401 W Shoreline Dr #102

Sandusky, OH 44870

$212,900D

2 bd · 2.0 ba · 874 sqft · Built 2007 · Condo · Active · 48 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,055/mo
• Mortgage (P&I): −$1,116
• Tax + insurance: −$369
• HOA: −$332
• Vac / Maint / Mgmt: −$432
• Net cashflow: $-194/mo
• Annual: $-2,332/yr
• Cap rate: 5.20%
• Cash-on-cash: -3.91%
• DSCR: 0.83
• 1% rule: 0.97%
• Cash to close: $59,612

Investor read

• This is a 2-bed/2.0-bath condo listed at $213k.
• At list price, monthly cash flow is $-194 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $179k (16.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $206k (3.5% below list).
• It's been on market 48 days — a 3% lower offer ($207k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $179k (16.1% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 83/100 on livability (#63 in OH, #929 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: crime D-, employment F.
• Sandusky City (town): math 24% / reading 37% proficiency, ranked #583 of 656 in OH (top 89%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 71% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: The Sandusky Intermediate School (math 26% / reading 38%, grade F, #1,135 of 1,584 statewide, top 73%, 909 students, 0% FRL); Sandusky Middle School (math 25% / reading 32%, grade F, #580 of 654 statewide, top 89%, 468 students, 0% FRL); Sandusky High School (math 17% / reading 41%, grade F, #627 of 781 statewide, top 81%, 1,004 students, 0% FRL) — zoned schools average 0% FRL vs 71% district-wide (71 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 212 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 128 units permitted in Erie County in 2024 (5 in 5+ unit buildings).
• Erie County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 8 sale attempts since 18y 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 $113k; list at $213k implies a 88% gain — meaningful room to come down on a strong offer.
• This rent runs 40% of the median local income ($62k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 48 days. Have you received any prior offers? Is the seller open to a 16% 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?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.