7013 Township Road 29 · Lexington, OH 44904

$159,900

2 bd · 2.0 ba · 1,088 sqft · Manufactured public records · 179 Days on market

Built 2013 Fair condition Est $160k · at est. ↓ 6% 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 +18.3/30.0
• ARV discount +7.5/15.0
• DSCR +5.7/10.0
• Schools +4.9/10.0
• Livability +3.9/5.0
• 1% rule +3.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks

Discover peaceful, serene living on this beautiful 1-acre property featuring a charming 3-bedroom, 2-full-bath home tucked away in a quiet setting where you can relax on the front porch and watch deer wander by throughout the day. This inviting property includes a spacious 2-car detached garage and an impressive 32' x 48' pole building with 16-foot ceilings and full electric—perfect for anyone needing room for equipment, a workshop, or extra storage. Whether you're looking to park your camper, create a dream garage, or simply enjoy wide-open space, this property offers the ideal setup. A rare find with endless possibilities, all wrapped in a tranquil, nature-filled atmosphere.

Key facts

• Pole building
• Wide open space
• Full electric

Tags

• 1 ACRE PROPERTY
• DETACHED GARAGE
• POLE BUILDING
• 16 FOOT CEILINGS
• FULL ELECTRIC
• WIDE OPEN SPACE

Property features AI

Exterior

• Parking: 4-car garage; Gravel parking
• Utilities: Private well water; Septic tank
• Home design: Manufactured home; Single-story
• Construction: Composition roof
• Exterior features: Level lot; Barn(s)

Interior

• Kitchen: Refrigerator; Oven
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central air conditioning; Forced air heating
• Interior features: Eat-in kitchen
• Laundry & utility: Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $160k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $146 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $138k (13.4% below list).
• Recommended offer: $138k (13.4% below list) — sets the bar for 1% rule.
• Cap rate 7.4% vs local median 4.3% in Lexington — 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.

Location & tenants

• Location reads 77/100 on livability (#198 in OH, #3,037 nationally) — a middle-class / working-renter tenant base. Strengths: schools A+, cost of living A+, housing A+; Watch: amenities D-, commute F.
• Northmor Local (rural): math 54% / reading 60% proficiency, ranked #336 of 656 in OH (top 51%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 62 active listings in the ZIP; 129 units permitted in Morrow County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k 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.

Negotiation context

• It's been on market 179 days — a 12% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $10k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $138,456 (13.4% below list)

Questions for the listing agent

1. It's been on market 179 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.87% ✗
• Cap rate: 7.39%
• Cash-on-cash: 3.91%
• DSCR: 1.17
• GRM: 9.6

CMA / ARV

• ARV (on-the-fly): $159,936
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
7013 Township Road 29	0.00mi	3/2.0 (+1)	1,088 (0%)	0mo	$160,000	$147	95

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: -10.2%
• Equity multiple: 0.63×
• Total profit: $-16,685
• Equity at exit: $23,842

10-year hold

• IRR: -0.9%
• Equity multiple: 0.94×
• Total profit: $-2,859
• Equity at exit: $13,825

Cash invested: $44,772 (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 44904

• Active inventory: 62
• Price-to-rent: 9.6×

Monthly cashflow live

• Estimated rent: $1,385 medium
• Mortgage (P&I): −$839
• Tax from tax record: −$43 /mo · $511/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$291
• Net cashflow: $146

Break-even live

Break-even rent $1,200

Max offer price $159,900

Occupancy floor 84%

Sensitivity live

Price	-10% $237	-5% $191	+0% $146	+5% $101	+10% $56
Rent	-10% $37	-5% $91	+0% $146	+5% $201	+10% $255
Rate	-1.0pp $227	-0.5pp $187	base $146	+0.5pp $105	+1.0pp $62

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: $39,975
• Closing costs: $4,797
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-05-29
   status Pending
2. 2026-05-28
   status Active
3. 2026-01-27
   historical Active Under Contract
4. 2026-01-23
   status Active
5. 2026-01-01
   historical Active Under Contract
6. 2025-12-08
   price $159,900
7. 2025-11-20
   listed $169,900 Active

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

Tax reassessment forecast OH · Partial reset (capped growth)

• Current annual tax: $511 · $43/mo
• Projected year-2 tax: $1,503 · $125/mo
• Expected delta: +$992/yr (+$83/mo · 194.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

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

Taxation est. · year 1

• Rental income: $16,615
• − Mortgage interest: −$8,957
• − Property taxes: −$511
• − Insurance: −$800
• − Repairs & maintenance: −$1,329
• − Management: −$1,329
• − Depreciation: −$4,652
• Taxable loss: −$963
• Est. tax savings @ 24.0%: +$231
• After-tax cash flow: $1,984/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.

Condition & rehab AI · 13 photos

Fair 45/100 Moderate rehab

The home requires moderate repairs and updates to improve its condition and value. Focus on updating the kitchen and bathrooms, painting the exterior, and replacing worn carpet to attract more buyers.

Repairs flagged

• Moderate Kitchen cabinets — Worn and dated appearance.
• Moderate Bathroom fixtures — Dated and worn appearance.
• Minor Exterior paint — Light wear and tear.

Value-add opportunities

• Resale Update kitchen cabinets and appliances — Modernizing the kitchen will attract more buyers.
• Resale Replace dated bathroom fixtures — Updating bathrooms will improve the home's appeal.
• Resale Paint exterior and trim — Fresh paint will enhance curb appeal and home value.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen cabinets · Worn and dated appearance.	Moderate	$3,000–15,000
Bathroom fixtures · Dated and worn appearance.	Moderate	$3,000–15,000
Exterior paint · Light wear and tear.	Minor	$500–3,000
Total estimated repair cost · 3 items		$6,500–33,000

Value-add ROI direction

• Resale Update kitchen cabinets and appliances — Modernizing the kitchen will attract more buyers. ↑
• Resale Replace dated bathroom fixtures — Updating bathrooms will improve the home's appeal. ↑
• Resale Paint exterior and trim — Fresh paint will enhance curb appeal and home value. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Northmor Local
• NCES district ID: 3904881
• Math proficiency: 54% ▼ -7.00%
• Reading proficiency: 60% ▼ -3.00%
• Median HH income: $49,371
• Composite: 48.51/100
• National rank: #2120
• State rank: #336 of 656 in OH

Livability — Lexington

• Score: 77/100
• State rank: #198
• US rank: #3037

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Richland County · 43,943 people
• City population: 13,450
• Metro: Mansfield, OH
• Population (ZIP): 13,450
• Household income: $62,364
• Rent vs Own: 25.1% rent · 74.9% own
• Severe rent burden: 237.0

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 (96%)
• Race & ethnicity: White 96% Two or more races 2% Hispanic / Latino 2%
• Common ancestry: Lithuanian 4% Italian 3% Slovak 2%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 1% German/W. Germanic 1% French/Haitian/Cajun 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: ▼ -130.61%
• Current HPI: 203.175
• Rent YoY: —
• Metro: Mansfield, OH
• 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

-5.9% since first listed

7 events — show timeline

• 2026-05-29 Pending — MARMLS
• 2026-05-28 Relisted — MARMLS
• 2026-01-27 Contingent — MARMLS
• 2026-01-23 Relisted — MARMLS
• 2026-01-01 Contingent — MARMLS
• 2025-12-08 Price Changed $159,900 MARMLS
• 2025-11-20 Listed $169,900 MARMLS