Clayton 31 Fohl Village Plan

North Industry, OH 44706

$98,900B-

3 bd · 2.0 ba · 1,200 sqft · Built — · Manufactured · Active · 42 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,331/mo
• Mortgage (P&I): −$519
• Tax + insurance: −$165
• HOA: −$0
• Vac / Maint / Mgmt: −$279
• Net cashflow: $368/mo
• Annual: $4,413/yr
• Cap rate: 10.76%
• Cash-on-cash: 15.94%
• DSCR: 1.71
• 1% rule: 1.35%
• Cash to close: $27,692

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $99k. Condition is rated good.
• At list price, monthly cash flow is $368 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $99k).
• It's been on market 42 days — a 3% lower offer ($96k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $96k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $684 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Canton Local (suburban): math 54% / reading 52% proficiency, ranked #401 of 656 in OH (top 61%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 87 active listings in the ZIP; 528 units permitted in Stark County in 2024 (84 in 5+ unit buildings).
• Stark County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~8 years — after that, you're playing with house money.
• Cap rate 10.8% vs local median 6.6% in North Industry — 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 42 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.