2805 Wapakoneta Ave #49 · Sidney, OH 45365

$22,000

2 bd · 1.0 ba · 840 sqft · Manufactured · 125 Days on market

Built 1974 Poor condition $26/sqft · 41% below area Est $37k · 41% under

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Why this score? — see what drove the B+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.2/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +1.0/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

CAN BE SEEN ON SHORT NOTICE. This 2 bed, 1 bath home has a deck and shed. Washer, dryer, stove & refrigerator convey but are not warranted. Owner occupant(s) only. Must complete application. Dogs are permitted with restrictions. Lot Rent is $370 per month.

Key facts

• Built 1974
• Listed 124 days

🏷️ Possibly a rental listed for sale. The $22,000 price doesn't fit this home's estimated sale value (~$37,000) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $22k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $569 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($912 rent vs $22k).
• Recommended offer: $19k (12.0% below list) — sets the bar for market timing.
• Cap rate 37.3% vs local median 4.0% in Sidney — 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.

Location & tenants

• Location reads 76/100 on livability (#220 in OH, #3,412 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime C-, employment C-, amenities D.
• Sidney City (town): math 46% / reading 52% proficiency, ranked #454 of 656 in OH (top 69%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 146 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 75% of comp listings sitting > 30 days — soft ceiling on asking rent; 337 units permitted in Shelby County in 2024 (216 in 5+ unit buildings).
• This rent is only 17% of the median local income ($66k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• 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.
• Shelby 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 ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 125 days — a 12% lower offer ($19k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 11y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $2k; list at $22k implies a 780% gain — meaningful room to come down on a strong offer.

Recommended offer $19,360 (12.0% below list)

Questions for the listing agent

1. It's been on market 125 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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.
7. 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.
8. 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.

Investment metrics

• 1% rule: 4.15% ✓
• Cap rate: 37.31%
• Cash-on-cash: 110.77%
• DSCR: 5.93
• GRM: 2.0

CMA / ARV

• ARV (median comp): $37,000
• List price: $22,000
• Delta: -40.54%
• Verdict: UNDERPRICED
• Comps: 2 within 2.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2400 Wapakonetta Lot 37	0.52mi	3/2.0 (+1)	840 (0%)	14mo	$28,000	$33	55

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 6.30×
• Total profit: $32,665
• Equity at exit: $3,280

10-year hold

• IRR: —
• Equity multiple: 13.20×
• Total profit: $75,134
• Equity at exit: $1,902

Cash invested: $6,160 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 73 Landlord-Friendly
• State Ohio: 73 Landlord-Friendly · R+6
• County: — inherits STATE
• City: — inherits STATE

3-day notice; Cleveland / Columbus have some habitability code enforcement; otherwise landlord-leaning.

Methodology + full state rankings →

ZIP-level market 45365

• Home prices YoY: -20.1%
• Active inventory: 146
• Price-to-rent: 2.0×

Monthly cashflow live

• Estimated rent: $912 medium
• Mortgage (P&I): −$115
• Tax est. 1.5%: −$28 /mo · $330/yr
• Insurance: −$9
• HOA: −$0
• Vacancy / Maint / Mgmt: −$192
• Net cashflow: $569

Break-even live

Break-even rent $192

Max offer price $22,000

Occupancy floor 33%

Sensitivity live

Price	-10% $584	-5% $576	+0% $569	+5% $561	+10% $553
Rent	-10% $497	-5% $533	+0% $569	+5% $605	+10% $641
Rate	-1.0pp $580	-0.5pp $574	base $569	+0.5pp $563	+1.0pp $557

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $5,500
• Closing costs: $660
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
552 Stonecastle Ct Unit B1 Sidney, OH	2.0	1.5	836	$900	$1.08	44d	1	0.77mi
552 Stonecastle Ct Sidney, OH	2.0	1.0	836	$900	$1.08	44d	1	0.77mi
522 Stonecastle Ct Sidney, OH	2.0	1.0	836	$900	$1.08	44d	1	0.77mi
776 Country Side Ln Sidney, OH	3.0	1.0	1001	$994	$0.99	3d	1	1.44mi

Listing history 19 events

1. 2026-06-21
   days on market $22,000 Active 125 DOM
2. 2026-06-18
   days on market $22,000 Active 122 DOM
3. 2026-06-17
   days on market $22,000 Active 121 DOM
4. 2026-06-16
   days on market $22,000 Active 120 DOM
5. 2026-06-15
   days on market $22,000 Active 119 DOM
6. 2026-06-14
   days on market $22,000 Active 117 DOM
7. 2026-06-13
   days on market $22,000 Active 116 DOM
8. 2026-06-10
   days on market $22,000 Active 114 DOM
9. 2026-06-09
   days on market $22,000 Active 113 DOM
10. 2026-06-08
    days on market $22,000 Active 112 DOM
11. 2026-06-07
    days on market $22,000 Active 111 DOM
12. 2026-06-03
    days on market $22,000 Active 107 DOM
13. 2026-06-02
    days on market $22,000 Active 106 DOM
14. 2026-06-01
    days on market $22,000 Active 105 DOM
15. 2026-05-31
    days on market $22,000 Active 104 DOM
16. 2026-05-31
    days on market $22,000 Active 103 DOM
17. 2026-02-16
    listed $22,000 Active 260-char remark

    Show marketing remark (260 chars)

    CAN BE SEEN ON SHORT NOTICE. This 2 bed, 1 bath home has a deck and shed. Washer, dryer, stove & refrigerator convey but are not warranted. Owner occupant(s) only. Must complete application. Dogs are permitted with restrictions. Lot Rent is $370 per month.

18. 2015-10-20
    soldstatus $2,500 870-char remark

    Show marketing remark (870 chars)

    Priced less than a good dependable used car this older mobile home has a nice floor plan, worth the investment of rolling your sleeves up & putting a little elbow grease into making it a great starter or "empty nester" home. Updated windows, roof, plumbing, flooring & bath. Amazing kitchen with center breakfast bar & cook top complimented with a fluted restaurant style range hood. Yes, believe it or not, it does have double wall ovens, great for upcoming holiday cooking! Vaulted ceiling in living room, wider hallway & enlarged bath, enabling capacity for a full size washer & dryer. Won't lie, needs a blower motor repair for furnace, hot water heater, a breaker in service box needs replaced & some subflooring needs repaired, but priced accordingly to reflect these issues. Must be approved by park management prior to purchase.

19. 2015-10-12
    listed $5,000 870-char remark

    Show marketing remark (870 chars)

    Priced less than a good dependable used car this older mobile home has a nice floor plan, worth the investment of rolling your sleeves up & putting a little elbow grease into making it a great starter or "empty nester" home. Updated windows, roof, plumbing, flooring & bath. Amazing kitchen with center breakfast bar & cook top complimented with a fluted restaurant style range hood. Yes, believe it or not, it does have double wall ovens, great for upcoming holiday cooking! Vaulted ceiling in living room, wider hallway & enlarged bath, enabling capacity for a full size washer & dryer. Won't lie, needs a blower motor repair for furnace, hot water heater, a breaker in service box needs replaced & some subflooring needs repaired, but priced accordingly to reflect these issues. Must be approved by park management prior to purchase.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥100°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $10,947
• − Mortgage interest: −$1,232
• − Property taxes: −$330
• − Insurance: −$110
• − Repairs & maintenance: −$876
• − Management: −$876
• − Depreciation: −$640
• Taxable income: $6,883
• Est. tax owed @ 24.0%: −$1,652
• After-tax cash flow: $5,172/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 2 photos

Poor 20/100 Extensive rehab

This mobile home requires extensive repairs and maintenance, including major work on the exterior siding, roof, and landscaping. Immediate action is needed to improve its condition and value.

Repairs flagged

• Major exterior siding — Significant wear and peeling paint
• Major roof — Aged appearance
• Major landscaping — Sparse vegetation and unkempt lawn

Value-add opportunities

• Both exterior siding and paint — Improves curb appeal and home value
• Both landscaping — Enhances curb appeal and home value
• Both roof — Prevents water damage and extends home life

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · Significant wear and peeling paint	Major	$15,000–50,000
roof · Aged appearance	Major	$15,000–50,000
landscaping · Sparse vegetation and unkempt lawn	Major	$15,000–50,000
Total estimated repair cost · 3 items		$45,000–150,000

Value-add ROI direction

• Both exterior siding and paint — Improves curb appeal and home value ↑
• Both landscaping — Enhances curb appeal and home value ↑
• Both roof — Prevents water damage and extends home life ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Sidney City
• NCES district ID: 3910003
• Math proficiency: 46% ▼ -14.00%
• Reading proficiency: 52% ▼ -6.00%
• Median HH income: $45,974
• Composite: 41.55/100
• National rank: #3443
• State rank: #454 of 656 in OH

Livability — Sidney

• Score: 76/100
• State rank: #220
• US rank: #3412

Category grades

Amenities D Commute F Cost of living A+ Crime C- Employment C- Housing A+ Health & safety A+ User ratings B

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Sidney, OH
• County: Shelby · 44,840 people
• City population: 28,955
• Population (ZIP): 28,955
• Household income: $66,044
• Rent vs Own: 31.8% rent · 68.2% own
• Severe rent burden: 5.7

Population outlook (Shelby County) Hauer SSP2

• Today (2025): 47,264 people
• By 2030: 45,935 · -2.8%
• By 2040: 42,786 · -9.5%
• By 2050: 38,981 · -17.5%
• By 2075: 30,225 · -36.1%
• By 2100: 21,273 · -55.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 4% Black 3% Hispanic / Latino 2%
• Common ancestry: Lithuanian 3% Slovak 1% Italian 1%
• Foreign-born: 2% · Canada
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Shelby

• 2024 margin: Solid R (+64.8) · D 17.2% · R 82.0%
• 2008→2024 swing: -28.5pp toward R · 2008: -36.4pp · 2024: -64.8pp
• All cycles: 2024: R+64.8 2020: R+63.2 2016: R+60.6 2012: R+46.0 2008: R+36.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -66.62%
• Current HPI: 264.4532
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 1.98%
• F500 in state: 48

Industry mix (Fortune 500 HQ in OH)

Industry	F500 HQs	Revenue
▸Insurance	3	$145B
▸Industrial Machinery	3	$49B
▸Financial Services	3	$24B
▸Consumer Goods	2	$93B
▸Aerospace / Defense	2	$47B
▸Utilities	2	$33B

Price history

+340.0% since first listed

3 events — show timeline

• 2026-02-16 Listed $22,000 WRIST
• 2015-10-20 Sold (MLS) $2,500 WRIST
• 2015-10-12 Listed $5,000 WRIST