573 Waterview Cir

Lima, OH 45804

$80,000D+

3 bd · 2.0 ba · 1,232 sqft · Built 2000 · Manufactured · Active · 76 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,370/mo
• Mortgage (P&I): −$420
• Tax + insurance: −$200
• HOA: −$520
• Vac / Maint / Mgmt: −$288
• Net cashflow: $-57/mo
• Annual: $-680/yr
• Cap rate: 6.44%
• Cash-on-cash: 0.52%
• DSCR: 1.02
• 1% rule: 1.71%
• Cash to close: $22,400

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $80k. Condition is rated good.
• At list price, monthly cash flow is $-57 ($-680/yr) — negative.
• To cash-flow at today's rent, offer at most $72k (10.3% below list).
• Meets the 1% rule at list price ($1k rent vs $80k).
• It's been on market 76 days — a 6% lower offer ($75k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $72k (10.3% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $553 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 64/100 on livability (#787 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A-; Watch: crime F, amenities F, commute F.
• Perry Local (rural): math 42% / reading 57% proficiency, ranked #460 of 656 in OH (top 70%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 63% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Perry Elementary School (math 51% / reading 55%, grade C, #840 of 1,584 statewide, top 53%, 406 students, 73% FRL); Perry High School (math 32% / reading 57%, grade F, #470 of 781 statewide, top 62%, 317 students, 63% FRL).
• Watch-outs: flood insurance adds $66/mo; HOA is 38% of rent.
• Market conditions: 79 active listings in the ZIP; lower-income renter base — watch delinquency; 88 units permitted in Allen County in 2024 (0 in 5+ unit buildings).
• Allen County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 8 sale attempts since 5y ago; this cycle's ask has dropped $30k (27%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.
• This rent runs 39% of the median local income ($43k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 76 days. Have you received any prior offers? Is the seller open to a 10% concession, seller financing, or rate buy-down credit?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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.
• Crime grade is F 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?
• 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?