2867 Garfield BLVD Lorain, OH 44052
3 Beds
1 Bath
1,221 SqFt
UPDATED:
Key Details
Property Type Single Family Home
Sub Type Single Family Residence
Listing Status Pending
Purchase Type For Sale
Square Footage 1,221 sqft
Price per Sqft $81
Subdivision Euclid Erie Pk Sub
MLS Listing ID 5182050
Style Colonial
Bedrooms 3
Full Baths 1
HOA Y/N No
Abv Grd Liv Area 1,221
Year Built 1946
Annual Tax Amount $1,413
Tax Year 2025
Lot Size 6,098 Sqft
Acres 0.14
Property Sub-Type Single Family Residence
Property Description
The property has received substantial upgrades including a new furnace, basement wall reinforcement with steel I-beams, professional interior waterproofing system with sump pump, and beautiful new vinyl plank flooring, paint, and cabinets throughout. The 2-story layout features an open living and dining area flowing into the updated kitchen with modern white cabinetry and black appliances.
The numbers work: $14,400 gross rent against $4,971 in operating expenses (taxes, insurance, management, vacancy, and maintenance reserves) yields a $9,429 NOI. Finance with 20% down at 6.5% and you're looking at $280/month cash flow, 16.18% cash-on-cash return, and a 1.55 DSCR.
The current owner is willing to continue managing the property at 10% for completely turnkey operation. Large backyard with storage shed and driveway parking add to the appeal. Excellent entry point for investors looking to break into the Lorain market or add a stable performer to their portfolio.
Location
State OH
County Lorain
Rooms
Basement Unfinished
Main Level Bedrooms 2
Interior
Heating Forced Air
Cooling None
Fireplace No
Exterior
Parking Features Asphalt
Water Access Desc Public
Roof Type Asphalt
Private Pool No
Building
Sewer Public Sewer
Water Public
Architectural Style Colonial
Level or Stories Two
Schools
School District Lorain Csd - 4709
Others
Tax ID 03-00-047-106-017
Special Listing Condition Standard
NEARBY SCHOOL & BUSINESS
- 7
William Barr Elementary School
Public | 4 - 4
- 5
Constellation Schools: Lorain Community Middle School
Public | 5 - 8
- 4
Constellation Schools: Lorain Community Elementary School
Public | KG - 4
- 4
Horizon Science Academy Lorain
Public | KG - 10
- 4
Stevan Dohanos Elementary School
Public | KG - 6
- 4
Larkmoor Elementary School
Public | KG - 6
- 4
Summit Academy Community School Alternative Learne
Public | KG - 5
- 4
Palm Elementary School
Public | KG - 6
- 2
Garfield Elementary School
Public | PK - 6
- 1
Washington Elementary School
Public | KG - 6
- 1
Hawthorne Elementary School
Public | KG - 6
- 0
St Peter School
Private | PK - 8
- 0
Academy of Arts and Sciences
Public | KG - 2
- 0
St Anthony of Padua School
Private | PK - 8
- 0
New Beginnings
Public | 5 - 12
- 0
Forestlawn Elementary School
Public | 5 - 5
- 0
Tennyson Elementary School
Public | 2 - 3
- 5
Longfellow Middle School
Public | 7 - 8
- 5
Sheffield Middle School
Public | 6 - 8
- 4
General Johnnie Wilson Middle School
Public | 7 - 8
- 2
Summit Academy Middle School - Lorain
Public | 6 - 8
- 2
Summit Academy Secondary - Lorain
Public | 9 - 12
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