222 Thrush Cir · Richboro, PA 18938

$369,000

3 bd · 2.0 ba · 1,880 sqft · Manufactured · 6 Days on market

Built 1994

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Why this score? — see what drove the C- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +19.8/30.0
• ARV discount +7.5/15.0
• DSCR +6.3/10.0
• Schools +5.8/10.0
• 1% rule +4.6/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This rarely offered 3 bedroom Williamsburg model has so many special features, with top of the line renovations, you have got to see it to believe it. Located in 55+ Buckingham Springs, enter the home from the Trex deck front porch to the foyer with large coat closet. Walk into the huge living room with open floor plan, vaulted ceilings and plantain shutters throughout. Opens to the breakfast room with beautiful built in cabinets for storage. The lovely galley kitchen has grey cabinets, upgraded lighting and all SS appliances and opens to the dining room. The formal dining room overlooks a large 4 season room with plenty of windows for light and sliding glass doors on the front and back. Down the center hall there is a laundry room with built in cabinets, two nice sized bedrooms with large closets and a completely remodeled full bathroom. At the end of the hall sits the Primary bedroom with large walk in closet and completely remodeled primary bath that must be seen to believe. Just remodeled and has a mirrored storage cabinet, shower stall with adjustable seat, beautiful vanity with high tech mirror and medicine cabinet. New Lennox HVAC, New 30 yr roof, new Amish built shed. The 4 season room overlooks the outside oasis with extensive beautiful hardscaping, landscaping and lighting to enjoy. Come take a look at this really special property that his been updated throughout, just bring your things and move in.

Key facts

• 2 parking spots
• Community pool
• Built 1994

Property features AI

Finance

• Other: Property manager present
• Financial info: Monthly land lease: $727; Land lease years remaining: 99; Annual ground rent listed in income/expense items
• HOA & community: Community pool (concrete, heated, pool/spa combo); One-time community fee of $100; Ground rent exists; monthly land lease payment

Exterior

• Parking: Driveway parking (2 spaces); Total of 2 garage/parking spaces
• Utilities: Private/community water; Community septic tank; Electric service available; Cable TV available
• Home design: Manufactured / modular home; Single-story (main living on one level); Senior community (55+); Land lease ownership
• Construction: Manufactured construction; Architectural shingle roof; Crawl space, slab and block foundation; Energy-efficient windows; Model: Williamsburg (Schult)
• Exterior features: Patio(s); Deck(s); Level lot with front, rear and side yards; Landscaping and planted vegetation; Shed; Rural setting

Interior

• Kitchen: Built-in range; Built-in microwave; Electric oven/range (self-cleaning); Dishwasher; Stainless steel appliances
• Bedrooms: 3 bedrooms on the main level; Walk-in closet(s)
• Flooring: Engineered wood; Tile/brick (heated); Luxury vinyl plank; Carpet
• Bathrooms: 2 full bathrooms on the main level
• Heating & cooling: Heat pump(s); Forced air; Central air; Electric heating and cooling; Electric hot water; Circuit breaker electrical
• Interior features: Open floor plan; Formal dining room; Galley-style kitchen; Breakfast area; Skylights; Stall shower; Tub/shower combo; Vaulted ceilings; Sliding glass door
• Laundry & utility: Main floor laundry

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $369k.

Deal economics

• At list price, monthly cash flow is $437 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $353k (4.5% below list).
• Recommended offer: $353k (4.5% below list) — sets the bar for 1% rule.
• Cap rate 7.7% vs local median 2.7% in Richboro — 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.

Location & tenants

• Location reads 75/100 on livability (#459 in PA, #4,183 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, cost of living F.
• Central Bucks SD (suburban): math 55% / reading 71% proficiency, ranked #37 of 539 in PA (top 7%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 7% free/reduced lunch — higher-income household profile.
• Zoned schools: Central Bucks Hs-East (math 93%, 1,365 students, 7% FRL) — zoned schools at 7% FRL track the district average.
• Market conditions: 125 active listings in the ZIP; high-income renter base; 663 units permitted in Bucks County in 2024 (106 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• Bucks County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 27y ago; this cycle's ask has dropped $26k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: major flood risk; 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.

Recommended offer $352,536 (4.5% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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.
4. 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.
5. 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.

Investment metrics

• 1% rule: 0.96% ✗
• Cap rate: 7.71%
• Cash-on-cash: 5.07%
• DSCR: 1.23
• GRM: 8.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -8.4%
• Equity multiple: 0.69×
• Total profit: $-32,042
• Equity at exit: $55,019

10-year hold

• IRR: 1.0%
• Equity multiple: 1.07×
• Total profit: $7,637
• Equity at exit: $31,904

Cash invested: $103,320 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 62 Landlord-Friendly
• State Pennsylvania: 62 Landlord-Friendly · EVEN
• County: — inherits STATE
• City: — inherits STATE

10-day notice; Philadelphia has eviction-court diversion + some protections; otherwise moderate.

Methodology + full state rankings →

ZIP-level market 18938

• Home prices YoY: -31.6%
• Active inventory: 125
• Price-to-rent: 8.7×

Monthly cashflow live

• Estimated rent: $3,525 medium
• Mortgage (P&I): −$1,935
• Tax from tax record: −$259 /mo · $3,112/yr
• Insurance: −$154
• HOA: −$0
• Vacancy / Maint / Mgmt: −$740
• Net cashflow: $437

Break-even live

Break-even rent $2,972

Max offer price $369,000

Occupancy floor 83%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $92,250
• Closing costs: $11,070
• Reserves months: —
• Total cash needed: —

Listing history 28 events

1. 2026-06-07
   status $369,000 Pending 6 DOM
2. 2026-06-04
   days on market $369,000 Active 6 DOM
3. 2026-06-03
   days on market $369,000 Active 5 DOM
4. 2026-06-02
   days on market $369,000 Active 4 DOM
5. 2026-06-01
   days on market $369,000 Active 3 DOM
6. 2026-05-31
   days on market $369,000 Active 2 DOM
7. 2026-05-27
   historical $369,000
8. 2023-06-28
   soldstatus $350,000 Closed 1432-char remark

   Show marketing remark (1432 chars)

   This rarely offered 3 bedroom Williamsburg model has so many special features, with top of the line renovations, you have got to see it to believe it. Located in 55+ Buckingham Springs, enter the home from the Trex deck front porch to the foyer with large coat closet. Walk into the huge living room with open floor plan, vaulted ceilings and plantain shutters throughout. Opens to the breakfast room with beautiful built in cabinets for storage. The lovely galley kitchen has grey cabinets, upgraded lighting and all SS appliances and opens to the dining room. The formal dining room overlooks a large 4 season room with plenty of windows for light and sliding glass doors on the front and back. Down the center hall there is a laundry room with built in cabinets, two nice sized bedrooms with large closets and a completely remodeled full bathroom. At the end of the hall sits the Primary bedroom with large walk in closet and completely remodeled primary bath that must be seen to believe. Just remodeled and has a mirrored storage cabinet, shower stall with adjustable seat, beautiful vanity with high tech mirror and medicine cabinet. New Lennox HVAC, New 30 yr roof, new Amish built shed. The 4 season room overlooks the outside oasis with extensive beautiful hardscaping, landscaping and lighting to enjoy. Come take a look at this really special property that his been updated throughout, just bring your things and move in.

9. 2023-06-01
   status Pending 1432-char remark

   Show marketing remark (1432 chars)

   This rarely offered 3 bedroom Williamsburg model has so many special features, with top of the line renovations, you have got to see it to believe it. Located in 55+ Buckingham Springs, enter the home from the Trex deck front porch to the foyer with large coat closet. Walk into the huge living room with open floor plan, vaulted ceilings and plantain shutters throughout. Opens to the breakfast room with beautiful built in cabinets for storage. The lovely galley kitchen has grey cabinets, upgraded lighting and all SS appliances and opens to the dining room. The formal dining room overlooks a large 4 season room with plenty of windows for light and sliding glass doors on the front and back. Down the center hall there is a laundry room with built in cabinets, two nice sized bedrooms with large closets and a completely remodeled full bathroom. At the end of the hall sits the Primary bedroom with large walk in closet and completely remodeled primary bath that must be seen to believe. Just remodeled and has a mirrored storage cabinet, shower stall with adjustable seat, beautiful vanity with high tech mirror and medicine cabinet. New Lennox HVAC, New 30 yr roof, new Amish built shed. The 4 season room overlooks the outside oasis with extensive beautiful hardscaping, landscaping and lighting to enjoy. Come take a look at this really special property that his been updated throughout, just bring your things and move in.

10. 2023-05-07
    price $365,000 1432-char remark

    Show marketing remark (1432 chars)

    This rarely offered 3 bedroom Williamsburg model has so many special features, with top of the line renovations, you have got to see it to believe it. Located in 55+ Buckingham Springs, enter the home from the Trex deck front porch to the foyer with large coat closet. Walk into the huge living room with open floor plan, vaulted ceilings and plantain shutters throughout. Opens to the breakfast room with beautiful built in cabinets for storage. The lovely galley kitchen has grey cabinets, upgraded lighting and all SS appliances and opens to the dining room. The formal dining room overlooks a large 4 season room with plenty of windows for light and sliding glass doors on the front and back. Down the center hall there is a laundry room with built in cabinets, two nice sized bedrooms with large closets and a completely remodeled full bathroom. At the end of the hall sits the Primary bedroom with large walk in closet and completely remodeled primary bath that must be seen to believe. Just remodeled and has a mirrored storage cabinet, shower stall with adjustable seat, beautiful vanity with high tech mirror and medicine cabinet. New Lennox HVAC, New 30 yr roof, new Amish built shed. The 4 season room overlooks the outside oasis with extensive beautiful hardscaping, landscaping and lighting to enjoy. Come take a look at this really special property that his been updated throughout, just bring your things and move in.

11. 2023-04-12
    price $379,900 1432-char remark

    Show marketing remark (1432 chars)

    This rarely offered 3 bedroom Williamsburg model has so many special features, with top of the line renovations, you have got to see it to believe it. Located in 55+ Buckingham Springs, enter the home from the Trex deck front porch to the foyer with large coat closet. Walk into the huge living room with open floor plan, vaulted ceilings and plantain shutters throughout. Opens to the breakfast room with beautiful built in cabinets for storage. The lovely galley kitchen has grey cabinets, upgraded lighting and all SS appliances and opens to the dining room. The formal dining room overlooks a large 4 season room with plenty of windows for light and sliding glass doors on the front and back. Down the center hall there is a laundry room with built in cabinets, two nice sized bedrooms with large closets and a completely remodeled full bathroom. At the end of the hall sits the Primary bedroom with large walk in closet and completely remodeled primary bath that must be seen to believe. Just remodeled and has a mirrored storage cabinet, shower stall with adjustable seat, beautiful vanity with high tech mirror and medicine cabinet. New Lennox HVAC, New 30 yr roof, new Amish built shed. The 4 season room overlooks the outside oasis with extensive beautiful hardscaping, landscaping and lighting to enjoy. Come take a look at this really special property that his been updated throughout, just bring your things and move in.

12. 2023-03-17
    listed $395,000 Active 1432-char remark

    Show marketing remark (1432 chars)

    This rarely offered 3 bedroom Williamsburg model has so many special features, with top of the line renovations, you have got to see it to believe it. Located in 55+ Buckingham Springs, enter the home from the Trex deck front porch to the foyer with large coat closet. Walk into the huge living room with open floor plan, vaulted ceilings and plantain shutters throughout. Opens to the breakfast room with beautiful built in cabinets for storage. The lovely galley kitchen has grey cabinets, upgraded lighting and all SS appliances and opens to the dining room. The formal dining room overlooks a large 4 season room with plenty of windows for light and sliding glass doors on the front and back. Down the center hall there is a laundry room with built in cabinets, two nice sized bedrooms with large closets and a completely remodeled full bathroom. At the end of the hall sits the Primary bedroom with large walk in closet and completely remodeled primary bath that must be seen to believe. Just remodeled and has a mirrored storage cabinet, shower stall with adjustable seat, beautiful vanity with high tech mirror and medicine cabinet. New Lennox HVAC, New 30 yr roof, new Amish built shed. The 4 season room overlooks the outside oasis with extensive beautiful hardscaping, landscaping and lighting to enjoy. Come take a look at this really special property that his been updated throughout, just bring your things and move in.

13. 2021-03-17
    soldstatus $273,000 Closed 1106-char remark

    Show marketing remark (1106 chars)

    Welcome to the sought after Buckingham Springs over 55 community located in scenic Buckingham Township. This lovely charming ranch with maintenance free covered porch opens to foyer entry, coat closet and open floor plan with formal light and bright living room with vaulted ceiling and an abundance of windows. Formal dining room is large enough for all to enjoy for holiday and special gatherings adjoined by spacious family room with vaulted ceiling, access to front yard thru sliding glass door and sliding glass door to backyard patio area. The galley kitchen with plenty of countertop and cabinets adjoins morning room surrounded by windows, skylight and vaulted ceiling. Oversized master bedroom with walk-in closet and double door entry to master bath with double sink vanity, sunken tub and separate shower. This model features two additional bedrooms with hall bath tub/shower combo and spacious laundry room. This is a must-see home located in a wonderful community with pool, clubhouse and close access to major highways, Peddlers Village, Doylestown Boro and other areas of interest.

14. 2021-01-13
    status Pending 1106-char remark

    Show marketing remark (1106 chars)

    Welcome to the sought after Buckingham Springs over 55 community located in scenic Buckingham Township. This lovely charming ranch with maintenance free covered porch opens to foyer entry, coat closet and open floor plan with formal light and bright living room with vaulted ceiling and an abundance of windows. Formal dining room is large enough for all to enjoy for holiday and special gatherings adjoined by spacious family room with vaulted ceiling, access to front yard thru sliding glass door and sliding glass door to backyard patio area. The galley kitchen with plenty of countertop and cabinets adjoins morning room surrounded by windows, skylight and vaulted ceiling. Oversized master bedroom with walk-in closet and double door entry to master bath with double sink vanity, sunken tub and separate shower. This model features two additional bedrooms with hall bath tub/shower combo and spacious laundry room. This is a must-see home located in a wonderful community with pool, clubhouse and close access to major highways, Peddlers Village, Doylestown Boro and other areas of interest.

15. 2020-11-27
    listed $274,500 Active 1106-char remark

    Show marketing remark (1106 chars)

    Welcome to the sought after Buckingham Springs over 55 community located in scenic Buckingham Township. This lovely charming ranch with maintenance free covered porch opens to foyer entry, coat closet and open floor plan with formal light and bright living room with vaulted ceiling and an abundance of windows. Formal dining room is large enough for all to enjoy for holiday and special gatherings adjoined by spacious family room with vaulted ceiling, access to front yard thru sliding glass door and sliding glass door to backyard patio area. The galley kitchen with plenty of countertop and cabinets adjoins morning room surrounded by windows, skylight and vaulted ceiling. Oversized master bedroom with walk-in closet and double door entry to master bath with double sink vanity, sunken tub and separate shower. This model features two additional bedrooms with hall bath tub/shower combo and spacious laundry room. This is a must-see home located in a wonderful community with pool, clubhouse and close access to major highways, Peddlers Village, Doylestown Boro and other areas of interest.

16. 2020-07-29
    soldstatus $274,900 Closed
17. 2020-06-25
    status Pending
18. 2020-06-22
    listed $274,900 Active
19. 2013-08-15
    soldstatus $152,000
20. 2013-08-15
    soldstatus $152,000 Sold
21. 2013-07-26
    status Under Contract
22. 2013-07-22
    historical
23. 2013-05-28
    price $164,900
24. 2013-03-09
    price $175,900
25. 2013-01-12
    listed $164,900
26. 2013-01-12
    listed $189,900 Active
27. 1999-09-30
    historical
28. 1999-06-12
    listed $139,900

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast PA · Partial reset (capped growth)

• Current annual tax: $3,112 · $259/mo
• Projected year-2 tax: $4,471 · $373/mo
• Expected delta: +$1,359/yr (+$113/mo · 43.7%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 73% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥100°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $42,304
• − Mortgage interest: −$20,670
• − Property taxes: −$3,112
• − Insurance: −$1,845
• − Repairs & maintenance: −$3,384
• − Management: −$3,384
• − Depreciation: −$10,735
• Taxable loss: −$826
• Est. tax savings @ 24.0%: +$198
• After-tax cash flow: $5,440/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Central Bucks SD
• NCES district ID: 4205310
• Math proficiency: 55% ▼ -12.00%
• Reading proficiency: 71% ▼ -12.00%
• Median HH income: $97,513
• Composite: 58.05/100
• National rank: #1032
• State rank: #37 of 539 in PA

Livability — Richboro

• Score: 75/100
• State rank: #459
• US rank: #4183

Category grades

Amenities F Commute F Cost of living F Crime A+ Employment A+ Housing A+ Health & safety F User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Bucks County · 506,477 people
• City population: 10,864
• Metro: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
• Population (ZIP): 13,649
• Household income: $184,833
• Rent vs Own: 11.0% rent · 89.0% own
• Severe rent burden: 212.0

Population outlook (Bucks County) Hauer SSP2

• Today (2025): 630,973 people
• By 2030: 627,093 · -0.6%
• By 2040: 609,680 · -3.4%
• By 2050: 584,225 · -7.4%
• By 2075: 539,840 · -14.4%
• By 2100: 483,970 · -23.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (85%)
• Race & ethnicity: White 85% Two or more races 6% Asian 6% Hispanic / Latino 4%
• Common ancestry: Romanian 8% Italian 4% Scotch-Irish 3%
• Foreign-born: 10% · Canada, China, Dominican Republic
• Languages at home: 90% English-only · Other Indo-European 2% Spanish 1% Russian/Polish/Slavic 1%

Political lean MEDSL · Bucks

• 2024 margin: Toss-up / Even · D 49.5% · R 49.5%
• 2008→2024 swing: -8.7pp toward R · 2008: 8.7pp · 2024: -0.1pp
• All cycles: 2024: R+0.1 2020: D+4.4 2016: D+0.6 2012: D+1.2 2008: D+8.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -133.64%
• Current HPI: 289.3189
• Rent YoY: —
• Metro: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
• State GDP YoY: ▲ 1.68%
• F500 in state: 34

Industry mix (Fortune 500 HQ in PA)

Industry	F500 HQs	Revenue
▸Healthcare	2	$309B
▸Insurance	2	$27B
▸Telecommunications / Media	1	$124B
▸Industrial Distribution	1	$22B
▸Financial Services	1	$20B
▸Chemicals / Materials	1	$18B

Price history

+163.8% since first listed

22 events — show timeline

• 2026-05-27 Coming Soon $369,000 BRIGHT MLS
• 2023-06-28 Sold (MLS) $350,000 BRIGHT MLS
• 2023-06-01 Pending — BRIGHT MLS
• 2023-05-07 Price Changed $365,000 BRIGHT MLS
• 2023-04-12 Price Changed $379,900 BRIGHT MLS
• 2023-03-17 Listed $395,000 BRIGHT MLS
• 2021-03-17 Sold (MLS) $273,000 BRIGHT MLS
• 2021-01-13 Pending — BRIGHT MLS
• 2020-11-27 Listed $274,500 BRIGHT MLS
• 2020-07-29 Sold (MLS) $274,900 BRIGHT MLS
• 2020-06-25 Pending — BRIGHT MLS
• 2020-06-22 Listed $274,900 BRIGHT MLS
• 2013-08-15 Sold (MLS) $152,000 TREND
• 2013-08-15 Sold (MLS) $152,000 BRIGHT MLS
• 2013-07-26 Pending — TREND
• 2013-07-22 Listing Removed — BRIGHT MLS
• 2013-05-28 Price Changed $164,900 TREND
• 2013-03-09 Price Changed $175,900 TREND
• 2013-01-12 Listed $189,900 TREND
• 2013-01-12 Listed $164,900 BRIGHT MLS
• 1999-09-30 Listing Removed — BRIGHT MLS
• 1999-06-12 Listed $139,900 BRIGHT MLS

Property tax history

+1.3%/yr

Latest (2026): $3,112 · +6.1% YoY. Source: county tax records.