299 Ronald Dr

Pataskala, OH 43062

$139,000C+

3 bd · 2.0 ba · 1,296 sqft · Built 2003 · Manufactured · Active · 31 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,459/mo
• Mortgage (P&I): −$729
• Tax + insurance: −$232
• HOA: −$650
• Vac / Maint / Mgmt: −$516
• Net cashflow: $332/mo
• Annual: $3,987/yr
• Cap rate: 9.16%
• Cash-on-cash: 10.24%
• DSCR: 1.46
• 1% rule: 1.77%
• Cash to close: $38,920

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $139k. Condition is rated fair.
• At list price, monthly cash flow is $332 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $139k).
• It's been on market 31 days — a 3% lower offer ($135k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $135k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $961 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 76/100 on livability (#226 in OH, #3,534 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment A; Watch: amenities F, commute F.
• Licking Heights Local (rural): math 37% / reading 50% proficiency, ranked #493 of 656 in OH (top 75%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: HOA is 26% of rent.
• Market conditions: 160 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 159 units permitted in Licking County in 2024 (0 in 5+ unit buildings).
• 4 sale attempts since 4y ago 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.
• Current owner paid $65k; list at $139k implies a 114% gain — meaningful room to come down on a strong offer.
• Cap rate 9.2% vs local median 3.3% in Pataskala — 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 31 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.

Repairs flagged (vision-AI assessment)

• Major: Kitchen cabinets — No photos of the kitchen
• Major: Bathroom fixtures — No photos of the bathrooms
• Major: Paint — Paint appears old and dull
• Major: Landscaping — No photos of the landscaping