313 Township Road 384

Chesapeake, OH 45619

$219,900D

3 bd · 2.0 ba · 1,620 sqft · Built 2001 · Manufactured · Pending · 9 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,687/mo
• Mortgage (P&I): −$1,153
• Tax + insurance: −$233
• HOA: −$0
• Vac / Maint / Mgmt: −$354
• Net cashflow: $-53/mo
• Annual: $-634/yr
• Cap rate: 6.37%
• Cash-on-cash: 0.26%
• DSCR: 1.01
• 1% rule: 0.77%
• Cash to close: $61,572

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $220k.
• At list price, monthly cash flow is $-53 ($-634/yr) — negative.
• To cash-flow at today's rent, offer at most $211k (4.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $169k (23.3% below list).
• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $169k (23.3% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 86/100 on livability (#39 in OH, #392 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, commute A+; Watch: employment C-.
• Chesapeake Union Exempted Village (suburban): math 40% / reading 57% proficiency, ranked #461 of 656 in OH (top 70%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: flood insurance adds $66/mo.
• Market conditions: 32 active listings in the ZIP; 18 units permitted in Lawrence County in 2024 (0 in 5+ unit buildings).
• Lawrence County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Climate carrying-cost: severe flood risk; major wildfire risk — expect insurance premiums to compound above CPI over the hold.
• This rent runs 35% of the median local income ($58k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.