2300 S Danbury Station Rd

Port Clinton, OH 43452

$29,900D+

3 bd · 1.0 ba · 720 sqft · Built 1970 · Manufactured · Pending · 94 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,943/mo
• Mortgage (P&I): −$157
• Tax + insurance: −$50
• HOA: −$0
• Vac / Maint / Mgmt: −$408
• Net cashflow: $1,328/mo
• Annual: $15,939/yr
• Cap rate: 59.60%
• Cash-on-cash: 190.39%
• DSCR: 9.47
• 1% rule: 6.50%
• Cash to close: $8,372

Investor read

• This is a 3-bed/1.0-bath manufactured listed at $30k. Condition is rated poor.
• At list price, monthly cash flow is $1k ($16k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $30k).
• It's been on market 94 days — a 9% lower offer ($27k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $27k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $207 of loan paydown is wiped out by about $897 of value loss. Plan a longer hold.
• Location reads 72/100 on livability (#359 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, schools A-; Watch: employment C-, amenities F, commute F.
• Danbury Local (town): math 60% / reading 71% proficiency, ranked #203 of 656 in OH (top 31%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 220 active listings in the ZIP; 128 units permitted in Ottawa County in 2024 (0 in 5+ unit buildings).
• Ottawa County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 6y ago; this cycle's ask has dropped $25k (45%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $15k; list at $30k implies a 99% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $8k cash investment doubles in ~1 year — after that, you're playing with house money.
• Cap rate 59.6% vs local median 2.3% in Port Clinton — 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.
• This rent runs 37% of the median local income ($64k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 94 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.

Repairs flagged (vision-AI assessment)

• Major: roof — Exposed roof structure
• Major: exterior siding — Weathered and damaged
• Major: windows — Visible damage
• Major: HVAC/mechanicals — Likely outdated and in poor condition
• Major: interior walls/paint — Peeling paint and visible damage
• Major: flooring — Worn carpet