10950 Cherokee Dr #59

Lakeview, OH 43331

$74,900D

2 bd · 1.0 ba · 540 sqft · Built 2013 · Manufactured · Active · 88 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $891/mo
• Mortgage (P&I): −$393
• Tax + insurance: −$125
• HOA: −$290
• Vac / Maint / Mgmt: −$187
• Net cashflow: $-104/mo
• Annual: $-1,249/yr
• Cap rate: 4.63%
• Cash-on-cash: -5.96%
• DSCR: 0.73
• 1% rule: 1.19%
• Cash to close: $20,972

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $75k. Condition is rated good.
• At list price, monthly cash flow is $-104 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $60k (20.1% below list).
• Meets the 1% rule at list price ($891 rent vs $75k).
• It's been on market 88 days — a 6% lower offer ($70k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $60k (20.1% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $518 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 63/100 on livability (#836 in OH) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, employment F.
• Indian Lake Local (rural): math 59% / reading 66% proficiency, ranked #261 of 656 in OH (top 40%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Indian Lake Elementary School (math 72% / reading 67%, grade A-, #391 of 1,584 statewide, top 27%, 510 students, 45% FRL); Indian Lake Middle School (math 56% / reading 65%, grade B+, #259 of 654 statewide, top 40%, 407 students, 42% FRL); Indian Lake High School (math 52% / reading 72%, grade B-, #202 of 781 statewide, top 29%, 492 students, 34% FRL) — zoned schools at 40% FRL track the district average.
• Watch-outs: HOA is 33% of rent.
• Market conditions: 157 active listings in the ZIP; 121 units permitted in Logan County in 2024 (0 in 5+ unit buildings).
• Logan County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 9 sale attempts 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.
• This rent is only 18% of the median local income ($60k/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?
• It's been on market 88 days. Have you received any prior offers? Is the seller open to a 20% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.