4400 Melrose Drive Lot 294 Dr · Wooster, OH 44691

$16,500

3 bd · 2.0 ba · 1,912 sqft · Manufactured public records · 91 Days on market

Built 1992

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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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Rent growth +4.6/5.0
• Schools +4.4/10.0
• Livability +3.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Located in the Melrose Village community in Wooster, this mobile home provides an affordable option in a convenient setting. The layout offers a functional starting point for everyday living, with the opportunity to personalize the space over time. Situated within an established mobile home park, the property benefits from a quiet setting while still being close to nearby shopping, dining, and daily essentials.

Key facts

• Newer furnace
• Built 1992
• Listed 90 days

Tags

• MELROSE VILLAGE COMMUNITY
• CONVENIENT ACCESS TO SHOPPING
• CONVENIENT ACCESS TO DINING
• CONVENIENT ACCESS TO AMENITIES
• NEWER FURNACE
• WATER HEATER REPLACED

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $16k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $16k).
• Recommended offer: $15k (9.0% below list) — sets the bar for market timing.
• Cap rate 89.8% vs local median 3.2% in Wooster — 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 (#195 in OH, #3,001 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D+, amenities D-, commute F.
• Wooster City (town): math 47% / reading 57% proficiency, ranked #422 of 656 in OH (top 64%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+8.4%/yr); 154 active listings in the ZIP; 284 units permitted in Wayne County in 2024 (42 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $114 of loan paydown is wiped out by about $495 of value loss. Plan a longer hold.
• Wayne County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $5k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 91 days — a 9% lower offer ($15k) is reasonable based on typical stale-listing flexibility.
• 23 sale attempts since 22y ago; this cycle's ask is 85% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $8k; list at $16k implies a 106% gain — meaningful room to come down on a strong offer.

Recommended offer $15,015 (9.0% below list)

Questions for the listing agent

1. It's been on market 91 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 9.68% ✓
• Cap rate: 89.81%
• Cash-on-cash: 298.26%
• DSCR: 14.27
• GRM: 0.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 18.08×
• Total profit: $78,931
• Equity at exit: $2,460

10-year hold

• IRR: —
• Equity multiple: 44.60×
• Total profit: $201,439
• Equity at exit: $1,427

Cash invested: $4,620 (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 44691

• Rents YoY: 8.4%
• Active inventory: 154
• Price-to-rent: 0.9×

Monthly cashflow live

• Estimated rent: $1,598 medium
• Mortgage (P&I): −$87
• Tax est. 1.5%: −$21 /mo · $248/yr
• Insurance: −$7
• HOA: −$0
• Vacancy / Maint / Mgmt: −$336
• Net cashflow: $1,148

Break-even live

Break-even rent $144

Max offer price $16,500

Occupancy floor 23%

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: $4,125
• Closing costs: $495
• Reserves months: —
• Total cash needed: —

Listing history 50 events

1. 2026-06-19
   days on market $16,500 Active 91 DOM
2. 2026-06-18
   days on market $16,500 Active 90 DOM
3. 2026-06-17
   days on market $16,500 Active 89 DOM
4. 2026-06-16
   days on market $16,500 Active 88 DOM
5. 2026-06-15
   days on market $16,500 Active 87 DOM
6. 2026-06-14
   days on market $16,500 Active 85 DOM
7. 2026-06-12
   days on market $16,500 Active 84 DOM
8. 2026-06-09
   days on market $16,500 Active 81 DOM
9. 2026-06-08
   days on market $16,500 Active 80 DOM
10. 2026-06-07
    days on market $16,500 Active 79 DOM
11. 2026-06-05
    days on market $16,500 Active 76 DOM
12. 2026-06-03
    days on market $16,500 Active 75 DOM
13. 2026-06-02
    days on market $16,500 Active 74 DOM
14. 2026-06-01
    days on market $16,500 Active 73 DOM
15. 2026-05-31
    days on market $16,500 Active 72 DOM
16. 2026-05-30
    days on market $16,500 Active 71 DOM
17. 2008-05-27
    historical
18. 2008-05-27
    historical
19. 2008-04-01
    soldstatus $8,000
20. 2008-02-17
    listed $8,900
21. 2007-12-28
    soldstatus $16,000
22. 2007-10-30
    soldstatus $12,500
23. 2007-10-15
    listed $12,900
24. 2007-10-03
    soldstatus $11,500
25. 2007-07-27
    soldstatus $19,500
26. 2007-07-27
    listed $10,900
27. 2007-07-27
    listed $10,900
28. 2007-07-07
    listed $13,000
29. 2007-06-04
    soldstatus $15,000
30. 2007-05-03
    listed $22,900
31. 2007-04-10
    listed $15,000
32. 2007-03-28
    listed $19,900
33. 2006-11-06
    soldstatus $3,500
34. 2006-10-30
    soldstatus $13,000
35. 2006-08-25
    listed $4,990
36. 2006-06-10
    listed $14,900
37. 2006-03-24
    soldstatus $15,500
38. 2006-03-08
    soldstatus $17,500
39. 2006-02-01
    soldstatus $6,500
40. 2006-01-19
    historical
41. 2005-12-09
    listed $8,900
42. 2005-11-17
    soldstatus $16,500
43. 2005-11-16
    listed $16,800
44. 2005-10-19
    listed $19,900
45. 2005-10-01
    listed $17,500
46. 2005-09-16
    soldstatus $12,900
47. 2005-08-30
    soldstatus $21,500
48. 2005-08-30
    soldstatus $23,000
49. 2005-08-01
    soldstatus $21,900
50. 2005-04-19
    listed $24,900

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥98°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,175
• − Mortgage interest: −$924
• − Property taxes: −$248
• − Insurance: −$82
• − Repairs & maintenance: −$1,534
• − Management: −$1,534
• − Depreciation: −$480
• Taxable income: $14,372
• Est. tax owed @ 24.0%: −$3,449
• After-tax cash flow: $10,330/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.

Schools (NCES district)

• District: Wooster City
• NCES district ID: 3910032
• Math proficiency: 47% ▼ -24.00%
• Reading proficiency: 57% ▼ -11.00%
• Median HH income: $43,805
• Composite: 43.82/100
• National rank: #2928
• State rank: #422 of 656 in OH

Livability — Wooster

• Score: 77/100
• State rank: #195
• US rank: #3001

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Wooster, OH
• County: Wayne County · 44,344 people
• City population: 44,344
• Metro: Wooster, OH
• Population (ZIP): 44,344
• Household income: $69,920
• Rent vs Own: 27.4% rent · 72.6% own
• Severe rent burden: 844.0

Population outlook (Wayne County) Hauer SSP2

• Today (2025): 116,616 people
• By 2030: 116,214 · -0.3%
• By 2040: 113,891 · -2.3%
• By 2050: 109,009 · -6.5%
• By 2075: 94,622 · -18.9%
• By 2100: 70,577 · -39.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 5% Hispanic / Latino 2% Black 2% Asian 1%
• Common ancestry: Romanian 3% Slovak 3% Lithuanian 2%
• Foreign-born: 4% · Canada
• Languages at home: 92% English-only · German/W. Germanic 3% Spanish 1% Other Indo-European 1%

Political lean MEDSL · Wayne

• 2024 margin: Solid R (+39.3) · D 29.9% · R 69.2%
• 2008→2024 swing: -24.6pp toward R · 2008: -14.6pp · 2024: -39.3pp
• All cycles: 2024: R+39.3 2020: R+37.0 2016: R+34.9 2012: R+21.3 2008: R+14.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -174.13%
• Current HPI: 231.7627
• Rent YoY: ▲ 8.42%
• Metro: Wooster, 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

+6.7% since first listed

50 events — show timeline

• 2008-05-27 Listing Removed — MLSNOW
• 2008-05-27 Listing Removed — MLSNOW
• 2008-04-01 Sold (MLS) $8,000 MLSNOW
• 2008-02-17 Listed $8,900 MLSNOW
• 2007-12-28 Sold (MLS) $16,000 MLSNOW
• 2007-10-30 Sold (MLS) $12,500 MLSNOW
• 2007-10-15 Listed $12,900 MLSNOW
• 2007-10-03 Sold (MLS) $11,500 MLSNOW
• 2007-07-27 Listed $10,900 MLSNOW
• 2007-07-27 Listed $10,900 MLSNOW
• 2007-07-27 Sold (MLS) $19,500 MLSNOW
• 2007-07-07 Listed $13,000 MLSNOW
• 2007-06-04 Sold (MLS) $15,000 MLSNOW
• 2007-05-03 Listed $22,900 MLSNOW
• 2007-04-10 Listed $15,000 MLSNOW
• 2007-03-28 Listed $19,900 MLSNOW
• 2006-11-06 Sold (MLS) $3,500 MLSNOW
• 2006-10-30 Sold (MLS) $13,000 MLSNOW
• 2006-08-25 Listed $4,990 MLSNOW
• 2006-06-10 Listed $14,900 MLSNOW
• 2006-03-24 Sold (MLS) $15,500 MLSNOW
• 2006-03-08 Sold (MLS) $17,500 MLSNOW
• 2006-02-01 Sold (MLS) $6,500 MLSNOW
• 2006-01-19 Listing Removed — MLSNOW
• 2005-12-09 Listed $8,900 MLSNOW
• 2005-11-17 Sold (MLS) $16,500 MLSNOW
• 2005-11-16 Listed $16,800 MLSNOW
• 2005-10-19 Listed $19,900 MLSNOW
• 2005-10-01 Listed $17,500 MLSNOW
• 2005-09-16 Sold (MLS) $12,900 MLSNOW
• 2005-08-30 Sold (MLS) $23,000 MLSNOW
• 2005-08-30 Sold (MLS) $21,500 MLSNOW
• 2005-08-01 Sold (MLS) $21,900 MLSNOW
• 2005-04-19 Listed $14,900 MLSNOW
• 2005-04-19 Listed $24,900 MLSNOW
• 2005-04-05 Listed $22,000 MLSNOW
• 2005-03-21 Listed $25,900 MLSNOW
• 2004-12-27 Sold (MLS) $15,000 MLSNOW
• 2004-11-01 Sold (MLS) $9,000 MLSNOW
• 2004-10-28 Listed $15,000 MLSNOW
• 2004-09-03 Sold (MLS) $8,500 MLSNOW
• 2004-08-09 Listed $12,900 MLSNOW
• 2004-07-10 Sold (MLS) $8,000 MLSNOW
• 2004-07-09 Listed $8,500 MLSNOW
• 2004-06-18 Sold (MLS) $22,000 MLSNOW
• 2004-05-22 Listed $8,500 MLSNOW
• 2004-04-08 Listed $25,500 MLSNOW
• 2004-03-26 Sold (MLS) $14,500 MLSNOW
• 2004-03-17 Sold (MLS) $15,500 MLSNOW
• 2004-02-25 Sold (MLS) $7,500 MLSNOW

Property tax history

+3.7%/yr

Latest (2025): $87,884 · +0.2% YoY. Source: county tax records.