4400 Melrose Dr #89 · Wooster, OH 44691

$44,900

2 bd · 1.0 ba · 728 sqft · Manufactured · 56 Days on market

Built 2008 Good condition 82 ac lot $62/sqft · 77% below area

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Why this score? — see what drove the B grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +4.6/5.0
• Schools +4.4/10.0
• Condition / age +4.0/5.0
• Livability +3.9/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome home! Step into this meticulously updated 2-bedroom, 1-bath home where every detail has been taken care of for you. The heart of the home is a stunning kitchen featuring newer cabinetry and tile backsplash. The seamless flow of newer LVP flooring carries you into the light-filled living room. Retreat to the primary suite, featuring plush, newer carpet and a double closet, or use the second bedroom—also finished with durable LVP—as a home office or guest space. The bathroom comes with a vanity and a newer tub-run shower. The home includes a laundry area and a newer hot water tank installed in 2025. Outside, enjoy a large paved driveway, a shed for outdoor storage, and a p

Key facts

• Double closet
• Newer lvp flooring
• Newer cabinetry

Tags

• UPDATED KITCHEN
• NEWER CABINETRY
• TILE BACKSPLASH
• NEWER LVP FLOORING
• LIGHT FILLED LIVING ROOM
• DOUBLE CLOSET

Property features AI

Finance

• Other: Above-grade finished area reported (estimated)
• Financial info: Monthly land lease payment listed
• HOA & community: Land lease present (monthly land lease payment)

Exterior

• Parking: Driveway; Paved parking
• Utilities: Public water; Public sewer
• Home design: Single-story home
• Construction: Vinyl siding; Asphalt/fiberglass roof; Estimated year built
• Exterior features: Deck; Patio; Shed

Interior

• Kitchen: Range; Refrigerator
• Bedrooms: One main-level bedroom (first floor)
• Flooring: Carpet in at least one room
• Bathrooms: One full bathroom (main level)
• Heating & cooling: Electric forced-air heating; Central air conditioning
• Interior features: Main-level layout
• Laundry & utility: Main-level laundry; Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $45k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $579 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $45k).
• Recommended offer: $44k (3.0% below list) — sets the bar for market timing.
• Cap rate 21.8% vs local median 3.2% in Wooster — 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.

Location & tenants

• Location reads 77/100 on livability (#195 in OH, #3,001 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D+, amenities D-, commute F.
• Wooster City (town): math 47% / reading 57% proficiency, ranked #422 of 656 in OH (top 64%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+8.4%/yr); 154 active listings in the ZIP; 284 units permitted in Wayne County in 2024 (42 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $310 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Wayne County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $13k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 56 days — a 3% lower offer ($44k) is reasonable based on typical stale-listing flexibility.

Recommended offer $43,553 (3.0% below list)

Questions for the listing agent

1. It's been on market 56 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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.

Investment metrics

• 1% rule: 2.51% ✓
• Cap rate: 21.77%
• Cash-on-cash: 55.29%
• DSCR: 3.46
• GRM: 3.3

CMA / ARV

• ARV (median comp): $195,081
• List price: $44,900
• Delta: -76.98%
• Verdict: UNDERPRICED
• Comps: 5 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 59.2%
• Equity multiple: 3.83×
• Total profit: $35,587
• Equity at exit: $6,695

10-year hold

• IRR: 65.7%
• Equity multiple: 9.40×
• Total profit: $105,650
• Equity at exit: $3,882

Cash invested: $12,572 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 73 Landlord-Friendly
• State Ohio: 73 Landlord-Friendly · R+6
• County: — inherits STATE
• City: — inherits STATE

3-day notice; Cleveland / Columbus have some habitability code enforcement; otherwise landlord-leaning.

Methodology + full state rankings →

ZIP-level market 44691

• Rents YoY: 8.4%
• Active inventory: 154
• Price-to-rent: 3.3×

Monthly cashflow live

• Estimated rent: $1,126 medium
• Mortgage (P&I): −$235
• Tax est. 1.5%: −$56 /mo · $674/yr
• Insurance: −$19
• HOA: −$0
• Vacancy / Maint / Mgmt: −$236
• Net cashflow: $579

Break-even live

Break-even rent $393

Max offer price $44,900

Occupancy floor 44%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $11,225
• Closing costs: $1,347
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-19
   days on market $44,900 Active 56 DOM
2. 2026-06-18
   days on market $44,900 Active 55 DOM
3. 2026-06-17
   days on market $44,900 Active 54 DOM
4. 2026-06-16
   days on market $44,900 Active 53 DOM
5. 2026-06-15
   days on market $44,900 Active 52 DOM
6. 2026-06-14
   days on market $44,900 Active 50 DOM
7. 2026-06-12
   days on market $44,900 Active 49 DOM
8. 2026-06-09
   days on market $44,900 Active 46 DOM
9. 2026-06-08
   days on market $44,900 Active 45 DOM
10. 2026-06-07
    days on market $44,900 Active 44 DOM
11. 2026-06-05
    days on market $44,900 Active 41 DOM
12. 2026-06-03
    days on market $44,900 Active 40 DOM
13. 2026-06-02
    days on market $44,900 Active 39 DOM
14. 2026-06-01
    days on market $44,900 Active 38 DOM
15. 2026-05-31
    days on market $44,900 Active 37 DOM
16. 2026-05-30
    days on market $44,900 Active 36 DOM
17. 2026-04-24
    listed $44,900 Active 878-char remark

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥98°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,512
• − Mortgage interest: −$2,515
• − Property taxes: −$674
• − Insurance: −$224
• − Repairs & maintenance: −$1,081
• − Management: −$1,081
• − Depreciation: −$1,306
• Taxable income: $6,631
• Est. tax owed @ 24.0%: −$1,591
• After-tax cash flow: $5,360/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 12 photos

Good 80/100 Cosmetic rehab

This meticulously updated 2-bedroom, 1-bath home is move-in ready with good condition and minimal repairs needed.

Value-add opportunities

• Both landscaping — enhances curb appeal and adds value
• Rental ceiling fans — improves comfort and energy efficiency

Renovation cost estimate screening

Value-add ROI direction

• Both landscaping — enhances curb appeal and adds value ↑
• Rental ceiling fans — improves comfort and energy efficiency ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Wooster City
• NCES district ID: 3910032
• Math proficiency: 47% ▼ -24.00%
• Reading proficiency: 57% ▼ -11.00%
• Median HH income: $43,805
• Composite: 43.82/100
• National rank: #2928
• State rank: #422 of 656 in OH

Livability — Wooster

• Score: 77/100
• State rank: #195
• US rank: #3001

Category grades

Amenities D- Commute F Cost of living A+ Crime C Employment D+ Housing A+ Health & safety A+ User ratings B-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Wooster, OH
• County: Wayne County · 44,344 people
• City population: 44,344
• Metro: Wooster, OH
• Population (ZIP): 44,344
• Household income: $69,920
• Rent vs Own: 27.4% rent · 72.6% own
• Severe rent burden: 844.0

Population outlook (Wayne County) Hauer SSP2

• Today (2025): 116,616 people
• By 2030: 116,214 · -0.3%
• By 2040: 113,891 · -2.3%
• By 2050: 109,009 · -6.5%
• By 2075: 94,622 · -18.9%
• By 2100: 70,577 · -39.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 5% Hispanic / Latino 2% Black 2% Asian 1%
• Common ancestry: Romanian 3% Slovak 3% Lithuanian 2%
• Foreign-born: 4% · Canada
• Languages at home: 92% English-only · German/W. Germanic 3% Spanish 1% Other Indo-European 1%

Political lean MEDSL · Wayne

• 2024 margin: Solid R (+39.3) · D 29.9% · R 69.2%
• 2008→2024 swing: -24.6pp toward R · 2008: -14.6pp · 2024: -39.3pp
• All cycles: 2024: R+39.3 2020: R+37.0 2016: R+34.9 2012: R+21.3 2008: R+14.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -174.13%
• Current HPI: 231.7627
• Rent YoY: ▲ 8.42%
• Metro: Wooster, OH
• State GDP YoY: ▲ 1.98%
• F500 in state: 48

Industry mix (Fortune 500 HQ in OH)

Industry	F500 HQs	Revenue
▸Insurance	3	$145B
▸Industrial Machinery	3	$49B
▸Financial Services	3	$24B
▸Consumer Goods	2	$93B
▸Aerospace / Defense	2	$47B
▸Utilities	2	$33B

Price history

1 event — show timeline

• 2026-04-24 Listed $44,900 MLSNOW