Mansion 81 Fohl Village Plan

North Industry, OH 44706

$110,900C+

3 bd · 2.0 ba · 1,216 sqft · Built — · Manufactured · Active · 46 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,339/mo
• Mortgage (P&I): −$582
• Tax + insurance: −$185
• HOA: −$0
• Vac / Maint / Mgmt: −$281
• Net cashflow: $291/mo
• Annual: $3,497/yr
• Cap rate: 9.45%
• Cash-on-cash: 11.26%
• DSCR: 1.50
• 1% rule: 1.21%
• Cash to close: $31,052

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $111k. Condition is rated fair.
• At list price, monthly cash flow is $291 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $111k).
• It's been on market 46 days — a 3% lower offer ($108k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $108k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $767 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Canton Local (suburban): math 54% / reading 52% proficiency, ranked #401 of 656 in OH (top 61%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Faircrest Memorial Elementary School (math 65% / reading 56%, grade B-, #657 of 1,584 statewide, top 42%, 765 students, 0% FRL); Canton South Middle School (math 56% / reading 51%, grade C+, #362 of 654 statewide, top 57%, 391 students, 0% FRL); Canton South High School (math 32% / reading 52%, grade F, #497 of 781 statewide, top 66%, 815 students, 41% FRL) — zoned schools average 14% FRL vs 50% district-wide (36 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 91 active listings in the ZIP; 528 units permitted in Stark County in 2024 (84 in 5+ unit buildings).
• Stark County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $31k cash investment doubles in ~10 years — after that, you're playing with house money.
• Cap rate 9.4% vs local median 6.6% in North Industry — 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.

Questions for listing agent

• It's been on market 46 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.