36 West St

Caledonia, OH 43314

$22,000D+

3 bd · 2.0 ba · 1,064 sqft · Built 1999 · Manufactured · Pending · 191 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $975/mo
• Mortgage (P&I): −$115
• Tax + insurance: −$20
• HOA: −$484
• Vac / Maint / Mgmt: −$205
• Net cashflow: $151/mo
• Annual: $1,808/yr
• Cap rate: 14.51%
• Cash-on-cash: 29.35%
• DSCR: 2.31
• 1% rule: 4.43%
• Cash to close: $6,160

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $22k.
• At list price, monthly cash flow is $151 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($975 rent vs $22k).
• It's been on market 191 days — a 12% lower offer ($19k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $19k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $152 of loan paydown is wiped out by about $660 of value loss. Plan a longer hold.
• Location reads 63/100 on livability (#815 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, schools A-; Watch: crime D+, amenities F, commute F.
• River Valley Local (rural): math 60% / reading 62% proficiency, ranked #264 of 656 in OH (top 40%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: HOA is 50% of rent.
• Market conditions: 24 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 53 units permitted in Marion County in 2024 (0 in 5+ unit buildings).
• Marion County population projected at -18% 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 $6k cash investment doubles in ~4 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 191 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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 A-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?
• 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.