7013 Township Road 29

Lexington, OH 44904

$159,900D+

2 bd · 2.0 ba · 1,088 sqft · Built 2013 · Manufactured · Pending · 179 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,385/mo
• Mortgage (P&I): −$839
• Tax + insurance: −$109
• HOA: −$0
• Vac / Maint / Mgmt: −$291
• Net cashflow: $146/mo
• Annual: $1,753/yr
• Cap rate: 7.39%
• Cash-on-cash: 3.91%
• DSCR: 1.17
• 1% rule: 0.87%
• Cash to close: $44,772

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $160k. Condition is rated fair.
• 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).
• It's been on market 179 days — a 12% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $138k (13.4% below list) — sets the bar for 1% rule.
• 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.
• Location reads 77/100 on livability (#198 in OH, #3,037 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime 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.
• Zoned schools: Northmor Elementary School (math 57% / reading 56%, grade C+, #761 of 1,584 statewide, top 48%, 584 students, 30% FRL); Northmor High School (math 51% / reading 65%, grade C, #270 of 781 statewide, top 35%, 454 students, 21% FRL).
• Market conditions: 62 active listings in the ZIP; 129 units permitted in Morrow County in 2024 (0 in 5+ unit buildings).
• Morrow County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 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.
• 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.

Questions for listing agent

• 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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• 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?
• 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.

Repairs flagged (vision-AI assessment)

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