2312 Craley Rd

Lower Windsor, PA 17366

$275,000C-

4 bd · 2.0 ba · 1,900 sqft · Built 1940 · MultiFamily · Active · 12 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,609/mo
• Mortgage (P&I): −$1,442
• Tax + insurance: −$369
• HOA: −$0
• Vac / Maint / Mgmt: −$548
• Net cashflow: $250/mo
• Annual: $3,004/yr
• Cap rate: 7.39%
• Cash-on-cash: 3.90%
• DSCR: 1.17
• 1% rule: 0.95%
• Cash to close: $77,000

Investor read

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $275k.
• At list price, monthly cash flow is $250 ($3k/yr) — positive. Per door: $125/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $261k (5.1% below list).
• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $261k (5.1% below list) — sets the bar for 1% rule.
• In year one you build about $352 of equity ($2k loan paydown + $-2k appreciation (-0.6% local appreciation)).
• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Eastern York SD (rural): math 40% / reading 64% proficiency, ranked #146 of 539 in PA (top 27%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Eastern York Hs (math 77% / reading 24%, grade D+, #125 of 437 statewide, top 30%, 632 students, 46% FRL).
• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 50 active listings in the ZIP; 1,328 units permitted in York County in 2024 (338 in 5+ unit buildings).
• 2 sale attempts since 5y 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 $190k; 45% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Climate carrying-cost: extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.