CAVCO Schmidt "A" Plan

Delaware, OH 43015

$115,900B

3 bd · 2.0 ba · 1,309 sqft · Built — · Manufactured · Active · 124 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,877/mo
• Mortgage (P&I): −$608
• Tax + insurance: −$193
• HOA: −$0
• Vac / Maint / Mgmt: −$394
• Net cashflow: $682/mo
• Annual: $8,179/yr
• Cap rate: 13.35%
• Cash-on-cash: 25.20%
• DSCR: 2.12
• 1% rule: 1.62%
• Cash to close: $32,452

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $116k. Condition is rated good.
• At list price, monthly cash flow is $682 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $116k).
• It's been on market 124 days — a 12% lower offer ($102k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $102k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $801 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 80/100 on livability (#116 in OH, #1,717 nationally) — a professional / high-income tenant draw. Strengths: cost of living A+, housing A+, crime A; Watch: amenities C-, commute F.
• Delaware City (suburban): math 47% / reading 63% proficiency, ranked #355 of 656 in OH (top 54%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: James Conger Elementary School (math 47% / reading 62%, grade C, #788 of 1,584 statewide, top 52%, 432 students, 37% FRL); John C Dempsey Middle School (math 50% / reading 61%, grade B-, #321 of 654 statewide, top 51%, 1,247 students, 30% FRL); Rutherford B Hayes High School (math 36% / reading 67%, grade D+, #371 of 781 statewide, top 48%, 1,700 students, 25% FRL) — zoned schools at 30% FRL track the district average.
• Market conditions: Rents rising (+1.4%/yr); 502 active listings in the ZIP; solid renter incomes; 2,233 units permitted in Delaware County in 2024 (304 in 5+ unit buildings).
• Delaware County population projected at +37% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts; this cycle's ask has dropped $9k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 1.4% rent growth), your $32k cash investment doubles in ~6 years — after that, you're playing with house money.
• Cap rate 13.3% vs local median 2.6% in Delaware — 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.

Questions for listing agent

• It's been on market 124 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.