2271 Garards Fort Rd

Morrisville, PA 15370

$198,000D

3 bd · 0.5 ba · 1,360 sqft · Built 1900 · SingleFamily · Active · 111 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,379/mo
• Mortgage (P&I): −$1,038
• Tax + insurance: −$390
• HOA: −$0
• Vac / Maint / Mgmt: −$290
• Net cashflow: $-339/mo
• Annual: $-4,065/yr
• Cap rate: 4.24%
• Cash-on-cash: -7.33%
• DSCR: 0.67
• 1% rule: 0.70%
• Cash to close: $55,440

Investor read

• This is a 3-bed/0.5-bath single-family listed at $198k.
• At list price, monthly cash flow is $-339 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $138k (30.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $138k (30.4% below list).
• It's been on market 111 days — a 9% lower offer ($180k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $138k (30.4% below list) — sets the bar for 1% rule.
• In year one you build about $6k of equity ($1k loan paydown + $4k appreciation (2.2% local appreciation)).
• Location reads 81/100 on livability (#174 in PA, #1,447 nationally) — a professional / high-income tenant draw. Strengths: employment A+, housing A+, schools B+.
• Central Greene SD (town): math 24% / reading 40% proficiency, ranked #434 of 539 in PA (top 80%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 41 active listings in the ZIP; 30 units permitted in Greene County in 2024 (0 in 5+ unit buildings).
• Greene County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 21y 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 $100k; list at $198k implies a 98% gain — meaningful room to come down on a strong offer.
• By year 6, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 4.2% vs local median 3.3% in Morrisville — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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 111 days. Have you received any prior offers? Is the seller open to a 30% concession, seller financing, or rate buy-down credit?
• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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.