Clayton Pulse "B" Plan

Plain City, OH 43064

$109,900B

3 bd · 2.0 ba · 1,041 sqft · Built — · Manufactured · Active · 276 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,254/mo
• Mortgage (P&I): −$576
• Tax + insurance: −$183
• HOA: −$0
• Vac / Maint / Mgmt: −$473
• Net cashflow: $1,021/mo
• Annual: $12,251/yr
• Cap rate: 17.44%
• Cash-on-cash: 39.81%
• DSCR: 2.77
• 1% rule: 2.05%
• Cash to close: $30,772

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $110k. Condition is rated good.
• At list price, monthly cash flow is $1k ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $110k).
• It's been on market 276 days — a 12% lower offer ($97k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $97k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $760 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 79/100 on livability (#146 in OH, #2,254 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Jonathan Alder Local (rural): math 68% / reading 74% proficiency, ranked #121 of 656 in OH (top 18%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Monroe Elementary School (math 47% / reading 42%, grade F, #991 of 1,584 statewide, top 64%, 231 students, 54% FRL); Canaan Middle School (math 61% / reading 74%, grade A-, #161 of 654 statewide, top 25%, 363 students, 27% FRL); Jonathan Alder High School (math 57% / reading 82%, grade B, #106 of 781 statewide, top 16%, 687 students, 30% FRL).
• Market conditions: 415 active listings in the ZIP; high-income renter base; 530 units permitted in Madison County in 2024 (120 in 5+ unit buildings).
• Madison County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $31k cash investment doubles in ~3 years — after that, you're playing with house money.
• Cap rate 17.4% vs local median 3.2% in Plain City — 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 276 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.