86759 Water Works Rd

Hopedale, OH 43976

$79,900B+

3 bd · 3.0 ba · 1,728 sqft · Built 1980 · Manufactured · Active · 20 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,291/mo
• Mortgage (P&I): −$419
• Tax + insurance: −$93
• HOA: −$0
• Vac / Maint / Mgmt: −$271
• Net cashflow: $508/mo
• Annual: $6,097/yr
• Cap rate: 13.92%
• Cash-on-cash: 27.25%
• DSCR: 2.21
• 1% rule: 1.62%
• Cash to close: $22,372

Investor read

• This is a 3-bed/3.0-bath manufactured listed at $80k. Condition is rated good.
• At list price, monthly cash flow is $508 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $80k).
• It's been on market 20 days — a 2% lower offer ($79k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $79k (1.5% below list) — sets the bar for market timing.
• In year one you build about $3k of equity ($552 loan paydown + $3k appreciation (3.3% local appreciation)).
• Location reads 66/100 on livability (#680 in OH) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, employment F.
• Harrison Hills City (rural): math 35% / reading 51% proficiency, ranked #522 of 656 in OH (top 80%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Harrison Central Elementary School (math 37% / reading 54%, grade D-, #980 of 1,584 statewide, top 62%, 807 students, 51% FRL); Harrison Central Jr./Sr. High School (math 32% / reading 48%, grade F, #522 of 781 statewide, top 67%, 599 students, 41% FRL) — zoned schools at 46% FRL track the district average.
• Market conditions: 3 active listings in the ZIP; 1 units permitted in Harrison County in 2024 (0 in 5+ unit buildings).
• Harrison County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $55k; 45% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (3.3% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 10, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• This rent runs 33% of the median local income ($47k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• 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?
• 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.