5230 Cypress Dr · Delaware, OH 43035

$60,000

2 bd · 1.0 ba · 880 sqft · Manufactured · 669 Days on market

Good condition $68/sqft · 24% below area Est $79k · 24% under ↓ 50% since listing

---

Why this score? — see what drove the A- 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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +7.6/10.0
• Livability +4.0/5.0
• Condition / age +4.0/5.0
• Rent growth +3.0/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Rare opportunity in Worthington Arms. On top of being a rare opportunity this unit is move in ready and fully updated. 2 bed and 1 bath. Come and schedule your private showing.

Key facts

• Fully updated unit
• Move in ready
• Listed 669 days

Tags

• FULLY UPDATED UNIT
• MOVE IN READY

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $60k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $950 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $60k).
• Recommended offer: $53k (12.0% below list) — sets the bar for market timing.
• Cap rate 25.3% vs local median 2.5% in Delaware — 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 80/100 on livability (#116 in OH, #1,717 nationally) — a professional / high-income tenant draw. Strengths: cost of living A+, housing A+, schools A; Watch: amenities C-, commute F.
• Olentangy Local (rural): math 81% / reading 84% proficiency, ranked #18 of 656 in OH (top 3%) — strong family-tenant draw, lease renewals of 3-5y typical; only 5% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising (+1.9%/yr); 172 active listings in the ZIP; 1 comparable units currently listed for rent nearby; high-income renter base; 2,233 units permitted in Delaware County in 2024 (304 in 5+ unit buildings).
• This rent is only 13% of the median local income ($155k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $415 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Delaware County population projected at +37% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 1.9% rent growth), your $17k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 669 days — a 12% lower offer ($53k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 2y ago; this cycle's ask has dropped $60k (50%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $52,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 669 days. Have you received any prior offers? Is the seller open to a 12% 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 A-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?
5. 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.
6. 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.
7. 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: 2.88% ✓
• Cap rate: 25.28%
• Cash-on-cash: 67.82%
• DSCR: 4.02
• GRM: 2.9

CMA / ARV

• ARV (median comp): $79,459
• List price: $60,000
• Delta: -24.49%
• Verdict: UNDERPRICED
• Comps: 5 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 1.89% rent growth · sell at horizon

5-year hold

• IRR: 65.9%
• Equity multiple: 3.91×
• Total profit: $48,871
• Equity at exit: $8,946

10-year hold

• IRR: 69.9%
• Equity multiple: 7.72×
• Total profit: $112,878
• Equity at exit: $5,188

Cash invested: $16,800 (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 43035

• Home prices YoY: -12.0%
• Rents YoY: 1.9%
• Active inventory: 172
• Price-to-rent: 2.9×

Monthly cashflow live

• Estimated rent: $1,727 medium
• Mortgage (P&I): −$315
• Tax est. 1.5%: −$75 /mo · $900/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$363
• Net cashflow: $950

Break-even live

Break-even rent $525

Max offer price $60,000

Occupancy floor 40%

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: $15,000
• Closing costs: $1,800
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5654 Orange Summit Dr Lewis Center, OH	1.0–3.0	1.0–2.5	1220	$2,030	$1.66	3d	11	0.37mi

Listing history 28 events

1. 2026-06-18
   days on market $60,000 Active 669 DOM
2. 2026-06-17
   days on market $60,000 Active 668 DOM
3. 2026-06-16
   days on market $60,000 Active 667 DOM
4. 2026-06-15
   days on market $60,000 Active 666 DOM
5. 2026-06-13
   days on market $60,000 Active 664 DOM
6. 2026-06-13
   days on market $60,000 Active 663 DOM
7. 2026-06-09
   days on market $60,000 Active 660 DOM
8. 2026-06-08
   days on market $60,000 Active 659 DOM
9. 2026-06-07
   days on market $60,000 Active 658 DOM
10. 2026-06-05
    days on market $60,000 Active 655 DOM
11. 2025-11-03
    status Active 176-char remark

    Show marketing remark (176 chars)

    Rare opportunity in Worthington Arms. On top of being a rare opportunity this unit is move in ready and fully updated. 2 bed and 1 bath. Come and schedule your private showing.

12. 2025-11-01
    historical 176-char remark

    Show marketing remark (176 chars)

    Rare opportunity in Worthington Arms. On top of being a rare opportunity this unit is move in ready and fully updated. 2 bed and 1 bath. Come and schedule your private showing.

13. 2025-09-29
    price $60,000 176-char remark

    Show marketing remark (176 chars)

    Rare opportunity in Worthington Arms. On top of being a rare opportunity this unit is move in ready and fully updated. 2 bed and 1 bath. Come and schedule your private showing.

14. 2025-08-07
    status Active 176-char remark

    Show marketing remark (176 chars)

    Rare opportunity in Worthington Arms. On top of being a rare opportunity this unit is move in ready and fully updated. 2 bed and 1 bath. Come and schedule your private showing.

15. 2025-08-01
    historical 176-char remark

    Show marketing remark (176 chars)

    Rare opportunity in Worthington Arms. On top of being a rare opportunity this unit is move in ready and fully updated. 2 bed and 1 bath. Come and schedule your private showing.

16. 2025-07-14
    price $67,000 176-char remark

    Show marketing remark (176 chars)

    Rare opportunity in Worthington Arms. On top of being a rare opportunity this unit is move in ready and fully updated. 2 bed and 1 bath. Come and schedule your private showing.

17. 2025-04-30
    status Active 176-char remark

    Show marketing remark (176 chars)

    Rare opportunity in Worthington Arms. On top of being a rare opportunity this unit is move in ready and fully updated. 2 bed and 1 bath. Come and schedule your private showing.

18. 2025-04-04
    historical Contingent 176-char remark

    Show marketing remark (176 chars)

    Rare opportunity in Worthington Arms. On top of being a rare opportunity this unit is move in ready and fully updated. 2 bed and 1 bath. Come and schedule your private showing.

19. 2025-02-27
    price $72,000 176-char remark

    Show marketing remark (176 chars)

    Rare opportunity in Worthington Arms. On top of being a rare opportunity this unit is move in ready and fully updated. 2 bed and 1 bath. Come and schedule your private showing.

20. 2025-02-07
    status Active 176-char remark

    Show marketing remark (176 chars)

    Rare opportunity in Worthington Arms. On top of being a rare opportunity this unit is move in ready and fully updated. 2 bed and 1 bath. Come and schedule your private showing.

21. 2025-02-01
    historical 176-char remark

    Show marketing remark (176 chars)

    Rare opportunity in Worthington Arms. On top of being a rare opportunity this unit is move in ready and fully updated. 2 bed and 1 bath. Come and schedule your private showing.

22. 2025-01-09
    price $82,000 176-char remark

    Show marketing remark (176 chars)

    Rare opportunity in Worthington Arms. On top of being a rare opportunity this unit is move in ready and fully updated. 2 bed and 1 bath. Come and schedule your private showing.

23. 2025-01-01
    status Active 176-char remark

    Show marketing remark (176 chars)

    Rare opportunity in Worthington Arms. On top of being a rare opportunity this unit is move in ready and fully updated. 2 bed and 1 bath. Come and schedule your private showing.

24. 2024-12-31
    historical 176-char remark

    Show marketing remark (176 chars)

    Rare opportunity in Worthington Arms. On top of being a rare opportunity this unit is move in ready and fully updated. 2 bed and 1 bath. Come and schedule your private showing.

25. 2024-11-01
    price $85,000 176-char remark

    Show marketing remark (176 chars)

    Rare opportunity in Worthington Arms. On top of being a rare opportunity this unit is move in ready and fully updated. 2 bed and 1 bath. Come and schedule your private showing.

26. 2024-09-29
    price $90,000 176-char remark

    Show marketing remark (176 chars)

    Rare opportunity in Worthington Arms. On top of being a rare opportunity this unit is move in ready and fully updated. 2 bed and 1 bath. Come and schedule your private showing.

27. 2024-09-16
    price $109,990 176-char remark

    Show marketing remark (176 chars)

    Rare opportunity in Worthington Arms. On top of being a rare opportunity this unit is move in ready and fully updated. 2 bed and 1 bath. Come and schedule your private showing.

28. 2024-07-31
    listed $119,990 Active 176-char remark

    Show marketing remark (176 chars)

    Rare opportunity in Worthington Arms. On top of being a rare opportunity this unit is move in ready and fully updated. 2 bed and 1 bath. Come and schedule your private showing.

ⓘ 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 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,721
• − Mortgage interest: −$3,361
• − Property taxes: −$900
• − Insurance: −$300
• − Repairs & maintenance: −$1,658
• − Management: −$1,658
• − Depreciation: −$1,745
• Taxable income: $11,100
• Est. tax owed @ 24.0%: −$2,664
• After-tax cash flow: $8,730/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 80/100 Cosmetic rehab

This move-in ready manufactured home is fully updated with a fresh paint job and new appliances, making it an attractive option for both resale and rental.

Value-add opportunities

• Both Painting exterior siding — Enhances curb appeal and value
• Both Landscaping improvements — Enhances curb appeal and value
• Resale Replace old appliances — Modern appliances improve appeal and functionality

Renovation cost estimate screening

Value-add ROI direction

• Both Painting exterior siding — Enhances curb appeal and value ↑
• Both Landscaping improvements — Enhances curb appeal and value ↑
• Resale Replace old appliances — Modern appliances improve appeal and functionality ↑

ⓘ 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: Olentangy Local
• NCES district ID: 3904676
• Math proficiency: 81% ▼ -8.00%
• Reading proficiency: 84% ▼ -5.00%
• Median HH income: $111,074
• Composite: 75.56/100
• National rank: #132
• State rank: #18 of 656 in OH

Livability — Delaware

• Score: 80/100
• State rank: #116
• US rank: #1717

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Delaware County · 203,207 people
• City population: 61,401
• Metro: Columbus, OH
• Population (ZIP): 36,012
• Household income: $154,683
• Rent vs Own: 27.3% rent · 72.7% own
• Severe rent burden: 599.0

Population outlook (Delaware County) Hauer SSP2

• Today (2025): 230,854 people
• By 2030: 249,294 · +8.0%
• By 2040: 284,223 · +23.1%
• By 2050: 315,314 · +36.6%
• By 2075: 379,462 · +64.4%
• By 2100: 403,158 · +74.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (66%)
• Race & ethnicity: White 66% Asian 18% Black 8% Two or more races 6% Hispanic / Latino 3%
• Common ancestry: Slovak 5% Italian 3% Lithuanian 2%
• Foreign-born: 19% · Canada, China, Vietnam
• Languages at home: 79% English-only · Other Indo-European 8% Other Asian/Pacific 5% Chinese 3%

Political lean MEDSL · Delaware

• 2024 margin: Lean R (+6.6) · D 46.2% · R 52.8%
• 2008→2024 swing: +13.0pp toward D · 2008: -19.6pp · 2024: -6.6pp
• All cycles: 2024: R+6.6 2020: R+6.8 2016: R+16.1 2012: R+23.7 2008: R+19.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -29.23%
• Current HPI: 214.3911
• Rent YoY: ▲ 1.89%
• Metro: Columbus, 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

-50.0% since first listed

18 events — show timeline

• 2025-11-03 Relisted — CBRMLS
• 2025-11-01 Listing Removed — CBRMLS
• 2025-09-29 Price Changed $60,000 CBRMLS
• 2025-08-07 Relisted — CBRMLS
• 2025-08-01 Listing Removed — CBRMLS
• 2025-07-14 Price Changed $67,000 CBRMLS
• 2025-04-30 Relisted — CBRMLS
• 2025-04-04 Contingent — CBRMLS
• 2025-02-27 Price Changed $72,000 CBRMLS
• 2025-02-07 Relisted — CBRMLS
• 2025-02-01 Listing Removed — CBRMLS
• 2025-01-09 Price Changed $82,000 CBRMLS
• 2025-01-01 Relisted — CBRMLS
• 2024-12-31 Listing Removed — CBRMLS
• 2024-11-01 Price Changed $85,000 CBRMLS
• 2024-09-29 Price Changed $90,000 CBRMLS
• 2024-09-16 Price Changed $109,990 CBRMLS
• 2024-07-31 Listed $119,990 CBRMLS