12860 Mayfield Rd #42

Aquilla, OH 44024

$28,900D+

2 bd · 1.0 ba · 938 sqft · Built 1988 · Manufactured · Pending · 14 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,380/mo
• Mortgage (P&I): −$152
• Tax + insurance: −$48
• HOA: −$0
• Vac / Maint / Mgmt: −$290
• Net cashflow: $891/mo
• Annual: $10,688/yr
• Cap rate: 43.27%
• Cash-on-cash: 132.08%
• DSCR: 6.88
• 1% rule: 4.78%
• Cash to close: $8,092

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $29k.
• At list price, monthly cash flow is $891 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $29k).
• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $200 of loan paydown is wiped out by about $867 of value loss. Plan a longer hold.
• Location reads 56/100 on livability (#1,113 in OH) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: crime C-, schools F, amenities F.
• Chardon Local (town): math 78% / reading 79% proficiency, ranked #56 of 656 in OH (top 8%) — strong family-tenant draw, lease renewals of 3-5y typical; only 14% free/reduced lunch — higher-income household profile.
• Market conditions: 79 active listings in the ZIP; solid renter incomes; 220 units permitted in Geauga County in 2024 (0 in 5+ unit buildings).
• Geauga County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 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.
• This rent is only 16% of the median local income ($105k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

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 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?
• 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.