1639 Marion Waldo Rd #50

Marion, OH 43302

$45,800B

2 bd · 2.0 ba · 960 sqft · Built 2026 · Manufactured · Active · 80 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,082/mo
• Mortgage (P&I): −$240
• Tax + insurance: −$76
• HOA: −$0
• Vac / Maint / Mgmt: −$227
• Net cashflow: $538/mo
• Annual: $6,460/yr
• Cap rate: 20.40%
• Cash-on-cash: 50.37%
• DSCR: 3.24
• 1% rule: 2.36%
• Cash to close: $12,824

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $46k. Condition is rated good.
• 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).
• It's been on market 80 days — a 6% lower offer ($43k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $43k (6.0% below list) — sets the bar for market timing.
• 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.
• Location reads 65/100 on livability (#704 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime D+, amenities F, commute 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.
• Zoned schools: Pleasant Elementary School (math 50% / reading 53%, grade C-, #888 of 1,584 statewide, top 56%, 475 students, 30% FRL); Pleasant Middle School (math 53% / reading 56%, grade B-, #342 of 654 statewide, top 54%, 425 students, 30% FRL); Pleasant High School (math 32% / reading 67%, grade D, #390 of 781 statewide, top 54%, 326 students, 23% FRL) — zoned schools at 28% FRL track the district average.
• 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).
• 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.
• 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.

Questions for listing agent

• 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.