3354 Hilton St NW #33

Perry Heights, OH 44646

$24,000C

1 bd · 1.0 ba · 900 sqft · Built 1970 · Manufactured · Active · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $921/mo
• Mortgage (P&I): −$126
• Tax + insurance: −$40
• HOA: −$540
• Vac / Maint / Mgmt: −$193
• Net cashflow: $22/mo
• Annual: $258/yr
• Cap rate: 7.37%
• Cash-on-cash: 3.84%
• DSCR: 1.17
• 1% rule: 3.84%
• Cash to close: $6,720

Investor read

• This is a 1-bed/1.0-bath manufactured listed at $24k.
• At list price, monthly cash flow is $22 ($258/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($921 rent vs $24k).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $166 of loan paydown is wiped out by about $720 of value loss. Plan a longer hold.
• Location reads 68/100 on livability (#575 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools C-, amenities F, commute F.
• Perry Local (suburban): math 63% / reading 73% proficiency, ranked #173 of 656 in OH (top 26%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: HOA is 59% of rent.
• Market conditions: Rents rising fast (+6.0%/yr); 208 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 528 units permitted in Stark County in 2024 (84 in 5+ unit buildings).
• Stark County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 4 sale attempts since 9y ago; this cycle's ask has dropped $6k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $20k; 20% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 6.0% rent growth), your $7k cash investment doubles in ~7 years — after that, you're playing with house money.
• Cap rate 7.4% vs local median 2.7% in Perry Heights — 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 ($69k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Questions for listing agent

• Built in 1970 — 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.