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13
Values down 1.5%, 17 comps analysis
Updated 10 days ago
Your Investment Paths
Turnkey Rental
1405 Lake Avenue offers excellent rental potential, with market data indicating monthly income ranges between $1,479 and $1,781. This property sits in a solid position to capture strong demand from local tenants in the Elyria area. Investors can anticipate an impressive gross yield of approximately 23%. Given the consistent market appreciation and the realistic rental income projections, this property presents a compelling opportunity for those looking to build reliable, long-term cash flow.
More about this home
Neighborhood Assessment
This pocket of Elyria leans residential and feels established, with 1930s homes and larger lots offering plenty of room to stretch out. You're close to amenities—there’s a mid-rated elementary school and a high school within 2 miles, plus shopping, dining, and area parks not far off. Walkability is fair, but a car's pretty essential for most errands or commutes. Home prices along Lake Ave are mostly stable: recent comps show nearby 3-bed homes selling between $91K and $125K. There are a few heavily distressed properties mixed in, but most comps track much higher than the list price here, which should catch investors' eyes. The area feels like classic Midwest suburbia, and the risk of floods, fires, or extreme winds is minimal, so insurance headaches are unlikely. Seeing the home discounted from $125K to $85K after a month suggests motivated sellers and potential for negotiation. Demand isn’t quite overheated—just 32 days on market, plenty of online favorites, and steady page views. Rental comps are solid, so this property could work as a cash-flow rental or an affordable entry for first-timers, especially with the bonus land parcel.
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Rental Income
$20K
Yield
23.0%
Appreciation
$3K
Year 1 Estimates
Fix-and-Flip
Refreshing your home brings immediate appeal, with updated properties commanding a significant price increase. Expect a rise from roughly 99 dollars per square foot to 131, representing a strong 32 percent gain in overall value. This investment elevates your property's market potential, pushing potential sales toward 185,000 dollars. Beyond financial gains, these modern improvements create a vibrant, turnkey space that stands out to buyers and enhances your daily living experience.
Value Add
$42K
Appreciation
$6K
Post Typical Renovation
Buy-Rehab-Rent
This property offers strong BRR potential with a post-renovation value reaching $185,000. Upgrading the home significantly improves its market position, delivering a solid price-per-square-foot uplift compared to baseline local conditions for this 1935 build. Projected rental income hits $1,351 monthly, resulting in a healthy 9.2% yield. Given the manageable scale and consistent demand, this asset represents a reliable income-generating opportunity for an investor focused on long-term appreciation and cash flow.
Rental Income
$16K
Yield
9.2%
Appreciation
$6K
Year 1 Estimates, Post Typical Renovation
Market Activity
Estimated value
$85K
$110K below comp median
Comparative Market Analysis
$150K – $256K
~33 days to sell
Based on 8 comps
1405 Lake Ave, Elyria Investment Report: Flip & Rental Analysis · Frontflip