156 Ashwood Dr

Elyria, OH 44035

$43,000B

3 bd · 2.0 ba · 1,680 sqft · Built 1993 · Manufactured · Pending · 44 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,550/mo
• Mortgage (P&I): −$225
• Tax + insurance: −$72
• HOA: −$0
• Vac / Maint / Mgmt: −$326
• Net cashflow: $928/mo
• Annual: $11,132/yr
• Cap rate: 32.18%
• Cash-on-cash: 92.46%
• DSCR: 5.11
• 1% rule: 3.61%
• Cash to close: $12,040

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $43k.
• At list price, monthly cash flow is $928 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $43k).
• It's been on market 44 days — a 3% lower offer ($42k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $42k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $297 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• 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.
• Keystone Local (rural): math 55% / reading 67% proficiency, ranked #249 of 656 in OH (top 38%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+6.7%/yr); 360 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 1,098 units permitted in Lorain County in 2024 (20 in 5+ unit buildings).
• 4 sale attempts since 28y 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 $20k; list at $43k implies a 115% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 6.7% rent growth), your $12k cash investment doubles in ~2 years — after that, you're playing with house money.
• Cap rate 32.2% vs local median 4.0% 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.
• This rent runs 33% of the median local income ($56k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 44 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.