4400 Melrose Dr #166 · Wooster, OH 44691

$65,000

3 bd · 2.0 ba · 1,152 sqft · SingleFamily · 66 Days on market

Built 2015 Good condition $56/sqft · 69% below area

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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
• Rent growth +4.6/5.0
• Schools +4.4/10.0
• Livability +3.9/5.0
• Condition / age +3.8/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this well-maintained 3-bedroom, 2-bath mobile home located in the desirable Melrose Village community! Offering over 1,100 sq. ft. of comfortable living space, this home features a functional and inviting layout perfect for everyday living and entertaining. A welcoming deck greets you as you enter into the spacious living room, which flows seamlessly into the eat-in kitchen—ideal for gatherings and creating an open, connected feel. The kitchen is highlighted by warm oak cabinetry, ample counter space, and sleek black appliances that add a modern touch. Down the hall, you’ll find the owner’s suite complete with a full private bath and generous closet space. Two additional nicely sized bedrooms, a second full bath, and a convenient laundry area complete the interior. Outside, enjoy the convenience of a concrete parking pad with space for two vehicles, along with a storage shed to meet your extra storage needs. Melrose Village offers fantastic community amenities including scenic fishing ponds, playgrounds, and a community center available for private events and gatherings. Conveniently located, this home is a great opportunity for buyers seeking comfort, value, and a welcoming community to call home.

Key facts

• Welcoming deck
• Warm oak cabinetry
• Storage shed

Tags

• WELCOMING DECK
• EAT-IN KITCHEN
• WARM OAK CABINETRY
• CONCRETE PARKING PAD
• STORAGE SHED
• SCENIC FISHING PONDS

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $65k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $922 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $65k).
• Recommended offer: $61k (6.0% below list) — sets the bar for market timing.
• Cap rate 23.3% vs local median 3.2% in Wooster — 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 77/100 on livability (#195 in OH, #3,001 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D+, amenities D-, commute F.
• Wooster City (town): math 47% / reading 57% proficiency, ranked #422 of 656 in OH (top 64%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+8.4%/yr); 154 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 284 units permitted in Wayne County in 2024 (42 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $449 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Wayne County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $18k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 66 days — a 6% lower offer ($61k) is reasonable based on typical stale-listing flexibility.

Recommended offer $61,100 (6.0% below list)

Questions for the listing agent

1. It's been on market 66 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 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?
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: 2.67% ✓
• Cap rate: 23.32%
• Cash-on-cash: 60.80%
• DSCR: 3.71
• GRM: 3.1

CMA / ARV

• ARV (median comp): $210,320
• List price: $65,000
• Delta: -69.09%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4455 Melrose Dr	0.03mi	3/2.0	1,152 (0%)	1mo	$255,000	$221	98
4400 Melrose Dr Lot 56	0.00mi	3/2.0	1,140 (-1%)	10mo	$64,900	$57	90
4468 Mel Ln	0.30mi	3/1.0	1,210 (+5%)	14mo	$223,000	$184	62
4400 Melrose Dr #40	0.18mi	3/2.0	1,057 (-8%)	20mo	$85,000	$80	61
4455 Cleveland Rd #20	0.44mi	3/2.0	980 (-15%)	3mo	$45,000	$46	52
4400 Melrose Dr #257	0.19mi	2/1.0 (-1)	1,020 (-12%)	19mo	$29,000	$28	47
4455 Cleveland Rd #6	0.48mi	3/2.0	1,280 (+11%)	17mo	$44,000	$34	44
1469 Stratford Way	0.41mi	2/2.5 (-1)	1,320 (+15%)	8mo	$275,000	$208	43

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 65.2%
• Equity multiple: 4.15×
• Total profit: $57,393
• Equity at exit: $9,692

10-year hold

• IRR: 71.2%
• Equity multiple: 10.20×
• Total profit: $167,455
• Equity at exit: $5,620

Cash invested: $18,200 (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 44691

• Rents YoY: 8.4%
• Active inventory: 154
• Price-to-rent: 3.1×

Monthly cashflow live

• Estimated rent: $1,736 medium
• Mortgage (P&I): −$341
• Tax est. 1.5%: −$81 /mo · $975/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$365
• Net cashflow: $922

Break-even live

Break-even rent $569

Max offer price $65,000

Occupancy floor 42%

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: $16,250
• Closing costs: $1,950
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4715 Young Dr Wooster, OH	2.0	2.0	1000	$1,550	$1.55	44d	1	0.47mi
3574 Melrose Dr Wooster, OH	2.0	2.0	1161	$1,720	$1.48	2d	3	0.77mi

Listing history 17 events

1. 2026-06-19
   days on market $65,000 Active 66 DOM
2. 2026-06-18
   days on market $65,000 Active 65 DOM
3. 2026-06-17
   days on market $65,000 Active 64 DOM
4. 2026-06-16
   days on market $65,000 Active 63 DOM
5. 2026-06-15
   days on market $65,000 Active 62 DOM
6. 2026-06-14
   days on market $65,000 Active 60 DOM
7. 2026-06-12
   days on market $65,000 Active 59 DOM
8. 2026-06-09
   days on market $65,000 Active 56 DOM
9. 2026-06-08
   days on market $65,000 Active 55 DOM
10. 2026-06-07
    days on market $65,000 Active 54 DOM
11. 2026-06-05
    days on market $65,000 Active 51 DOM
12. 2026-06-03
    days on market $65,000 Active 50 DOM
13. 2026-06-02
    days on market $65,000 Active 49 DOM
14. 2026-06-01
    days on market $65,000 Active 48 DOM
15. 2026-05-31
    days on market $65,000 Active 47 DOM
16. 2026-05-30
    days on market $65,000 Active 46 DOM
17. 2026-04-13
    listed $65,000 Active 1246-char remark

    Show marketing remark (1246 chars)

    Welcome to this well-maintained 3-bedroom, 2-bath mobile home located in the desirable Melrose Village community! Offering over 1,100 sq. ft. of comfortable living space, this home features a functional and inviting layout perfect for everyday living and entertaining. A welcoming deck greets you as you enter into the spacious living room, which flows seamlessly into the eat-in kitchen—ideal for gatherings and creating an open, connected feel. The kitchen is highlighted by warm oak cabinetry, ample counter space, and sleek black appliances that add a modern touch. Down the hall, you’ll find the owner’s suite complete with a full private bath and generous closet space. Two additional nicely sized bedrooms, a second full bath, and a convenient laundry area complete the interior. Outside, enjoy the convenience of a concrete parking pad with space for two vehicles, along with a storage shed to meet your extra storage needs. Melrose Village offers fantastic community amenities including scenic fishing ponds, playgrounds, and a community center available for private events and gatherings. Conveniently located, this home is a great opportunity for buyers seeking comfort, value, and a welcoming community to call home.

ⓘ 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 ≥98°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,829
• − Mortgage interest: −$3,641
• − Property taxes: −$975
• − Insurance: −$325
• − Repairs & maintenance: −$1,666
• − Management: −$1,666
• − Depreciation: −$1,891
• Taxable income: $10,665
• Est. tax owed @ 24.0%: −$2,560
• After-tax cash flow: $8,505/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 75/100 Cosmetic rehab

This well-maintained 3-bedroom, 2-bath mobile home in Melrose Village offers a functional and inviting layout with good condition throughout. Simple updates like painting the exterior and replacing flooring can significantly enhance its value.

Value-add opportunities

• Resale Paint exterior siding — Fresh paint can enhance curb appeal and home value.
• Resale Replace worn-out flooring in living areas — New flooring can improve the home's appearance and functionality.
• Rental Service HVAC system — A well-maintained HVAC system ensures comfort and energy efficiency, attracting renters.
• Both Landscaping and curb appeal — A well-maintained and attractive exterior can increase both resale and rental value.

Renovation cost estimate screening

Value-add ROI direction

• Resale Paint exterior siding — Fresh paint can enhance curb appeal and home value. ↑
• Resale Replace worn-out flooring in living areas — New flooring can improve the home's appearance and functionality. ↑
• Rental Service HVAC system — A well-maintained HVAC system ensures comfort and energy efficiency, attracting renters. ↑
• Both Landscaping and curb appeal — A well-maintained and attractive exterior can increase both resale and rental value. ↑

ⓘ 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: Wooster City
• NCES district ID: 3910032
• Math proficiency: 47% ▼ -24.00%
• Reading proficiency: 57% ▼ -11.00%
• Median HH income: $43,805
• Composite: 43.82/100
• National rank: #2928
• State rank: #422 of 656 in OH

Livability — Wooster

• Score: 77/100
• State rank: #195
• US rank: #3001

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Wooster, OH
• County: Wayne County · 44,344 people
• City population: 44,344
• Metro: Wooster, OH
• Population (ZIP): 44,344
• Household income: $69,920
• Rent vs Own: 27.4% rent · 72.6% own
• Severe rent burden: 844.0

Population outlook (Wayne County) Hauer SSP2

• Today (2025): 116,616 people
• By 2030: 116,214 · -0.3%
• By 2040: 113,891 · -2.3%
• By 2050: 109,009 · -6.5%
• By 2075: 94,622 · -18.9%
• By 2100: 70,577 · -39.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 5% Hispanic / Latino 2% Black 2% Asian 1%
• Common ancestry: Romanian 3% Slovak 3% Lithuanian 2%
• Foreign-born: 4% · Canada
• Languages at home: 92% English-only · German/W. Germanic 3% Spanish 1% Other Indo-European 1%

Political lean MEDSL · Wayne

• 2024 margin: Solid R (+39.3) · D 29.9% · R 69.2%
• 2008→2024 swing: -24.6pp toward R · 2008: -14.6pp · 2024: -39.3pp
• All cycles: 2024: R+39.3 2020: R+37.0 2016: R+34.9 2012: R+21.3 2008: R+14.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -174.13%
• Current HPI: 231.7627
• Rent YoY: ▲ 8.42%
• Metro: Wooster, 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

• 2026-04-13 Listed $65,000 MLSNOW