303 Wright St

Findlay, IL 62534

$49,500B

3 bd · 1.0 ba · 980 sqft · Built 1989 · Manufactured · Active · 44 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $902/mo
• Mortgage (P&I): −$260
• Tax + insurance: −$80
• HOA: −$0
• Vac / Maint / Mgmt: −$189
• Net cashflow: $373/mo
• Annual: $4,478/yr
• Cap rate: 15.34%
• Cash-on-cash: 32.31%
• DSCR: 2.44
• 1% rule: 1.82%
• Cash to close: $13,860

Investor read

• This is a 3-bed/1.0-bath manufactured listed at $50k.
• At list price, monthly cash flow is $373 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($902 rent vs $50k).
• It's been on market 44 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.
• In year one you build about $2k of equity ($342 loan paydown + $2k appreciation (3.6% local appreciation)).
• Location reads 62/100 on livability (#860 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: schools F, amenities F, commute F.
• Okaw Valley CUSD 302 (rural): math 11% / reading 29% proficiency, ranked #424 of 620 in IL (top 68%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 8 active listings in the ZIP; 41 units permitted in Shelby County in 2024 (0 in 5+ unit buildings).
• Shelby County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (3.6% appreciation + 3.0% rent growth), your $14k cash investment doubles in ~3 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 44 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• 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.