69 Mirage Ave · Amherst, OH 44001

$55,000

3 bd · 2.0 ba · 1,568 sqft · Manufactured · 7 Days on market

Built 1997 435 sqft lot $550/mo HOA · 30% of rent

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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 +5.9/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Immaculate move-in ready double-wide home. Features include large eat-in kitchen w/ loads of cupboards, formal dining room, large living room and 15x15 office. Split bedroom floor plan with the master and full bath at one end and 2 bedrooms & full bath at the other. Small deck for your evening enjoyment & storage shed too!

Key facts

• Open floor plan
• Laundry room
• Bonus room

Tags

• DOUBLE WIDE MODULAR HOME
• BONUS ROOM
• OPEN FLOOR PLAN
• LARGE KITCHEN
• LAUNDRY ROOM
• DECK OFF OF KITCHEN

Property features AI

Finance

• HOA & community: Amherst Village HOA with a $550 monthly fee covering common area maintenance and snow removal

Exterior

• Parking: Carport (1 space)
• Utilities: Public water; Public sewer
• Home design: Single-story home
• Construction: Built per public records; Asphalt/fiberglass roof
• Exterior features: Paved surfaces; Vinyl siding

Interior

• Kitchen: Cooktop; Refrigerator
• Bedrooms: 3 main-level bedrooms
• Bathrooms: 2 full bathrooms (both on the main level)
• Heating & cooling: Forced-air gas heating
• Interior features: South-facing
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $55k.

Deal economics

• At list price, monthly cash flow is $497 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $55k).
• Cap rate 17.1% vs local median 3.9% in Amherst — 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 81/100 on livability (#100 in OH, #1,523 nationally) — a professional / high-income tenant draw. Strengths: schools A+, cost of living A+, housing A+; Watch: amenities D-, commute F.
• Amherst Exempted Village (suburban): math 66% / reading 69% proficiency, ranked #160 of 656 in OH (top 24%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 18% free/reduced lunch — higher-income household profile.
• Market conditions: 116 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 8d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 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 $380 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $15k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 29y ago 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.
• Current owner paid $45k; 22% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: HOA is 30% of rent.

Recommended offer $55,000

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
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: 3.28% ✓
• Cap rate: 17.14%
• Cash-on-cash: 38.73%
• DSCR: 2.72
• GRM: 2.5

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: 35.3%
• Equity multiple: 2.50×
• Total profit: $23,111
• Equity at exit: $8,201

10-year hold

• IRR: 42.2%
• Equity multiple: 5.05×
• Total profit: $62,374
• Equity at exit: $4,755

Cash invested: $15,400 (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 44001

• Active inventory: 116
• Price-to-rent: 2.5×

Monthly cashflow live

• Estimated rent: $1,807 medium
• Mortgage (P&I): −$288
• Tax est. 1.5%: −$69 /mo · $825/yr
• Insurance: −$23
• HOA: −$550
• Vacancy / Maint / Mgmt: −$379
• Net cashflow: $497

Break-even live

Break-even rent $1,177

Max offer price $55,000

Occupancy floor 67%

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: $13,750
• Closing costs: $1,650
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5203 Gargasz Dr Lorain, OH	3.0	2.0	1416	$1,895	$1.34	19d	1	1.01mi
275 Cornell Ave Amherst, OH	3.0	1.5	1201	$1,873	$1.56	7d	1	1.30mi
566 Jackson St Amherst, OH	3.0	2.0	1303	$1,595	$1.22	1d	1	1.49mi

HOA detail

• Monthly dues: $550 · $6,600/yr

Listing history 9 events

1. 2026-05-01
   status Pending
2. 2026-04-24
   listed $55,000 Active
3. 2020-12-10
   soldstatus $45,000 Closed 336-char remark

   Show marketing remark (336 chars)

   Immaculate move-in ready double-wide home. Features include large eat-in kitchen w/ loads of cupboards, formal dining room, large living room and 15x15 office. Split bedroom floor plan with the master and full bath at one end and 2 bedrooms & full bath at the other. Small deck for your evening enjoyment & storage shed too!

4. 2020-12-09
   status Pending 336-char remark

   Show marketing remark (336 chars)

   Immaculate move-in ready double-wide home. Features include large eat-in kitchen w/ loads of cupboards, formal dining room, large living room and 15x15 office. Split bedroom floor plan with the master and full bath at one end and 2 bedrooms & full bath at the other. Small deck for your evening enjoyment & storage shed too!

5. 2020-12-09
   historical Contingent 336-char remark

   Show marketing remark (336 chars)

   Immaculate move-in ready double-wide home. Features include large eat-in kitchen w/ loads of cupboards, formal dining room, large living room and 15x15 office. Split bedroom floor plan with the master and full bath at one end and 2 bedrooms & full bath at the other. Small deck for your evening enjoyment & storage shed too!

6. 2020-11-18
   status Pending 336-char remark

   Show marketing remark (336 chars)

   Immaculate move-in ready double-wide home. Features include large eat-in kitchen w/ loads of cupboards, formal dining room, large living room and 15x15 office. Split bedroom floor plan with the master and full bath at one end and 2 bedrooms & full bath at the other. Small deck for your evening enjoyment & storage shed too!

7. 2020-10-26
   listed $52,000 Active 336-char remark

   Show marketing remark (336 chars)

   Immaculate move-in ready double-wide home. Features include large eat-in kitchen w/ loads of cupboards, formal dining room, large living room and 15x15 office. Split bedroom floor plan with the master and full bath at one end and 2 bedrooms & full bath at the other. Small deck for your evening enjoyment & storage shed too!

8. 1998-12-02
   historical
9. 1997-06-03
   listed $53,900

ⓘ 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 ≥97°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,678
• − Mortgage interest: −$3,081
• − Property taxes: −$825
• − Insurance: −$275
• − Repairs & maintenance: −$1,734
• − Management: −$1,734
• − HOA: −$6,600
• − Depreciation: −$1,600
• Taxable income: $5,829
• Est. tax owed @ 24.0%: −$1,399
• After-tax cash flow: $4,566/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: Amherst Exempted Village
• NCES district ID: 3904519
• Math proficiency: 66% ▼ -15.00%
• Reading proficiency: 69% ▼ -11.00%
• Median HH income: $63,459
• Composite: 58.58/100
• National rank: #988
• State rank: #160 of 656 in OH

Livability — Amherst

• Score: 81/100
• State rank: #100
• US rank: #1523

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Amherst, OH
• County: Lorain · 305,041 people
• Metro: Cleveland, OH
• Population (ZIP): 21,123
• Household income: $91,050
• Rent vs Own: 12.5% rent · 87.5% own
• Severe rent burden: 11.6

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 (87%)
• Race & ethnicity: White 87% Hispanic / Latino 6% Two or more races 6% Asian 2% Black 1%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3%
• Common ancestry: Romanian 10% Slovak 3% Lithuanian 2%
• Foreign-born: 3% · Canada, China
• Languages at home: 96% English-only · Spanish 1% Chinese 1% Other Indo-European 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: ▼ -113.43%
• Current HPI: 194.6753
• Rent YoY: —
• Metro: —
• 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

+2.0% since first listed

9 events — show timeline

• 2026-05-01 Pending — MLSNOW
• 2026-04-24 Listed $55,000 MLSNOW
• 2020-12-10 Sold (MLS) $45,000 MLSNOW
• 2020-12-09 Pending — MLSNOW
• 2020-12-09 Contingent — MLSNOW
• 2020-11-18 Pending — MLSNOW
• 2020-10-26 Listed $52,000 MLSNOW
• 1998-12-02 Listing Removed — MLSNOW
• 1997-06-03 Listed $53,900 MLSNOW