11377 Township Road 266 #58

Chippewa Park, OH 43331

$77,500B-

2 bd · 1.0 ba · 400 sqft · Built 2006 · Manufactured · Active · 40 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,206/mo
• Mortgage (P&I): −$406
• Tax + insurance: −$129
• HOA: −$0
• Vac / Maint / Mgmt: −$253
• Net cashflow: $417/mo
• Annual: $5,006/yr
• Cap rate: 12.75%
• Cash-on-cash: 23.07%
• DSCR: 2.03
• 1% rule: 1.56%
• Cash to close: $21,700

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $78k. Condition is rated fair.
• At list price, monthly cash flow is $417 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $78k).
• It's been on market 40 days — a 3% lower offer ($75k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $75k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $536 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 49/100 on livability (#1,173 in OH) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, crime 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: 109 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.
• 3 sale attempts 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 $60k; 29% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~6 years — after that, you're playing with house money.
• Cap rate 12.8% vs local median 5.5% in Chippewa Park — 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 40 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• 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?
• 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.

Repairs flagged (vision-AI assessment)

• Major: paint — paint appears faded and needs touch-up
• Major: interior walls — paint appears faded and needs touch-up
• Major: landscaping — some overgrown areas need trimming