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… Read More 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. Read Less
Courtesy of RE/MAX Crossroads Properties and Victoria Wallis
Listing Snapshot
Days Online
8
Last Updated
Property Type
SingleFamilyResidence
Beds
4
Full Baths
2
Partial Baths
1
Lot Size
0.15 Acres
Year Built
1900
MLS Number
5204751
30 Days Snapshot Of 44077
$224k
-1%
(avg) sold price
15
+87%
homes sold
40
-38%
(avg) days on market
Snapshot
Area Map
Additional Details
Appliances & Equipment
Dryer, Microwave, Range, Refrigerator, Washer
Basement
Full
Building
Built in 1900, Architectural style: Colonial, Construction materials: VinylSiding, Levels: Two, Living area units: SquareFeet, 2
The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of Yes-MLS. Real estate listings held by brokerage firms other than Keller Williams Legacy Group Realty are marked with the Broker Reciprocity logo and detailed information about them includes the name of the listing broker(s). Information is deemed reliable but not guaranteed. Listings last updated . Some properties which appear for sale on this website may subsequently have sold and may no longer be available.
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