160 Kentucky Dr · Elyria, OH 44035

$45,000

3 bd · 2.0 ba · 924 sqft · Manufactured · 68 Days on market

Built 1986 $49/sqft · 59% below area

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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 +5.0/10.0
• Rent growth +4.2/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this remodeled mobile home in Colonial Oaks. 160 Kentucky Dr. is a renovated 1986 Commodore Nova located in Midview School District. Colonial Oaks is part of YES! Communities and has a land lease fee of just $575 monthly and offers a playground, clubhouse, exercise room, picnic area, basketball courts, and more. This home and commumity focus on offering affordable housing and this home does that with elegance and modern appeal. This home has been caringly restored and enhanced. The living spaces have been thoughtfully designed to offer both functionality and style. From drywall instead of paneling, metal roofing, bathroom updates top to bottom, including upgrades such as dual flush toilets and high faucets, new kitchen counters, cabinets and appliances, to electrical, lighting and more. 160 Kentucky Dr. offers a Primary Suite with French Doors to the full Primary Bathroom and wall-to-wall closet. The kitchen is located at the rear of the home and is next to the laundry room, living area and bedrooms. The black and wood tones bring earth and modern appeal together. The new stainless steel appliances are new and make this home move right in. The second bedroom sits between the Main Bathroom with a walk-in shower and the office. The office provides a flex space just off the living room to provide an additional room for what suits you best. The gray and white flows throughout the home for easy decorating. The LVT flooring is consistent throughout the 924 square feet. The awning offers shelter from the rain and weather, providing a shaded space perfect for enjoying your morning coffee or evening relaxation. A beautiful view out back offers a view of country in the midst of a neighborhood community. To learn more about this home or the community, contact your favorite agent today.

Key facts

• Clubhouse
• Land lease fee
• Playground

Tags

• REMODELED MOBILE HOME
• RENOVATED COMMODORE NOVA
• MIDVIEW SCHOOL DISTRICT
• LAND LEASE FEE
• PLAYGROUND
• CLUBHOUSE

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $45k.

Deal economics

• At list price, monthly cash flow is $615 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $45k).
• Recommended offer: $42k (6.0% below list) — sets the bar for market timing.
• Cap rate 22.7% vs local median 3.8% in Elyria — 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 75/100 on livability (#243 in OH, #3,869 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A; Watch: schools C-, employment D, commute F.
• Midview Local (suburban): math 55% / reading 59% proficiency, ranked #314 of 656 in OH (top 48%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+6.7%/yr); 356 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); 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 $311 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 6.7% rent growth), your $13k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 68 days — a 6% lower offer ($42k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 34y ago; this cycle's ask has dropped $19k (30%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $24k; list at $45k implies a 86% gain — meaningful room to come down on a strong offer.

Recommended offer $42,300 (6.0% below list)

Questions for the listing agent

1. It's been on market 68 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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: 2.61% ✓
• Cap rate: 22.70%
• Cash-on-cash: 58.60%
• DSCR: 3.61
• GRM: 3.2

CMA / ARV

• ARV (median comp): $109,189
• List price: $45,000
• Delta: -58.79%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 6.74% rent growth · sell at horizon

5-year hold

• IRR: 61.4%
• Equity multiple: 3.90×
• Total profit: $36,495
• Equity at exit: $6,710

10-year hold

• IRR: 67.3%
• Equity multiple: 9.14×
• Total profit: $102,608
• Equity at exit: $3,891

Cash invested: $12,600 (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 44035

• Rents YoY: 6.7%
• Active inventory: 356
• Price-to-rent: 3.2×

Monthly cashflow live

• Estimated rent: $1,173 medium
• Mortgage (P&I): −$236
• Tax est. 1.5%: −$56 /mo · $675/yr
• Insurance: −$19
• HOA: −$0
• Vacancy / Maint / Mgmt: −$246
• Net cashflow: $615

Break-even live

Break-even rent $394

Max offer price $45,000

Occupancy floor 43%

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: $11,250
• Closing costs: $1,350
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
10425 Middle Ave Elyria, OH	3.0–4.0	2.0	1424	$1,209	$0.85	1d	1	0.12mi
780 Oberlin Elyria Rd Apt 4 Elyria, OH	2.0	1.0	850	$975	$1.15	1d	1	0.98mi
1309 Middle Ave Elyria, OH	2.0	1.0	1000	$795	$0.80	43d	1	1.00mi
129 Park Meadow Ln Elyria, OH	1.0–2.0	1.0	729	$1,179	$1.62	1d	1	1.46mi

Listing history 21 events

1. 2026-06-18
   days on market $45,000 Active 68 DOM
2. 2026-06-17
   days on market $45,000 Active 67 DOM
3. 2026-06-16
   days on market $45,000 Active 66 DOM
4. 2026-06-15
   price $45,000 Active 65 DOM
5. 2026-06-15
   days on market $50,000 Active 65 DOM
6. 2026-06-13
   days on market $50,000 Active 63 DOM
7. 2026-06-10
   price $50,000 Active 59 DOM
8. 2026-06-09
   days on market $52,000 Active 59 DOM
9. 2026-06-08
   days on market $52,000 Active 58 DOM
10. 2026-06-07
    days on market $52,000 Active 57 DOM
11. 2026-06-05
    days on market $52,000 Active 54 DOM
12. 2026-06-03
    days on market $52,000 Active 53 DOM
13. 2026-06-02
    days on market $52,000 Active 52 DOM
14. 2026-06-01
    days on market $52,000 Active 51 DOM
15. 2026-05-31
    days on market $52,000 Active 50 DOM
16. 2026-05-04
    price $59,000 1816-char remark

    Show marketing remark (1816 chars)

    Welcome to this remodeled mobile home in Colonial Oaks. 160 Kentucky Dr. is a renovated 1986 Commodore Nova located in Midview School District. Colonial Oaks is part of YES! Communities and has a land lease fee of just $575 monthly and offers a playground, clubhouse, exercise room, picnic area, basketball courts, and more. This home and commumity focus on offering affordable housing and this home does that with elegance and modern appeal. This home has been caringly restored and enhanced. The living spaces have been thoughtfully designed to offer both functionality and style. From drywall instead of paneling, metal roofing, bathroom updates top to bottom, including upgrades such as dual flush toilets and high faucets, new kitchen counters, cabinets and appliances, to electrical, lighting and more. 160 Kentucky Dr. offers a Primary Suite with French Doors to the full Primary Bathroom and wall-to-wall closet. The kitchen is located at the rear of the home and is next to the laundry room, living area and bedrooms. The black and wood tones bring earth and modern appeal together. The new stainless steel appliances are new and make this home move right in. The second bedroom sits between the Main Bathroom with a walk-in shower and the office. The office provides a flex space just off the living room to provide an additional room for what suits you best. The gray and white flows throughout the home for easy decorating. The LVT flooring is consistent throughout the 924 square feet. The awning offers shelter from the rain and weather, providing a shaded space perfect for enjoying your morning coffee or evening relaxation. A beautiful view out back offers a view of country in the midst of a neighborhood community. To learn more about this home or the community, contact your favorite agent today.

17. 2026-04-10
    listed $64,000 Active 1816-char remark

    Show marketing remark (1816 chars)

    Welcome to this remodeled mobile home in Colonial Oaks. 160 Kentucky Dr. is a renovated 1986 Commodore Nova located in Midview School District. Colonial Oaks is part of YES! Communities and has a land lease fee of just $575 monthly and offers a playground, clubhouse, exercise room, picnic area, basketball courts, and more. This home and commumity focus on offering affordable housing and this home does that with elegance and modern appeal. This home has been caringly restored and enhanced. The living spaces have been thoughtfully designed to offer both functionality and style. From drywall instead of paneling, metal roofing, bathroom updates top to bottom, including upgrades such as dual flush toilets and high faucets, new kitchen counters, cabinets and appliances, to electrical, lighting and more. 160 Kentucky Dr. offers a Primary Suite with French Doors to the full Primary Bathroom and wall-to-wall closet. The kitchen is located at the rear of the home and is next to the laundry room, living area and bedrooms. The black and wood tones bring earth and modern appeal together. The new stainless steel appliances are new and make this home move right in. The second bedroom sits between the Main Bathroom with a walk-in shower and the office. The office provides a flex space just off the living room to provide an additional room for what suits you best. The gray and white flows throughout the home for easy decorating. The LVT flooring is consistent throughout the 924 square feet. The awning offers shelter from the rain and weather, providing a shaded space perfect for enjoying your morning coffee or evening relaxation. A beautiful view out back offers a view of country in the midst of a neighborhood community. To learn more about this home or the community, contact your favorite agent today.

18. 2025-12-29
    price $44,000
19. 2025-12-16
    listed $55,000 Active
20. 1992-03-10
    soldstatus $24,173
21. 1992-03-10
    listed $24,173

ⓘ 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 ≥98°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: $14,071
• − Mortgage interest: −$2,521
• − Property taxes: −$675
• − Insurance: −$225
• − Repairs & maintenance: −$1,126
• − Management: −$1,126
• − Depreciation: −$1,309
• Taxable income: $7,090
• Est. tax owed @ 24.0%: −$1,702
• After-tax cash flow: $5,683/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: Midview Local
• NCES district ID: 3904817
• Math proficiency: 55% ▼ -17.00%
• Reading proficiency: 59% ▼ -13.00%
• Median HH income: $61,808
• Composite: 49.71/100
• National rank: #1966
• State rank: #314 of 656 in OH

Livability — Elyria

• Score: 75/100
• State rank: #243
• US rank: #3869

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Elyria, OH
• County: Lorain County · 219,437 people
• City population: 62,179
• Metro: Cleveland-Elyria, OH
• Population (ZIP): 62,179
• Household income: $56,408
• Rent vs Own: 37.3% rent · 62.7% own
• Severe rent burden: 2229.0

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 (70%)
• Race & ethnicity: White 70% Two or more races 12% Black 11% Hispanic / Latino 10% Asian 1%
• Hispanic origin (detail): Mexican 2% Puerto Rican 6%
• Common ancestry: Romanian 5% Slovak 2% Lithuanian 2%
• Foreign-born: 2% · China, Canada
• Languages at home: 94% English-only · Spanish 4% Chinese 1%

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: ▼ -139.09%
• Current HPI: 199.7354
• Rent YoY: ▲ 6.74%
• Metro: Cleveland-Elyria, 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

+144.1% since first listed

6 events — show timeline

• 2026-05-04 Price Changed $59,000 MLSNOW
• 2026-04-10 Listed $64,000 MLSNOW
• 2025-12-29 Price Changed $44,000 MLSNOW
• 2025-12-16 Listed $55,000 MLSNOW
• 1992-03-10 Listed $24,173 MLSNOW
• 1992-03-10 Sold (MLS) $24,173 MLSNOW