3575 NE Catawba Rd #18

Port Clinton, OH 43452

$47,900F

2 bd · 1.0 ba · 611 sqft · Built 1965 · Manufactured · Active · 71 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $870/mo
• Mortgage (P&I): −$251
• Tax + insurance: −$80
• HOA: −$458
• Vac / Maint / Mgmt: −$183
• Net cashflow: $-102/mo
• Annual: $-1,223/yr
• Cap rate: 3.74%
• Cash-on-cash: -9.12%
• DSCR: 0.59
• 1% rule: 1.82%
• Cash to close: $13,412

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $48k. Condition is rated fair.
• At list price, monthly cash flow is $-102 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $33k (30.8% below list).
• Meets the 1% rule at list price ($870 rent vs $48k).
• It's been on market 71 days — a 6% lower offer ($45k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $33k (30.8% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $331 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Location reads 72/100 on livability (#359 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety B+; Watch: employment C-, amenities F, commute F.
• Port Clinton City (town): math 55% / reading 59% proficiency, ranked #342 of 656 in OH (top 52%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Bataan Memorial Primary School (352 students, 79% FRL); Port Clinton Middle School (math 59% / reading 64%, grade B+, #248 of 654 statewide, top 38%, 350 students, 45% FRL); Port Clinton High School (math 37% / reading 62%, grade D, #390 of 781 statewide, top 54%, 509 students, 38% FRL).
• Watch-outs: HOA is 53% of rent.
• Market conditions: 346 active listings in the ZIP; 128 units permitted in Ottawa County in 2024 (0 in 5+ unit buildings).
• Ottawa County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts; this cycle's ask has dropped $7k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Cap rate 3.7% vs local median 0.9% in Port Clinton — 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.
• This rent is only 16% of the median local income ($64k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 71 days. Have you received any prior offers? Is the seller open to a 31% 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?
• Built in 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?

Repairs flagged (vision-AI assessment)

• Moderate: kitchen cabinets — dated and worn
• Moderate: bathroom fixtures — basic and dated
• Minor: exterior siding — some discoloration