1400 S Clay St Lot 12

Delphos, OH 45833

$62,900B

3 bd · 2.0 ba · 1,200 sqft · Built 2018 · Manufactured · Pending · 12 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,090/mo
• Mortgage (P&I): −$330
• Tax + insurance: −$105
• HOA: −$0
• Vac / Maint / Mgmt: −$229
• Net cashflow: $427/mo
• Annual: $5,120/yr
• Cap rate: 14.43%
• Cash-on-cash: 29.07%
• DSCR: 2.29
• 1% rule: 1.73%
• Cash to close: $17,612

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $63k.
• At list price, monthly cash flow is $427 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $63k).
• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $435 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 72/100 on livability (#378 in OH) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D, amenities F, commute F.
• Delphos City (town): math 77% / reading 75% proficiency, ranked #91 of 656 in OH (top 14%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Franklin Elementary School (math 87% / reading 77%, grade A+, #116 of 1,584 statewide, top 9%, 339 students, 46% FRL); Jefferson Middle School (math 79% / reading 73%, grade A, #74 of 654 statewide, top 12%, 244 students, 46% FRL); Jefferson High School (math 57% / reading 82%, grade B, #106 of 781 statewide, top 16%, 272 students, 36% FRL).
• Market conditions: 16 active listings in the ZIP; 44 units permitted in Van Wert County in 2024 (0 in 5+ unit buildings).
• Van Wert County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~5 years — after that, you're playing with house money.
• Cap rate 14.4% vs local median 3.9% in Delphos — 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

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-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.