12049 Holly Dr #20

Lakeview, OH 43331

$70,000D

2 bd · 2.0 ba · 1,078 sqft · Built 1995 · Manufactured · Active · 130 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,078/mo
• Mortgage (P&I): −$367
• Tax + insurance: −$117
• HOA: −$500
• Vac / Maint / Mgmt: −$226
• Net cashflow: $-132/mo
• Annual: $-1,586/yr
• Cap rate: 4.03%
• Cash-on-cash: -8.09%
• DSCR: 0.64
• 1% rule: 1.54%
• Cash to close: $19,600

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $70k. Condition is rated average.
• At list price, monthly cash flow is $-132 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $51k (27.3% below list).
• Meets the 1% rule at list price ($1k rent vs $70k).
• It's been on market 130 days — a 12% lower offer ($62k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $51k (27.3% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $484 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 63/100 on livability (#836 in OH) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, employment F.
• Indian Lake Local (rural): math 59% / reading 66% proficiency, ranked #261 of 656 in OH (top 40%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Indian Lake Elementary School (math 72% / reading 67%, grade A-, #391 of 1,584 statewide, top 27%, 510 students, 45% FRL); Indian Lake Middle School (math 56% / reading 65%, grade B+, #259 of 654 statewide, top 40%, 407 students, 42% FRL); Indian Lake High School (math 52% / reading 72%, grade B-, #202 of 781 statewide, top 29%, 492 students, 34% FRL) — zoned schools at 40% FRL track the district average.
• Watch-outs: HOA is 46% of rent.
• Market conditions: 180 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 121 units permitted in Logan County in 2024 (0 in 5+ unit buildings).
• Logan County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts; this cycle's ask has dropped $10k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 130 days. Have you received any prior offers? Is the seller open to a 27% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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 F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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?
• This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?

Repairs flagged (vision-AI assessment)

• Minor: kitchen cabinets — slight wear
• Minor: bathroom fixtures — standard fixtures