228 Lake St · Buckeye Lake, OH 43008

$79,900

3 bd · 2.0 ba · 1,456 sqft · Manufactured public records · 4 Days on market

Built 1987 9,583 sqft lot

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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
• Appreciation +7.1/10.0
• Schools +4.0/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Calling All Investors! Don't miss this opportunity to own a 3 bedroom, 2 bathroom home in Buckeye Lake! Located within 1/4 mile from the lake, this property sits on a double lot and offers plenty of potential for the right buyer. Whether you're looking for your next rental property, or renovation project, this home is packed with opportunity. It just needs a little TLC to bring it to its full potential. Bring your vision and make this property shine!

Key facts

• Double lot
• 9,583 sq ft lot
• Built 1987

Tags

• DOUBLE LOT

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-family home; One story; Built in 1987; No shared/common walls
• Construction: Slab foundation
• Exterior features: Deck

Interior

• Bedrooms: Three main-level bedrooms
• Flooring: Carpet; Vinyl
• Bathrooms: Two full bathrooms
• Heating & cooling: Forced air heating
• Interior features: Insulated windows throughout; Wood-burning fireplace (one)

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $80k.

Deal economics

• At list price, monthly cash flow is $950 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $80k).
• Cap rate 20.6% vs local median 1.5% in Buckeye Lake — 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 66/100 on livability (#671 in OH) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment C-, schools F, amenities F.
• Lakewood Local (rural): math 44% / reading 49% proficiency, ranked #481 of 656 in OH (top 73%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 31 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 159 units permitted in Licking County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $4k of equity ($552 loan paydown + $3k appreciation (4.1% local appreciation)).
• At projected returns (4.1% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 9, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $4k; list at $80k implies a 2003% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 2.7% of price.

Recommended offer $79,900

Questions for the listing agent

1. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
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: 2.50% ✓
• Cap rate: 20.57%
• Cash-on-cash: 50.98%
• DSCR: 3.27
• GRM: 3.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

4.12% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 57.5%
• Equity multiple: 4.35×
• Total profit: $75,056
• Equity at exit: $41,054

10-year hold

• IRR: 56.0%
• Equity multiple: 8.90×
• Total profit: $176,803
• Equity at exit: $67,584

Cash invested: $22,372 (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 43008

• Home prices YoY: 1.4%
• Active inventory: 31
• Price-to-rent: 3.3×

Monthly cashflow live

• Estimated rent: $2,000 medium
• Mortgage (P&I): −$419
• Tax from tax record: −$177 /mo · $2,127/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$420
• Net cashflow: $950

Break-even live

Break-even rent $797

Max offer price $79,900

Occupancy floor 47%

Sensitivity live

Price	-10% $996	-5% $973	+0% $950	+5% $928	+10% $905
Rent	-10% $792	-5% $871	+0% $950	+5% $1,029	+10% $1,108
Rate	-1.0pp $991	-0.5pp $971	base $950	+0.5pp $930	+1.0pp $909

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: $19,975
• Closing costs: $2,397
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5118 Walnut Rd Apt B Buckeye Lake, OH	2.0	2.0	1040	$2,000	$1.92	44d	1	0.62mi

Listing history 4 events

1. 2026-06-15
   statusdays on market $79,900 Pending 4 DOM
2. 2026-06-13
   days on market $79,900 Active 3 DOM
3. 2026-06-13
   remarks 455-char remark
4. 2026-06-13
   listed $79,900 Active 2 DOM

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

Tax reassessment forecast OH · Partial reset (capped growth)

• Current annual tax: $2,127 · $177/mo
• Projected year-2 tax: $2,127 · $177/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

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 · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,000
• − Mortgage interest: −$4,476
• − Property taxes: −$2,127
• − Insurance: −$400
• − Repairs & maintenance: −$1,920
• − Management: −$1,920
• − Depreciation: −$2,324
• Taxable income: $10,833
• Est. tax owed @ 24.0%: −$2,600
• After-tax cash flow: $8,805/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: Lakewood Local
• NCES district ID: 3904799
• Math proficiency: 44% ▼ -15.00%
• Reading proficiency: 49% ▼ -10.00%
• Median HH income: $51,143
• Composite: 39.98/100
• National rank: #3834
• State rank: #481 of 656 in OH

Livability — Buckeye Lake

• Score: 66/100
• State rank: #671
• US rank: #11844

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Buckeye Lake, OH
• County: Licking · 160,960 people
• City population: 2,419
• Metro: Columbus, OH
• Population (ZIP): 2,419
• Household income: $82,750
• Rent vs Own: 23.2% rent · 76.8% own

Population outlook (Licking County) Hauer SSP2

• Today (2025): 178,210 people
• By 2030: 180,917 · +1.5%
• By 2040: 183,885 · +3.2%
• By 2050: 182,985 · +2.7%
• By 2075: 178,377 · +0.1%
• By 2100: 161,075 · -9.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 6% Hispanic / Latino 5%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Italian 6% Iranian 4% Lithuanian 2%
• Foreign-born: 2% · Canada
• Languages at home: 98% English-only · Spanish 2%

Political lean MEDSL · Licking

• 2024 margin: Solid R (+30.0) · D 34.5% · R 64.6%
• 2008→2024 swing: -14.2pp toward R · 2008: -15.8pp · 2024: -30.0pp
• All cycles: 2024: R+30.0 2020: R+28.1 2016: R+28.9 2012: R+14.7 2008: R+15.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 4.12%
• Current HPI: 293.8256
• 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

+2002.6% since first listed

2 events — show timeline

• 2026-06-09 Listed $79,900 CBRMLS
• 1987-11-24 Sold (Public Records) $3,800 Public Records

Property tax history

+9.9%/yr

Latest (2025): $2,127 · +10.2% YoY. Source: county tax records.