MANSION CS025 Countryside Estates OH Plan

Ravenna, OH 44266

$124,200B-

4 bd · 2.0 ba · 1,900 sqft · Built — · Manufactured · Active · 83 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,614/mo
• Mortgage (P&I): −$651
• Tax + insurance: −$207
• HOA: −$0
• Vac / Maint / Mgmt: −$339
• Net cashflow: $417/mo
• Annual: $5,006/yr
• Cap rate: 10.32%
• Cash-on-cash: 14.39%
• DSCR: 1.64
• 1% rule: 1.30%
• Cash to close: $34,776

Investor read

• This is a 4-bed/2.0-bath manufactured listed at $124k. Condition is rated good.
• At list price, monthly cash flow is $417 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $124k).
• It's been on market 83 days — a 6% lower offer ($117k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $117k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $859 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 73/100 on livability (#323 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A-; Watch: amenities F, commute F, employment F.
• Southeast Local (rural): math 54% / reading 58% proficiency, ranked #334 of 656 in OH (top 51%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Southeast Intermediate Elementary School (math 62% / reading 54%, grade C+, #714 of 1,584 statewide, top 45%, 336 students, 0% FRL); Southeast Junior High School (math 53% / reading 59%, grade B-, #316 of 654 statewide, top 49%, 353 students, 43% FRL); Southeast High School (math 37% / reading 67%, grade D+, #343 of 781 statewide, top 47%, 386 students, 32% FRL).
• Market conditions: 160 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 196 units permitted in Portage County in 2024 (10 in 5+ unit buildings).
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $35k cash investment doubles in ~9 years — after that, you're playing with house money.
• Cap rate 10.3% vs local median 2.9% in Ravenna — 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

• It's been on market 83 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• 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.
• 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.