632 Folkerth Ave #22 · Sidney, OH 45365

$32,000

2 bd · 1.0 ba · 672 sqft · Manufactured · 58 Days on market

Built 1969 Good condition

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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
• Schools +4.2/10.0
• Livability +3.8/5.0
• Condition / age +3.8/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Here is your opportunity to purchase a home with a private lake, fishing and boating. This 2-bedroom, 1 bath home has a galley kitchen, a large, enclosed patio and shed. This home has been 50% gutted and renovated. Exterior was painted last summer. This is a must-see home. Adorable home has a large, enclosed porch. Comes with a stove & double oven, refrigerator, and stackable washer and dryer, all are stainless steel and 1 year old. Seller is motivated, so bring an offer. Close to all shopping, restaurants, I-75. lot lease through Lakeside Village mobile and now includes high-speed internet. Lot rent is $465 per month. Purchaser must first complete an application and be approved for residency. Dogs are permitted BUT THERE ARE RESTRICTIONS.

Key facts

• Boating
• Galley kitchen
• Private lake

Tags

• PRIVATE LAKE
• FISHING
• BOATING
• GALLEY KITCHEN
• ENCLOSED PATIO
• OFF-STREET PARKING

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $32k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $609 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $32k).
• Recommended offer: $31k (3.0% below list) — sets the bar for market timing.
• Cap rate 29.1% vs local median 4.1% in Sidney — 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 76/100 on livability (#220 in OH, #3,412 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime C-, employment C-, amenities D.
• Sidney City (town): math 46% / reading 52% proficiency, ranked #454 of 656 in OH (top 69%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 145 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); 337 units permitted in Shelby County in 2024 (216 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $221 of loan paydown is wiped out by about $960 of value loss. Plan a longer hold.
• Shelby County population projected at -18% 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 $9k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 58 days — a 3% lower offer ($31k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y ago; this cycle's ask has dropped $6k (16%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $18k; list at $32k implies a 78% gain — meaningful room to come down on a strong offer.

Recommended offer $31,040 (3.0% below list)

Questions for the listing agent

1. It's been on market 58 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1969 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
5. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
6. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
7. 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.
8. 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.
9. 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: 3.28% ✓
• Cap rate: 29.13%
• Cash-on-cash: 81.54%
• DSCR: 4.63
• GRM: 2.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 81.8%
• Equity multiple: 4.75×
• Total profit: $33,610
• Equity at exit: $4,771

10-year hold

• IRR: 85.2%
• Equity multiple: 9.85×
• Total profit: $79,265
• Equity at exit: $2,767

Cash invested: $8,960 (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 45365

• Home prices YoY: -20.1%
• Active inventory: 145
• Price-to-rent: 2.5×

Monthly cashflow live

• Estimated rent: $1,051 high
• Mortgage (P&I): −$168
• Tax est. 1.5%: −$40 /mo · $480/yr
• Insurance: −$13
• HOA: −$0
• Vacancy / Maint / Mgmt: −$221
• Net cashflow: $609

Break-even live

Break-even rent $280

Max offer price $32,000

Occupancy floor 37%

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: $8,000
• Closing costs: $960
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
612 N Wagner Ave Sidney, OH	2.0	1.0	700	$975	$1.39	19d	1	0.82mi
600 N Wagner Ave Sidney, OH	2.0	1.0	729	$975	$1.34	14d	1	0.83mi
560 N Wagner Ave Sidney, OH	2.0	1.0	729	$975	$1.34	2d	1	0.84mi
934 Buckeye Ave Apt 212 Sidney, OH	2.0	1.0	665	$1,172	$1.76	2d	1	0.94mi
934 Buckeye Ave Sidney, OH	2.0	1.0	665	$1,172	$1.76	2d	1	0.94mi

Listing history 16 events

1. 2026-06-13
   days on market $32,000 Active 58 DOM
2. 2026-06-10
   days on market $32,000 Active 56 DOM
3. 2026-06-09
   days on market $32,000 Active 55 DOM
4. 2026-06-08
   days on market $32,000 Active 54 DOM
5. 2026-06-07
   days on market $32,000 Active 53 DOM
6. 2026-06-03
   days on market $32,000 Active 49 DOM
7. 2026-06-02
   days on market $32,000 Active 48 DOM
8. 2026-06-01
   days on market $32,000 Active 47 DOM
9. 2026-05-31
   days on market $32,000 Active 46 DOM
10. 2026-05-31
    days on market $32,000 Active 45 DOM
11. 2026-04-27
    price $32,000 754-char remark

    Show marketing remark (754 chars)

    Here is your opportunity to purchase a home with a private lake, fishing and boating. This 2-bedroom, 1 bath home has a galley kitchen, a large, enclosed patio and shed. This home has been 50% gutted and renovated. Exterior was painted last summer. This is a must-see home. Adorable home has a large, enclosed porch. Comes with a stove & double oven, refrigerator, and stackable washer and dryer, all are stainless steel and 1 year old. Seller is motivated, so bring an offer. Close to all shopping, restaurants, I-75. lot lease through Lakeside Village mobile and now includes high-speed internet. Lot rent is $465 per month. Purchaser must first complete an application and be approved for residency. Dogs are permitted BUT THERE ARE RESTRICTIONS.

12. 2026-04-23
    price $36,000 754-char remark

    Show marketing remark (754 chars)

    Here is your opportunity to purchase a home with a private lake, fishing and boating. This 2-bedroom, 1 bath home has a galley kitchen, a large, enclosed patio and shed. This home has been 50% gutted and renovated. Exterior was painted last summer. This is a must-see home. Adorable home has a large, enclosed porch. Comes with a stove & double oven, refrigerator, and stackable washer and dryer, all are stainless steel and 1 year old. Seller is motivated, so bring an offer. Close to all shopping, restaurants, I-75. lot lease through Lakeside Village mobile and now includes high-speed internet. Lot rent is $465 per month. Purchaser must first complete an application and be approved for residency. Dogs are permitted BUT THERE ARE RESTRICTIONS.

13. 2026-04-14
    listed $38,000 Active 754-char remark

    Show marketing remark (754 chars)

    Here is your opportunity to purchase a home with a private lake, fishing and boating. This 2-bedroom, 1 bath home has a galley kitchen, a large, enclosed patio and shed. This home has been 50% gutted and renovated. Exterior was painted last summer. This is a must-see home. Adorable home has a large, enclosed porch. Comes with a stove & double oven, refrigerator, and stackable washer and dryer, all are stainless steel and 1 year old. Seller is motivated, so bring an offer. Close to all shopping, restaurants, I-75. lot lease through Lakeside Village mobile and now includes high-speed internet. Lot rent is $465 per month. Purchaser must first complete an application and be approved for residency. Dogs are permitted BUT THERE ARE RESTRICTIONS.

14. 2024-06-12
    soldstatus $18,000 Closed 572-char remark

    Show marketing remark (572 chars)

    Here is your opportunity to purchase a home with a private lake, fishing and boating. This 2 bedroom, 1 bath home has a galley kitchen, a large, enclosed patio and shed. Other amenities include off-street parking under a carport all located near shopping plazas, eateries and I-75. Lot rent is $370 per month. Purchaser must first complete an application and be approved for residency. Dogs are permitted BUT THERE ARE RESTRICTIONS. Stove and refrigerator stay but are not warranted. Listing Realtor is the property manager. Can be seen on short notice, call today to see.

15. 2024-05-30
    status Pending 572-char remark

    Show marketing remark (572 chars)

    Here is your opportunity to purchase a home with a private lake, fishing and boating. This 2 bedroom, 1 bath home has a galley kitchen, a large, enclosed patio and shed. Other amenities include off-street parking under a carport all located near shopping plazas, eateries and I-75. Lot rent is $370 per month. Purchaser must first complete an application and be approved for residency. Dogs are permitted BUT THERE ARE RESTRICTIONS. Stove and refrigerator stay but are not warranted. Listing Realtor is the property manager. Can be seen on short notice, call today to see.

16. 2024-05-17
    listed $18,000 Active 572-char remark

    Show marketing remark (572 chars)

    Here is your opportunity to purchase a home with a private lake, fishing and boating. This 2 bedroom, 1 bath home has a galley kitchen, a large, enclosed patio and shed. Other amenities include off-street parking under a carport all located near shopping plazas, eateries and I-75. Lot rent is $370 per month. Purchaser must first complete an application and be approved for residency. Dogs are permitted BUT THERE ARE RESTRICTIONS. Stove and refrigerator stay but are not warranted. Listing Realtor is the property manager. Can be seen on short notice, call today to see.

ⓘ 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 ≥100°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: $12,608
• − Mortgage interest: −$1,792
• − Property taxes: −$480
• − Insurance: −$160
• − Repairs & maintenance: −$1,009
• − Management: −$1,009
• − Depreciation: −$931
• Taxable income: $7,227
• Est. tax owed @ 24.0%: −$1,735
• After-tax cash flow: $5,572/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 75/100 Cosmetic rehab

This 2-bedroom, 1-bath mobile home is in good condition with recent updates and a private lake setting, making it a great investment opportunity.

Value-add opportunities

• Resale Paint exterior siding — Fresh paint enhances curb appeal and home value.
• Rental Replace HVAC filter — Clean air improves tenant satisfaction and reduces maintenance costs.
• Both Landscaping improvements — Enhanced landscaping increases curb appeal and rental value.

Renovation cost estimate screening

Value-add ROI direction

• Resale Paint exterior siding — Fresh paint enhances curb appeal and home value. ↑
• Rental Replace HVAC filter — Clean air improves tenant satisfaction and reduces maintenance costs. ↑
• Both Landscaping improvements — Enhanced landscaping increases curb appeal and rental value. ↑

ⓘ 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: Sidney City
• NCES district ID: 3910003
• Math proficiency: 46% ▼ -14.00%
• Reading proficiency: 52% ▼ -6.00%
• Median HH income: $45,974
• Composite: 41.55/100
• National rank: #3443
• State rank: #454 of 656 in OH

Livability — Sidney

• Score: 76/100
• State rank: #220
• US rank: #3412

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Sidney, OH
• County: Shelby · 44,840 people
• City population: 28,955
• Population (ZIP): 28,955
• Household income: $66,044
• Rent vs Own: 31.8% rent · 68.2% own
• Severe rent burden: 5.7

Population outlook (Shelby County) Hauer SSP2

• Today (2025): 47,264 people
• By 2030: 45,935 · -2.8%
• By 2040: 42,786 · -9.5%
• By 2050: 38,981 · -17.5%
• By 2075: 30,225 · -36.1%
• By 2100: 21,273 · -55.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 4% Black 3% Hispanic / Latino 2%
• Common ancestry: Lithuanian 3% Slovak 1% Italian 1%
• Foreign-born: 2% · Canada
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Shelby

• 2024 margin: Solid R (+64.8) · D 17.2% · R 82.0%
• 2008→2024 swing: -28.5pp toward R · 2008: -36.4pp · 2024: -64.8pp
• All cycles: 2024: R+64.8 2020: R+63.2 2016: R+60.6 2012: R+46.0 2008: R+36.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -66.62%
• Current HPI: 264.4532
• Rent YoY: —
• Metro: —
• 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

+77.8% since first listed

6 events — show timeline

• 2026-04-27 Price Changed $32,000 WRIST
• 2026-04-23 Price Changed $36,000 WRIST
• 2026-04-14 Listed $38,000 WRIST
• 2024-06-12 Sold (MLS) $18,000 WRIST
• 2024-05-30 Pending — WRIST
• 2024-05-17 Listed $18,000 WRIST