239 Scioto St

Ashville, OH 43103

$229,000D+

3 bd · 2.0 ba · 1,248 sqft · Built 2001 · Manufactured · Pending · 3 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,950/mo
• Mortgage (P&I): −$1,201
• Tax + insurance: −$187
• HOA: −$0
• Vac / Maint / Mgmt: −$410
• Net cashflow: $153/mo
• Annual: $1,831/yr
• Cap rate: 7.09%
• Cash-on-cash: 2.86%
• DSCR: 1.13
• 1% rule: 0.85%
• Cash to close: $64,120

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $229k.
• At list price, monthly cash flow is $153 ($2k/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 $195k (14.8% below list).
• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $195k (14.8% 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 76/100 on livability (#212 in OH, #3,315 nationally) — a middle-class / working-renter tenant base. Strengths: schools A+, crime A+, cost of living A+; Watch: amenities F, commute 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.
• Market conditions: 169 active listings in the ZIP; 1 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.
• Cap rate 7.1% vs local median 4.2% in Ashville — 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

• 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?
• 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.