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24 Rainbow Dr
Bloomingdale, OH

24 Rainbow Dr

$69,900
1 bd • 1 ba • sf

This analysis was generated by artificial intelligence on 1/24/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.

List Price

$69,900

Price/Sq.Ft

$69900

Year Built

1955

AI Property Analysis

A comprehensive evaluation of this property's features, market position, and investment potential.

The Good

1. Prime location: The property is described as having "beautiful land, beautiful location," which is a significant asset in real estate. 2. Two homes on one parcel: This offers versatility for potential buyers, whether for rental income, multi-generational living, or renovation projects. 3. Owner financing available: With a 15% down payment and 5-year term, this can be attractive for buyers who might struggle with traditional mortgage qualification. 4. Low climate risks: The property has minimal flood risk (1/10), fire risk (1/10), and wind risk (1/10), which is excellent for insurance costs and long-term stability. 5. Potential for appreciation: The property sold for $21,000 in June 2024 and is now listed at $69,900, suggesting significant potential for value increase with improvements. 6. Large lot: The images show a spacious yard, which adds value and potential for expansion or landscaping.

The Bad

1. Condition of homes: The listing mentions "Are you handy? Would you like a project?", indicating the properties need significant work. 2. Lack of utilities: The property is "due for a survey and public water and sewer hookup," which means additional costs and potential complications for buyers. 3. High interest rate on owner financing: The 10% interest rate is significantly above current market rates for traditional mortgages. 4. Limited living space: Only 1 bedroom and 1 bathroom are listed, which may not meet the needs of many buyers. 5. Unknown square footage: This makes it difficult to assess the true value and compare to other properties. 6. Long time on market: 177 days on market suggests potential issues or overpricing. 7. Price volatility: Multiple price changes in a short period (11.2% decrease, then 7.4% decrease) indicate uncertainty in valuation.

The Ugly

1. Major renovation required: The homes appear to be in poor condition, potentially requiring extensive and costly renovations to be habitable. 2. Utility hookup costs: Connecting to public water and sewer can be extremely expensive, potentially costing tens of thousands of dollars. 3. Potential zoning issues: Having two homes on one parcel may present zoning complications or require special permits. 4. Financing challenges: Traditional lenders may be hesitant to finance a property in this condition, limiting buyer options. 5. Unknown structural issues: Given the age (built in 1955) and apparent lack of maintenance, there could be significant structural problems not visible from the exterior. 6. Potential environmental concerns: The presence of a large satellite dish and the property's history could indicate environmental issues that need investigation. 7. Rapid price increase: The jump from $21,000 in June to $69,900 now (a 233% increase) without apparent improvements is concerning and may indicate speculative pricing.

Who is this property for?

These details are presented solely for entertainment purposes and are not meant to steer or limit any prospective buyer.

Best For

This property is best suited for: 1. Experienced real estate investors looking for a challenging project with potential for significant returns. 2. Contractors or those with extensive renovation experience who can handle major repairs and upgrades. 3. Buyers interested in creating a family compound or multi-generational living situation. 4. Individuals with access to cash or alternative financing who aren't reliant on traditional mortgages. 5. Those looking for a long-term investment in a rural area with potential for future development. 6. Buyers interested in off-grid or sustainable living who can leverage the large lot and existing structures.

Not For

This property is not suitable for: 1. First-time homebuyers or those without significant renovation experience. 2. Buyers looking for a move-in ready home or needing immediate occupancy. 3. Individuals relying on traditional mortgage financing, as the property condition may not meet lender requirements. 4. Families needing multiple bedrooms or bathrooms without significant renovation. 5. Those without substantial cash reserves for unexpected repairs and utility connections. 6. Buyers seeking a low-maintenance or turnkey investment property. 7. Individuals uncomfortable with the financial risks associated with major renovation projects.
Demographics
Area Median Income

$60,633

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Risk Assessment

Climate Risks

heatMODERATE

7 extreme heat days per year

98th percentile: 97°F

airMINOR

1 bad air quality days per year

floodMINIMAL

FEMA Zone: X_UNSHADED

Insurance: Optional

fireMINIMAL

Insurance: Optional

windMINIMAL

Insurance: Optional

Risk Analysis

1. Renovation costs may exceed expectations, potentially making the project financially unviable. 2. Zoning issues related to having two homes on one parcel could lead to legal complications or forced removal of one structure. 3. Utility connection costs could be prohibitively expensive, especially if the property is far from existing infrastructure. 4. The condition of the homes may be worse than apparent from exterior photos, potentially including hazardous materials like asbestos or lead paint. 5. The rapid price increase from $21,000 to $69,900 in a few months suggests potential market speculation, which could lead to difficulty reselling. 6. The owner financing terms (10% interest) are unfavorable and could lead to financial strain for buyers. 7. Potential soil contamination or other environmental issues may be present, given the rural location and unknown history of the property. 8. The local market in Bloomingdale, OH (population likely under 5,000) may have limited demand, affecting future resale potential. 9. Heat risk is moderate (3/10), which could lead to increased cooling costs and potential discomfort during summer months.
Insurance
Annual Cost

$252

$21 per month

Financials

Monthly Costs

Price History

Property Taxes

$1,276
2023 Tax Assessment
Assessed Value$28,060
Tax Rate4.55%

Location & Comparables

Subject Property
View on Zillow

Frequently Asked Questions

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