6201 Hatches Corners Rd

Conneaut, OH 44030

$75,000B-

3 bd · 1.0 ba · 980 sqft · Built 1975 · Manufactured · Pending · 17 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $910/mo
• Mortgage (P&I): −$393
• Tax + insurance: −$57
• HOA: −$0
• Vac / Maint / Mgmt: −$191
• Net cashflow: $268/mo
• Annual: $3,221/yr
• Cap rate: 10.59%
• Cash-on-cash: 15.34%
• DSCR: 1.68
• 1% rule: 1.21%
• Cash to close: $21,000

Investor read

• This is a 3-bed/1.0-bath manufactured listed at $75k.
• At list price, monthly cash flow is $268 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($910 rent vs $75k).
• It's been on market 17 days — a 2% lower offer ($74k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $74k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $519 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 63/100 on livability (#808 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime C-, health & safety D, amenities F.
• Conneaut Area City (town): math 35% / reading 50% proficiency, ranked #527 of 656 in OH (top 80%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Lakeshore Primary Elementary School (456 students, 65% FRL); Conneaut Middle School (math 34% / reading 46%, grade F, #511 of 654 statewide, top 79%, 372 students, 58% FRL); Conneaut High School (math 32% / reading 72%, grade D+, #343 of 781 statewide, top 47%, 390 students, 53% FRL).
• Market conditions: 61 active listings in the ZIP; 155 units permitted in Ashtabula County in 2024 (0 in 5+ unit buildings).
• Ashtabula County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 6 sale attempts since 3y 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $21k cash investment doubles in ~8 years — after that, you're playing with house money.
• Cap rate 10.6% vs local median 4.3% in Conneaut — 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

• Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.