231 Spruce Ridge Dr

South Bloomfield, OH 43103

$90,000C

3 bd · 2.0 ba · 1,456 sqft · Built 2000 · Manufactured · Pending · 11 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,575/mo
• Mortgage (P&I): −$472
• Tax + insurance: −$150
• HOA: −$547
• Vac / Maint / Mgmt: −$331
• Net cashflow: $75/mo
• Annual: $901/yr
• Cap rate: 7.29%
• Cash-on-cash: 3.57%
• DSCR: 1.16
• 1% rule: 1.75%
• Cash to close: $25,200

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $90k.
• At list price, monthly cash flow is $75 ($901/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $90k).
• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $622 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 75/100 on livability (#263 in OH, #4,216 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Teays Valley Local (town): math 66% / reading 68% proficiency, ranked #166 of 656 in OH (top 25%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: HOA is 35% of rent.
• Market conditions: 169 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 312 units permitted in Pickaway County in 2024 (0 in 5+ unit buildings).
• Pickaway County population projected at +3% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 2 sale attempts since 23y 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.
• Cap rate 7.3% vs local median 3.4% in South Bloomfield — 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

• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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.