10430 Airport Hwy #183

Whitehouse, OH 43558

$35,000C+

2 bd · 2.0 ba · 1,013 sqft · Built 1996 · Manufactured · Active · 36 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,057/mo
• Mortgage (P&I): −$184
• Tax + insurance: −$21
• HOA: −$580
• Vac / Maint / Mgmt: −$222
• Net cashflow: $51/mo
• Annual: $607/yr
• Cap rate: 8.03%
• Cash-on-cash: 6.19%
• DSCR: 1.28
• 1% rule: 3.02%
• Cash to close: $9,800

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $35k.
• At list price, monthly cash flow is $51 ($607/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $35k).
• It's been on market 36 days — a 3% lower offer ($34k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $34k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $242 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Location reads 76/100 on livability (#233 in OH, #3,667 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Anthony Wayne Local (suburban): math 77% / reading 81% proficiency, ranked #49 of 656 in OH (top 8%) — strong family-tenant draw, lease renewals of 3-5y typical; only 10% free/reduced lunch — higher-income household profile.
• Zoned schools: Monclova Elementary School (math 85% / reading 82%, grade A+, #96 of 1,584 statewide, top 6%, 492 students, 10% FRL); Fallen Timbers Middle School (math 82% / reading 84%, grade A+, #29 of 654 statewide, top 5%, 647 students, 11% FRL); Anthony Wayne High School (math 56% / reading 79%, grade B, #136 of 781 statewide, top 17%, 1,324 students, 12% FRL) — zoned schools at 11% FRL track the district average.
• Watch-outs: HOA is 55% of rent.
• Market conditions: 46 active listings in the ZIP; 415 units permitted in Lucas County in 2024 (122 in 5+ unit buildings).
• Lucas County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Cap rate 8.0% vs local median 2.2% in Whitehouse — 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.
• This rent is only 17% of the median local income ($75k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Questions for listing agent

• It's been on market 36 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.