15 Surf Dr

Forward, PA 15020

$100,000B-

3 bd · 2.0 ba · 1,211 sqft · Built 2024 · Manufactured · Active · 42 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,157/mo
• Mortgage (P&I): −$524
• Tax + insurance: −$222
• HOA: −$0
• Vac / Maint / Mgmt: −$243
• Net cashflow: $167/mo
• Annual: $2,009/yr
• Cap rate: 8.97%
• Cash-on-cash: 9.56%
• DSCR: 1.43
• 1% rule: 1.16%
• Cash to close: $28,000

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $100k. Condition is rated excellent.
• At list price, monthly cash flow is $167 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $100k).
• It's been on market 42 days — a 3% lower offer ($97k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $97k (3.0% below list) — sets the bar for market timing.
• In year one you build about $4k of equity ($691 loan paydown + $3k appreciation (3.0% local appreciation)).
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Elizabeth Forward SD (suburban): math 41% / reading 65% proficiency, ranked #136 of 539 in PA (top 25%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: flood insurance adds $56/mo.
• Market conditions: 2 active listings in the ZIP; 2,996 units permitted in Allegheny County in 2024 (1,588 in 5+ unit buildings).
• 2 sale attempts 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.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 9, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 42 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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 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.