78 Periwinkle Dr · Olmsted Falls, OH 44138

$120,000

2 bd · 2.0 ba · 1,652 sqft · Manufactured · 8 Days on market

Built 1999 $73/sqft · 26% above area Est $95k · 26% over

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Why this score? — see what drove the C+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +6.1/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

Discover the ease and charm of one-story living in the highly sought-after 55+ community of Columbia Park in Olmsted Township, where this beautifully maintained 1999 Schult M29 manufactured home is ready to welcome you into the next exciting chapter of your life! Offering 1,652 square feet of bright, comfortable living space, this gem features 2 spacious bedrooms, 2 full bathrooms, and a flexible bonus room you can shape into the perfect home office, creative studio, or relaxing sitting room, all designed with your lifestyle in mind. The primary suite is a true retreat, complete with a generous walk-in closet, while an elegant chandelier in the dining area sets the tone for warm gatherings

Key facts

• Private deck
• One story living
• Sun filled skylights

Tags

• ONE STORY LIVING
• FLEXIBLE BONUS ROOM
• WALK IN CLOSET
• SUN FILLED SKYLIGHTS
• ELECTRIC FIREPLACE
• PRIVATE DECK

Property features AI

Finance

• Other: Pets allowed
• Financial info: Land lease present (monthly amount disclosed in records)
• HOA & community: Homeowners association (Columbia Park); Association fees billed annually and monthly; Association maintains grounds; Clubhouse; Senior community

Exterior

• Parking: Attached garage; Carport (1 space); Driveway parking
• Security: Gated community
• Utilities: Public water; Public sewer
• Home design: Single-story home
• Construction: Vinyl siding; Asphalt/fiberglass roof; Block and concrete perimeter foundation; Built (year per public records)
• Exterior features: Patio; Storage shed(s); Updated/remodeled condition

Interior

• Kitchen: Eat-in kitchen
• Bedrooms: 2 main-level bedrooms
• Bathrooms: 2 full bathrooms (both on main level)
• Heating & cooling: Electric heating; Central air conditioning
• Interior features: Ceiling fans; Eat-in kitchen; Walk-in closets; Blinds and window treatments; Electric fireplace (1)
• Laundry & utility: Dedicated laundry room

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $120k.

Deal economics

• At list price, monthly cash flow is $661 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Cap rate 13.6% vs local median 4.2% in Olmsted Falls — 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.

Location & tenants

• Location reads 73/100 on livability (#343 in OH) — a middle-class / working-renter tenant base. Strengths: schools A+, crime A+, employment A+; Watch: amenities F, commute F, health & safety F.
• Olmsted Falls City (suburban): math 70% / reading 70% proficiency, ranked #134 of 656 in OH (top 20%) — strong family-tenant draw, lease renewals of 3-5y typical; only 13% free/reduced lunch — higher-income household profile.
• Market conditions: 183 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 1,441 units permitted in Cuyahoga County in 2024 (700 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $830 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Cuyahoga County population projected to shrink 8% 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 $34k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 9y 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.
• Current owner paid $65k; list at $120k implies a 85% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $120,000

Questions for the listing agent

1. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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.

Investment metrics

• 1% rule: 1.64% ✓
• Cap rate: 13.57%
• Cash-on-cash: 25.99%
• DSCR: 2.16
• GRM: 5.1

CMA / ARV

• ARV (median comp): $95,116
• List price: $120,000
• Delta: 26.16%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 16.8%
• Equity multiple: 1.68×
• Total profit: $22,738
• Equity at exit: $17,892

10-year hold

• IRR: 25.3%
• Equity multiple: 3.21×
• Total profit: $74,313
• Equity at exit: $10,375

Cash invested: $33,600 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 73 Landlord-Friendly
• State Ohio: 73 Landlord-Friendly · R+6
• County: — inherits STATE
• City: — inherits STATE

3-day notice; Cleveland / Columbus have some habitability code enforcement; otherwise landlord-leaning.

Methodology + full state rankings →

ZIP-level market 44138

• Home prices YoY: -30.8%
• Active inventory: 183
• Price-to-rent: 5.1×

Monthly cashflow live

• Estimated rent: $1,971 high
• Mortgage (P&I): −$629
• Tax est. 1.5%: −$150 /mo · $1,800/yr
• Insurance: −$50
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$414
• Net cashflow: $661

Break-even live

Break-even rent $1,134

Max offer price $120,000

Occupancy floor 61%

Sensitivity live

Price	-10% $744	-5% $703	+0% $661	+5% $620	+10% $578
Rent	-10% $506	-5% $583	+0% $661	+5% $739	+10% $817
Rate	-1.0pp $722	-0.5pp $692	base $661	+0.5pp $630	+1.0pp $598

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
26875 Bagley Rd Olmsted Twp, OH	1.0–3.0	1.0–2.0	890	$1,199	$1.35	3d	1	1.07mi
8450 Daylily DR Olmsted Falls, OH	2.0–3.0	2.5	1541	$2,410	$1.56	2d	10	1.19mi
27080 Oakwood Dr Olmsted Falls, OH	1.0–2.0	1.0–2.0	975	$1,780	$1.83	2d	39	1.27mi
7447 Stearns Rd Olmsted Twp, OH	3.0	2.5	2000	$2,429	$1.21	2d	1	1.32mi
5785 Fitch Rd North Olmsted, OH	2.0	1.0	1080	$1,650	$1.53	44d	1	1.37mi

Listing history 19 events

1. 2026-06-17
   days on market $120,000 Active 8 DOM
2. 2026-06-16
   days on market $120,000 Active 7 DOM
3. 2026-06-15
   days on market $120,000 Active 6 DOM
4. 2026-06-13
   days on market $120,000 Active 4 DOM
5. 2026-06-13
   days on market $120,000 Active 3 DOM
6. 2026-06-10
   days on marketlisting id $120,000 Active 1 DOM
7. 2026-06-01
   days on market $120,000 Active 18 DOM
8. 2026-05-31
   days on market $120,000 Active 17 DOM
9. 2026-05-14
   listed $120,000 Active 1596-char remark
10. 2026-04-09
    historical
11. 2026-04-02
    listed $115,000 Active
12. 2022-06-10
    soldstatus $65,000 Closed
13. 2022-05-18
    status Pending
14. 2022-04-28
    listed $74,900 Active
15. 2017-09-26
    soldstatus $56,000 Sold
16. 2017-09-19
    status Pending
17. 2017-08-30
    historical Contingent
18. 2017-08-29
    price $59,900
19. 2017-06-27
    listed $64,900 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥96°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,650
• − Mortgage interest: −$6,722
• − Property taxes: −$1,800
• − Insurance: −$1,398
• − Repairs & maintenance: −$1,892
• − Management: −$1,892
• − Depreciation: −$3,491
• Taxable income: $6,456
• Est. tax owed @ 24.0%: −$1,549
• After-tax cash flow: $6,385/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Olmsted Falls City
• NCES district ID: 3904657
• Math proficiency: 70% ▼ -14.00%
• Reading proficiency: 70% ▼ -10.00%
• Median HH income: $68,307
• Composite: 61.12/100
• National rank: #787
• State rank: #134 of 656 in OH

Livability — Olmsted Falls

• Score: 73/100
• State rank: #343
• US rank: #5595

Category grades

Amenities F Commute F Cost of living A+ Crime A+ Employment A+ Housing A+ Health & safety F User ratings C+

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Cuyahoga · 1,045,444 people
• Metro: Cleveland, OH
• Population (ZIP): 23,129
• Household income: $93,877
• Rent vs Own: 23.4% rent · 76.6% own
• Severe rent burden: 7.6

Population outlook (Cuyahoga County) Hauer SSP2

• Today (2025): 1,244,621 people
• By 2030: 1,230,093 · -1.2%
• By 2040: 1,189,108 · -4.5%
• By 2050: 1,145,706 · -7.9%
• By 2075: 1,076,557 · -13.5%
• By 2100: 978,987 · -21.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (85%)
• Race & ethnicity: White 85% Hispanic / Latino 9% Two or more races 6% Black 3% Asian 2%
• Hispanic origin (detail): Mexican 3% Puerto Rican 3%
• Common ancestry: Romanian 9% Slovak 2% Lithuanian 1%
• Foreign-born: 6% · Canada, Jamaica, China
• Languages at home: 93% English-only · Spanish 4% Other Indo-European 1% Arabic 1%

Political lean MEDSL · Cuyahoga

• 2024 margin: Solid D (+31.5) · D 65.4% · R 33.9%
• 2008→2024 swing: -7.4pp toward R · 2008: 38.9pp · 2024: 31.5pp
• All cycles: 2024: D+31.5 2020: D+34.1 2016: D+35.0 2012: D+38.7 2008: D+38.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -89.76%
• Current HPI: 201.9716
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 1.98%
• F500 in state: 48

Industry mix (Fortune 500 HQ in OH)

Industry	F500 HQs	Revenue
▸Insurance	3	$145B
▸Industrial Machinery	3	$49B
▸Financial Services	3	$24B
▸Consumer Goods	2	$93B
▸Aerospace / Defense	2	$47B
▸Utilities	2	$33B

Price history

+84.9% since first listed

14 events — show timeline

• 2026-06-17 Listing Removed — MLSNOW
• 2026-06-08 Listed $120,000 MLSNOW
• 2026-06-01 Listing Removed — MLSNOW
• 2026-05-14 Listed $120,000 MLSNOW
• 2026-04-09 Listing Removed — MLSNOW
• 2026-04-02 Listed $115,000 MLSNOW
• 2022-06-10 Sold (MLS) $65,000 MLSNOW
• 2022-05-18 Pending — MLSNOW
• 2022-04-28 Listed $74,900 MLSNOW
• 2017-09-26 Sold (MLS) $56,000 MLSNOW
• 2017-09-19 Pending — MLSNOW
• 2017-08-30 Contingent — MLSNOW
• 2017-08-29 Price Changed $59,900 MLSNOW
• 2017-06-27 Listed $64,900 MLSNOW