CLAYTON 20 Spreading Oaks Village Plan

Athens, OH 45701

$49,000B

2 bd · 2.0 ba · 1,056 sqft · Built — · Manufactured · Active · 189 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,108/mo
• Mortgage (P&I): −$257
• Tax + insurance: −$82
• HOA: −$0
• Vac / Maint / Mgmt: −$233
• Net cashflow: $536/mo
• Annual: $6,437/yr
• Cap rate: 19.43%
• Cash-on-cash: 46.92%
• DSCR: 3.09
• 1% rule: 2.26%
• Cash to close: $13,720

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $49k. Condition is rated good.
• At list price, monthly cash flow is $536 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $49k).
• It's been on market 189 days — a 12% lower offer ($43k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $43k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $339 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Location reads 86/100 on livability (#37 in OH, #350 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, commute A+; Watch: housing C-, employment F.
• Alexander Local (rural): math 44% / reading 57% proficiency, ranked #440 of 656 in OH (top 67%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 112 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 5 units permitted in Athens County in 2024 (0 in 5+ unit buildings).
• Athens 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 $14k cash investment doubles in ~3 years — after that, you're playing with house money.
• Cap rate 19.4% vs local median 2.8% in Athens — 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 189 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.