278 Greenbriar Rd

Spring, PA 17024

$175,000D

3 bd · 2.0 ba · 2,244 sqft · Built 1997 · Manufactured · Coming Soon · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,474/mo
• Mortgage (P&I): −$918
• Tax + insurance: −$379
• HOA: −$0
• Vac / Maint / Mgmt: −$310
• Net cashflow: $-132/mo
• Annual: $-1,588/yr
• Cap rate: 5.39%
• Cash-on-cash: -3.24%
• DSCR: 0.86
• 1% rule: 0.84%
• Cash to close: $49,000

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $175k.
• At list price, monthly cash flow is $-132 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $152k (13.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $147k (15.8% below list).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $147k (15.8% below list) — sets the bar for 1% rule.
• In year one you build about $5k of equity ($1k loan paydown + $3k appreciation (1.9% local appreciation)).
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• West Perry SD (rural): math 37% / reading 60% proficiency, ranked #189 of 539 in PA (top 35%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: West Perry Ms (math 23% / reading 61%, grade D-, #221 of 512 statewide, top 45%, 496 students, 52% FRL); West Perry Shs (math 72% / reading 87%, grade A-, #19 of 437 statewide, top 4%, 686 students, 38% FRL).
• Zoned-school proficiency averages 61% at this address vs 48% district-wide (+12 pts) — the actual schools serving this property are materially stronger than the West Perry SD average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 5 active listings in the ZIP; 107 units permitted in Perry County in 2024 (0 in 5+ unit buildings).
• Perry County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $24k; list at $175k implies a 617% gain — meaningful room to come down on a strong offer.
• By year 8, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.