535 W Gypsy Lane Rd #221 · Bowling Green, OH 43402

$62,500

4 bd · 2.5 ba · 2,240 sqft · Manufactured · 70 Days on market

Built 2001 653 sqft lot

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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
• Livability +4.5/5.0
• Schools +4.1/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Key facts

• 2 parking spots
• Built 2001
• Listed 70 days

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath manufactured listed at $62k.

Deal economics

• At list price, monthly cash flow is $788 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $62k).
• Recommended offer: $59k (6.0% below list) — sets the bar for market timing.
• Cap rate 21.4% vs local median 2.6% in Bowling Green — 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 90/100 on livability (#8 in OH, #71 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, commute A+; Watch: employment F.
• Bowling Green City School District (town): math 40% / reading 58% proficiency, ranked #469 of 656 in OH (top 72%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Kenwood Elementary School (math 52% / reading 67%, grade B-, #670 of 1,584 statewide, top 45%, 274 students, 43% FRL); Bowling Green Middle School (math 41% / reading 53%, grade D+, #451 of 654 statewide, top 70%, 630 students, 32% FRL); Bowling Green High School (math 29% / reading 65%, grade D-, #435 of 781 statewide, top 59%, 807 students, 23% FRL) — zoned schools at 33% FRL track the district average.
• Market conditions: 105 active listings in the ZIP; 493 units permitted in Wood County in 2024 (48 in 5+ unit buildings).
• This rent runs 35% of the median local income ($52k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $432 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Wood County population projected at +14% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 70 days — a 6% lower offer ($59k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Recommended offer $58,750 (6.0% below list)

Questions for the listing agent

1. It's been on market 70 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 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: 2.47% ✓
• Cap rate: 21.43%
• Cash-on-cash: 54.06%
• DSCR: 3.41
• GRM: 3.4

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: 52.2%
• Equity multiple: 3.29×
• Total profit: $40,110
• Equity at exit: $9,319

10-year hold

• IRR: 57.5%
• Equity multiple: 6.70×
• Total profit: $99,681
• Equity at exit: $5,404

Cash invested: $17,500 (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 43402

• Active inventory: 105
• Price-to-rent: 3.4×

Monthly cashflow live

• Estimated rent: $1,545 medium
• Mortgage (P&I): −$328
• Tax est. 1.5%: −$78 /mo · $938/yr
• Insurance: −$26
• HOA: −$0
• Vacancy / Maint / Mgmt: −$324
• Net cashflow: $788

Break-even live

Break-even rent $547

Max offer price $62,500

Occupancy floor 44%

Sensitivity live

Price	-10% $832	-5% $810	+0% $788	+5% $767	+10% $745
Rent	-10% $666	-5% $727	+0% $788	+5% $849	+10% $910
Rate	-1.0pp $820	-0.5pp $804	base $788	+0.5pp $772	+1.0pp $756

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: $15,625
• Closing costs: $1,875
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-02-06
   status Pending
2. 2025-12-08
   status Active
3. 2025-11-14
   status Pending
4. 2025-11-03
   listed $62,500 Active

ⓘ 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 · 16 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: $18,537
• − Mortgage interest: −$3,501
• − Property taxes: −$938
• − Insurance: −$312
• − Repairs & maintenance: −$1,483
• − Management: −$1,483
• − Depreciation: −$1,818
• Taxable income: $9,002
• Est. tax owed @ 24.0%: −$2,160
• After-tax cash flow: $7,301/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.

Schools (NCES district)

• District: Bowling Green City School District
• NCES district ID: 3904363
• Math proficiency: 40% ▼ -27.00%
• Reading proficiency: 58% ▼ -10.00%
• Median HH income: $37,785
• Composite: 40.72/100
• National rank: #3661
• State rank: #469 of 656 in OH

Livability — Bowling Green

• Score: 90/100
• State rank: #8
• US rank: #71

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bowling Green, OH
• County: Wood County · 75,163 people
• City population: 31,393
• Metro: Toledo, OH
• Population (ZIP): 31,393
• Household income: $52,426
• Rent vs Own: 56.5% rent · 43.5% own
• Severe rent burden: 2629.0

Population outlook (Wood County) Hauer SSP2

• Today (2025): 138,744 people
• By 2030: 143,189 · +3.2%
• By 2040: 150,896 · +8.8%
• By 2050: 158,589 · +14.3%
• By 2075: 182,166 · +31.3%
• By 2100: 196,533 · +41.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (85%)
• Race & ethnicity: White 85% Two or more races 7% Hispanic / Latino 7% Black 3%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Romanian 8% Lithuanian 4% Slovak 2%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 2%

Political lean MEDSL · Wood

• 2024 margin: R (+10.2) · D 44.4% · R 54.6%
• 2008→2024 swing: -17.3pp toward R · 2008: 7.1pp · 2024: -10.2pp
• All cycles: 2024: R+10.2 2020: R+7.6 2016: R+8.5 2012: D+4.2 2008: D+7.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -132.67%
• Current HPI: 179.1826
• Rent YoY: —
• Metro: Toledo, 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

4 events — show timeline

• 2026-02-06 Pending — NORIS
• 2025-12-08 Relisted — NORIS
• 2025-11-14 Pending — NORIS
• 2025-11-03 Listed $62,500 NORIS