16770 E State Route 12 · Findlay, OH 45840

$120,000

2 bd · 1.0 ba · 720 sqft · Manufactured · 15 Days on market

Built 1969 0.33 ac lot

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Why this score? — see what drove the C 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 +21.1/30.0
• ARV discount +7.5/15.0
• DSCR +6.7/10.0
• Schools +6.0/10.0
• 1% rule +5.6/10.0
• Livability +4.0/5.0
• Rent growth +3.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

12x60 mobile home with a 24x30 fully insulated garage and located on a . 332 acre lot. Perma roof installed 2013, septic cleaned April 2026. 100 A service panel in garage. Has an office at rear of garage. 1000 gal & 300 gal propane tanks. Includes parcel 1300M001499.

Key facts

• Garage
• Office at rear
• Propane tanks

Tags

• GARAGE
• ACRE LOT
• OFFICE AT REAR
• PROPANE TANKS

Property features AI

Finance

• Other: Lot is irregular and approximately 0.33 acre; Additional parcel included (mobile home parcel referenced); Road frontage on highway/state road with asphalt surface

Exterior

• Parking: Detached garage with 3 spaces; Gravel parking area
• Security: Closed-circuit camera system
• Utilities: Propane for fuel; Private sewer; Well water
• Home design: Single-wide mobile home; One story
• Construction: 1969 Richardson mobile home model (60 x 12); Aluminum skirting; Pillar/post/pier foundation; Other construction materials; Other roof type
• Exterior features: Deck; Porch or other covered area; Additional structures include garage(s)

Interior

• Kitchen: Electric range; Refrigerator; Water heater
• Bedrooms: Bedroom on main level (10 x 8); Additional main-level room (12 x 10)
• Flooring: Carpet; Linoleum
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced-air heating; Wall-mounted cooling unit(s)
• Interior features: Open living and kitchen areas (4 total rooms); Other interior features
• Laundry & utility: Washer hookup; Electric dryer hookup

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $120k.

Deal economics

• At list price, monthly cash flow is $172 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $120k).
• Recommended offer: $118k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.0% vs local median 5.0% in Findlay — 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 81/100 on livability (#98 in OH, #1,496 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, cost of living A+, housing A+; Watch: employment D+, commute F.
• Arcadia Local (rural): math 65% / reading 77% proficiency, ranked #144 of 656 in OH (top 22%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Arcadia Elementary School (math 77% / reading 82%, grade A, #173 of 1,584 statewide, top 12%, 296 students, 0% FRL); Arcadia Middle School (math 52% / reading 67%, grade B, #271 of 654 statewide, top 43%, 99 students, 0% FRL); Arcadia High School (math 54% / reading 74%, grade B-, #164 of 781 statewide, top 24%, 199 students, 97% FRL).
• Market conditions: Rents rising fast (+5.7%/yr); 219 active listings in the ZIP; 257 units permitted in Hancock County in 2024 (150 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $830 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Hancock County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 5.7% rent growth), your $34k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($118k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $18k; list at $120k implies a 586% gain — meaningful room to come down on a strong offer.

Recommended offer $118,200 (1.5% below list)

Questions for the listing agent

1. Built in 1969 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 1.06% ✓
• Cap rate: 8.01%
• Cash-on-cash: 6.14%
• DSCR: 1.27
• GRM: 7.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.68% rent growth · sell at horizon

5-year hold

• IRR: -3.8%
• Equity multiple: 0.85×
• Total profit: $-4,975
• Equity at exit: $17,892

10-year hold

• IRR: 8.7%
• Equity multiple: 1.75×
• Total profit: $25,046
• Equity at exit: $10,375

Cash invested: $33,600 (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 45840

• Rents YoY: 5.7%
• Active inventory: 219
• Price-to-rent: 7.9×

Monthly cashflow live

• Estimated rent: $1,267 medium
• Mortgage (P&I): −$629
• Tax est. 1.5%: −$150 /mo · $1,800/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$266
• Net cashflow: $172

Break-even live

Break-even rent $1,050

Max offer price $120,000

Occupancy floor 81%

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-06-03
   days on market $120,000 Active 15 DOM
2. 2026-06-02
   days on market $120,000 Active 14 DOM
3. 2026-06-01
   days on market $120,000 Active 13 DOM
4. 2026-05-31
   days on market $120,000 Active 12 DOM
5. 2026-05-30
   days on market $120,000 Active 11 DOM
6. 2026-05-18
   listed $120,000 Active
7. 1993-03-10
   soldstatus $17,500
8. 1990-05-01
   soldstatus $11,585

ⓘ 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 · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,207
• − Mortgage interest: −$6,722
• − Property taxes: −$1,800
• − Insurance: −$600
• − Repairs & maintenance: −$1,217
• − Management: −$1,217
• − Depreciation: −$3,491
• Taxable income: $161
• Est. tax owed @ 24.0%: −$39
• After-tax cash flow: $2,023/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.

Schools (NCES district)

• District: Arcadia Local
• NCES district ID: 3910002
• Math proficiency: 65% ▼ -16.00%
• Reading proficiency: 77% ▼ -5.00%
• Median HH income: $48,634
• Composite: 60.02/100
• National rank: #874
• State rank: #144 of 656 in OH

Livability — Findlay

• Score: 81/100
• State rank: #98
• US rank: #1496

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Hancock County · 54,559 people
• City population: 54,559
• Metro: Findlay, OH
• Population (ZIP): 54,559
• Household income: $68,083
• Rent vs Own: 34.0% rent · 66.0% own
• Severe rent burden: 1540.0

Population outlook (Hancock County) Hauer SSP2

• Today (2025): 77,526 people
• By 2030: 77,777 · +0.3%
• By 2040: 76,976 · -0.7%
• By 2050: 74,479 · -3.9%
• By 2075: 65,741 · -15.2%
• By 2100: 52,942 · -31.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (85%)
• Race & ethnicity: White 85% Hispanic / Latino 6% Two or more races 5% Asian 2% Black 2%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Romanian 3% Italian 2% Lithuanian 2%
• Foreign-born: 4% · Canada, China
• Languages at home: 94% English-only · Spanish 3% Other Asian/Pacific 1% Arabic 1%

Political lean MEDSL · Hancock

• 2024 margin: Solid R (+38.4) · D 30.2% · R 68.7% · Other 1.1%
• 2008→2024 swing: -15.3pp toward R · 2008: -23.1pp · 2024: -38.4pp
• All cycles: 2024: R+38.4 2020: R+37.5 2016: R+40.8 2012: R+28.3 2008: R+23.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -250.43%
• Current HPI: 194.9132
• Rent YoY: ▲ 5.68%
• Metro: Findlay, 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

+935.8% since first listed

3 events — show timeline

• 2026-05-18 Listed $120,000 NORIS
• 1993-03-10 Sold (Public Records) $17,500 Public Records
• 1990-05-01 Sold (Public Records) $11,585 Public Records

Property tax history

+1.6%/yr

Latest (2025): $216 · +16.0% YoY. Source: county tax records.