1639 Marion Waldo Rd #1653

Marion, OH 43302

$19,900D+

2 bd · 2.0 ba · 1,152 sqft · Built 1995 · Manufactured · Pending · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,068/mo
• Mortgage (P&I): −$104
• Tax + insurance: −$33
• HOA: −$423
• Vac / Maint / Mgmt: −$224
• Net cashflow: $283/mo
• Annual: $3,399/yr
• Cap rate: 23.38%
• Cash-on-cash: 61.01%
• DSCR: 3.71
• 1% rule: 5.37%
• Cash to close: $5,572

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $20k.
• At list price, monthly cash flow is $283 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $20k).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $138 of loan paydown is wiped out by about $597 of value loss. Plan a longer hold.
• Location reads 65/100 on livability (#704 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime D+, amenities F, commute F.
• Pleasant Local (rural): math 49% / reading 56% proficiency, ranked #399 of 656 in OH (top 61%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Pleasant Elementary School (math 50% / reading 53%, grade C-, #888 of 1,584 statewide, top 56%, 475 students, 30% FRL); Pleasant Middle School (math 53% / reading 56%, grade B-, #342 of 654 statewide, top 54%, 425 students, 30% FRL); Pleasant High School (math 32% / reading 67%, grade D, #390 of 781 statewide, top 54%, 326 students, 23% FRL) — zoned schools at 28% FRL track the district average.
• Watch-outs: HOA is 40% of rent.
• Market conditions: 208 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 53 units permitted in Marion County in 2024 (0 in 5+ unit buildings).
• Marion County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $6k cash investment doubles in ~2 years — after that, you're playing with house money.
• Cap rate 23.4% vs local median 6.8% in Marion — 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

• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.