Score
0Bloomingdale, OH
24 Rainbow Dr
70K
1 beds
1 baths
1 bd • 1 ba • sf
This analysis was generated 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
$69,900
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
Property History
Price History
Ownership Timeline
$21,000Cash Purchase
May 13, 2024D Scott Layman, Mindy D LaymanThat Changed Me Llc
Public Action
Foreclosure
Property Taxes
$1,276
2023 Tax Assessment
0.0%from previous year
Assessed Value$28,060
Tax Rate4.55%
Sunlight Analysis
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Sunlight Analysis
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Schools
Nearby school quality by education level
Elementary
3.0/10
Below AverageMiddle
4.0/10
AverageHigh
4.0/10
AverageFinancials
Monthly Costs
Market Rent (1 bed)
Get a detailed estimate on Zillow$740
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