Rent to Own Homes in Manila
Settled by John U. Needham in 1868, the community was originally named Cinda after the postmaster’s sister Lucinda. But in 1901, twenty registered voters decided to incorporate the city under the name Manila... Read More
Settled by John U. Needham in 1868, the community was originally named Cinda after the postmaster’s sister Lucinda. But in 1901, twenty registered voters decided to incorporate the city under the name Manila in honor of Commodore George Dewey’s victory in the battle at Manila Bay in the Philippines during the Spanish-American War.The below results are primarily rent to own homes in :
Settled by John U. Needham in 1868, the community was originally named Cinda after the postmaster’s sister Lucinda. But in 1901, twenty registered voters decided to incorporate the city under the name Manila... Read More
Settled by John U. Needham in 1868, the community was originally named Cinda after the postmaster’s sister Lucinda. But in 1901, twenty registered voters decided to incorporate the city under the name Manila in honor of Commodore George Dewey’s victory in the battle at Manila Bay in the Philippines during the Spanish-American War.The below results are primarily rent to own homes in :
Due to the abundant timber in the area, the city attracted the attention of the Jonesboro, Lake City & Eastern Railroad, which extended its line there in 1900. The railroad – under various names and ownership – operated continuously for decades. The Manila depot, built in 1910, was officially closed in 1977, but it was restored and added to the National Register of Historic Places in 1997.
Manila is about five miles from the Mississippi state line to the north, and about 20 miles from the Mississippi River, which is also the state line between Arkansas and Mississippi to the east. The closest large city is Memphis, about 67 miles to the south.
Buying a Home in Manila
The median home price in Manila is $75,500, which is nearly 60 percent below the national average; it’s extremely rare to find a town or city with such a low median home price. Current home listings range from $33,000 to $294,000.
The overall cost of living in this small Arkansas city is an impressive 22 percent below the national average. The average age of Manila’s residents is 36.6, and about 58 percent of the population is married.
About 63 percent of the residential real estate is owner occupied.
Manila is served by Manila Public Schools; the district includes an elementary (PK-4), middle (5-8), and high school (9-12). GreatSchools rates them 7, 6, and 7 (out of 10) respectively.
The climate is considered humid subtropical. The average high temperatures are 51 in January and 92 in July and August.
Popular Neighborhoods in Manila
With a total area of just 3.2 square miles, the city of Manila has just one neighborhood. With fewer-than-average renters, children, and college students, it is a relatively quiet, peaceful town. The per capita median income in 2010 was $21,589 ($86,356 for a family of four), which is considered upper middle income in Arkansas and middle income relative to the entire United States.
Just to the northeast of Manila is the Big Lake Wildlife Management Area. This 11,000-acre wildlife refuge is a popular area for hunting, fishing, and boating.
Buying vs. Rent to Own Homes
You may already be thinking about a move to Manila because of its mild climate and remarkably low housing cost. But buying a home can be a long, complicated process that requires pre-qualification and a down payment. If you’re not quite ready for that step, or if you think that you don’t qualify, have you considered a rent-to-own arrangement? A portion of each month’s rent goes toward a down payment to eventually buy the house. It’s doesn’t require a lot of up-front cash, and renters can look forward to becoming homeowners – without even having to move!
Summary
If you’re looking for a quiet, peaceful town away from the noise and chaos of the big city, Manila may be just the place for you. The city of Memphis is only about an hour away and is full of dining, shopping, nightlife, entertainment, and employment opportunities. The mild climate and friendly atmosphere make Manila a place that can be enjoyed year round.
Rent to Own Realtors
Using a realtor for your rent to own deal can offer great benefits. Agents are well versed in real estate so they can effectively communicate opportunities and discern which of those opportunities is a legitimately good deal.
Nonetheless, not a lot of realtors will want to help with your rent to own deal because upfront profit for a realtor is minimal and the big payout down the line is not a guarantee.
That means you’ll have to do a little research to ensure that you make the best decisions, but you will save money on commission.
About Our Listings
Whether you’re interested in purchasing a condo or a townhouse, or if you’ve been touring apartments and houses, rent to own can be a good option for buyers – often with no credit check.
Just because the seller isn’t checking your credit score doesn’t mean you shouldn’t worry about it. You’ll need to have a credit score high enough to qualify for financing if you want to succeed in a rent to buy deal.
In rent to own by owner programs, sellers want to make a profit off of their properties. They will earn rent money from you whether you successfully buy the house or not. So, they don’t really worry about whether you have the credit score to buy it at the end of the lease.
Lease to purchase deals from a company are often less successful than from an owner because companies tend to snatch up cheap foreclosed homes and lease-option them on an “as is” basis.
Owners who are eager to sell their property may ask you to sign a lease-purchase agreement, which is very different from a lease-option because instead of having the option to buy the property before the end of the lease, you legally have to buy it. That can be difficult if you start the deal with bad credit and cannot bring it up high enough to qualify for a mortgage.
Looking for rent to own listings near me? Start your search on the Rent to Own Labs database.
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