23652 Us Highway 224

Fostoria, OH 44802

$200,000D

3 bd · 2.0 ba · 1,856 sqft · Built 1983 · Manufactured · Active · 547 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,253/mo
• Mortgage (P&I): −$1,049
• Tax + insurance: −$134
• HOA: −$0
• Vac / Maint / Mgmt: −$263
• Net cashflow: $-193/mo
• Annual: $-2,321/yr
• Cap rate: 5.13%
• Cash-on-cash: -4.15%
• DSCR: 0.82
• 1% rule: 0.63%
• Cash to close: $56,000

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $200k.
• At list price, monthly cash flow is $-193 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $166k (17.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $125k (37.4% below list).
• It's been on market 547 days — a 12% lower offer ($176k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $125k (37.4% below list) — sets the bar for 1% rule.
• In year one you build about $15k of equity ($1k loan paydown + $14k appreciation (6.8% local appreciation)).
• Location reads 76/100 on livability (#216 in OH, #3,330 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: commute F, employment D-.
• Arcadia Local (rural): math 65% / reading 77% proficiency, ranked #144 of 656 in OH (top 22%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Arcadia Elementary School (math 77% / reading 82%, grade A, #173 of 1,584 statewide, top 12%, 296 students, 0% FRL); Arcadia Middle School (math 52% / reading 67%, grade B, #271 of 654 statewide, top 43%, 99 students, 0% FRL); Arcadia High School (math 54% / reading 74%, grade B-, #164 of 781 statewide, top 24%, 199 students, 97% FRL).
• Market conditions: 2 active listings in the ZIP; 257 units permitted in Hancock County in 2024 (150 in 5+ unit buildings).
• Hancock County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 3 sale attempts since 14y ago; this cycle's ask has dropped $15k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $96k; list at $200k implies a 107% gain — meaningful room to come down on a strong offer.
• By year 3, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 547 days. Have you received any prior offers? Is the seller open to a 37% concession, seller financing, or rate buy-down credit?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.