Clayton 348R Pikewood Manor Plan · Elyria, OH 44035

$105,000

3 bd · 2.0 ba · 1,440 sqft · Manufactured · 63 Days on market

Good condition

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Why this score? — see what drove the B 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
• ARV discount +7.5/15.0
• Rent growth +4.2/5.0
• Condition / age +4.0/5.0
• Livability +3.8/5.0
• Schools +2.4/10.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to Pikewood Manor! Conveniently located right off of I-90 and the Turnpike, this is a perfect community to call home. This home is for sale only and in house financing is offered to qualified buyers! Must be approved for park residency. Here we have a spacious yet beautiful 3 bedroom 2 bathroom home, ideal for comfort and luxury. Built in 2020 and offering 1,440 square feet of living space, this home comes with many great features, including: - Private driveway - 10x10 storage shed - Plenty of yard space for landscaping and patio furniture! - All appliances installed in 2020 - Large kitchen with island and pantry closet - Living room and flex room for more comfortability - Primary

Key facts

• 10x10 storage shed
• Private driveway
• Large kitchen

Tags

• PRIVATE DRIVEWAY
• 10X10 STORAGE SHED
• YARD SPACE
• APPLIANCES INSTALLED
• LARGE KITCHEN
• ISLAND

Property features AI

Finance

• Other: Address marketed as Clayton 348R Pikewood Manor Plan, Elyria, OH 44035; Status: Active
• Financial info: List price $120,000

Exterior

• Utilities: Natural gas; Central electric for cooling
• Home design: Plan: Clayton 348R Pikewood Manor; New construction plan
• Construction: Living area approximately 1440; Built as part of a 2026 plan
• Exterior features: Shake roof

Interior

• Bedrooms: 3 bedrooms
• Bathrooms: 2 total bathrooms
• Heating & cooling: Natural gas heating; Central air conditioning
• Interior features: 2 full bathrooms

🏗️ New construction. The $105,000 list price is a builder figure, so every metric below is computed on the value from comparable previous sales — $51,840.

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $105k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $557 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $105k).
• Recommended offer: $99k (6.0% below list) — sets the bar for market timing.
• Cap rate 19.2% vs local median 3.8% in Elyria — 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 75/100 on livability (#243 in OH, #3,869 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A; Watch: schools C-, employment D, commute F.
• Elyria City Schools (urban): math 21% / reading 37% proficiency, ranked #586 of 656 in OH (top 89%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising fast (+6.7%/yr); 356 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 8d on market — plan ~1-2 weeks tenant-placement turnaround); 1,098 units permitted in Lorain County in 2024 (20 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $358 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 6.7% rent growth), your $15k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 63 days — a 6% lower offer ($99k) is reasonable based on typical stale-listing flexibility.

Recommended offer $98,700 (6.0% below list)

Questions for the listing agent

1. It's been on market 63 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 2.23% ✓
• Cap rate: 19.18%
• Cash-on-cash: 46.04%
• DSCR: 3.05
• GRM: 3.7

CMA / ARV

• ARV (on-the-fly): $51,840
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
237 Gull Dr	0.46mi	3/2.0	1,595 (+11%)	7mo	$58,000	$36	55

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 6.74% rent growth · sell at horizon

5-year hold

• IRR: 47.5%
• Equity multiple: 3.18×
• Total profit: $31,608
• Equity at exit: $7,730

10-year hold

• IRR: 54.7%
• Equity multiple: 7.43×
• Total profit: $93,313
• Equity at exit: $4,482

Cash invested: $14,515 (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 44035

• Rents YoY: 6.7%
• Active inventory: 356
• Price-to-rent: 7.6×

Monthly cashflow live

• Estimated rent: $1,158 medium
• Mortgage (P&I): −$272
• Tax est. 1.5%: −$65 /mo · $778/yr
• Insurance: −$22
• HOA: −$0
• Vacancy / Maint / Mgmt: −$243
• Net cashflow: $557

Break-even live

Break-even rent $453

Max offer price $51,840

Occupancy floor 47%

Sensitivity live

Price	-10% $593	-5% $575	+0% $557	+5% $539	+10% $521
Rent	-10% $465	-5% $511	+0% $557	+5% $603	+10% $648
Rate	-1.0pp $583	-0.5pp $570	base $557	+0.5pp $543	+1.0pp $530

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: $12,960
• Closing costs: $1,555
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1780 Lorain Blvd Elyria, OH	2.0–3.0	1.0–2.0	916	$1,100	$1.20	2d	1	0.11mi
944 Walnut St Elyria, OH	2.0	1.0	1064	$1,200	$1.13	18d	1	1.07mi
518 Lake Ave Unit 100 Rush Elyria, OH	3.0	1.0	1248	$1,099	$0.88	5d	1	1.30mi
100 Rush St Elyria, OH	3.0	1.0	1248	$1,099	$0.88	8d	1	1.30mi

Listing history 14 events

1. 2026-06-18
   days on market $105,000 Active 63 DOM
2. 2026-06-17
   days on market $105,000 Active 62 DOM
3. 2026-06-16
   days on market $105,000 Active 61 DOM
4. 2026-06-15
   days on market $105,000 Active 60 DOM
5. 2026-06-13
   days on market $105,000 Active 58 DOM
6. 2026-06-13
   days on market $105,000 Active 57 DOM
7. 2026-06-10
   price $105,000 Active 54 DOM
8. 2026-06-09
   days on market $110,000 Active 54 DOM
9. 2026-06-08
   days on market $110,000 Active 53 DOM
10. 2026-06-07
    days on market $110,000 Active 52 DOM
11. 2026-06-03
    days on market $110,000 Active 48 DOM
12. 2026-06-02
    days on market $110,000 Active 47 DOM
13. 2026-06-01
    days on market $110,000 Active 46 DOM
14. 2026-05-31
    days on market $110,000 Active 45 DOM

ⓘ 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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥98°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,901
• − Mortgage interest: −$2,904
• − Property taxes: −$778
• − Insurance: −$259
• − Repairs & maintenance: −$1,112
• − Management: −$1,112
• − Depreciation: −$1,508
• Taxable income: $6,228
• Est. tax owed @ 24.0%: −$1,495
• After-tax cash flow: $5,188/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.

Condition & rehab AI · 13 photos

Good 80/100 Cosmetic rehab

This manufactured home is in good condition with no major repairs needed. Fresh paint and well-maintained landscaping would significantly enhance its curb appeal and value.

Value-add opportunities

• Both Paint exterior — Fresh paint enhances curb appeal and value
• Both Landscaping — Well-maintained landscaping improves curb appeal and value

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior — Fresh paint enhances curb appeal and value ↑
• Both Landscaping — Well-maintained landscaping improves curb appeal and value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Elyria City Schools
• NCES district ID: 3904394
• Math proficiency: 21% ▼ -25.00%
• Reading proficiency: 37% ▼ -15.00%
• Median HH income: $40,992
• Composite: 24.45/100
• National rank: #7670
• State rank: #586 of 656 in OH

Livability — Elyria

• Score: 75/100
• State rank: #243
• US rank: #3869

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Elyria, OH
• County: Lorain County · 219,437 people
• City population: 62,179
• Metro: Cleveland-Elyria, OH
• Population (ZIP): 62,179
• Household income: $56,408
• Rent vs Own: 37.3% rent · 62.7% own
• Severe rent burden: 2229.0

Population outlook (Lorain County) Hauer SSP2

• Today (2025): 314,924 people
• By 2030: 317,546 · +0.8%
• By 2040: 317,962 · +1.0%
• By 2050: 312,872 · -0.7%
• By 2075: 301,806 · -4.2%
• By 2100: 278,271 · -11.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (70%)
• Race & ethnicity: White 70% Two or more races 12% Black 11% Hispanic / Latino 10% Asian 1%
• Hispanic origin (detail): Mexican 2% Puerto Rican 6%
• Common ancestry: Romanian 5% Slovak 2% Lithuanian 2%
• Foreign-born: 2% · China, Canada
• Languages at home: 94% English-only · Spanish 4% Chinese 1%

Political lean MEDSL · Lorain

• 2024 margin: Lean R (+5.7) · D 46.7% · R 52.4%
• 2008→2024 swing: -23.6pp toward R · 2008: 17.9pp · 2024: -5.7pp
• All cycles: 2024: R+5.7 2020: R+2.5 2016: R+0.3 2012: D+14.4 2008: D+17.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -139.09%
• Current HPI: 199.7354
• Rent YoY: ▲ 6.74%
• Metro: Cleveland-Elyria, OH
• 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