3473 Seaboard Dr #143

Dayton, OH 45414

$24,500D+

2 bd · 1.0 ba · 563 sqft · Built 1973 · Manufactured · Active · 11 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,316/mo
• Mortgage (P&I): −$128
• Tax + insurance: −$41
• HOA: −$0
• Vac / Maint / Mgmt: −$276
• Net cashflow: $870/mo
• Annual: $10,442/yr
• Cap rate: 48.91%
• Cash-on-cash: 152.22%
• DSCR: 7.77
• 1% rule: 5.37%
• Cash to close: $6,860

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $24k. Condition is rated good.
• At list price, monthly cash flow is $870 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $24k).
• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $169 of loan paydown is wiped out by about $735 of value loss. Plan a longer hold.
• Location reads 65/100 on livability (#716 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A; Watch: schools C-, amenities C-, crime F.
• Market conditions: Rents rising fast (+7.4%/yr); 51 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 907 units permitted in Montgomery County in 2024 (416 in 5+ unit buildings).
• Montgomery County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 7.4% rent growth), your $7k cash investment doubles in ~1 year — after that, you're playing with house money.
• Cap rate 48.9% vs local median 7.4% in Dayton — 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.

Questions for listing agent

• Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.
• 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.
• 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.