2867 Garfield Boulevard

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.