4800 Duvall Rd Lot 223

Ashville, OH 43103

$50,000C+

3 bd · 2.0 ba · 1,152 sqft · Built 2015 · Manufactured · Active · 66 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,368/mo
• Mortgage (P&I): −$262
• Tax + insurance: −$83
• HOA: −$575
• Vac / Maint / Mgmt: −$287
• Net cashflow: $160/mo
• Annual: $1,922/yr
• Cap rate: 10.14%
• Cash-on-cash: 13.73%
• DSCR: 1.61
• 1% rule: 2.74%
• Cash to close: $14,000

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $50k. Condition is rated fair.
• At list price, monthly cash flow is $160 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $50k).
• It's been on market 66 days — a 6% lower offer ($47k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $47k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $346 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 76/100 on livability (#212 in OH, #3,315 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Teays Valley Local (town): math 66% / reading 68% proficiency, ranked #166 of 656 in OH (top 25%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Walnut Elementary School (math 78% / reading 82%, grade A+, #167 of 1,584 statewide, top 11%, 504 students, 29% FRL); Teays Valley East Middle School (math 57% / reading 60%, grade B, #287 of 654 statewide, top 45%, 491 students, 36% FRL); Teays Valley High School (math 50% / reading 70%, grade C+, #239 of 781 statewide, top 31%, 1,196 students, 22% FRL) — zoned schools at 29% FRL track the district average.
• Watch-outs: HOA is 42% of rent.
• Market conditions: 168 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 312 units permitted in Pickaway County in 2024 (0 in 5+ unit buildings).
• Pickaway County population projected at +3% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 3 sale attempts since 4y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $14k cash investment doubles in ~9 years — after that, you're playing with house money.
• Cap rate 10.1% vs local median 4.2% in Ashville — 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 66 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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.

Repairs flagged (vision-AI assessment)

• Major: exterior siding — Significant wear and tear
• Major: interior walls — Worn paint and visible wear
• Major: flooring — Worn carpet and visible wear
• Minor: kitchen countertops — Cluttered and outdated