201 W Washington St

Dunkirk, OH 45836

$48,750A-

2 bd · 1.0 ba · 672 sqft · Built 1969 · Manufactured · Active · 115 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $825/mo
• Mortgage (P&I): −$256
• Tax + insurance: −$31
• HOA: −$0
• Vac / Maint / Mgmt: −$173
• Net cashflow: $366/mo
• Annual: $4,388/yr
• Cap rate: 15.29%
• Cash-on-cash: 32.14%
• DSCR: 2.43
• 1% rule: 1.69%
• Cash to close: $13,650

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $49k.
• At list price, monthly cash flow is $366 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($825 rent vs $49k).
• It's been on market 115 days — a 9% lower offer ($44k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $44k (9.0% below list) — sets the bar for market timing.
• In year one you build about $5k of equity ($338 loan paydown + $5k appreciation (10.0% local appreciation)).
• Location reads 64/100 on livability (#791 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime D, schools F, amenities F.
• Hardin Northern Local (rural): math 60% / reading 68% proficiency, ranked #230 of 656 in OH (top 35%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 4 active listings in the ZIP; 18 units permitted in Hardin County in 2024 (0 in 5+ unit buildings).
• Hardin County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 12y ago; this cycle's ask has dropped $3k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $16k; list at $49k implies a 195% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $14k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• This rent is only 17% of the median local income ($59k/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 115 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1969 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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?
• 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.