387 Stable Dr · Pheasant Run, OH 44050

$199,900

3 bd · 2.0 ba · 1,663 sqft · SingleFamily public records · 9 Days on market

Built 1992 5,662 sqft lot Est $273k · 27% under $80/mo HOA · 5% of rent

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Why this score? — see what drove the D+ 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).

• ARV discount +15.0/15.0
• Cash flow +11.6/30.0
• Schools +5.3/10.0
• 1% rule +3.6/10.0
• Livability +3.5/5.0
• DSCR +3.4/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Nice size story and a half home. Needs some repair. Large great room with cathedral ceiling. Sold as-is. Backs up to golf course.

Key facts

• Eating area
• Vaulted ceiling
• Laundry room

Tags

• CONTEMPORARY STYLE HOME
• LARGE GREAT ROOM
• VAULTED CEILING
• EATING AREA
• OPEN TO THE KITCHEN
• LAUNDRY ROOM

Property features AI

Finance

• HOA & community: Homeowners association (Pheasant Run) with monthly fee; HOA covers association management, common area maintenance, recreation facilities, reserve fund, and snow removal; Community amenities include common grounds, fishing, golf, lake, and playground

Exterior

• Parking: Attached 2-car garage; Driveway
• Utilities: Public water; Public sewer
• Home design: Single-family property; Faces south; Slab foundation
• Construction: Built per public records; Vinyl siding; Asphalt/fiberglass roof
• Exterior features: Patio; Rain gutters; Flat, level lot; On golf course; South-facing view

Interior

• Kitchen: Built-in oven; Cooktop; Dishwasher
• Bedrooms: One main-level bedroom
• Bathrooms: Two full bathrooms; One main-level bathroom
• Heating & cooling: Baseboard heating; Hot water heating; Propane heating; Steam heating; Wall unit cooling
• Interior features: Granite counters; High ceilings; Kitchen island; Vaulted ceilings; Double pane windows; Window treatments
• Laundry & utility: Washer; Dryer; Main-level laundry

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $200k.

Deal economics

• At list price, monthly cash flow is $-61 ($-727/yr) — negative.
• To cash-flow at today's rent, offer at most $189k (5.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $172k (13.9% below list).
• Recommended offer: $172k (13.9% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 70/100 on livability (#475 in OH) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, employment A; Watch: schools D, health & safety D, amenities F.
• Keystone Local (rural): math 55% / reading 67% proficiency, ranked #249 of 656 in OH (top 38%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 29 active listings in the ZIP; solid renter incomes; 1,098 units permitted in Lorain County in 2024 (20 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 13y 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 $60k; list at $200k implies a 234% gain — meaningful room to come down on a strong offer.

Recommended offer $172,119 (13.9% below list)

Questions for the listing agent

1. 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?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
5. 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?
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: 0.86% ✗
• Cap rate: 5.93%
• Cash-on-cash: -1.30%
• DSCR: 0.94
• GRM: 9.7

CMA / ARV

• ARV (on-the-fly): $272,732
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
243 Forest Park Dr	0.25mi	3/2.0	1,622 (-2%)	10mo	$260,000	$160	76
42381 Webster Rd	0.25mi	3/2.5	1,648 (-1%)	18mo	$437,500	$265	70
268 Stable Dr	0.35mi	4/2.0 (+1)	1,701 (+2%)	16mo	$168,000	$99	61
42017 Meadow Ln	0.38mi	3/2.0	1,524 (-8%)	12mo	$219,400	$144	58
249 Forest Park Dr	0.32mi	3/2.0	1,455 (-12%)	8mo	$210,000	$144	57
276 Horseshoe Dr	0.35mi	3/2.0	1,892 (+14%)	8mo	$325,000	$172	54
19045 Whitehead Rd	0.36mi	3/1.5	1,421 (-15%)	6mo	$340,000	$239	52
280 Horseshoe Dr	0.32mi	3/2.0	1,432 (-14%)	14mo	$235,000	$164	50
284 Eastlake Dr	0.38mi	4/2.5 (+1)	1,508 (-9%)	16mo	$255,000	$169	46
283 Eastlake Dr	0.38mi	3/2.0	1,465 (-12%)	22mo	$297,900	$203	44
130 Walleye Ct	0.48mi	3/2.0	1,494 (-10%)	23mo	$180,000	$120	41
38 Anglers Ln	0.72mi	3/2.0	1,440 (-13%)	15mo	$161,000	$112	32

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: -18.4%
• Equity multiple: 0.35×
• Total profit: $-36,203
• Equity at exit: $29,806

10-year hold

• IRR: -10.7%
• Equity multiple: 0.35×
• Total profit: $-36,292
• Equity at exit: $17,284

Cash invested: $55,972 (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 44050

• Home prices YoY: -22.7%
• Active inventory: 29
• Price-to-rent: 9.7×

Monthly cashflow live

• Estimated rent: $1,721 medium
• Mortgage (P&I): −$1,048
• Tax from tax record: −$209 /mo · $2,505/yr
• Insurance: −$83
• HOA: −$80
• Vacancy / Maint / Mgmt: −$361
• Net cashflow: $-61

Break-even live

Break-even rent $1,798

Max offer price $189,194

Occupancy floor 99%

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $80 · $960/yr

Listing history 7 events

1. 2026-06-17
   status $199,900 Pending 9 DOM
2. 2026-06-17
   days on market $199,900 Active 9 DOM
3. 2026-06-16
   days on market $199,900 Active 8 DOM
4. 2026-06-15
   days on market $199,900 Active 7 DOM
5. 2026-06-13
   days on market $199,900 Active 5 DOM
6. 2026-06-08
   remarks 617-char remark
7. 2026-06-08
   listed $199,900 Active 1 DOM

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

Tax reassessment forecast OH · Partial reset (capped growth)

• Current annual tax: $2,505 · $209/mo
• Projected year-2 tax: $2,812 · $234/mo
• Expected delta: +$307/yr (+$26/mo · 12.2%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥99°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,654
• − Mortgage interest: −$11,198
• − Property taxes: −$2,505
• − Insurance: −$1,000
• − Repairs & maintenance: −$1,652
• − Management: −$1,652
• − HOA: −$960
• − Depreciation: −$5,815
• Taxable loss: −$4,128
• Est. tax savings @ 24.0%: +$991
• After-tax cash flow: $263/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: Keystone Local
• NCES district ID: 3904816
• Math proficiency: 55% ▼ -16.00%
• Reading proficiency: 67% ▼ -11.00%
• Median HH income: $64,696
• Composite: 53.27/100
• National rank: #1493
• State rank: #249 of 656 in OH

Livability — Pheasant Run

• Score: 70/100
• State rank: #475
• US rank: #7911

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Pheasant Run, OH
• County: Lorain · 305,041 people
• Metro: Cleveland, OH
• Population (ZIP): 7,204
• Household income: $100,625
• Rent vs Own: 12.8% rent · 87.2% own
• Severe rent burden: 7.2

Population outlook (Lorain County) Hauer SSP2

• Today (2025): 314,924 people
• By 2030: 317,546 · +0.8%
• By 2040: 317,962 · +1.0%
• By 2050: 312,872 · -0.7%
• By 2075: 301,806 · -4.2%
• By 2100: 278,271 · -11.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Two or more races 8% Hispanic / Latino 7%
• Hispanic origin (detail): Mexican 3% Puerto Rican 3%
• Common ancestry: Romanian 8% Slovak 3% Italian 2%
• Foreign-born: 0%

Political lean MEDSL · Lorain

• 2024 margin: Lean R (+5.7) · D 46.7% · R 52.4%
• 2008→2024 swing: -23.6pp toward R · 2008: 17.9pp · 2024: -5.7pp
• All cycles: 2024: R+5.7 2020: R+2.5 2016: R+0.3 2012: D+14.4 2008: D+17.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -58.79%
• Current HPI: 200.695
• 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

+222.9% since first listed

3 events — show timeline

• 2026-06-07 Listed $199,900 MLSNOW
• 2013-03-25 Sold (MLS) $59,900 MLSNOW
• 2013-01-18 Listed $61,900 MLSNOW

Property tax history

+6.9%/yr

Latest (2025): $2,505 · -0.2% YoY. Source: county tax records.