Buy & Hold

We purchased this 2 bedroom, 2 bathroom condominium on the south side of Mansfield, OH in November 2023. We replaced the 30-year old hot water space heat furnace with a 2T heat pump, bought new appliances (stove, fridge, washer, dryer), replaced the roof, and made a few other minor repairs throughout the house. We partnered with an investor for this deal.

This deal did not well at all. We learned that the market for higher-end (“Class A”) rental properties in the Mansfield area is much smaller than we predicted. Because of that, the property was vacant for longer than we expected and the monthly rent was much lower than we estimated in our pro-forma. We also learned some of the negative aspects of condo associations.

Financials

Purchase Price: $162,450

Repairs & New Appliances: $17,198