Real Estate Investing in Kelleys Island, Ohio (43438)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 43438 (Kelleys Island, OH)? Our answer, based on the numbers below.
Proceed carefully. Weak appreciation or affordability makes this a harder case for most buyers.
A middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
- High vacancy: 88.1% of homes vacant — above national norms.
- Higher unemployment: 9.7% unemployment — tenant risk signal.
- High price-to-rent: Price-to-rent ratio 36.5 — hard to cash-flow at these prices.
• Limited market data — this is a very small market; averages are built from few observations and can swing widely. • Modeled rent — no observed market rent for this ZIP; the figure is estimated from HUD fair-market rent.
What’s happening in Kelleys Island, OH (43438)?
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Market Analysis: 43438 Kelleys Island
The 43438 ZIP covers a section of Kelleys Island that demands careful diligence. Prices near $437K look accessible, but the work to make a deal cash flow is real.
From a cash-flow lens, the numbers look inviting — $437K purchase price, 0.0% nominal cap — the work to hit that pro forma in 43438 is substantial and deserves full respect.
In the broader OH picture, 43438 is a reminder that not every low-priced ZIP is a value-add opportunity — some are simply distressed, and the difference matters.
The demographic picture in 43438 includes headwinds that any investor should price in. Income distribution skews lower than Kelleys Island averages, and tenant stability requires active management.
New investors are better served looking at Kelleys Island's stable or hybrid ZIPs before stepping into 43438. The learning curve here is expensive when the lesson is wrong.
Here's what matters if you're considering buying a home in Kelleys Island:
Property Strategy for 43438
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $363,548 | $1,110 | 2.2% | +8.9% | $181,774 |
| 3BR | $451,613 | $1,390 | 2.2% | +9.0% | $150,538 |
Market Trends
Home Value History (with trend line)
📊 How Does 43438 Compare?
| Metric | 43438 | Kelleys Island | Sandusky, OH | Ohio |
|---|---|---|---|---|
| Home Value | $437,123 | $437,123 | N/A | $237,530 |
| 5-Year CAGR | 6.8% | 6.8% | N/A | 7.4% |
| Avg Rent | $999 | $999 | N/A | - |
| Cap Rate | 1.8% | 1.8% | - | - |
Similar ZIPs Within 25 Miles
Compare other nearby markets to see if a neighbor offers a better fit.
Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 43438 (Kelleys Island, OH). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $437,123 |
| Monthly Rent | $999 |
| Price-to-Rent | 36.5:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 2.7% |
| Cap Rate | 1.8% |
| 5-Year IRR | 8.6% |
📈 Home Appreciation
| 1-Year | +7.4% ▲ |
| 3-Year CAGR | +8.7% ▲ |
| 5-Year CAGR | +6.8% ▲ |
| 10-Year CAGR | +6.5% ▲ |
🏠 Rent Trends
| 1-Year | N/A |
| 3-Year CAGR | N/A |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (1.8%). Financing reduces your cash-on-cash return below the cap rate. Markets like this may still make sense as IRR plays — factoring in appreciation, depreciation, and a future refinance when rates drop.
Run an IRR Analysis →⚠️ Risk Signals
Composite view of factors that can impact a ZIP's stability and your downside risk.
Demographics in 43438
Population: 198
Crime & Safety
Crime & Safety Data Coming Soon
We're integrating comprehensive crime statistics including violent crime rates, property crime, and safety scores to help you make informed investment decisions.
Expected: Q1 2025
🎓 Schools in 43438
Schools in This ZIP Code
About Repit School Scores
Traditional school ratings rely heavily on standardized test scores, which often reflect family income more than school quality. Repit takes a different approach.
We evaluate schools based on factors that research shows actually impact educational outcomes:
- Class Size — Smaller classes mean more individual attention
- School Funding — Resources available for programs, staff, and facilities
- Community Factors — Neighborhood characteristics that influence student success
- School Environment — Size, type, and structure
Scores are updated annually using federal education data.
🎓 Nearby Colleges & Universities
Frequently Asked Questions
Is house hacking profitable in Kelleys Island, OH?
The a challenging house-hack environment in Kelleys Island, OH reflects the rent-to-price spread. Expect meaningful PITI offset at market rents.
Are there empty rentals in Kelleys Island, OH?
Vacancy risk in Kelleys Island, OH is elevated. That supports measured cash flow for typical rental holds.
Is Kelleys Island, OH a friendly market for rental owners?
Kelleys Island, OH operates under OH law, which is landlord-friendly overall for landlords. Expect even-keeled treatment in typical lease and eviction cases.
Are rents high in Kelleys Island, OH?
Average rent in Kelleys Island, OH is approximately $999/mo per month. Against $437K home values that yields a reasonable rent-to-price ratio.
What is the renter demographic in Kelleys Island, OH?
The renter base in Kelleys Island, OH is reasonable for the $999/mo price point. Screening well and pricing to market typically yields measured tenants.
You know 43438 now. You don’t know where it ranks.
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How 43438 ranks in Sandusky, OH
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