239 Rosie Ave SW

Pataskala, OH 43062

$99,900B-

2 bd · 2.0 ba · 1,134 sqft · Built 2021 · Manufactured · Pending · 15 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,974/mo
• Mortgage (P&I): −$524
• Tax + insurance: −$166
• HOA: −$546
• Vac / Maint / Mgmt: −$415
• Net cashflow: $323/mo
• Annual: $3,877/yr
• Cap rate: 10.17%
• Cash-on-cash: 13.86%
• DSCR: 1.62
• 1% rule: 1.98%
• Cash to close: $27,972

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $100k. Condition is rated fair.
• At list price, monthly cash flow is $323 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $100k).
• It's been on market 15 days — a 2% lower offer ($98k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $98k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $691 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 76/100 on livability (#226 in OH, #3,534 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment A; Watch: amenities F, commute F.
• Licking Heights Local (rural): math 37% / reading 50% proficiency, ranked #493 of 656 in OH (top 75%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: West Elementary School (math 40% / reading 48%, grade F, #1,017 of 1,584 statewide, top 64%, 843 students, 48% FRL); Licking Heights Central Intermediate School (math 35% / reading 55%, grade D, #472 of 654 statewide, top 73%, 812 students, 51% FRL); Licking Heights High School (math 32% / reading 57%, grade F, #470 of 781 statewide, top 62%, 1,389 students, 41% FRL).
• Watch-outs: HOA is 28% of rent.
• Market conditions: 160 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 159 units permitted in Licking County in 2024 (0 in 5+ unit buildings).
• 2 sale attempts since 2y ago; this cycle's ask has dropped $10k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~9 years — after that, you're playing with house money.
• Cap rate 10.2% vs local median 3.3% in Pataskala — 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

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.

Repairs flagged (vision-AI assessment)

• Major: Kitchen appliances — Appliances appear outdated and may need replacement.
• Major: Kitchen countertops — Countertops appear dated and may need replacement.
• Minor: Bathroom fixtures — Standard fixtures may need updating for a fresh look.