Active inventory: 120
• Price-to-rent: 20.6×

Monthly cashflow live

• Estimated rent: $3,000 medium
• Mortgage (P&I): −$1,940
• Tax from tax record: −$464 /mo · $5,572/yr
• Insurance: −$154
• HOA: −$0
• Vacancy / Maint / Mgmt: −$630
• Net cashflow: $-188

Break-even live

Break-even rent $3,238

Max offer price $336,650

Occupancy floor —

Sensitivity live

Price	-10% $21	-5% $-84	+0% $-188	+5% $-293	+10% $-398
Rent	-10% $-425	-5% $-307	+0% $-188	+5% $-70	+10% $49
Rate	-1.0pp $-2	-0.5pp $-94	base $-188	+0.5pp $-284	+1.0pp $-382

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1.5	$3,000
Total (2 units)			$3,000

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: $92,475
• Closing costs: $11,097
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-06-21
   days on market $369,900 Active 3 DOM
2. 2026-06-18
   remarks 691-char remark

   Show marketing remark (346 chars)

   Spaciousness Galore in this 3384 square foot Townhouse Style Duplex! Vertical board and batten cedar pole barn built 1980. In 2000, side-by-side townhouse-style duplex was built inside the cedar structure. 2 spacious units with 1.5 bathrooms, 1 car garage and laundry room for each unit. One unit has sunroom, both have access to covered porches.

3. 2026-06-18
   listed $369,900 Active 1 DOM

   Show marketing remark (346 chars)

   Spaciousness Galore in this 3384 square foot Townhouse Style Duplex! Vertical board and batten cedar pole barn built 1980. In 2000, side-by-side townhouse-style duplex was built inside the cedar structure. 2 spacious units with 1.5 bathrooms, 1 car garage and laundry room for each unit. One unit has sunroom, both have access to covered porches.

ⓘ 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: $5,572 · $464/mo
• Projected year-2 tax: $5,671 · $473/mo
• Expected delta: +$99/yr (+$8/mo · 1.8%)

ⓘ 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 2/10 Low 7 d/yr ≥97°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $36,000
• − Mortgage interest: −$20,720
• − Property taxes: −$5,572
• − Insurance: −$1,850
• − Repairs & maintenance: −$2,880
• − Management: −$2,880
• − Depreciation: −$10,761
• Taxable loss: −$8,662
• Est. tax savings @ 24.0%: +$2,079
• After-tax cash flow: $-180/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: Firelands Local
• NCES district ID: 3904815
• Math proficiency: 65% ▼ -12.00%
• Reading proficiency: 67% ▼ -9.00%
• Median HH income: $61,445
• Composite: 57.15/100
• National rank: #1099
• State rank: #180 of 656 in OH

Livability — Amherst

• Score: 81/100
• State rank: #100
• US rank: #1523

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Lorain · 305,041 people
• Metro: Cleveland, OH
• Population (ZIP): 21,123
• Household income: $91,050
• Rent vs Own: 12.5% rent · 87.5% own
• Severe rent burden: 11.6

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 (87%)
• Race & ethnicity: White 87% Hispanic / Latino 6% Two or more races 6% Asian 2% Black 1%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3%
• Common ancestry: Romanian 10% Slovak 3% Lithuanian 2%
• Foreign-born: 3% · Canada, China
• Languages at home: 96% English-only · Spanish 1% Chinese 1% Other Indo-European 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: ▼ -113.43%
• Current HPI: 194.6753
• Rent YoY: —
• Metro: —
• 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

+1.3% since first listed

4 events — show timeline

• 2026-06-18 Listed $369,900 FAOR
• 2026-06-18 Listed $369,900 MLSNOW
• 2026-03-31 Listing Removed — MLSNOW
• 2025-12-10 Listed $365,000 MLSNOW

Property tax history

+3.0%/yr

Latest (2025): $5,572 · -0.0% YoY. Source: county tax records.