9953 US Rt 62

Georgetown, OH 45121

$45,000B

3 bd · 2.0 ba · 1,096 sqft · Built — · Manufactured · Active · 261 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,055/mo
• Mortgage (P&I): −$236
• Tax + insurance: −$64
• HOA: −$0
• Vac / Maint / Mgmt: −$222
• Net cashflow: $533/mo
• Annual: $6,400/yr
• Cap rate: 20.51%
• Cash-on-cash: 50.79%
• DSCR: 3.26
• 1% rule: 2.34%
• Cash to close: $12,600

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $45k.
• At list price, monthly cash flow is $533 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $45k).
• It's been on market 261 days — a 12% lower offer ($40k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $40k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $311 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Location reads 68/100 on livability (#585 in OH) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+; Watch: amenities D, commute F, employment F.
• Eastern Local (rural): math 51% / reading 61% proficiency, ranked #350 of 656 in OH (top 53%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Russellville Elementary School (math 57% / reading 52%, grade C, #788 of 1,584 statewide, top 52%, 259 students, 47% FRL); Eastern Ms (math 52% / reading 59%, grade B-, #321 of 654 statewide, top 51%, 264 students, 50% FRL); Eastern High School (math 32% / reading 72%, grade D+, #343 of 781 statewide, top 47%, 331 students, 39% FRL) — zoned schools at 45% FRL track the district average.
• Market conditions: 27 active listings in the ZIP; 147 units permitted in Brown County in 2024 (0 in 5+ unit buildings).
• Brown County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $36k; 27% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $13k cash investment doubles in ~3 years — after that, you're playing with house money.
• Cap rate 20.5% vs local median 2.8% in Georgetown — 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 261 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.
• 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.