61 Llanfair Rd Unit A-4

Ardmore, PA 19003

$226,000C+

2 bd · 1.0 ba · 846 sqft · Built 1962 · Condo · Pending · 48 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,912/mo
• Mortgage (P&I): −$1,185
• Tax + insurance: −$375
• HOA: −$390
• Vac / Maint / Mgmt: −$612
• Net cashflow: $350/mo
• Annual: $4,202/yr
• Cap rate: 8.15%
• Cash-on-cash: 6.64%
• DSCR: 1.30
• 1% rule: 1.29%
• Cash to close: $63,280

Investor read

• This is a 2-bed/1.0-bath condo listed at $226k.
• At list price, monthly cash flow is $350 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $226k).
• It's been on market 48 days — a 3% lower offer ($219k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $219k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 94/100 on livability (#2 in PA, #6 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, commute A+; Watch: cost of living D-.
• Lower Merion SD (suburban): math 74% / reading 84% proficiency, ranked #3 of 539 in PA (top 1%) — strong family-tenant draw, lease renewals of 3-5y typical; only 7% free/reduced lunch — higher-income household profile.
• Zoned schools: Penn Valley Sch (math 78% / reading 86%, grade A+, #34 of 1,518 statewide, top 3%, 514 students, 16% FRL); Welsh Valley Ms (math 63% / reading 80%, grade A, #9 of 512 statewide, top 2%, 814 students, 16% FRL); Harriton Shs (math 85%, 1,261 students, 14% FRL).
• Market conditions: Rents rising (+3.9%/yr); 38 active listings in the ZIP; 35 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 1,936 units permitted in Montgomery County in 2024 (530 in 5+ unit buildings).
• Montgomery County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 3 sale attempts since 15y ago; this cycle's ask has dropped $24k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $113k; list at $226k implies a 100% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 8.2% vs local median 2.1% in Ardmore — 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

• It's been on market 48 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1962 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-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?
• 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.