$209,999

175 Wood Street, Painesville, OH 44077

  • 4 beds |
  • 3 baths |
  • 2,001 sqft
  • Property Icon Single-Family Home
  • Property Year Built Icon Built in 1900
  • Property Lot Size Icon6,534sqft lot
  • Property Parking Icon 2 car garage
  • Property Price Per Square Feet Icon $105/sqft
  • Property List Date Icon Listed 22 days ago

Property Description

Perfect for savvy investors and owner-occupants alike, this meticulously maintained single-family home near Lake Erie College offers a rare combination of historic charm and high-yield performance with a gross cap rate of 15%. Currently utilizing a successful rent-by-the-room and single-room occupancy (SRO) model, the property produces a total monthly income of $2,750. The layout features three upstairs bedrooms optimized for student housing at $700/room and a cozy lower-level suite currently rented to a family member, offering immediate cash flow with significant pro-forma upside. The first floor showcases gorgeous original woodwork and a primary bedroom with a decorative fireplace. This turn-key opportunity features major capital improvements: a newer roof, gutters, and vinyl siding (2014), plus a new furnace, updated electrical, and a detached garage (2016). Efficiency is a priority with vinyl windows and a heavily insulated attic (R40+). Inside, Old World soul meets modern updates like new plumbing, laminate kitchen flooring, and brand-new upstairs LVP. As an added bonus, the sofa, coffee table, and dining table convey, making this truly rental-ready. Residents will enjoy the welcoming front porch and a recently redone two-tiered back deck, all minutes from campus and shopping. Whether seeking a high-demand student rental or a multi-generational residence that pays for itself, this is a fantastic opportunity in a prime Painesville location.

Listing Status:
Active
Data Last Updated:
May 20, 2026 at 1:17PM
Listing Office:
RE/MAX Crossroads Properties : 440-331-2870
Listing Agent:
Victoria Wallis : 330-819-8216
MLS ID:
5204751
  • General: Built-in FeaturesCeiling Fan(s)Entrance FoyerIn-Law FloorplanPrimary DownstairsNatural Woodwork
  • Appliances: DryerMicrowaveRangeRefrigeratorWasher
  • Laundry: Common AreaMain Level
  • Basement: Full
  • A/C: Ceiling Fan(s)Window Unit(s)
  • Heating: Forced AirGas
  • Fireplace: DecorativeLiving RoomFireplaceFireplaces: 1
  • Style: Colonial
  • Other Structures: Front PorchWrap AroundDeckCovered
  • Parking: DrivewayGarage Faces FrontGaragePaved
  • Roofing: AsphaltFiberglass
  • General: Vinyl Siding2
  • Originating MLS: NOWDD_NORM
  • School District: Painesville City LSD - 4305
  • County: Lake
  • Zoning: 15-C-005-0-00-004-0
  • Water: Public
  • Sewer: Public Sewer
  • Source: NOWDD_NORM

This listing courtesy of Victoria Wallis , RE/MAX Crossroads Properties

Monthly Payment

$Est. Payment
  • Principal & Interest $
  • Property Taxes $
  • Home Insurance $
  • VA Funding Fee $

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Location

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