535 W Gypsy Lane Rd Lot 308 · Bowling Green, OH 43402

$24,000

3 bd · 1.0 ba · 890 sqft · Manufactured · 181 Days on market

Built 1985 $415/mo HOA · 32% of rent ↓ 11% since listing

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Why this score? — see what drove the D+ 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +4.5/5.0
• Schools +4.1/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Discover budget-friendly homeownership with this 1985 Mansion mobile home located in a well-maintained park in Southwest Bowling Green. This home offers an excellent opportunity for affordable living in a convenient location, making it a great option for students or anyone looking to keep monthly expenses low. The park features lot rent of just $415 per month, plus water, providing a cost-effective alternative to traditional rentals and student housing. The home offers a functional layout with plenty of potential to personalize and make it your own. Conveniently located near schools, shopping, dining, and other local amenities, this property combines affordability with accessibility.

Key facts

• Near schools
• Near dining
• Near shopping

Tags

• CONVENIENT LOCATION
• FUNCTIONAL LAYOUT
• NEAR SCHOOLS
• NEAR SHOPPING
• NEAR DINING
• LOCAL AMENITIES

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath manufactured listed at $24k.

Deal economics

• At list price, monthly cash flow is $434 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $24k).
• Recommended offer: $21k (12.0% below list) — sets the bar for market timing.
• Cap rate 28.0% vs local median 2.6% in Bowling Green — 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 90/100 on livability (#8 in OH, #71 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, commute A+; Watch: employment F.
• Bowling Green City School District (town): math 40% / reading 58% proficiency, ranked #469 of 656 in OH (top 72%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 105 active listings in the ZIP; 493 units permitted in Wood County in 2024 (48 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $166 of loan paydown is wiped out by about $720 of value loss. Plan a longer hold.
• Wood County population projected at +14% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $7k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 181 days — a 12% lower offer ($21k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 32% of rent.

Recommended offer $21,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 181 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are A-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?
6. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
7. 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.
8. 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.
9. 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: 5.35% ✓
• Cap rate: 28.01%
• Cash-on-cash: 77.57%
• DSCR: 4.45
• GRM: 1.6

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: 78.0%
• Equity multiple: 4.58×
• Total profit: $24,051
• Equity at exit: $3,578

10-year hold

• IRR: 81.6%
• Equity multiple: 9.58×
• Total profit: $57,681
• Equity at exit: $2,075

Cash invested: $6,720 (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 43402

• Active inventory: 105
• Price-to-rent: 1.6×

Monthly cashflow live

• Estimated rent: $1,285 medium
• Mortgage (P&I): −$126
• Tax est. 1.5%: −$30 /mo · $360/yr
• Insurance: −$10
• HOA: −$415
• Vacancy / Maint / Mgmt: −$270
• Net cashflow: $434

Break-even live

Break-even rent $735

Max offer price $24,000

Occupancy floor 61%

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: $6,000
• Closing costs: $720
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $415 · $4,980/yr
• Likely covers: water

Listing history 17 events

1. 2026-06-18
   days on market $24,000 Active 181 DOM
2. 2026-06-17
   days on market $24,000 Active 180 DOM
3. 2026-06-16
   days on market $24,000 Active 179 DOM
4. 2026-06-15
   days on market $24,000 Active 178 DOM
5. 2026-06-14
   days on market $24,000 Active 176 DOM
6. 2026-06-10
   days on market $24,000 Active 173 DOM
7. 2026-06-09
   days on market $24,000 Active 172 DOM
8. 2026-06-08
   days on market $24,000 Active 171 DOM
9. 2026-06-07
   days on market $24,000 Active 170 DOM
10. 2026-06-03
    days on market $24,000 Active 166 DOM
11. 2026-06-02
    days on market $24,000 Active 165 DOM
12. 2026-06-01
    days on market $24,000 Active 164 DOM
13. 2026-05-31
    days on market $24,000 Active 163 DOM
14. 2026-05-30
    days on market $24,000 Active 162 DOM
15. 2026-03-20
    price $25,000 694-char remark

    Show marketing remark (694 chars)

    Discover budget-friendly homeownership with this 1985 Mansion mobile home located in a well-maintained park in Southwest Bowling Green. This home offers an excellent opportunity for affordable living in a convenient location, making it a great option for students or anyone looking to keep monthly expenses low. The park features lot rent of just $415 per month, plus water, providing a cost-effective alternative to traditional rentals and student housing. The home offers a functional layout with plenty of potential to personalize and make it your own. Conveniently located near schools, shopping, dining, and other local amenities, this property combines affordability with accessibility.

16. 2026-02-01
    price $26,000 694-char remark

    Show marketing remark (694 chars)

    Discover budget-friendly homeownership with this 1985 Mansion mobile home located in a well-maintained park in Southwest Bowling Green. This home offers an excellent opportunity for affordable living in a convenient location, making it a great option for students or anyone looking to keep monthly expenses low. The park features lot rent of just $415 per month, plus water, providing a cost-effective alternative to traditional rentals and student housing. The home offers a functional layout with plenty of potential to personalize and make it your own. Conveniently located near schools, shopping, dining, and other local amenities, this property combines affordability with accessibility.

17. 2025-12-19
    listed $28,000 Active 694-char remark

    Show marketing remark (694 chars)

    Discover budget-friendly homeownership with this 1985 Mansion mobile home located in a well-maintained park in Southwest Bowling Green. This home offers an excellent opportunity for affordable living in a convenient location, making it a great option for students or anyone looking to keep monthly expenses low. The park features lot rent of just $415 per month, plus water, providing a cost-effective alternative to traditional rentals and student housing. The home offers a functional layout with plenty of potential to personalize and make it your own. Conveniently located near schools, shopping, dining, and other local amenities, this property combines affordability with accessibility.

ⓘ 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 · 16 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: $15,421
• − Mortgage interest: −$1,344
• − Property taxes: −$360
• − Insurance: −$120
• − Repairs & maintenance: −$1,234
• − Management: −$1,234
• − HOA: −$4,980
• − Depreciation: −$698
• Taxable income: $5,451
• Est. tax owed @ 24.0%: −$1,308
• After-tax cash flow: $3,904/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.

Schools (NCES district)

• District: Bowling Green City School District
• NCES district ID: 3904363
• Math proficiency: 40% ▼ -27.00%
• Reading proficiency: 58% ▼ -10.00%
• Median HH income: $37,785
• Composite: 40.72/100
• National rank: #3661
• State rank: #469 of 656 in OH

Livability — Bowling Green

• Score: 90/100
• State rank: #8
• US rank: #71

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bowling Green, OH
• County: Wood County · 75,163 people
• City population: 31,393
• Metro: Toledo, OH
• Population (ZIP): 31,393
• Household income: $52,426
• Rent vs Own: 56.5% rent · 43.5% own
• Severe rent burden: 2629.0

Population outlook (Wood County) Hauer SSP2

• Today (2025): 138,744 people
• By 2030: 143,189 · +3.2%
• By 2040: 150,896 · +8.8%
• By 2050: 158,589 · +14.3%
• By 2075: 182,166 · +31.3%
• By 2100: 196,533 · +41.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (85%)
• Race & ethnicity: White 85% Two or more races 7% Hispanic / Latino 7% Black 3%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Romanian 8% Lithuanian 4% Slovak 2%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 2%

Political lean MEDSL · Wood

• 2024 margin: R (+10.2) · D 44.4% · R 54.6%
• 2008→2024 swing: -17.3pp toward R · 2008: 7.1pp · 2024: -10.2pp
• All cycles: 2024: R+10.2 2020: R+7.6 2016: R+8.5 2012: D+4.2 2008: D+7.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -132.67%
• Current HPI: 179.1826
• Rent YoY: —
• Metro: Toledo, 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

-10.7% since first listed

3 events — show timeline

• 2026-03-20 Price Changed $25,000 NORIS
• 2026-02-01 Price Changed $26,000 NORIS
• 2025-12-19 Listed $28,000 NORIS