3200 Smeltzer Rd #22 · Marion, OH 43302

$25,000

1 bd · 1.0 ba · 672 sqft · Manufactured public records · 270 Days on market

Built 1977 $37/sqft · at area comps Est $25k · at est. $425/mo HOA · 47% of rent ↓ 22% since listing

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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 +8.0/15.0
• Schools +4.5/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Check out this 2-bedroom, 1-bathroom mobile home in the 55+ Pleasant Acres community! This home has a relaxing front porch with a small storage shed for any personal belongings. Step inside to a fresh living area with beautiful character and a well-maintained kitchen with newer appliances. Home has Central AC! Down the hall is the laundry area and both washer and dryer stay with the home. It also features a spacious full bathroom and both bedrooms have good sized closets as well! Don't miss this opportunity to own this beautiful home for a great price!

Key facts

• Central ac
• Laundry area
• Front porch

Tags

• FRONT PORCH
• STORAGE SHED
• WELL-MAINTAINED KITCHEN
• NEWER APPLIANCES
• CENTRAL AC
• LAUNDRY AREA

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath manufactured listed at $25k.

Deal economics

• At list price, monthly cash flow is $145 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($913 rent vs $25k).
• Recommended offer: $22k (12.0% below list) — sets the bar for market timing.
• Cap rate 13.2% vs local median 6.9% in Marion — 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 65/100 on livability (#704 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools D+, crime D+, amenities F.
• Pleasant Local (rural): math 49% / reading 56% proficiency, ranked #399 of 656 in OH (top 61%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 210 active listings in the ZIP; 53 units permitted in Marion County in 2024 (0 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.
• Marion County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $7k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 270 days — a 12% lower offer ($22k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 47% of rent.

Recommended offer $22,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 270 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
8. 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.
9. 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.
10. 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: 3.65% ✓
• Cap rate: 13.23%
• Cash-on-cash: 24.79%
• DSCR: 2.10
• GRM: 2.3

CMA / ARV

• ARV (median comp): $25,282
• List price: $25,000
• Delta: -1.12%
• Verdict: FAIR
• Comps: 1 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 18.9%
• Equity multiple: 1.77×
• Total profit: $5,421
• Equity at exit: $3,728

10-year hold

• IRR: 27.7%
• Equity multiple: 3.52×
• Total profit: $17,645
• 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 43302

• Home prices YoY: -33.9%
• Active inventory: 210
• Price-to-rent: 2.3×

Monthly cashflow live

• Estimated rent: $913 medium
• Mortgage (P&I): −$131
• Tax from tax record: −$11 /mo · $126/yr
• Insurance: −$10
• HOA: −$425
• Vacancy / Maint / Mgmt: −$192
• Net cashflow: $145

Break-even live

Break-even rent $730

Max offer price $25,000

Occupancy floor 79%

Sensitivity live

Price	-10% $159	-5% $152	+0% $145	+5% $138	+10% $130
Rent	-10% $72	-5% $109	+0% $145	+5% $181	+10% $217
Rate	-1.0pp $157	-0.5pp $151	base $145	+0.5pp $138	+1.0pp $132

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: —

HOA detail

• Monthly dues: $425 · $5,100/yr

Listing history 19 events

1. 2026-06-19
   days on market $25,000 Active 270 DOM
2. 2026-06-18
   days on market $25,000 Active 269 DOM
3. 2026-06-17
   days on market $25,000 Active 268 DOM
4. 2026-06-16
   days on market $25,000 Active 267 DOM
5. 2026-06-15
   days on market $25,000 Active 266 DOM
6. 2026-06-14
   days on market $25,000 Active 264 DOM
7. 2026-06-12
   days on market $25,000 Active 263 DOM
8. 2026-06-09
   days on market $25,000 Active 260 DOM
9. 2026-06-08
   days on market $25,000 Active 259 DOM
10. 2026-06-07
    days on market $25,000 Active 258 DOM
11. 2026-06-05
    days on market $25,000 Active 255 DOM
12. 2026-06-03
    days on market $25,000 Active 254 DOM
13. 2026-06-02
    days on market $25,000 Active 253 DOM
14. 2026-06-01
    days on market $25,000 Active 252 DOM
15. 2026-05-31
    days on market $25,000 Active 251 DOM
16. 2026-05-30
    days on market $25,000 Active 250 DOM
17. 2026-04-27
    price $25,000 558-char remark

    Show marketing remark (558 chars)

    Check out this 2-bedroom, 1-bathroom mobile home in the 55+ Pleasant Acres community! This home has a relaxing front porch with a small storage shed for any personal belongings. Step inside to a fresh living area with beautiful character and a well-maintained kitchen with newer appliances. Home has Central AC! Down the hall is the laundry area and both washer and dryer stay with the home. It also features a spacious full bathroom and both bedrooms have good sized closets as well! Don't miss this opportunity to own this beautiful home for a great price!

18. 2026-04-02
    price $28,500 558-char remark

    Show marketing remark (558 chars)

    Check out this 2-bedroom, 1-bathroom mobile home in the 55+ Pleasant Acres community! This home has a relaxing front porch with a small storage shed for any personal belongings. Step inside to a fresh living area with beautiful character and a well-maintained kitchen with newer appliances. Home has Central AC! Down the hall is the laundry area and both washer and dryer stay with the home. It also features a spacious full bathroom and both bedrooms have good sized closets as well! Don't miss this opportunity to own this beautiful home for a great price!

19. 2025-09-22
    listed $31,900 Active 558-char remark

    Show marketing remark (558 chars)

    Check out this 2-bedroom, 1-bathroom mobile home in the 55+ Pleasant Acres community! This home has a relaxing front porch with a small storage shed for any personal belongings. Step inside to a fresh living area with beautiful character and a well-maintained kitchen with newer appliances. Home has Central AC! Down the hall is the laundry area and both washer and dryer stay with the home. It also features a spacious full bathroom and both bedrooms have good sized closets as well! Don't miss this opportunity to own this beautiful home for a great price!

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast OH · Partial reset (capped growth)

• Current annual tax: $126 · $11/mo
• Projected year-2 tax: $258 · $22/mo
• Expected delta: +$132/yr (+$11/mo · 104.7%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

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 ≥99°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $10,961
• − Mortgage interest: −$1,400
• − Property taxes: −$126
• − Insurance: −$125
• − Repairs & maintenance: −$877
• − Management: −$877
• − HOA: −$5,100
• − Depreciation: −$727
• Taxable income: $1,729
• Est. tax owed @ 24.0%: −$415
• After-tax cash flow: $1,320/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: Pleasant Local
• NCES district ID: 3904842
• Math proficiency: 49% ▼ -20.00%
• Reading proficiency: 56% ▼ -12.00%
• Median HH income: $53,276
• Composite: 45.14/100
• National rank: #2681
• State rank: #399 of 656 in OH

Livability — Marion

• Score: 65/100
• State rank: #704
• US rank: #12605

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Marion County · 53,702 people
• City population: 53,702
• Metro: Marion, OH
• Population (ZIP): 53,702
• Household income: $55,057
• Rent vs Own: 36.6% rent · 63.4% own
• Severe rent burden: 1554.0

Population outlook (Marion County) Hauer SSP2

• Today (2025): 62,078 people
• By 2030: 60,049 · -3.3%
• By 2040: 55,413 · -10.7%
• By 2050: 50,604 · -18.5%
• By 2075: 40,162 · -35.3%
• By 2100: 29,105 · -53.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (85%)
• Race & ethnicity: White 85% Black 6% Two or more races 6% Hispanic / Latino 3%
• Common ancestry: Slovak 2% Romanian 2% Lithuanian 2%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 2% Arabic 1%

Political lean MEDSL · Marion

• 2024 margin: Solid R (+41.4) · D 28.9% · R 70.3%
• 2008→2024 swing: -32.5pp toward R · 2008: -8.9pp · 2024: -41.4pp
• All cycles: 2024: R+41.4 2020: R+38.6 2016: R+34.4 2012: R+7.6 2008: R+8.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -114.52%
• Current HPI: 223.5344
• Rent YoY: —
• Metro: Marion, 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

-21.6% since first listed

3 events — show timeline

• 2026-04-27 Price Changed $25,000 CBRMLS
• 2026-04-02 Price Changed $28,500 CBRMLS
• 2025-09-22 Listed $31,900 CBRMLS

Property tax history

+0.0%/yr

Latest (2025): $126 · +0.0% YoY. Source: county tax records.