7260 Footmill Rd

Erie, PA 16509

$99,900F

3 bd · 2.0 ba · 1,904 sqft · Built 2002 · Manufactured · Pending · 7 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,517/mo
• Mortgage (P&I): −$524
• Tax + insurance: −$193
• HOA: −$583
• Vac / Maint / Mgmt: −$319
• Net cashflow: $-102/mo
• Annual: $-1,223/yr
• Cap rate: 5.07%
• Cash-on-cash: -4.37%
• DSCR: 0.81
• 1% rule: 1.52%
• Cash to close: $27,972

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $100k.
• At list price, monthly cash flow is $-102 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $82k (18.0% below list).
• Meets the 1% rule at list price ($2k rent vs $100k).
• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $82k (18.0% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $691 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 83/100 on livability (#109 in PA, #840 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: crime D+, employment F.
• Fort Leboeuf SD (rural): math 52% / reading 68% proficiency, ranked #77 of 539 in PA (top 14%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Robison El Sch (math 77% / reading 82%, grade A, #49 of 1,518 statewide, top 4%, 381 students, 40% FRL); Fort Leboeuf Ms (math 38% / reading 63%, grade C, #125 of 512 statewide, top 25%, 473 students, 46% FRL); Fort Leboeuf Shs (math 72% / reading 50%, grade C+, #77 of 437 statewide, top 17%, 663 students, 45% FRL).
• Watch-outs: HOA is 38% of rent.
• Market conditions: 120 active listings in the ZIP; 364 units permitted in Erie County in 2024 (188 in 5+ unit buildings).
• Erie County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

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?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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?
• 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.