3354 Hilton St NW #4

Perry Heights, OH 44646

$32,400B

3 bd · 1.5 ba · 924 sqft · Built 1999 · Manufactured · Active · 16 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,174/mo
• Mortgage (P&I): −$170
• Tax + insurance: −$54
• HOA: −$540
• Vac / Maint / Mgmt: −$247
• Net cashflow: $164/mo
• Annual: $1,967/yr
• Cap rate: 12.36%
• Cash-on-cash: 21.68%
• DSCR: 1.96
• 1% rule: 3.62%
• Cash to close: $9,072

Investor read

• This is a 3-bed/1.5-bath manufactured listed at $32k. Condition is rated good.
• At list price, monthly cash flow is $164 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $32k).
• It's been on market 16 days — a 2% lower offer ($32k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $32k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $224 of loan paydown is wiped out by about $972 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 46% of rent.
• Market conditions: Rents rising fast (+6.0%/yr); 209 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 22d 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.
• At projected returns (-3.0% appreciation + 6.0% rent growth), your $9k cash investment doubles in ~5 years — after that, you're playing with house money.
• Cap rate 12.4% 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.

Questions for listing agent

• 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.