63 Parkway Dr · Olmsted Falls, OH 44138

$69,900

2 bd · 2.0 ba · 1,456 sqft · Manufactured · 90 Days on market

Built 1989 $48/sqft · at area comps Est $68k · at est. ↓ 13% since listing

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Why this score? — see what drove the B grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +6.5/15.0
• Schools +6.1/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

COLUMBIA Park IS A 55 AND OLDER CONCEPT OF LIVING and is Ohio’s Premier Adult Land Lease Community! Amenities Include: Gated entrance! On site Shopping Plaza! On site Management! Walking Path/Dog Walking Path! Shuffleboard! Bocce Ball! Library! Crafts, and Social Hall! WELCOME HOME to this 1989 Schult Sierra Doublewide Manufactured Home Offering 1456 sqft. (52 x 28) Featuring 2 Bedrooms, 2 Full Baths, Formal Living and Dining Rooms, Kitchen with all of the Appliances and Laundry Room including the Washer and Dryer. There is also a 3 Season Sunroom (step down) measuring 23 x 10 giving you an additional 250 sqft. of living space. The lot that this home sets on offers much green space. It is a beautiful view if you are relaxing in your sunroom with a cup of coffee or the beverage of your choice. Most of the green space is maintained by the park. Both Bathrooms have been updated, the Roof was replaced in September of 2025 and the Hot Water Tank was replaced in 2017. Just bring your decorating ideas and make this your NEW HOME!!!!!

Key facts

• Green space
• Dog walking path
• Gated entrance

Tags

• GATED ENTRANCE
• ON SITE SHOPPING PLAZA
• WALKING PATH
• DOG WALKING PATH
• THREE SEASON SUNROOM
• GREEN SPACE

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $70k.

Deal economics

• At list price, monthly cash flow is $882 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $70k).
• Recommended offer: $66k (6.0% below list) — sets the bar for market timing.
• Cap rate 22.6% vs local median 4.2% in Olmsted Falls — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 73/100 on livability (#343 in OH) — a middle-class / working-renter tenant base. Strengths: schools A+, crime A+, employment A+; Watch: amenities F, commute F, health & safety F.
• Olmsted Falls City (suburban): math 70% / reading 70% proficiency, ranked #134 of 656 in OH (top 20%) — strong family-tenant draw, lease renewals of 3-5y typical; only 13% free/reduced lunch — higher-income household profile.
• Market conditions: 183 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 4d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 1,441 units permitted in Cuyahoga County in 2024 (700 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $483 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Cuyahoga County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 90 days — a 6% lower offer ($66k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 21y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $13k; list at $70k implies a 438% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $65,706 (6.0% below list)

Questions for the listing agent

1. It's been on market 90 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
6. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
7. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
8. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 2.59% ✓
• Cap rate: 22.57%
• Cash-on-cash: 58.13%
• DSCR: 3.59
• GRM: 3.2

CMA / ARV

• ARV (median comp): $68,451
• List price: $69,900
• Delta: 2.12%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 52.2%
• Equity multiple: 3.29×
• Total profit: $44,893
• Equity at exit: $10,422

10-year hold

• IRR: 57.5%
• Equity multiple: 6.71×
• Total profit: $111,674
• Equity at exit: $6,044

Cash invested: $19,572 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 73 Landlord-Friendly
• State Ohio: 73 Landlord-Friendly · R+6
• County: — inherits STATE
• City: — inherits STATE

3-day notice; Cleveland / Columbus have some habitability code enforcement; otherwise landlord-leaning.

Methodology + full state rankings →

ZIP-level market 44138

• Home prices YoY: -30.8%
• Active inventory: 183
• Price-to-rent: 3.2×

Monthly cashflow live

• Estimated rent: $1,812 medium
• Mortgage (P&I): −$367
• Tax est. 1.5%: −$87 /mo · $1,048/yr
• Insurance: −$29
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$380
• Net cashflow: $882

Break-even live

Break-even rent $696

Max offer price $69,900

Occupancy floor 46%

Sensitivity live

Price	-10% $930	-5% $906	+0% $882	+5% $857	+10% $833
Rent	-10% $739	-5% $810	+0% $882	+5% $953	+10% $1,025
Rate	-1.0pp $917	-0.5pp $899	base $882	+0.5pp $864	+1.0pp $845

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $17,475
• Closing costs: $2,097
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
26875 Bagley Rd Olmsted Twp, OH	1.0–3.0	1.0–2.0	890	$1,199	$1.35	3d	1	1.12mi
8450 Daylily DR Olmsted Falls, OH	2.0–3.0	2.5	1541	$2,410	$1.56	2d	10	1.35mi
5785 Fitch Rd North Olmsted, OH	2.0	1.0	1080	$1,650	$1.53	44d	1	1.41mi

Listing history 23 events

1. 2026-06-18
   days on market $69,900 Active 90 DOM
2. 2026-06-17
   days on market $69,900 Active 89 DOM
3. 2026-06-16
   days on market $69,900 Active 88 DOM
4. 2026-06-15
   days on market $69,900 Active 87 DOM
5. 2026-06-13
   days on market $69,900 Active 85 DOM
6. 2026-06-13
   days on market $69,900 Active 84 DOM
7. 2026-06-09
   days on market $69,900 Active 81 DOM
8. 2026-06-08
   days on market $69,900 Active 80 DOM
9. 2026-06-07
   days on market $69,900 Active 79 DOM
10. 2026-06-03
    days on market $69,900 Active 75 DOM
11. 2026-06-02
    days on market $69,900 Active 74 DOM
12. 2026-06-01
    days on market $69,900 Active 73 DOM
13. 2026-05-31
    days on market $69,900 Active 72 DOM
14. 2026-03-20
    listed $69,900 Active 1051-char remark

    Show marketing remark (1051 chars)

    COLUMBIA Park IS A 55 AND OLDER CONCEPT OF LIVING and is Ohio’s Premier Adult Land Lease Community! Amenities Include: Gated entrance! On site Shopping Plaza! On site Management! Walking Path/Dog Walking Path! Shuffleboard! Bocce Ball! Library! Crafts, and Social Hall! WELCOME HOME to this 1989 Schult Sierra Doublewide Manufactured Home Offering 1456 sqft. (52 x 28) Featuring 2 Bedrooms, 2 Full Baths, Formal Living and Dining Rooms, Kitchen with all of the Appliances and Laundry Room including the Washer and Dryer. There is also a 3 Season Sunroom (step down) measuring 23 x 10 giving you an additional 250 sqft. of living space. The lot that this home sets on offers much green space. It is a beautiful view if you are relaxing in your sunroom with a cup of coffee or the beverage of your choice. Most of the green space is maintained by the park. Both Bathrooms have been updated, the Roof was replaced in September of 2025 and the Hot Water Tank was replaced in 2017. Just bring your decorating ideas and make this your NEW HOME!!!!!

15. 2016-12-26
    historical
16. 2016-06-27
    listed $39,900 Active
17. 2011-09-15
    soldstatus $13,000
18. 2011-09-05
    historical
19. 2011-03-05
    listed $24,900
20. 2006-08-08
    soldstatus $64,900
21. 2006-03-23
    listed $64,900
22. 2005-12-23
    historical
23. 2005-08-23
    listed $80,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥96°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,739
• − Mortgage interest: −$3,915
• − Property taxes: −$1,048
• − Insurance: −$1,147
• − Repairs & maintenance: −$1,739
• − Management: −$1,739
• − Depreciation: −$2,033
• Taxable income: $10,116
• Est. tax owed @ 24.0%: −$2,428
• After-tax cash flow: $8,152/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Olmsted Falls City
• NCES district ID: 3904657
• Math proficiency: 70% ▼ -14.00%
• Reading proficiency: 70% ▼ -10.00%
• Median HH income: $68,307
• Composite: 61.12/100
• National rank: #787
• State rank: #134 of 656 in OH

Livability — Olmsted Falls

• Score: 73/100
• State rank: #343
• US rank: #5595

Category grades

Amenities F Commute F Cost of living A+ Crime A+ Employment A+ Housing A+ Health & safety F User ratings C+

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Cuyahoga · 1,045,444 people
• Metro: Cleveland, OH
• Population (ZIP): 23,129
• Household income: $93,877
• Rent vs Own: 23.4% rent · 76.6% own
• Severe rent burden: 7.6

Population outlook (Cuyahoga County) Hauer SSP2

• Today (2025): 1,244,621 people
• By 2030: 1,230,093 · -1.2%
• By 2040: 1,189,108 · -4.5%
• By 2050: 1,145,706 · -7.9%
• By 2075: 1,076,557 · -13.5%
• By 2100: 978,987 · -21.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (85%)
• Race & ethnicity: White 85% Hispanic / Latino 9% Two or more races 6% Black 3% Asian 2%
• Hispanic origin (detail): Mexican 3% Puerto Rican 3%
• Common ancestry: Romanian 9% Slovak 2% Lithuanian 1%
• Foreign-born: 6% · Canada, Jamaica, China
• Languages at home: 93% English-only · Spanish 4% Other Indo-European 1% Arabic 1%

Political lean MEDSL · Cuyahoga

• 2024 margin: Solid D (+31.5) · D 65.4% · R 33.9%
• 2008→2024 swing: -7.4pp toward R · 2008: 38.9pp · 2024: 31.5pp
• All cycles: 2024: D+31.5 2020: D+34.1 2016: D+35.0 2012: D+38.7 2008: D+38.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -89.76%
• Current HPI: 201.9716
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 1.98%
• F500 in state: 48

Industry mix (Fortune 500 HQ in OH)

Industry	F500 HQs	Revenue
▸Insurance	3	$145B
▸Industrial Machinery	3	$49B
▸Financial Services	3	$24B
▸Consumer Goods	2	$93B
▸Aerospace / Defense	2	$47B
▸Utilities	2	$33B

Price history

-12.6% since first listed

10 events — show timeline

• 2026-03-20 Listed $69,900 MLSNOW
• 2016-12-26 Listing Removed — MLSNOW
• 2016-06-27 Listed $39,900 MLSNOW
• 2011-09-15 Sold (MLS) $13,000 MLSNOW
• 2011-09-05 Listing Removed — MLSNOW
• 2011-03-05 Listed $24,900 MLSNOW
• 2006-08-08 Sold (MLS) $64,900 MLSNOW
• 2006-03-23 Listed $64,900 MLSNOW
• 2005-12-23 Listing Removed — MLSNOW
• 2005-08-23 Listed $80,000 MLSNOW