2664 Eagle Point Dr

Madison, OH 44057

$79,900B

3 bd · 2.0 ba · 1,140 sqft · Built 1996 · Manufactured · Active · 12 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,675/mo
• Mortgage (P&I): −$419
• Tax + insurance: −$133
• HOA: −$0
• Vac / Maint / Mgmt: −$352
• Net cashflow: $771/mo
• Annual: $9,251/yr
• Cap rate: 17.87%
• Cash-on-cash: 41.35%
• DSCR: 2.84
• 1% rule: 2.10%
• Cash to close: $22,372

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $80k.
• At list price, monthly cash flow is $771 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $80k).
• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $552 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 75/100 on livability (#250 in OH, #3,982 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, cost of living A+; Watch: health & safety D, amenities F, commute F.
• Madison Local (suburban): math 58% / reading 59% proficiency, ranked #308 of 656 in OH (top 47%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 97 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 448 units permitted in Lake County in 2024 (0 in 5+ unit buildings).
• Lake County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 4 sale attempts since 21y 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 $37k; list at $80k implies a 116% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~3 years — after that, you're playing with house money.
• Cap rate 17.9% vs local median 5.5% in Madison — 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

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-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?
• 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.