209 Villa Dr

Circleville, OH 43113

$117,000C

3 bd · 2.0 ba · 1,174 sqft · Built 2019 · Manufactured · Active · 5 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,725/mo
• Mortgage (P&I): −$614
• Tax + insurance: −$195
• HOA: −$370
• Vac / Maint / Mgmt: −$362
• Net cashflow: $184/mo
• Annual: $2,210/yr
• Cap rate: 8.18%
• Cash-on-cash: 6.75%
• DSCR: 1.30
• 1% rule: 1.47%
• Cash to close: $32,760

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $117k. Condition is rated fair.
• At list price, monthly cash flow is $184 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $117k).
• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $809 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 71/100 on livability (#437 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A-; Watch: amenities F, commute F, employment F.
• Circleville City (town): math 37% / reading 47% proficiency, ranked #533 of 656 in OH (top 81%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: HOA is 21% of rent.
• Market conditions: 121 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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.
• 2 sale attempts since 2y ago; this cycle's ask has dropped $8k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $90k; 30% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Cap rate 8.2% vs local median 2.9% in Circleville — 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.
• This rent runs 32% of the median local income ($64k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.

Repairs flagged (vision-AI assessment)

• Major: Kitchen cabinets — Worn and dated
• Major: Bathroom cabinets — Worn and dated
• Major: Flooring — Worn and dated