48 Estate Cir #48

Lima, OH 45804

$47,200B

3 bd · 2.0 ba · 1,056 sqft · Built 2026 · Manufactured · Active · 71 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $975/mo
• Mortgage (P&I): −$248
• Tax + insurance: −$79
• HOA: −$0
• Vac / Maint / Mgmt: −$205
• Net cashflow: $444/mo
• Annual: $5,329/yr
• Cap rate: 17.58%
• Cash-on-cash: 40.32%
• DSCR: 2.79
• 1% rule: 2.07%
• Cash to close: $13,216

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $47k. Condition is rated good.
• At list price, monthly cash flow is $444 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($975 rent vs $47k).
• It's been on market 71 days — a 6% lower offer ($44k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $44k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $326 of loan paydown is wiped out by about $1k 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.
• Bath Local (suburban): math 71% / reading 74% proficiency, ranked #129 of 656 in OH (top 20%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 79 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $13k cash investment doubles in ~3 years — after that, you're playing with house money.
• Cap rate 17.6% vs local median 7.7% in Lima — 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 71 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• 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?
• 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.