229 Gilead St Lot 15 St · Cardington, OH 43315

$19,900

2 bd · 1.0 ba · 1,034 sqft · Manufactured · 45 Days on market

Built 1991 $19/sqft · 66% above area ↓ 3% since listing

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Why this score? — see what drove the D+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Schools +4.5/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Singlewide 1991 Shultz mobile home, updated 2015. Situated at 229 Gilead Street, Lot 15, Cardington. Lot rent is 225/month and includes trash. Water & Sewer is billed separately by landlord. Newer shed, 8x12. Furnace, duct work, insulation under mobile was replaced 5 years ago. 8x10 deck, water heater were replaced 2 years ago. 2 bedrooms, 1 bath. Affordable living.

Key facts

• Well maintained home
• Convenient location
• Move in ready

Tags

• WELL MAINTAINED HOME
• FRESHLY UPDATED KITCHEN
• NEWLY PAINTED BATHROOM
• MOVE IN READY
• CONVENIENT LOCATION
• EASY ACCESS TO LOCAL AMENITIES

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $20k.

Deal economics

• At list price, monthly cash flow is $602 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $20k).
• Recommended offer: $19k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 73/100 on livability (#310 in OH) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools C-, employment D+, amenities F.
• Cardington-Lincoln Local (rural): math 48% / reading 58% proficiency, ranked #395 of 656 in OH (top 60%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 33 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 129 units permitted in Morrow County in 2024 (0 in 5+ unit buildings).
• This rent is only 18% of the median local income ($70k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• 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.
• Morrow County population projected at -10% 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 ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 45 days — a 3% lower offer ($19k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 5y ago; this cycle's ask has dropped $30k (60%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $19,303 (3.0% below list)

Questions for the listing agent

1. It's been on market 45 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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.

Investment metrics

• 1% rule: 5.13% ✓
• Cap rate: 46.59%
• Cash-on-cash: 143.92%
• DSCR: 7.40
• GRM: 1.6

CMA / ARV

• ARV (median comp): $12,000
• List price: $19,900
• Delta: 65.83%
• Verdict: OVERPRICED
• Comps: 1 within 2.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
229 Gilead St Lot 15 St	0.00mi	2/1.0	1,034 (0%)	0mo	$12,000	$12	100

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 7.31×
• Total profit: $35,162
• Equity at exit: $2,967

10-year hold

• IRR: —
• Equity multiple: 15.39×
• Total profit: $80,203
• Equity at exit: $1,721

Cash invested: $5,572 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 73 Landlord-Friendly
• State Ohio: 73 Landlord-Friendly · R+6
• County: — inherits STATE
• City: — inherits STATE

3-day notice; Cleveland / Columbus have some habitability code enforcement; otherwise landlord-leaning.

Methodology + full state rankings →

ZIP-level market 43315

• Home prices YoY: -25.8%
• Active inventory: 33
• Price-to-rent: 1.6×

Monthly cashflow live

• Estimated rent: $1,020 medium
• Mortgage (P&I): −$104
• Tax est. 1.5%: −$25 /mo · $298/yr
• Insurance: −$8
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$214
• Net cashflow: $602

Break-even live

Break-even rent $258

Max offer price $19,900

Occupancy floor 36%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $4,975
• Closing costs: $597
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
400 Park St Cardington, OH	3.0	1.5	1127	$1,020	$0.91	17d	1	0.82mi

Listing history 14 events

1. 2026-06-07
   statusdays on market $19,900 Pending 45 DOM
2. 2026-06-05
   days on market $19,900 Active 44 DOM
3. 2026-06-03
   remarks 627-char remark
4. 2026-06-03
   pricestatusdays on market $19,900 Active 42 DOM
5. 2026-05-05
   price $24,900
6. 2026-04-21
   price $29,900
7. 2026-04-14
   price $36,000
8. 2026-04-06
   price $43,000
9. 2026-03-31
   listed $50,000 Active
10. 2021-07-13
    soldstatus $25,700 Closed 374-char remark

    Show marketing remark (374 chars)

    Singlewide 1991 Shultz mobile home, updated 2015. Situated at 229 Gilead Street, Lot 15, Cardington. Lot rent is 225/month and includes trash. Water & Sewer is billed separately by landlord. Newer shed, 8x12. Furnace, duct work, insulation under mobile was replaced 5 years ago. 8x10 deck, water heater were replaced 2 years ago. 2 bedrooms, 1 bath. Affordable living.

11. 2021-07-13
    soldstatus $25,700

    Show marketing remark (374 chars)

    Singlewide 1991 Shultz mobile home, updated 2015. Situated at 229 Gilead Street, Lot 15, Cardington. Lot rent is 225/month and includes trash. Water & Sewer is billed separately by landlord. Newer shed, 8x12. Furnace, duct work, insulation under mobile was replaced 5 years ago. 8x10 deck, water heater were replaced 2 years ago. 2 bedrooms, 1 bath. Affordable living.

12. 2021-06-29
    historical Contingent Finance and Inspection 374-char remark

    Show marketing remark (374 chars)

    Singlewide 1991 Shultz mobile home, updated 2015. Situated at 229 Gilead Street, Lot 15, Cardington. Lot rent is 225/month and includes trash. Water & Sewer is billed separately by landlord. Newer shed, 8x12. Furnace, duct work, insulation under mobile was replaced 5 years ago. 8x10 deck, water heater were replaced 2 years ago. 2 bedrooms, 1 bath. Affordable living.

13. 2021-06-28
    listed $25,700
14. 2021-06-24
    listed $25,700 Active 374-char remark

    Show marketing remark (374 chars)

    Singlewide 1991 Shultz mobile home, updated 2015. Situated at 229 Gilead Street, Lot 15, Cardington. Lot rent is 225/month and includes trash. Water & Sewer is billed separately by landlord. Newer shed, 8x12. Furnace, duct work, insulation under mobile was replaced 5 years ago. 8x10 deck, water heater were replaced 2 years ago. 2 bedrooms, 1 bath. Affordable living.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone X (unshaded) · 97% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥98°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,240
• − Mortgage interest: −$1,115
• − Property taxes: −$298
• − Insurance: −$897
• − Repairs & maintenance: −$979
• − Management: −$979
• − Depreciation: −$579
• Taxable income: $7,392
• Est. tax owed @ 24.0%: −$1,774
• After-tax cash flow: $5,448/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Cardington-Lincoln Local
• NCES district ID: 3904879
• Math proficiency: 48% ▼ -12.00%
• Reading proficiency: 58% ▼ -1.00%
• Median HH income: $50,782
• Composite: 45.31/100
• National rank: #2646
• State rank: #395 of 656 in OH

Livability — Cardington

• Score: 73/100
• State rank: #310
• US rank: #5049

Category grades

Amenities F Commute F Cost of living A+ Crime A+ Employment D+ Housing A+ Health & safety A+ User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cardington, OH
• County: Morrow · 41,908 people
• Metro: Columbus, OH
• Population (ZIP): 6,996
• Household income: $69,621
• Rent vs Own: 21.8% rent · 78.2% own
• Severe rent burden: 4.1

Population outlook (Morrow County) Hauer SSP2

• Today (2025): 35,607 people
• By 2030: 35,482 · -0.4%
• By 2040: 34,369 · -3.5%
• By 2050: 32,038 · -10.0%
• By 2075: 25,090 · -29.5%
• By 2100: 17,123 · -51.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 4% Black 1%
• Common ancestry: Slovak 7% Portuguese 5% Romanian 3%
• Foreign-born: 0%
• Languages at home: 99% English-only · German/W. Germanic 1%

Political lean MEDSL · Morrow

• 2024 margin: Solid R (+55.7) · D 21.7% · R 77.5%
• 2008→2024 swing: -32.4pp toward R · 2008: -23.4pp · 2024: -55.7pp
• All cycles: 2024: R+55.7 2020: R+54.3 2016: R+49.5 2012: R+24.6 2008: R+23.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -81.79%
• Current HPI: 235.5712
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 1.98%
• F500 in state: 48

Industry mix (Fortune 500 HQ in OH)

Industry	F500 HQs	Revenue
▸Insurance	3	$145B
▸Industrial Machinery	3	$49B
▸Financial Services	3	$24B
▸Consumer Goods	2	$93B
▸Aerospace / Defense	2	$47B
▸Utilities	2	$33B

Price history

-3.1% since first listed

10 events — show timeline

• 2026-05-05 Price Changed $24,900 MARMLS
• 2026-04-21 Price Changed $29,900 MARMLS
• 2026-04-14 Price Changed $36,000 MARMLS
• 2026-04-06 Price Changed $43,000 MARMLS
• 2026-03-31 Listed $50,000 MARMLS
• 2021-07-13 Sold (MLS) $25,700 MARMLS
• 2021-07-13 Sold (MLS) $25,700 CBRMLS
• 2021-06-29 Contingent — CBRMLS
• 2021-06-28 Listed $25,700 MARMLS
• 2021-06-24 Listed $25,700 CBRMLS