4400 Melrose #288 · Wooster, OH 44691

$25,000

3 bd · 2.0 ba · 1,200 sqft · Manufactured · 69 Days on market

Built 2001 $21/sqft · 89% below area ↓ 7% since listing

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Why this score? — see what drove the D+ 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Rent growth +4.6/5.0
• Schools +4.4/10.0
• Livability +3.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Tucked away on a peaceful one-way street with just a handful of neighbors, this 16x80 Fairmont home offers comfort, convenience, and a great lot you’ll love coming home to. The property features mature trees, a patio perfect for relaxing or grilling out, and a handy storage shed for all your extras. Inside, you’ll find 3 bedrooms and 2 full baths, including a spacious owner’s suite with its own private bath. The split-bedroom layout keeps things quiet and comfortable, with the remaining bedrooms and second bath at the opposite end. Gas heat, central air, and plenty of natural light make this home cozy year-round. New skirting (2026); New rear steps (2026; Fridge (2022); HVAC (2022): Lot lease includes water/sewer/trash removal. Take a drive by — you’ll see why this lot stands out!

Key facts

• Built 2001
• Listed 68 days

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $25k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $25k).
• Recommended offer: $24k (6.0% below list) — sets the bar for market timing.
• Cap rate 64.1% 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 $173 of loan paydown is wiped out by about $750 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 $7k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 69 days — a 6% lower offer ($24k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 11y ago 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 $23,500 (6.0% below list)

Questions for the listing agent

1. It's been on market 69 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 6.98% ✓
• Cap rate: 64.13%
• Cash-on-cash: 206.55%
• DSCR: 10.19
• GRM: 1.2

CMA / ARV

• ARV (median comp): $222,612
• List price: $25,000
• Delta: -88.77%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: —
• Equity multiple: 12.70×
• Total profit: $81,930
• Equity at exit: $3,728

10-year hold

• IRR: —
• Equity multiple: 31.32×
• Total profit: $212,209
• Equity at exit: $2,162

Cash invested: $7,000 (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: 1.2×

Monthly cashflow live

• Estimated rent: $1,744 medium
• Mortgage (P&I): −$131
• Tax est. 1.5%: −$31 /mo · $375/yr
• Insurance: −$10
• HOA: −$0
• Vacancy / Maint / Mgmt: −$366
• Net cashflow: $1,205

Break-even live

Break-even rent $219

Max offer price $25,000

Occupancy floor 26%

Sensitivity live

Price	-10% $1,222	-5% $1,214	+0% $1,205	+5% $1,196	+10% $1,188
Rent	-10% $1,067	-5% $1,136	+0% $1,205	+5% $1,274	+10% $1,343
Rate	-1.0pp $1,217	-0.5pp $1,211	base $1,205	+0.5pp $1,198	+1.0pp $1,192

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: $6,250
• Closing costs: $750
• 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	0.57mi
3574 Melrose Dr Wooster, OH	2.0	2.0	1161	$1,720	$1.48	2d	3	0.64mi

Listing history 22 events

1. 2026-06-19
   days on market $25,000 Active 69 DOM
2. 2026-06-18
   days on market $25,000 Active 68 DOM
3. 2026-06-17
   days on market $25,000 Active 67 DOM
4. 2026-06-16
   days on market $25,000 Active 66 DOM
5. 2026-06-15
   days on market $25,000 Active 65 DOM
6. 2026-06-14
   days on market $25,000 Active 63 DOM
7. 2026-06-12
   days on market $25,000 Active 62 DOM
8. 2026-06-09
   days on market $25,000 Active 59 DOM
9. 2026-06-08
   days on market $25,000 Active 58 DOM
10. 2026-06-07
    statusdays on market $25,000 Active 57 DOM
11. 2026-03-26
    listed $25,000 Active 821-char remark

    Show marketing remark (821 chars)

    Tucked away on a peaceful one-way street with just a handful of neighbors, this 16x80 Fairmont home offers comfort, convenience, and a great lot you’ll love coming home to. The property features mature trees, a patio perfect for relaxing or grilling out, and a handy storage shed for all your extras. Inside, you’ll find 3 bedrooms and 2 full baths, including a spacious owner’s suite with its own private bath. The split-bedroom layout keeps things quiet and comfortable, with the remaining bedrooms and second bath at the opposite end. Gas heat, central air, and plenty of natural light make this home cozy year-round. New skirting (2026); New rear steps (2026; Fridge (2022); HVAC (2022): Lot lease includes water/sewer/trash removal. Take a drive by — you’ll see why this lot stands out!

12. 2026-03-26
    historical

    Show marketing remark (821 chars)

    Tucked away on a peaceful one-way street with just a handful of neighbors, this 16x80 Fairmont home offers comfort, convenience, and a great lot you’ll love coming home to. The property features mature trees, a patio perfect for relaxing or grilling out, and a handy storage shed for all your extras. Inside, you’ll find 3 bedrooms and 2 full baths, including a spacious owner’s suite with its own private bath. The split-bedroom layout keeps things quiet and comfortable, with the remaining bedrooms and second bath at the opposite end. Gas heat, central air, and plenty of natural light make this home cozy year-round. New skirting (2026); New rear steps (2026; Fridge (2022); HVAC (2022): Lot lease includes water/sewer/trash removal. Take a drive by — you’ll see why this lot stands out!

13. 2026-01-08
    listed $35,000 Active
14. 2026-01-07
    historical
15. 2025-10-24
    listed $45,000 Active
16. 2015-08-10
    soldstatus $24,900 Sold
17. 2015-08-07
    status Pending
18. 2015-07-09
    status Active
19. 2015-06-24
    status Pending
20. 2015-06-24
    historical Contingent
21. 2015-06-10
    price $24,900
22. 2015-05-22
    listed $27,000 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 ≥98°F today · 16 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: $20,926
• − Mortgage interest: −$1,400
• − Property taxes: −$375
• − Insurance: −$125
• − Repairs & maintenance: −$1,674
• − Management: −$1,674
• − Depreciation: −$727
• Taxable income: $14,950
• Est. tax owed @ 24.0%: −$3,588
• After-tax cash flow: $10,870/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: 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

-7.4% since first listed

12 events — show timeline

• 2026-03-26 Listing Removed — MLSNOW
• 2026-03-26 Listed $25,000 MLSNOW
• 2026-01-08 Listed $35,000 MLSNOW
• 2026-01-07 Listing Removed — MLSNOW
• 2025-10-24 Listed $45,000 MLSNOW
• 2015-08-10 Sold (MLS) $24,900 MLSNOW
• 2015-08-07 Pending — MLSNOW
• 2015-07-09 Relisted — MLSNOW
• 2015-06-24 Pending — MLSNOW
• 2015-06-24 Contingent — MLSNOW
• 2015-06-10 Price Changed $24,900 MLSNOW
• 2015-05-22 Listed $27,000 MLSNOW