11308 Stratton Rd

Congress, OH 44287

$129,900C

2 bd · 1.5 ba · 1,256 sqft · Built 1994 · Manufactured · Pending · 39 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,128/mo
• Mortgage (P&I): −$681
• Tax + insurance: −$129
• HOA: −$0
• Vac / Maint / Mgmt: −$237
• Net cashflow: $81/mo
• Annual: $970/yr
• Cap rate: 7.04%
• Cash-on-cash: 2.67%
• DSCR: 1.12
• 1% rule: 0.87%
• Cash to close: $36,372

Investor read

• This is a 2-bed/1.5-bath manufactured listed at $130k.
• At list price, monthly cash flow is $81 ($970/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $113k (13.2% below list).
• It's been on market 39 days — a 3% lower offer ($126k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $113k (13.2% below list) — sets the bar for 1% rule.
• In year one you build about $14k of equity ($898 loan paydown + $13k appreciation (10.0% local appreciation)).
• Location reads 48/100 on livability (#1,178 in OH) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, crime A; Watch: schools F, amenities F, commute F.
• Northwestern Local (rural): math 60% / reading 70% proficiency, ranked #206 of 656 in OH (top 31%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 59 active listings in the ZIP; 284 units permitted in Wayne County in 2024 (42 in 5+ unit buildings).
• Wayne County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 4 sale attempts 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 $59k; list at $130k implies a 120% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $36k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 39 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.