2867 Garfield Boulevard, Lorain, OH 44052

• 3 beds |
• 1 bath |
• 1,221 sqft

Property Description

Turnkey cash-flowing single family in Lorain with major capital improvements already completed. This recently renovated 3-bedroom, 1-bath home is currently rented at $1,200/month with tenants paying ALL utilities, creating an extremely efficient operating structure for investors. At $99,000, this property delivers a strong 9.52% cap rate from day one. 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.

Listing Status:

Pending

Data Last Updated:

April 2, 2026 at 7:19AM

Listing Office:

Russell Real Estate Services : 440-201-9850

Listing Agent:

Tal Tamir : 216-870-8687

MLS ID:

5182050

Interior

• Basement: Unfinished
• A/C: None
• Heating: Forced Air
• Fireplace: Fireplaces: 0

Exterior

• Style: Colonial
• Parking: Asphalt

Construction

• Roofing: Asphalt
• General: Vinyl Siding2

Location

• Originating MLS: NOWDD_NORM
• School District: Lorain CSD - 4709
• County: Lorain

Lot

• Zoning: EUCLID ERIE PK FRNT 0045.00 DPTH 0140.0003-00-047-106-017

Utilities

• Water: Public
• Sewer: Public Sewer

Financial

• Source: NOWDD_NORM