151 Winterhaven Dr

Wapakoneta, OH 45895

$42,000B-

2 bd · 1.5 ba · 980 sqft · Built 1980 · Manufactured · Active · 14 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,131/mo
• Mortgage (P&I): −$220
• Tax + insurance: −$70
• HOA: −$0
• Vac / Maint / Mgmt: −$238
• Net cashflow: $603/mo
• Annual: $7,239/yr
• Cap rate: 23.53%
• Cash-on-cash: 61.55%
• DSCR: 3.74
• 1% rule: 2.69%
• Cash to close: $11,760

Investor read

• This is a 2-bed/1.5-bath manufactured listed at $42k. Condition is rated fair.
• At list price, monthly cash flow is $603 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $42k).
• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $290 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Location reads 79/100 on livability (#153 in OH, #2,320 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Wapakoneta City (town): math 66% / reading 63% proficiency, ranked #218 of 656 in OH (top 33%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Wapakoneta Elementary (math 78% / reading 61%, grade A-, #391 of 1,584 statewide, top 27%, 868 students, 32% FRL); Wapakoneta Middle School (math 66% / reading 67%, grade A-, #172 of 654 statewide, top 27%, 674 students, 40% FRL); Wapakoneta High School (math 53% / reading 71%, grade B-, #202 of 781 statewide, top 29%, 874 students, 40% FRL) — zoned schools at 38% FRL track the district average.
• Market conditions: 40 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 121 units permitted in Auglaize County in 2024 (0 in 5+ unit buildings).
• Auglaize County population projected at -12% 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 $12k cash investment doubles in ~2 years — after that, you're playing with house money.
• Cap rate 23.5% vs local median 3.7% in Wapakoneta — 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

• 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 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?
• 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)

• Minor: exterior siding — Siding shows some discoloration and wear.
• Minor: HVAC unit — No specific details on condition, but may need cleaning or minor maintenance.
• Minor: landscaping — Basic landscaping could be improved with some additional plants or shrubs.