56 E Main St #9

Wakeman, OH 44889

$14,900D+

2 bd · 1.0 ba · 924 sqft · Built 1977 · Manufactured · Active · 23 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $932/mo
• Mortgage (P&I): −$78
• Tax + insurance: −$25
• HOA: −$0
• Vac / Maint / Mgmt: −$196
• Net cashflow: $633/mo
• Annual: $7,598/yr
• Cap rate: 57.29%
• Cash-on-cash: 182.13%
• DSCR: 9.10
• 1% rule: 6.25%
• Cash to close: $4,172

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $15k.
• At list price, monthly cash flow is $633 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($932 rent vs $15k).
• It's been on market 23 days — a 2% lower offer ($15k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $15k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $103 of loan paydown is wiped out by about $447 of value loss. Plan a longer hold.
• Location reads 68/100 on livability (#548 in OH) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools F, amenities F, commute F.
• Western Reserve Local (rural): math 50% / reading 58% proficiency, ranked #378 of 656 in OH (top 58%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 21 active listings in the ZIP; solid renter incomes; 40 units permitted in Huron County in 2024 (0 in 5+ unit buildings).
• Huron County population projected at -22% 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 $4k cash investment doubles in ~1 year — after that, you're playing with house money.
• This rent is only 13% of the median local income ($87k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Questions for listing agent

• Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.