4400 Melrose Dr #9 · Wooster, OH 44691

$64,900

3 bd · 2.0 ba · 1,010 sqft · Manufactured · 97 Days on market

Built 2015 Good condition $64/sqft · 32% above area Est $49k · 32% over ↓ 6% since listing

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +4.6/5.0
• Schools +4.4/10.0
• Livability +3.9/5.0
• Condition / age +3.8/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Built in 2015, this 3-bedroom, 2-bath home in Melrose Village offers approximately 1,010 sq ft of living space. The home features a living area, kitchen, three bedrooms, and two full bathrooms. Located on a one-way street with limited through traffic. Mature trees provide shade and added privacy around the property. The exterior also includes off-street parking for up to three vehicles and a shed for additional storage.

Key facts

• Off-street parking
• Additional storage
• One-way street

Tags

• ONE-WAY STREET
• LIMITED THROUGH TRAFFIC
• MATURE TREES
• OFF-STREET PARKING
• ADDITIONAL STORAGE

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $65k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $919 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $65k).
• Recommended offer: $59k (9.0% below list) — sets the bar for market timing.
• Cap rate 23.3% vs local median 3.2% in Wooster — 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 77/100 on livability (#195 in OH, #3,001 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D+, amenities D-, commute F.
• Wooster City (town): math 47% / reading 57% proficiency, ranked #422 of 656 in OH (top 64%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+8.4%/yr); 154 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 284 units permitted in Wayne County in 2024 (42 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $449 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Wayne County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $18k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 97 days — a 9% lower offer ($59k) is reasonable based on typical stale-listing flexibility.

Recommended offer $59,059 (9.0% below list)

Questions for the listing agent

1. It's been on market 97 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 2.67% ✓
• Cap rate: 23.28%
• Cash-on-cash: 60.65%
• DSCR: 3.70
• GRM: 3.1

CMA / ARV

• ARV (median comp): $49,176
• List price: $64,900
• Delta: 31.98%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 65.1%
• Equity multiple: 4.15×
• Total profit: $57,154
• Equity at exit: $9,677

10-year hold

• IRR: 71.0%
• Equity multiple: 10.18×
• Total profit: $166,825
• Equity at exit: $5,611

Cash invested: $18,172 (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 44691

• Rents YoY: 8.4%
• Active inventory: 154
• Price-to-rent: 3.1×

Monthly cashflow live

• Estimated rent: $1,730 medium
• Mortgage (P&I): −$340
• Tax est. 1.5%: −$81 /mo · $974/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$363
• Net cashflow: $919

Break-even live

Break-even rent $568

Max offer price $64,900

Occupancy floor 42%

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: $16,225
• Closing costs: $1,947
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4715 Young Dr Wooster, OH	2.0	2.0	1000	$1,550	$1.55	43d	1	0.41mi
3574 Melrose Dr Wooster, OH	2.0	2.0	1161	$1,720	$1.48	1d	3	0.68mi

Listing history 17 events

1. 2026-06-18
   days on market $64,900 Active 97 DOM
2. 2026-06-17
   days on market $64,900 Active 96 DOM
3. 2026-06-16
   days on market $64,900 Active 95 DOM
4. 2026-06-15
   days on market $64,900 Active 94 DOM
5. 2026-06-14
   days on market $64,900 Active 92 DOM
6. 2026-06-12
   days on market $64,900 Active 91 DOM
7. 2026-06-09
   days on market $64,900 Active 88 DOM
8. 2026-06-08
   days on market $64,900 Active 87 DOM
9. 2026-06-07
   days on market $64,900 Active 86 DOM
10. 2026-06-05
    days on market $64,900 Active 83 DOM
11. 2026-06-03
    days on market $64,900 Active 82 DOM
12. 2026-06-02
    days on market $64,900 Active 81 DOM
13. 2026-06-01
    days on market $64,900 Active 80 DOM
14. 2026-05-31
    days on market $64,900 Active 79 DOM
15. 2026-05-30
    days on market $64,900 Active 78 DOM
16. 2026-04-22
    price $64,900 423-char remark

    Show marketing remark (423 chars)

    Built in 2015, this 3-bedroom, 2-bath home in Melrose Village offers approximately 1,010 sq ft of living space. The home features a living area, kitchen, three bedrooms, and two full bathrooms. Located on a one-way street with limited through traffic. Mature trees provide shade and added privacy around the property. The exterior also includes off-street parking for up to three vehicles and a shed for additional storage.

17. 2026-03-13
    listed $68,975 Active 423-char remark

    Show marketing remark (423 chars)

    Built in 2015, this 3-bedroom, 2-bath home in Melrose Village offers approximately 1,010 sq ft of living space. The home features a living area, kitchen, three bedrooms, and two full bathrooms. Located on a one-way street with limited through traffic. Mature trees provide shade and added privacy around the property. The exterior also includes off-street parking for up to three vehicles and a shed for additional storage.

ⓘ 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 ≥98°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,765
• − Mortgage interest: −$3,635
• − Property taxes: −$974
• − Insurance: −$324
• − Repairs & maintenance: −$1,661
• − Management: −$1,661
• − Depreciation: −$1,888
• Taxable income: $10,621
• Est. tax owed @ 24.0%: −$2,549
• After-tax cash flow: $8,473/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 · 12 photos

Good 75/100 Cosmetic rehab

This 2015 manufactured home is in good condition with a good exterior and interior. It has a good curb appeal and is move-in ready.

Value-add opportunities

• Both Paint the interior walls and trim — Fresh paint can improve the home's curb appeal and interior aesthetics.
• Both Replace the ceiling fan — A new ceiling fan can improve air circulation and add a modern touch.
• Both Clean the air filters — Clean air filters can improve air quality and reduce energy costs.

Renovation cost estimate screening

Value-add ROI direction

• Both Paint the interior walls and trim — Fresh paint can improve the home's curb appeal and interior aesthetics. ↑
• Both Replace the ceiling fan — A new ceiling fan can improve air circulation and add a modern touch. ↑
• Both Clean the air filters — Clean air filters can improve air quality and reduce energy costs. ↑

ⓘ 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: Wooster City
• NCES district ID: 3910032
• Math proficiency: 47% ▼ -24.00%
• Reading proficiency: 57% ▼ -11.00%
• Median HH income: $43,805
• Composite: 43.82/100
• National rank: #2928
• State rank: #422 of 656 in OH

Livability — Wooster

• Score: 77/100
• State rank: #195
• US rank: #3001

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Wooster, OH
• County: Wayne County · 44,344 people
• City population: 44,344
• Metro: Wooster, OH
• Population (ZIP): 44,344
• Household income: $69,920
• Rent vs Own: 27.4% rent · 72.6% own
• Severe rent burden: 844.0

Population outlook (Wayne County) Hauer SSP2

• Today (2025): 116,616 people
• By 2030: 116,214 · -0.3%
• By 2040: 113,891 · -2.3%
• By 2050: 109,009 · -6.5%
• By 2075: 94,622 · -18.9%
• By 2100: 70,577 · -39.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 5% Hispanic / Latino 2% Black 2% Asian 1%
• Common ancestry: Romanian 3% Slovak 3% Lithuanian 2%
• Foreign-born: 4% · Canada
• Languages at home: 92% English-only · German/W. Germanic 3% Spanish 1% Other Indo-European 1%

Political lean MEDSL · Wayne

• 2024 margin: Solid R (+39.3) · D 29.9% · R 69.2%
• 2008→2024 swing: -24.6pp toward R · 2008: -14.6pp · 2024: -39.3pp
• All cycles: 2024: R+39.3 2020: R+37.0 2016: R+34.9 2012: R+21.3 2008: R+14.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -174.13%
• Current HPI: 231.7627
• Rent YoY: ▲ 8.42%
• Metro: Wooster, OH
• 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

-5.9% since first listed

2 events — show timeline

• 2026-04-22 Price Changed $64,900 MLSNOW
• 2026-03-13 Listed $68,975 MLSNOW