8175 North Shore Blvd #71

Lakeside, OH 43440

$109,000F

2 bd · 1.0 ba · 924 sqft · Built 1983 · Manufactured · Active · 24 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $718/mo
• Mortgage (P&I): −$572
• Tax + insurance: −$182
• HOA: −$0
• Vac / Maint / Mgmt: −$151
• Net cashflow: $-186/mo
• Annual: $-2,230/yr
• Cap rate: 4.25%
• Cash-on-cash: -7.31%
• DSCR: 0.67
• 1% rule: 0.66%
• Cash to close: $30,520

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $109k. Condition is rated fair.
• At list price, monthly cash flow is $-186 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $82k (24.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $72k (34.1% below list).
• It's been on market 24 days — a 2% lower offer ($107k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $72k (34.1% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $754 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 72/100 on livability (#355 in OH) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A, housing B+; Watch: health & safety C-, amenities F, commute F.
• Danbury Local (town): math 60% / reading 71% proficiency, ranked #203 of 656 in OH (top 31%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Danbury Elementary School (math 77% / reading 62%, grade A-, #391 of 1,584 statewide, top 27%, 277 students, 0% FRL); Danbury Middle School (math 52% / reading 77%, grade A-, #205 of 654 statewide, top 34%, 121 students, 0% FRL); Danbury High School (math 54% / reading 74%, grade B-, #164 of 781 statewide, top 24%, 165 students, 78% FRL).
• Market conditions: 137 active listings in the ZIP; solid renter incomes; 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.
• 3 sale attempts since 11y ago; this cycle's ask has dropped $6k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $56k; list at $109k implies a 93% gain — meaningful room to come down on a strong offer.
• Cap rate 4.2% vs local median 0.6% in Lakeside — 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 11% of the median local income ($77k/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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• 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?
• 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.

Repairs flagged (vision-AI assessment)

• Major: exterior siding — Significant wear and tear
• Minor: interior paint — Some fading
• Major: flooring — Severe wear and tear