6200 Federal Rd

Stewart, OH 45724

$124,900C

4 bd · 2.0 ba · 1,620 sqft · Built 1999 · Manufactured · Pending · 18 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,301/mo
• Mortgage (P&I): −$655
• Tax + insurance: −$264
• HOA: −$0
• Vac / Maint / Mgmt: −$273
• Net cashflow: $108/mo
• Annual: $1,301/yr
• Cap rate: 7.33%
• Cash-on-cash: 3.72%
• DSCR: 1.17
• 1% rule: 1.04%
• Cash to close: $34,972

Investor read

• This is a 4-bed/2.0-bath manufactured listed at $125k.
• At list price, monthly cash flow is $108 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $125k).
• It's been on market 18 days — a 2% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $123k (1.5% below list) — sets the bar for market timing.
• In year one you build about $12k of equity ($864 loan paydown + $11k appreciation (8.6% local appreciation)).
• Location reads 66/100 on livability (#666 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, schools A-; Watch: health & safety C-, crime D, amenities F.
• Warren Local (rural): math 57% / reading 67% proficiency, ranked #253 of 656 in OH (top 39%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 14 active listings in the ZIP; 3 units permitted in Washington County in 2024 (0 in 5+ unit buildings).
• Washington County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 5 sale attempts since 16y ago 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 $88k; 41% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (8.6% appreciation + 3.0% rent growth), your $35k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$40k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

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?
• 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.
• 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.