23 Furman Rd

Franklin, PA 17019

$210,000C+

2 bd · 1.0 ba · 1,029 sqft · Built 1989 · MultiFamily · Active · 9 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,555/mo
• Mortgage (P&I): −$1,101
• Tax + insurance: −$315
• HOA: −$0
• Vac / Maint / Mgmt: −$537
• Net cashflow: $602/mo
• Annual: $7,230/yr
• Cap rate: 9.74%
• Cash-on-cash: 12.30%
• DSCR: 1.55
• 1% rule: 1.22%
• Cash to close: $58,800

Investor read

• This is a 2-bed/1.0-bath multifamily listed at $210k.
• At list price, monthly cash flow is $602 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $210k).
• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 69/100 on livability (#812 in PA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B+; Watch: health & safety C-, employment D, amenities F.
• Northern York County SD (rural): math 35% / reading 57% proficiency, ranked #223 of 539 in PA (top 41%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 16% free/reduced lunch — higher-income household profile.
• Zoned schools: Northern El Sch (math 27% / reading 47%, grade F, #1,004 of 1,518 statewide, top 68%, 395 students, 40% FRL); Northern Ms (math 23% / reading 52%, grade F, #292 of 512 statewide, top 58%, 751 students, 26% FRL); Northern Hs (math 56%, 1,051 students, 21% FRL).
• Market conditions: 92 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 1,328 units permitted in York County in 2024 (338 in 5+ unit buildings).
• Current owner paid $77k; list at $210k implies a 173% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $59k cash investment doubles in ~10 years — after that, you're playing with house money.
• Climate carrying-cost: extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 9.7% vs local median 4.8% in Franklin — 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.

Questions for listing agent

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.