194 Northcrest Dr

Marysville, OH 43040

$80,000C-

3 bd · 2.0 ba · 1,216 sqft · Built 2019 · Manufactured · Active · 65 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,477/mo
• Mortgage (P&I): −$420
• Tax + insurance: −$133
• HOA: −$619
• Vac / Maint / Mgmt: −$310
• Net cashflow: $-5/mo
• Annual: $-56/yr
• Cap rate: 6.22%
• Cash-on-cash: -0.25%
• DSCR: 0.99
• 1% rule: 1.85%
• Cash to close: $22,400

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $80k.
• At list price, monthly cash flow is $-5 ($-56/yr) — negative.
• To cash-flow at today's rent, offer at most $79k (0.8% below list).
• Meets the 1% rule at list price ($1k rent vs $80k).
• It's been on market 65 days — a 6% lower offer ($75k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $75k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $553 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 78/100 on livability (#157 in OH, #2,377 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, cost of living A+; Watch: amenities F, commute F.
• Marysville Exempted Village (town): math 67% / reading 73% proficiency, ranked #137 of 656 in OH (top 21%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Watch-outs: HOA is 42% of rent.
• Market conditions: Rents flat; 227 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 1,498 units permitted in Union County in 2024 (831 in 5+ unit buildings).
• Union County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 3 sale attempts since 27y 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 $18k; list at $80k implies a 332% gain — meaningful room to come down on a strong offer.
• Cap rate 6.2% vs local median 2.2% in Marysville — 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.
• This rent is only 18% of the median local income ($99k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 65 days. Have you received any prior offers? Is the seller open to a 6% 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 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?
• 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.