20495 SR 141

Proctorville, OH 45669

$44,000B

4 bd · 1.5 ba · 980 sqft · Built 1989 · Manufactured · Active · 52 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,010/mo
• Mortgage (P&I): −$231
• Tax + insurance: −$130
• HOA: −$0
• Vac / Maint / Mgmt: −$212
• Net cashflow: $437/mo
• Annual: $5,244/yr
• Cap rate: 20.02%
• Cash-on-cash: 49.04%
• DSCR: 3.18
• 1% rule: 2.30%
• Cash to close: $12,320

Investor read

• This is a 4-bed/1.5-bath manufactured listed at $44k.
• At list price, monthly cash flow is $437 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $44k).
• It's been on market 52 days — a 3% lower offer ($43k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $43k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-1.8%/yr); year-one equity from $304 of loan paydown is wiped out by about $774 of value loss. Plan a longer hold.
• Location reads 79/100 on livability (#147 in OH, #2,275 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A; Watch: crime D+, amenities F, employment D-.
• Symmes Valley Local (rural): math 50% / reading 50% proficiency, ranked #442 of 656 in OH (top 67%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: flood insurance adds $66/mo.
• Market conditions: 74 active listings in the ZIP; 18 units permitted in Lawrence County in 2024 (0 in 5+ unit buildings).
• Lawrence County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $25k; list at $44k implies a 76% gain — meaningful room to come down on a strong offer.
• At projected returns (-1.8% appreciation + 3.0% rent growth), your $12k cash investment doubles in ~3 years — after that, you're playing with house money.
• Climate carrying-cost: severe flood risk; severe wildfire risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 52 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
• What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
• Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
• 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.