9188 John Brown Rd Lot 29

Van Wert, OH 45891

$24,900D-

2 bd · 1.0 ba · 744 sqft · Built 1972 · Manufactured · Active · 81 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,163/mo
• Mortgage (P&I): −$131
• Tax + insurance: −$42
• HOA: −$0
• Vac / Maint / Mgmt: −$244
• Net cashflow: $747/mo
• Annual: $8,963/yr
• Cap rate: 42.29%
• Cash-on-cash: 128.56%
• DSCR: 6.72
• 1% rule: 4.67%
• Cash to close: $6,972

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $25k.
• At list price, monthly cash flow is $747 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $25k).
• It's been on market 81 days — a 6% lower offer ($23k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $23k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $172 of loan paydown is wiped out by about $747 of value loss. Plan a longer hold.
• Location reads 72/100 on livability (#392 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A-; Watch: crime D+, amenities F, commute F.
• Van Wert City (rural): math 46% / reading 50% proficiency, ranked #476 of 656 in OH (top 73%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Van Wert Elementary School (math 57% / reading 55%, grade C+, #766 of 1,584 statewide, top 49%, 647 students, 54% FRL); Van Wert Middle School (math 38% / reading 44%, grade F, #505 of 654 statewide, top 78%, 396 students, 0% FRL); Van Wert High School (math 42% / reading 57%, grade D, #390 of 781 statewide, top 54%, 593 students, 79% FRL).
• Market conditions: 46 active listings in the ZIP; 44 units permitted in Van Wert County in 2024 (0 in 5+ unit buildings).
• Van Wert County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 5 sale attempts since 3y ago; this cycle's ask has dropped $2k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $18k; 35% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $7k cash investment doubles in ~1 year — after that, you're playing with house money.
• Cap rate 42.3% vs local median 4.6% in Van Wert — 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 81 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 B-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?
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.