520 Milan Ave #21 · Norwalk, OH 44857

$35,000

2 bd · 1.0 ba · 924 sqft · Manufactured public records · 338 Days on market

Built 1975 ↓ 12% since listing

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Why this score? — see what drove the B 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).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +6.0/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Looking for affordable living in this accelerating market? Look no further! Check out this 1975 doublewide featuring a large, fully enclosed porch, a large shed with storage shelves and electric service as well as the benefit of being situated on one of the larges lots in the park. Lot rent $450.00 a month and includes trash removal.

Key facts

• Electric service
• Fully enclosed porch
• Largest lots

Tags

• FULLY ENCLOSED PORCH
• LARGE SHED
• STORAGE SHELVES
• ELECTRIC SERVICE
• LARGEST LOTS

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $35k.

Deal economics

• At list price, monthly cash flow is $567 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $35k).
• Recommended offer: $31k (12.0% below list) — sets the bar for market timing.
• Cap rate 25.7% vs local median 4.0% in Norwalk — 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.

Location & tenants

• Location reads 80/100 on livability (#120 in OH, #1,771 nationally) — a professional / high-income tenant draw. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D+, commute F.
• Edison Local (Formerly Berlin-Milan) (rural): math 68% / reading 70% proficiency, ranked #147 of 656 in OH (top 22%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 51 active listings in the ZIP; 40 units permitted in Huron County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $242 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Huron County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $10k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 338 days — a 12% lower offer ($31k) is reasonable based on typical stale-listing flexibility.

Recommended offer $30,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 338 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 2.92% ✓
• Cap rate: 25.72%
• Cash-on-cash: 69.40%
• DSCR: 4.09
• GRM: 2.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 68.9%
• Equity multiple: 4.11×
• Total profit: $30,439
• Equity at exit: $5,219

10-year hold

• IRR: 73.0%
• Equity multiple: 8.45×
• Total profit: $73,047
• Equity at exit: $3,026

Cash invested: $9,800 (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 44857

• Home prices YoY: -28.3%
• Active inventory: 51
• Price-to-rent: 2.8×

Monthly cashflow live

• Estimated rent: $1,024 medium
• Mortgage (P&I): −$184
• Tax est. 1.5%: −$44 /mo · $525/yr
• Insurance: −$15
• HOA: −$0
• Vacancy / Maint / Mgmt: −$215
• Net cashflow: $567

Break-even live

Break-even rent $306

Max offer price $35,000

Occupancy floor 40%

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: $8,750
• Closing costs: $1,050
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-03-27
   status Pending
2. 2025-06-05
   price $35,000
3. 2025-04-23
   listed $40,000 Active

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

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 ≥96°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,283
• − Mortgage interest: −$1,961
• − Property taxes: −$525
• − Insurance: −$175
• − Repairs & maintenance: −$983
• − Management: −$983
• − Depreciation: −$1,018
• Taxable income: $6,639
• Est. tax owed @ 24.0%: −$1,593
• After-tax cash flow: $5,207/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: Edison Local (Formerly Berlin-Milan)
• NCES district ID: 3904678
• Math proficiency: 68% ▼ -12.00%
• Reading proficiency: 70% ▼ -5.00%
• Median HH income: $63,494
• Composite: 59.83/100
• National rank: #894
• State rank: #147 of 656 in OH

Livability — Norwalk

• Score: 80/100
• State rank: #120
• US rank: #1771

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Norwalk, OH
• County: Huron County · 23,288 people
• City population: 23,288
• Metro: Norwalk, OH
• Population (ZIP): 23,288
• Household income: $64,297
• Rent vs Own: 28.9% rent · 71.1% own
• Severe rent burden: 620.0

Population outlook (Huron County) Hauer SSP2

• Today (2025): 55,572 people
• By 2030: 53,514 · -3.7%
• By 2040: 48,770 · -12.2%
• By 2050: 43,611 · -21.5%
• By 2075: 32,349 · -41.8%
• By 2100: 21,849 · -60.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Hispanic / Latino 7% Two or more races 6%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Lithuanian 2% Slovak 2% Romanian 2%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 3%

Political lean MEDSL · Huron

• 2024 margin: Solid R (+44.0) · D 27.6% · R 71.6%
• 2008→2024 swing: -40.9pp toward R · 2008: -3.1pp · 2024: -44.0pp
• All cycles: 2024: R+44.0 2020: R+41.2 2016: R+36.4 2012: R+8.9 2008: R+3.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -88.69%
• Current HPI: 225.1408
• Rent YoY: —
• Metro: Norwalk, OH
• 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

-12.5% since first listed

3 events — show timeline

• 2026-03-27 Pending — FAOR
• 2025-06-05 Price Changed $35,000 FAOR
• 2025-04-23 Listed $40,000 FAOR