1639 Marion Waldo Rd #14 · Marion, OH 43302

$39,900

2 bd · 1.0 ba · 768 sqft · Manufactured public records · 54 Days on market

Built 2026 Good condition ↓ 1% since listing

---

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
• ARV discount +7.5/15.0
• Schools +4.5/10.0
• Condition / age +4.0/5.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

* THIS IS A RESALE LISTING * Vance is an active and exciting 55+ Senior Community. This 2 bedroom, 1 bathroom home is equipped with features you will absolutely love. Our community also offers amenities such as a picnic area / pavilion / grill, a card room / holiday house, a clubhouse, and more! For your convenience, we have onsite community management to assist you when you need it. This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

Key facts

• Built 2026
• Listed 54 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $40k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $577 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $40k).
• Recommended offer: $39k (3.0% below list) — sets the bar for market timing.
• Cap rate 23.6% vs local median 6.9% in Marion — 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 65/100 on livability (#704 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools D+, crime D+, amenities F.
• Pleasant Local (rural): math 49% / reading 56% proficiency, ranked #399 of 656 in OH (top 61%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 210 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 53 units permitted in Marion County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $276 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• 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 $11k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 54 days — a 3% lower offer ($39k) is reasonable based on typical stale-listing flexibility.

Recommended offer $38,703 (3.0% below list)

Questions for the listing agent

1. It's been on market 54 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
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: 2.72% ✓
• Cap rate: 23.65%
• Cash-on-cash: 61.99%
• DSCR: 3.76
• GRM: 3.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 60.9%
• Equity multiple: 3.71×
• Total profit: $30,310
• Equity at exit: $5,949

10-year hold

• IRR: 65.5%
• Equity multiple: 7.61×
• Total profit: $73,804
• Equity at exit: $3,450

Cash invested: $11,172 (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 43302

• Home prices YoY: -33.9%
• Active inventory: 210
• Price-to-rent: 3.1×

Monthly cashflow live

• Estimated rent: $1,087 medium
• Mortgage (P&I): −$209
• Tax from tax record: −$56 /mo · $669/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$228
• Net cashflow: $577

Break-even live

Break-even rent $356

Max offer price $39,900

Occupancy floor 42%

Sensitivity live

Price	-10% $600	-5% $588	+0% $577	+5% $566	+10% $555
Rent	-10% $491	-5% $534	+0% $577	+5% $620	+10% $663
Rate	-1.0pp $597	-0.5pp $587	base $577	+0.5pp $567	+1.0pp $556

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: $9,975
• Closing costs: $1,197
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1609 Southland Pkwy Marion, OH	2.0–3.0	2.0	900	$900	$1.00	44d	1	0.29mi
1250 Crescent Heights Rd Marion, OH	1.0–3.0	1.0	827	$1,005	$1.21	44d	1	0.61mi
1205 Lake Blvd Marion, OH	2.0	1.0	851	$1,250	$1.47	44d	4	0.68mi

Listing history 7 events

1. 2026-06-03
   days on market $39,900 Active 54 DOM
2. 2026-06-02
   days on market $39,900 Active 53 DOM
3. 2026-06-01
   pricedays on market $39,900 Active 52 DOM
4. 2026-05-31
   days on market $39,400 Active 51 DOM
5. 2026-05-30
   days on market $39,400 Active 50 DOM
6. 2026-04-29
   price $39,400 534-char remark

   Show marketing remark (534 chars)

   * THIS IS A RESALE LISTING * Vance is an active and exciting 55+ Senior Community. This 2 bedroom, 1 bathroom home is equipped with features you will absolutely love. Our community also offers amenities such as a picnic area / pavilion / grill, a card room / holiday house, a clubhouse, and more! For your convenience, we have onsite community management to assist you when you need it. This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

7. 2026-04-10
   listed $39,800 Active 534-char remark

   Show marketing remark (534 chars)

   * THIS IS A RESALE LISTING * Vance is an active and exciting 55+ Senior Community. This 2 bedroom, 1 bathroom home is equipped with features you will absolutely love. Our community also offers amenities such as a picnic area / pavilion / grill, a card room / holiday house, a clubhouse, and more! For your convenience, we have onsite community management to assist you when you need it. This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

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

Tax reassessment forecast OH · Partial reset (capped growth)

• Current annual tax: $669 · $56/mo
• Projected year-2 tax: $669 · $56/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

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 ≥99°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,044
• − Mortgage interest: −$2,235
• − Property taxes: −$669
• − Insurance: −$200
• − Repairs & maintenance: −$1,044
• − Management: −$1,044
• − Depreciation: −$1,161
• Taxable income: $6,693
• Est. tax owed @ 24.0%: −$1,606
• After-tax cash flow: $5,319/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 · 10 photos

Good 80/100 Cosmetic rehab

This manufactured home is in good condition with a good condition score of 80. It has a cosmetic rehab level and requires minimal repairs or maintenance. The home has a good resale and rental value and can be further enhanced with some exterior painting and landscaping.

Value-add opportunities

• Both Painting the exterior siding — Enhances curb appeal and can increase both resale and rental value
• Both Landscaping the front yard — Improves curb appeal and can increase both resale and rental value

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior siding — Enhances curb appeal and can increase both resale and rental value ↑
• Both Landscaping the front yard — Improves curb appeal and can increase both resale and rental value ↑

ⓘ 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: Pleasant Local
• NCES district ID: 3904842
• Math proficiency: 49% ▼ -20.00%
• Reading proficiency: 56% ▼ -12.00%
• Median HH income: $53,276
• Composite: 45.14/100
• National rank: #2681
• State rank: #399 of 656 in OH

Livability — Marion

• Score: 65/100
• State rank: #704
• US rank: #12605

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Marion County · 53,702 people
• City population: 53,702
• Metro: Marion, OH
• Population (ZIP): 53,702
• Household income: $55,057
• Rent vs Own: 36.6% rent · 63.4% own
• Severe rent burden: 1554.0

Population outlook (Marion County) Hauer SSP2

• Today (2025): 62,078 people
• By 2030: 60,049 · -3.3%
• By 2040: 55,413 · -10.7%
• By 2050: 50,604 · -18.5%
• By 2075: 40,162 · -35.3%
• By 2100: 29,105 · -53.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (85%)
• Race & ethnicity: White 85% Black 6% Two or more races 6% Hispanic / Latino 3%
• Common ancestry: Slovak 2% Romanian 2% Lithuanian 2%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 2% Arabic 1%

Political lean MEDSL · Marion

• 2024 margin: Solid R (+41.4) · D 28.9% · R 70.3%
• 2008→2024 swing: -32.5pp toward R · 2008: -8.9pp · 2024: -41.4pp
• All cycles: 2024: R+41.4 2020: R+38.6 2016: R+34.4 2012: R+7.6 2008: R+8.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -114.52%
• Current HPI: 223.5344
• Rent YoY: —
• Metro: Marion, 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

-1.0% since first listed

2 events — show timeline

• 2026-04-29 Price Changed $39,400 Zillow
• 2026-04-10 Listed $39,800 Zillow

Property tax history

+0.0%/yr

Latest (2025): $669 · +0.0% YoY. Source: county tax records.