1639 Marion Waldo Rd #50 · Marion, OH 43302

$45,800

2 bd · 2.0 ba · 960 sqft · Manufactured · 80 Days on market

Built 2026 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 +4.5/10.0
• Condition / age +4.0/5.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

* THIS IS A RESALE LISTING * Vance is an active and exciting 55+ Senior Community. Make your dream of home ownership a reality with this 2 bedroom, 2 bathroom home! With a spacious floor plan and a perfectly designed kitchen area, you will love entertaining guests and spending time with family here. In a community with amenities such as a card room / holiday house, community events, and a clubhouse, there is something here for everyone to love. This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

Key facts

• Built 2026
• Listed 79 days

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $46k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $538 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $46k).
• Recommended offer: $43k (6.0% below list) — sets the bar for market timing.
• Cap rate 20.4% vs local median 6.8% in Marion — 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 65/100 on livability (#704 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools D+, crime D+, amenities F.
• Pleasant Local (rural): math 49% / reading 56% proficiency, ranked #399 of 656 in OH (top 61%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 208 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 53 units permitted in Marion County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $317 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Marion 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 $13k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 80 days — a 6% lower offer ($43k) is reasonable based on typical stale-listing flexibility.

Recommended offer $43,052 (6.0% below list)

Questions for the listing agent

1. It's been on market 80 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
5. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
6. 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.
7. 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.
8. 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: 2.36% ✓
• Cap rate: 20.40%
• Cash-on-cash: 50.37%
• DSCR: 3.24
• GRM: 3.5

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: 48.1%
• Equity multiple: 3.10×
• Total profit: $26,882
• Equity at exit: $6,829

10-year hold

• IRR: 53.8%
• Equity multiple: 6.27×
• Total profit: $67,625
• Equity at exit: $3,960

Cash invested: $12,824 (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 43302

• Home prices YoY: -33.9%
• Active inventory: 208
• Price-to-rent: 3.5×

Monthly cashflow live

• Estimated rent: $1,082 medium
• Mortgage (P&I): −$240
• Tax est. 1.5%: −$57 /mo · $687/yr
• Insurance: −$19
• HOA: −$0
• Vacancy / Maint / Mgmt: −$227
• Net cashflow: $538

Break-even live

Break-even rent $401

Max offer price $45,800

Occupancy floor 45%

Sensitivity live

Price	-10% $570	-5% $554	+0% $538	+5% $523	+10% $507
Rent	-10% $453	-5% $496	+0% $538	+5% $581	+10% $624
Rate	-1.0pp $561	-0.5pp $550	base $538	+0.5pp $526	+1.0pp $514

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: $11,450
• Closing costs: $1,374
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1609 Southland Pkwy Marion, OH	2.0–3.0	2.0	900	$900	$1.00	45d	1	0.31mi
1250 Crescent Heights Rd Marion, OH	1.0–3.0	1.0	827	$1,005	$1.21	45d	1	0.67mi
1205 Lake Blvd Marion, OH	2.0	1.0	851	$1,250	$1.47	45d	4	0.75mi

Listing history 18 events

1. 2026-06-21
   days on market $45,800 Active 80 DOM
2. 2026-06-19
   days on market $45,800 Active 78 DOM
3. 2026-06-18
   days on market $45,800 Active 77 DOM
4. 2026-06-17
   days on market $45,800 Active 76 DOM
5. 2026-06-16
   days on market $45,800 Active 75 DOM
6. 2026-06-15
   days on market $45,800 Active 74 DOM
7. 2026-06-14
   days on market $45,800 Active 72 DOM
8. 2026-06-12
   days on market $45,800 Active 71 DOM
9. 2026-06-09
   days on market $45,800 Active 68 DOM
10. 2026-06-08
    days on market $45,800 Active 67 DOM
11. 2026-06-07
    days on market $45,800 Active 66 DOM
12. 2026-06-05
    days on market $45,800 Active 63 DOM
13. 2026-06-03
    days on market $45,800 Active 62 DOM
14. 2026-06-02
    days on market $45,800 Active 61 DOM
15. 2026-06-01
    pricedays on market $45,800 Active 60 DOM
16. 2026-05-31
    days on market $45,300 Active 59 DOM
17. 2026-05-30
    days on market $45,300 Active 58 DOM
18. 2026-04-02
    listed $45,300 Active 596-char remark

    Show marketing remark (596 chars)

    * THIS IS A RESALE LISTING * Vance is an active and exciting 55+ Senior Community. Make your dream of home ownership a reality with this 2 bedroom, 2 bathroom home! With a spacious floor plan and a perfectly designed kitchen area, you will love entertaining guests and spending time with family here. In a community with amenities such as a card room / holiday house, community events, and a clubhouse, there is something here for everyone to love. This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

ⓘ 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 ≥99°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,985
• − Mortgage interest: −$2,566
• − Property taxes: −$687
• − Insurance: −$229
• − Repairs & maintenance: −$1,039
• − Management: −$1,039
• − Depreciation: −$1,332
• Taxable income: $6,094
• Est. tax owed @ 24.0%: −$1,462
• After-tax cash flow: $4,998/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 · 9 photos

Good 80/100 Cosmetic rehab

This manufactured home is in good condition with a good condition score of 80. It is move-in ready with minor cosmetic updates needed to enhance its resale and rental value.

Value-add opportunities

• Both paint interior walls — Fresh paint enhances curb appeal and interior aesthetics
• Both install new flooring in bathrooms — Newer flooring in bathrooms improves functionality and appearance
• Both install new lighting fixtures — Modern lighting enhances the home's ambiance and safety
• Both upgrade kitchen appliances — Upgraded appliances add value and functionality to the kitchen

Renovation cost estimate screening

Value-add ROI direction

• Both paint interior walls — Fresh paint enhances curb appeal and interior aesthetics ↑
• Both install new flooring in bathrooms — Newer flooring in bathrooms improves functionality and appearance ↑
• Both install new lighting fixtures — Modern lighting enhances the home's ambiance and safety ↑
• Both upgrade kitchen appliances — Upgraded appliances add value and functionality to the kitchen ↑

ⓘ 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: Pleasant Local
• NCES district ID: 3904842
• Math proficiency: 49% ▼ -20.00%
• Reading proficiency: 56% ▼ -12.00%
• Median HH income: $53,276
• Composite: 45.14/100
• National rank: #2681
• State rank: #399 of 656 in OH

Livability — Marion

• Score: 65/100
• State rank: #704
• US rank: #12605

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Marion County · 53,702 people
• City population: 53,702
• Metro: Marion, OH
• Population (ZIP): 53,702
• Household income: $55,057
• Rent vs Own: 36.6% rent · 63.4% own
• Severe rent burden: 1554.0

Population outlook (Marion County) Hauer SSP2

• Today (2025): 62,078 people
• By 2030: 60,049 · -3.3%
• By 2040: 55,413 · -10.7%
• By 2050: 50,604 · -18.5%
• By 2075: 40,162 · -35.3%
• By 2100: 29,105 · -53.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (85%)
• Race & ethnicity: White 85% Black 6% Two or more races 6% Hispanic / Latino 3%
• Common ancestry: Slovak 2% Romanian 2% Lithuanian 2%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 2% Arabic 1%

Political lean MEDSL · Marion

• 2024 margin: Solid R (+41.4) · D 28.9% · R 70.3%
• 2008→2024 swing: -32.5pp toward R · 2008: -8.9pp · 2024: -41.4pp
• All cycles: 2024: R+41.4 2020: R+38.6 2016: R+34.4 2012: R+7.6 2008: R+8.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -114.52%
• Current HPI: 223.5344
• Rent YoY: —
• Metro: Marion, 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

1 event — show timeline

• 2026-04-02 Listed $45,300 Zillow