8312 OH-366 #21

Russells Point, OH 43348

$6,850D+

2 bd · 1.0 ba · 460 sqft · Built 1964 · Manufactured · Active · 82 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $803/mo
• Mortgage (P&I): −$36
• Tax + insurance: −$11
• HOA: −$0
• Vac / Maint / Mgmt: −$169
• Net cashflow: $587/mo
• Annual: $7,046/yr
• Cap rate: 109.15%
• Cash-on-cash: 367.36%
• DSCR: 17.35
• 1% rule: 11.72%
• Cash to close: $1,918

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $7k.
• At list price, monthly cash flow is $587 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($803 rent vs $7k).
• It's been on market 82 days — a 6% lower offer ($6k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $6k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $48 of loan paydown is wiped out by about $206 of value loss. Plan a longer hold.
• Location reads 60/100 on livability (#971 in OH) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A; Watch: schools F, amenities F, commute F.
• Indian Lake Local (rural): math 59% / reading 66% proficiency, ranked #261 of 656 in OH (top 40%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 49 active listings in the ZIP; 121 units permitted in Logan County in 2024 (0 in 5+ unit buildings).
• Logan County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $2k cash investment doubles in ~1 year — after that, you're playing with house money.
• Cap rate 109.2% vs local median 2.8% in Russells Point — 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

• It's been on market 82 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1964 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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.