178 Mill Run · Waverly, OH 45690

$48,900

3 bd · 2.0 ba · 1,216 sqft · SingleFamily · 94 Days on market

Built 2002 Fair condition

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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
• Livability +3.8/5.0
• Schools +3.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Must-see single-wide manufactured home! This well-maintained home features 3 bedrooms and 2 bathrooms with many recent updates. Improvements include new flooring, fresh paint, and appliances that are only two years old. The spacious main bedroom offers a walk-in closet and an updated walk-in shower in the bathroom. The home also features a spacious living room and an eat-in kitchen with a generous island, perfect for everyday living or entertaining. A separate utility room provides added convenience, with the washer and dryer included with the home. Along with a wood deck . You have an option to remain at trailer park after approval from park , cost with trash is 600.00. Or you can place the home at a different location. Call today for private showing . .

Key facts

• Fresh paint
• Generous island
• New flooring

Tags

• NEW FLOORING
• FRESH PAINT
• UPDATED WALK-IN SHOWER
• SPACIOUS LIVING ROOM
• EAT-IN KITCHEN
• GENEROUS ISLAND

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $49k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $557 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $49k).
• Recommended offer: $44k (9.0% below list) — sets the bar for market timing.
• Cap rate 20.0% vs local median 2.9% in Waverly — 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 75/100 on livability (#257 in OH, #4,097 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools C-, health & safety C-, employment D+.
• Waverly City (town): math 32% / reading 44% proficiency, ranked #548 of 656 in OH (top 84%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 76 active listings in the ZIP; 45 units permitted in Pike County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $338 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Pike County population projected at -21% 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 $14k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 94 days — a 9% lower offer ($44k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 3y 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.
• Current owner paid $30k; list at $49k implies a 63% gain — meaningful room to come down on a strong offer.

Recommended offer $44,499 (9.0% below list)

Questions for the listing agent

1. It's been on market 94 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 2.32% ✓
• Cap rate: 19.97%
• Cash-on-cash: 48.84%
• DSCR: 3.17
• GRM: 3.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 46.4%
• Equity multiple: 3.01×
• Total profit: $27,583
• Equity at exit: $7,291

10-year hold

• IRR: 52.2%
• Equity multiple: 6.10×
• Total profit: $69,787
• Equity at exit: $4,228

Cash invested: $13,692 (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 45690

• Active inventory: 76
• Price-to-rent: 3.6×

Monthly cashflow live

• Estimated rent: $1,133 medium
• Mortgage (P&I): −$256
• Tax est. 1.5%: −$61 /mo · $734/yr
• Insurance: −$20
• HOA: −$0
• Vacancy / Maint / Mgmt: −$238
• Net cashflow: $557

Break-even live

Break-even rent $428

Max offer price $48,900

Occupancy floor 46%

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: $12,225
• Closing costs: $1,467
• Reserves months: —
• Total cash needed: —

Listing history 24 events

1. 2026-06-18
   days on market $48,900 Active 94 DOM
2. 2026-06-17
   days on market $48,900 Active 93 DOM
3. 2026-06-16
   days on market $48,900 Active 92 DOM
4. 2026-06-16
   status $48,900 Active 91 DOM
5. 2026-06-15
   days on market $48,900 Active Under Contract 91 DOM
6. 2026-06-13
   days on market $48,900 Active Under Contract 89 DOM
7. 2026-06-12
   days on market $48,900 Active Under Contract 88 DOM
8. 2026-06-09
   days on market $48,900 Active Under Contract 85 DOM
9. 2026-06-08
   days on market $48,900 Active Under Contract 84 DOM
10. 2026-06-08
    days on market $48,900 Active Under Contract 83 DOM
11. 2026-06-07
    statusdays on market $48,900 Active Under Contract 82 DOM
12. 2026-06-04
    days on market $48,900 Active 79 DOM
13. 2026-06-02
    days on market $48,900 Active 78 DOM
14. 2026-06-01
    days on market $48,900 Active 77 DOM
15. 2026-05-31
    days on market $48,900 Active 76 DOM
16. 2026-04-08
    price $48,900 765-char remark

    Show marketing remark (765 chars)

    Must-see single-wide manufactured home! This well-maintained home features 3 bedrooms and 2 bathrooms with many recent updates. Improvements include new flooring, fresh paint, and appliances that are only two years old. The spacious main bedroom offers a walk-in closet and an updated walk-in shower in the bathroom. The home also features a spacious living room and an eat-in kitchen with a generous island, perfect for everyday living or entertaining. A separate utility room provides added convenience, with the washer and dryer included with the home. Along with a wood deck . You have an option to remain at trailer park after approval from park , cost with trash is 600.00. Or you can place the home at a different location. Call today for private showing . .

17. 2026-03-16
    listed $49,900 Active 765-char remark

    Show marketing remark (765 chars)

    Must-see single-wide manufactured home! This well-maintained home features 3 bedrooms and 2 bathrooms with many recent updates. Improvements include new flooring, fresh paint, and appliances that are only two years old. The spacious main bedroom offers a walk-in closet and an updated walk-in shower in the bathroom. The home also features a spacious living room and an eat-in kitchen with a generous island, perfect for everyday living or entertaining. A separate utility room provides added convenience, with the washer and dryer included with the home. Along with a wood deck . You have an option to remain at trailer park after approval from park , cost with trash is 600.00. Or you can place the home at a different location. Call today for private showing . .

18. 2024-10-24
    soldstatus $30,000 Closed 298-char remark

    Show marketing remark (298 chars)

    2004 redman double wide sits on lot number 6. Very well taken care of 3 bedroom 2 full baths, has some newer flooring. Cathedral ceilings with open floor plan. Home can be moved or left on lot for $500 a month includes sewer and trash. Appliance stay. stove, fridge, washer and dryer and microwave.

19. 2024-09-17
    listed $59,900 Active 298-char remark

    Show marketing remark (298 chars)

    2004 redman double wide sits on lot number 6. Very well taken care of 3 bedroom 2 full baths, has some newer flooring. Cathedral ceilings with open floor plan. Home can be moved or left on lot for $500 a month includes sewer and trash. Appliance stay. stove, fridge, washer and dryer and microwave.

20. 2023-12-06
    soldstatus $29,500 Closed
21. 2023-11-28
    historical Active Under Contract
22. 2023-11-21
    status Active
23. 2023-10-30
    price $29,500
24. 2023-10-25
    listed $34,900 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 4/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥101°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,597
• − Mortgage interest: −$2,739
• − Property taxes: −$734
• − Insurance: −$244
• − Repairs & maintenance: −$1,088
• − Management: −$1,088
• − Depreciation: −$1,423
• Taxable income: $6,282
• Est. tax owed @ 24.0%: −$1,508
• After-tax cash flow: $5,179/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 · 13 photos

Fair 45/100 Moderate rehab

This single-wide manufactured home requires moderate renovations to its kitchen and bathroom, with potential for significant value increase through modernization.

Repairs flagged

• Moderate kitchen cabinets — dated and in need of replacement
• Moderate bathroom cabinets — dated and in need of replacement
• Unknown HVAC system — no visible system in the photos

Value-add opportunities

• Resale new kitchen cabinets and countertops — modernizing the kitchen would significantly increase its appeal
• Resale new bathroom fixtures and cabinetry — modernizing the bathroom would significantly increase its appeal
• Both HVAC system upgrade — improving the HVAC system would increase comfort and energy efficiency

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · dated and in need of replacement	Moderate	$3,000–15,000
bathroom cabinets · dated and in need of replacement	Moderate	$3,000–15,000
HVAC system · no visible system in the photos	Unknown	$500–3,000
Total estimated repair cost · 3 items		$6,500–33,000

Value-add ROI direction

• Resale new kitchen cabinets and countertops — modernizing the kitchen would significantly increase its appeal ↑
• Resale new bathroom fixtures and cabinetry — modernizing the bathroom would significantly increase its appeal ↑
• Both HVAC system upgrade — improving the HVAC system would increase comfort and energy efficiency ↑

ⓘ 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: Waverly City
• NCES district ID: 3904914
• Math proficiency: 32% ▼ -15.00%
• Reading proficiency: 44% ▼ -12.00%
• Median HH income: $43,640
• Composite: 32.18/100
• National rank: #5784
• State rank: #548 of 656 in OH

Livability — Waverly

• Score: 75/100
• State rank: #257
• US rank: #4097

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Pike · 24,348 people
• Population (ZIP): 13,315
• Household income: $48,201
• Rent vs Own: 33.0% rent · 67.0% own
• Severe rent burden: 14.3

Population outlook (Pike County) Hauer SSP2

• Today (2025): 26,762 people
• By 2030: 25,744 · -3.8%
• By 2040: 23,509 · -12.2%
• By 2050: 21,090 · -21.2%
• By 2075: 15,765 · -41.1%
• By 2100: 11,361 · -57.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (98%)
• Race & ethnicity: White 98% Two or more races 2%
• Common ancestry: Lithuanian 2% Slovak 2% Romanian 2%
• Foreign-born: 0%
• Languages at home: 98% English-only · Other Indo-European 1%

Political lean MEDSL · Pike

• 2024 margin: Solid R (+53.7) · D 22.9% · R 76.5%
• 2008→2024 swing: -52.6pp toward R · 2008: -1.0pp · 2024: -53.7pp
• All cycles: 2024: R+53.7 2020: R+48.7 2016: R+36.7 2012: R+0.4 2008: R+1.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -105.68%
• Current HPI: 159.5776
• Rent YoY: —
• Metro: —
• 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

+40.1% since first listed

9 events — show timeline

• 2026-04-08 Price Changed $48,900 SVAR
• 2026-03-16 Listed $49,900 SVAR
• 2024-10-24 Sold (MLS) $30,000 SVAR
• 2024-09-17 Listed $59,900 SVAR
• 2023-12-06 Sold (MLS) $29,500 SVAR
• 2023-11-28 Contingent — SVAR
• 2023-11-21 Relisted — SVAR
• 2023-10-30 Price Changed $29,500 SVAR
• 2023-10-25 Listed $34,900 SVAR