13899 Locust St

Murray City, OH 43144

$108,900B-

4 bd · 2.0 ba · 1,248 sqft · Built 1988 · Manufactured · Active · 234 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,180/mo
• Mortgage (P&I): −$571
• Tax + insurance: −$567
• HOA: −$0
• Vac / Maint / Mgmt: −$248
• Net cashflow: $-206/mo
• Annual: $-2,472/yr
• Cap rate: 8.72%
• Cash-on-cash: 8.68%
• DSCR: 1.39
• 1% rule: 1.08%
• Cash to close: $30,492

Investor read

• This is a 4-bed/2.0-bath manufactured listed at $109k.
• At list price, monthly cash flow is $-206 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $73k (33.4% below list).
• Meets the 1% rule at list price ($1k rent vs $109k).
• It's been on market 234 days — a 12% lower offer ($96k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $73k (33.4% below list) — sets the bar for cash-flow.
• In year one you build about $4k of equity ($753 loan paydown + $3k appreciation (3.0% local appreciation)).
• Location reads 58/100 on livability (#1,068 in OH) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: health & safety C-, crime D-, amenities F.
• Nelsonville-York City (rural): math 31% / reading 35% proficiency, ranked #572 of 656 in OH (top 87%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Nelsonville-York Elementary School (math 40% / reading 39%, grade F, #1,055 of 1,584 statewide, top 68%, 511 students, 0% FRL); Nelsonville-York Junior High School (math 22% / reading 31%, grade F, #586 of 654 statewide, top 90%, 254 students, 0% FRL); Nelsonville-York High School (math 32% / reading 37%, grade F, #582 of 781 statewide, top 76%, 289 students, 0% FRL) — zoned schools average 0% FRL vs 55% district-wide (55 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: flood insurance adds $427/mo.
• Market conditions: 2 active listings in the ZIP; lower-income renter base — watch delinquency; 11 units permitted in Hocking County in 2024 (0 in 5+ unit buildings).
• Hocking County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 7 sale attempts since 4y ago; this cycle's ask has dropped $16k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $94k; 16% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• By year 9, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.
• This rent runs 37% of the median local income ($38k/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?
• It's been on market 234 days. Have you received any prior offers? Is the seller open to a 33% concession, seller financing, or rate buy-down credit?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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?
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.