10 Michael Dr Unit MIC10

Olmsted Falls, OH 44138

$133,900C+

3 bd · 2.0 ba · 1,344 sqft · Built 2025 · Manufactured · Active · 278 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,601/mo
• Mortgage (P&I): −$702
• Tax + insurance: −$290
• HOA: −$0
• Vac / Maint / Mgmt: −$336
• Net cashflow: $273/mo
• Annual: $3,274/yr
• Cap rate: 9.33%
• Cash-on-cash: 10.86%
• DSCR: 1.48
• 1% rule: 1.20%
• Cash to close: $37,492

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $134k. Condition is rated poor.
• At list price, monthly cash flow is $273 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $134k).
• It's been on market 278 days — a 12% lower offer ($118k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $118k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $926 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• 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.
• Watch-outs: flood insurance adds $66/mo.
• Market conditions: 183 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 3d 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).
• Cuyahoga County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 15 sale attempts 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.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 9.3% 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.

Questions for listing agent

• It's been on market 278 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.

Repairs flagged (vision-AI assessment)

• Major: Kitchen countertops and cabinets — The countertops and cabinets are visibly worn and need replacement.
• Major: Bathroom fixtures and tiles — The fixtures and tiles are stained and worn, requiring replacement.
• Major: Flooring — The flooring is worn and frayed, indicating it needs replacement.
• Major: Painting and wall repairs — The walls show signs of peeling paint and discoloration, indicating significant damage.
• Major: Roof repair or replacement — The roof has visible damage and missing shingles, which need immediate attention.
• Major: Siding repair or replacement — The siding is peeling and needs repainting or replacement.