11377 Township Road 266 #113

Chippewa Park, OH 43331

$49,000B-

2 bd · 1.0 ba · 480 sqft · Built 2007 · Manufactured · Active · 45 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,236/mo
• Mortgage (P&I): −$257
• Tax + insurance: −$82
• HOA: −$0
• Vac / Maint / Mgmt: −$259
• Net cashflow: $638/mo
• Annual: $7,650/yr
• Cap rate: 21.91%
• Cash-on-cash: 55.76%
• DSCR: 3.48
• 1% rule: 2.52%
• Cash to close: $13,720

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $49k. Condition is rated fair.
• At list price, monthly cash flow is $638 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $49k).
• It's been on market 45 days — a 3% lower offer ($48k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $48k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $339 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Location reads 49/100 on livability (#1,173 in OH) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, crime A; Watch: amenities F, commute F, employment D-.
• Indian Lake Local (rural): math 59% / reading 66% proficiency, ranked #261 of 656 in OH (top 40%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Indian Lake Elementary School (math 72% / reading 67%, grade A-, #391 of 1,584 statewide, top 27%, 510 students, 45% FRL); Indian Lake Middle School (math 56% / reading 65%, grade B+, #259 of 654 statewide, top 40%, 407 students, 42% FRL); Indian Lake High School (math 52% / reading 72%, grade B-, #202 of 781 statewide, top 29%, 492 students, 34% FRL) — zoned schools at 40% FRL track the district average.
• Market conditions: 109 active listings in the ZIP; 121 units permitted in Logan County in 2024 (0 in 5+ unit buildings).
• Logan County population projected at -15% 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 $14k cash investment doubles in ~3 years — after that, you're playing with house money.
• Cap rate 21.9% vs local median 5.5% in Chippewa Park — 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.

Questions for listing agent

• It's been on market 45 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-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.

Repairs flagged (vision-AI assessment)

• Major: roof — Signs of wear and potential leaks.
• Moderate: exterior siding — Aged and may need repainting or replacement.
• Minor: landscaping — Overgrown and could benefit from trimming.