5598 Arrowsmith Rd

Hicksville, OH 43526

$99,900B-

3 bd · 2.0 ba · 1,560 sqft · Built 1968 · Manufactured · Pending · 13 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,187/mo
• Mortgage (P&I): −$524
• Tax + insurance: −$114
• HOA: −$0
• Vac / Maint / Mgmt: −$249
• Net cashflow: $299/mo
• Annual: $3,592/yr
• Cap rate: 9.89%
• Cash-on-cash: 12.84%
• DSCR: 1.57
• 1% rule: 1.19%
• Cash to close: $27,972

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $100k.
• At list price, monthly cash flow is $299 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $100k).
• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $691 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 73/100 on livability (#335 in OH) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Central Local (rural): math 66% / reading 66% proficiency, ranked #195 of 656 in OH (top 30%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Fairview Elementary School (math 69% / reading 63%, grade B+, #505 of 1,584 statewide, top 32%, 432 students, 39% FRL); Fairview Middle School (math 68% / reading 67%, grade A-, #161 of 654 statewide, top 25%, 222 students, 0% FRL); Fairview High School (math 52% / reading 67%, grade C+, #243 of 781 statewide, top 33%, 261 students, 64% FRL) — zoned schools at 34% FRL track the district average.
• Market conditions: 27 active listings in the ZIP; 41 units permitted in Defiance County in 2024 (0 in 5+ unit buildings).
• Defiance County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts since 20y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $77k; 30% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~9 years — after that, you're playing with house money.
• Cap rate 9.9% vs local median 4.5% in Hicksville — 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

• Built in 1968 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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.