Listed By
Agency Name: RE/MAX Crossroads Properties
Agency Contact: victoriawallis@remax.net, 330-819-8216
Shown By
Agent Name: Denise Evans
Agent Phone: (330) 575-1832
Agency Title: Cutler Real Estate
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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.
Property Features
Property Type: Residential - Single Family
Basement: Yes
Basement: Full
Cooling: Ceiling Fan(s), Window Unit(s)
Fireplaces: 1
Garage: 2
Heating: Forced Air, Gas
Home Style: Colonial
Lot Size: 0.15 Acres
Roof Type: Asphalt, Fiberglass
Stories: 2.0
Taxes: $4,025 / year
Year Built: 1900
Amenities
Built-in Features
Ceiling Fan(s)
Entrance Foyer
In-Law Floorplan
Primary Downstairs
Natural Woodwork
Feature Descriptions
Appliances: Dryer, Microwave, Range, Refrigerator, Washer
Exterior: Vinyl Siding
Fireplace: Decorative, Living Room
Laundry: Common Area, Main Level
Lot: < 1/2 Acre, Irregular Lot
Parcel#: 15-C-005-0-00-004-0
Parking: Driveway, Garage Faces Front, Garage, Paved
Patio/Porch: Covered, Deck, Front Porch, Wrap Around
Sewer: Public Sewer
Water: Public
Room Sizes
Dining Room: 6 X 7 Level - Second
Kitchen: 11 X 9 Level - Second
Living Room: 14 X 9 Level - Second
Bedroom: 11 X 11 Level - Second
Bedroom: 11 X 9 Level - Second
Bedroom: 14 X 10 Level - Second
Laundry: 17 X 6 Level - First
Bathroom: 8 X 9 Level - First
Primary Bedroom: 16 X 11 Level - First
Eat-in Kitchen: 10 X 9 Level - First
Dining Room: 17 X 9 Level - First
Living Room: 16 X 12 Level - First
Local Schools
School District: Painesville City Local
Estimate Your Payment
Estimated Payment
$ 1,517.28 per month $1,117.73 Principal & Interest $335.42 Property Tax $64.14 Homeowner's InsuranceChange Payment Information
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175 Wood Street | MLS# 5204751
This single family home located at 175 Wood Street, Painesville, OH 44077 is currently listed for sale with an asking price of $219,900. This property was built in 1900 and has 4 bedrooms and 2 full and 1 partial baths with 2001 sq. ft. Wood Street is located within the Painesville City Local school district. Search Painesville real estate on devans.cutlerhomes.com today.