4400 Melrose Dr #176 · Wooster, OH 44691

$48,500

3 bd · 2.0 ba · 1,200 sqft · SingleFamily · 52 Days on market

Built 2026 Fair condition $40/sqft · 78% below area

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Why this score? — see what drove the B grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +4.6/5.0
• Schools +4.4/10.0
• Livability +3.9/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Come and see this affordable home in the charming community of Melrose Village! This mobile home is fully equipped with 2 access ramps (front and back) and fully accessible master bathroom. It is located on a prime corner lot with the beautiful Community Clubhouse just across the street. You'll enjoy 3 bedrooms, 2 full baths, large kitchen, covered deck, storage shed, and 3 private parking spaces. The primary suite is loaded with a full bathroom including a fully accessible shower, double sink, and walk in closet. Melrose Village also includes a basketball court and playground just for fun!

Key facts

• Covered porch
• New metal roof
• Insulated pipes

Tags

• NEW METAL ROOF
• NEW FLOORING
• NEW UPGRADED WINDOWS
• INSULATED PIPES
• COVERED PORCH
• HEATED ELECTRIC SHED

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $48k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $48k).
• Recommended offer: $47k (3.0% below list) — sets the bar for market timing.
• Cap rate 31.9% vs local median 3.2% in Wooster — 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.

Location & tenants

• Location reads 77/100 on livability (#195 in OH, #3,001 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D+, amenities D-, commute F.
• Wooster City (town): math 47% / reading 57% proficiency, ranked #422 of 656 in OH (top 64%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Kean Elementary School (math 67% / reading 67%, grade B+, #456 of 1,584 statewide, top 31%, 324 students, 26% FRL); Edgewood Middle School (math 47% / reading 56%, grade C, #401 of 654 statewide, top 62%, 721 students, 45% FRL); Wooster High School (math 38% / reading 60%, grade D, #422 of 781 statewide, top 54%, 1,227 students, 40% FRL) — zoned schools at 37% FRL track the district average.
• Market conditions: Rents rising fast (+8.4%/yr); 157 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 284 units permitted in Wayne County in 2024 (42 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $335 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Wayne County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $14k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 52 days — a 3% lower offer ($47k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 18y ago; this cycle's ask is 62% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $30k; list at $48k implies a 62% gain — meaningful room to come down on a strong offer.

Recommended offer $47,045 (3.0% below list)

Questions for the listing agent

1. It's been on market 52 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are B-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?
5. 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.
6. 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.
7. 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.

Investment metrics

• 1% rule: 3.58% ✓
• Cap rate: 31.89%
• Cash-on-cash: 91.43%
• DSCR: 5.07
• GRM: 2.3

CMA / ARV

• ARV (median comp): $222,732
• List price: $48,500
• Delta: -78.22%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4455 Melrose Dr	0.14mi	3/2.0	1,152 (-4%)	1mo	$255,000	$221	86
4400 Melrose Dr Lot 56	0.13mi	3/2.0	1,140 (-5%)	10mo	$64,900	$57	77
4468 Mel Ln	0.37mi	3/1.0	1,210 (+1%)	14mo	$223,000	$184	66
4400 Melrose Dr #40	0.08mi	3/2.0	1,057 (-12%)	20mo	$85,000	$80	60
1469 Stratford Way	0.28mi	2/2.5 (-1)	1,320 (+10%)	8mo	$275,000	$208	56
4455 Cleveland Rd #6	0.47mi	3/2.0	1,280 (+7%)	17mo	$44,000	$34	53
4400 Melrose Dr #257	0.12mi	2/1.0 (-1)	1,020 (-15%)	19mo	$29,000	$28	44
4351 Wilson Rd	0.58mi	3/1.0	1,378 (+15%)	4mo	$240,000	$174	41

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 97.8%
• Equity multiple: 5.95×
• Total profit: $67,228
• Equity at exit: $7,232

10-year hold

• IRR: —
• Equity multiple: 14.64×
• Total profit: $185,209
• Equity at exit: $4,193

Cash invested: $13,580 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 73 Landlord-Friendly
• State Ohio: 73 Landlord-Friendly · R+6
• County: — inherits STATE
• City: — inherits STATE

3-day notice; Cleveland / Columbus have some habitability code enforcement; otherwise landlord-leaning.

Methodology + full state rankings →

ZIP-level market 44691

• Rents YoY: 8.4%
• Active inventory: 157
• Price-to-rent: 2.3×

Monthly cashflow live

• Estimated rent: $1,734 medium
• Mortgage (P&I): −$254
• Tax est. 1.5%: −$61 /mo · $728/yr
• Insurance: −$20
• HOA: −$0
• Vacancy / Maint / Mgmt: −$364
• Net cashflow: $1,035

Break-even live

Break-even rent $424

Max offer price $48,500

Occupancy floor 35%

Sensitivity live

Price	-10% $1,068	-5% $1,051	+0% $1,035	+5% $1,018	+10% $1,001
Rent	-10% $898	-5% $966	+0% $1,035	+5% $1,103	+10% $1,172
Rate	-1.0pp $1,059	-0.5pp $1,047	base $1,035	+0.5pp $1,022	+1.0pp $1,009

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $12,125
• Closing costs: $1,455
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4715 Young Dr Wooster, OH	2.0	2.0	1000	$1,550	$1.55	46d	1	0.48mi
3574 Melrose Dr Wooster, OH	2.0	2.0	1161	$1,699	$1.46	0d	4	0.69mi

Listing history 19 events

1. 2026-06-16
   days on market $48,500 Active 52 DOM
2. 2026-06-15
   days on market $48,500 Active 51 DOM
3. 2026-06-14
   days on market $48,500 Active 49 DOM
4. 2026-06-12
   days on market $48,500 Active 48 DOM
5. 2026-06-09
   days on market $48,500 Active 45 DOM
6. 2026-06-08
   days on market $48,500 Active 44 DOM
7. 2026-06-07
   days on market $48,500 Active 43 DOM
8. 2026-06-05
   days on market $48,500 Active 40 DOM
9. 2026-06-03
   days on market $48,500 Active 39 DOM
10. 2026-06-02
    days on market $48,500 Active 38 DOM
11. 2026-06-01
    days on market $48,500 Active 37 DOM
12. 2026-05-31
    days on market $48,500 Active 36 DOM
13. 2026-05-30
    days on market $48,500 Active 35 DOM
14. 2026-04-25
    listed $48,500 Active 688-char remark
15. 2023-06-15
    soldstatus $29,900 Closed 599-char remark

    Show marketing remark (599 chars)

    Come and see this affordable home in the charming community of Melrose Village! This mobile home is fully equipped with 2 access ramps (front and back) and fully accessible master bathroom. It is located on a prime corner lot with the beautiful Community Clubhouse just across the street. You'll enjoy 3 bedrooms, 2 full baths, large kitchen, covered deck, storage shed, and 3 private parking spaces. The primary suite is loaded with a full bathroom including a fully accessible shower, double sink, and walk in closet. Melrose Village also includes a basketball court and playground just for fun!

16. 2023-05-22
    status Pending 599-char remark

    Show marketing remark (599 chars)

    Come and see this affordable home in the charming community of Melrose Village! This mobile home is fully equipped with 2 access ramps (front and back) and fully accessible master bathroom. It is located on a prime corner lot with the beautiful Community Clubhouse just across the street. You'll enjoy 3 bedrooms, 2 full baths, large kitchen, covered deck, storage shed, and 3 private parking spaces. The primary suite is loaded with a full bathroom including a fully accessible shower, double sink, and walk in closet. Melrose Village also includes a basketball court and playground just for fun!

17. 2023-05-19
    listed $29,900 Active 599-char remark

    Show marketing remark (599 chars)

    Come and see this affordable home in the charming community of Melrose Village! This mobile home is fully equipped with 2 access ramps (front and back) and fully accessible master bathroom. It is located on a prime corner lot with the beautiful Community Clubhouse just across the street. You'll enjoy 3 bedrooms, 2 full baths, large kitchen, covered deck, storage shed, and 3 private parking spaces. The primary suite is loaded with a full bathroom including a fully accessible shower, double sink, and walk in closet. Melrose Village also includes a basketball court and playground just for fun!

18. 2009-03-19
    soldstatus $21,000

    Show marketing remark (468 chars)

    Check Out This Spacious, Affordable Mobile Home On Premimum Corner Lot. The Home Is Fully Handicapped Accessible With Front And Back Ramps Into Home. There Is A Living Room, Large Kitchen, Dining Area, Laundry Room With Washer And Dryerincluded, Master Suite With Full Bath, Garden Tub, Shower Stall, Double Sink And Walk-in Closet. There Are 2 Additional Bedrooms And Another Full Bath In This Split Bedroom Plan. Outside You Will Find A Great Covered Deck And Patio.

19. 2008-09-22
    listed $23,900

    Show marketing remark (468 chars)

    Check Out This Spacious, Affordable Mobile Home On Premimum Corner Lot. The Home Is Fully Handicapped Accessible With Front And Back Ramps Into Home. There Is A Living Room, Large Kitchen, Dining Area, Laundry Room With Washer And Dryerincluded, Master Suite With Full Bath, Garden Tub, Shower Stall, Double Sink And Walk-in Closet. There Are 2 Additional Bedrooms And Another Full Bath In This Split Bedroom Plan. Outside You Will Find A Great Covered Deck And Patio.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥98°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,808
• − Mortgage interest: −$2,717
• − Property taxes: −$728
• − Insurance: −$242
• − Repairs & maintenance: −$1,665
• − Management: −$1,665
• − Depreciation: −$1,411
• Taxable income: $12,381
• Est. tax owed @ 24.0%: −$2,971
• After-tax cash flow: $9,445/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab

This mobile home requires moderate repairs and updates to improve its condition and value. Key areas for improvement include the kitchen and bathroom, which can be modernized to add significant value. Landscaping and exterior updates will also enhance curb appeal.

Repairs flagged

• Moderate kitchen cabinets — dated and worn
• Moderate bathroom fixtures — dated and small
• Minor exterior siding — some discoloration

Value-add opportunities

• Resale new kitchen cabinets — modernizes kitchen and adds value
• Resale new bathroom fixtures — updates small bathroom and adds value
• Both landscaping — enhances curb appeal and adds value

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · dated and worn	Moderate	$3,000–15,000
bathroom fixtures · dated and small	Moderate	$3,000–15,000
exterior siding · some discoloration	Minor	$500–3,000
Total estimated repair cost · 3 items		$6,500–33,000

Value-add ROI direction

• Resale new kitchen cabinets — modernizes kitchen and adds value ↑
• Resale new bathroom fixtures — updates small bathroom and adds value ↑
• Both landscaping — enhances curb appeal and adds value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Wooster City
• NCES district ID: 3910032
• Math proficiency: 47% ▼ -24.00%
• Reading proficiency: 57% ▼ -11.00%
• Median HH income: $43,805
• Composite: 43.82/100
• National rank: #2928
• State rank: #422 of 656 in OH

Livability — Wooster

• Score: 77/100
• State rank: #195
• US rank: #3001

Category grades

Amenities D- Commute F Cost of living A+ Crime C Employment D+ Housing A+ Health & safety A+ User ratings B-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Wooster, OH
• County: Wayne County · 44,344 people
• City population: 44,344
• Metro: Wooster, OH
• Population (ZIP): 44,344
• Household income: $69,920
• Rent vs Own: 27.4% rent · 72.6% own
• Severe rent burden: 844.0

Population outlook (Wayne County) Hauer SSP2

• Today (2025): 116,616 people
• By 2030: 116,214 · -0.3%
• By 2040: 113,891 · -2.3%
• By 2050: 109,009 · -6.5%
• By 2075: 94,622 · -18.9%
• By 2100: 70,577 · -39.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 5% Hispanic / Latino 2% Black 2% Asian 1%
• Common ancestry: Romanian 3% Slovak 3% Lithuanian 2%
• Foreign-born: 4% · Canada
• Languages at home: 92% English-only · German/W. Germanic 3% Spanish 1% Other Indo-European 1%

Political lean MEDSL · Wayne

• 2024 margin: Solid R (+39.3) · D 29.9% · R 69.2%
• 2008→2024 swing: -24.6pp toward R · 2008: -14.6pp · 2024: -39.3pp
• All cycles: 2024: R+39.3 2020: R+37.0 2016: R+34.9 2012: R+21.3 2008: R+14.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -174.13%
• Current HPI: 231.7627
• Rent YoY: ▲ 8.42%
• Metro: Wooster, OH
• State GDP YoY: ▲ 1.98%
• F500 in state: 48

Industry mix (Fortune 500 HQ in OH)

Industry	F500 HQs	Revenue
▸Insurance	3	$145B
▸Industrial Machinery	3	$49B
▸Financial Services	3	$24B
▸Consumer Goods	2	$93B
▸Aerospace / Defense	2	$47B
▸Utilities	2	$33B

Price history

+25.1% since first listed

5 events — show timeline

• 2023-06-15 Sold (MLS) $29,900 MLSNOW
• 2023-05-22 Pending — MLSNOW
• 2023-05-19 Listed $29,900 MLSNOW
• 2009-03-19 Sold (MLS) $21,000 MLSNOW
• 2008-09-22 Listed $23,900 MLSNOW