22 S Main St

Dover, PA 17315

$140,000B

5 bd · 1.5 ba · 1,540 sqft · Built 1900 · SingleFamily · Pending · 3 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,783/mo
• Mortgage (P&I): −$734
• Tax + insurance: −$271
• HOA: −$0
• Vac / Maint / Mgmt: −$374
• Net cashflow: $403/mo
• Annual: $4,836/yr
• Cap rate: 9.75%
• Cash-on-cash: 12.34%
• DSCR: 1.55
• 1% rule: 1.27%
• Cash to close: $39,200

Investor read

• This is a 5-bed/1.5-bath single-family listed at $140k.
• At list price, monthly cash flow is $403 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $968 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 71/100 on livability (#680 in PA) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Dover Area SD (suburban): math 39% / reading 54% proficiency, ranked #232 of 539 in PA (top 43%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Dover Area El Sch (math 42% / reading 57%, grade D, #654 of 1,518 statewide, top 47%, 361 students, 50% FRL); Dover Area Ms (math 27% / reading 56%, grade F, #234 of 512 statewide, top 47%, 803 students, 53% FRL); Dover Area Hs (math 72% / reading 15%, grade F, #213 of 437 statewide, top 49%, 1,016 students, 49% FRL) — zoned schools average 51% FRL vs 30% district-wide (21 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 176 active listings in the ZIP; 1,328 units permitted in York County in 2024 (338 in 5+ unit buildings).
• 3 sale attempts since 23y ago; this cycle's ask is 15% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $39k 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.

Questions for listing agent

• Built in 1900 — 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.
• Schools are B-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.
• 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.