103 Florence Dr · Elizabethtown, PA 17022

$54,900

3 bd · 2.0 ba · 938 sqft · Manufactured public records · 4 Days on market

Built 1980 $59/sqft · 27% below area Est $75k · 27% under ↓ 4% since listing

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Why this score? — see what drove the A- 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.6/10.0
• Rent growth +4.1/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Step into this beautifully updated single wide home and feel the difference immediately. Fresh paint throughout creates a bright, clean canvas, while the abundance of windows floods the living spaces with natural light, making every room feel open and welcoming. The home features luxury vinyl plank flooring throughout, paired with brand-new lighting fixtures that add a modern touch. Stay comfortable year around with newer central natural gas heating unit and large window air conditioning unit. The roof, windows, and furnace were all upgraded by the previous owner, giving you peace of mind and lower maintenance for years to come. The updated kitchen is a highlight, perfect for eat in dining

Key facts

• Updated home
• Upgraded windows
• Upgraded roof

Tags

• UPDATED HOME
• ABUNDANCE OF WINDOWS
• LUXURY VINYL PLANK FLOORING
• NEW LIGHTING FIXTURES
• UPGRADED ROOF
• UPGRADED WINDOWS

Property features AI

Finance

• Other: Annual ground rent noted in income/expense
• Financial info: Ground rent $650 monthly; Ownership is ground rent

Exterior

• Parking: Driveway parking (crushed stone); Three driveway/parking spaces (total 3 spaces)
• Utilities: Community water; Community septic tank; Electric hot water
• Home design: Manufactured home (single wide); Young America make; Very good condition
• Construction: Metal siding; Metal roof; Structure not winterized; Other structures above and below grade
• Exterior features: Located in a park (Cedar Manor); Not in a federal flood zone; Ground rent exists (paid monthly)

Interior

• Bedrooms: Three bedrooms on the main level
• Flooring: Luxury vinyl plank
• Bathrooms: Two full bathrooms (both on the main level)
• Heating & cooling: Central heating; Natural gas heat; Window air conditioning units (electric)
• Interior features: Luxury vinyl plank flooring; Two or more access exits; No basement
• Laundry & utility: Main floor laundry

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $55k.

Deal economics

• At list price, monthly cash flow is $915 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $55k).
• Cap rate 27.7% vs local median 3.1% in Elizabethtown — 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 80/100 on livability (#201 in PA, #1,759 nationally) — a professional / high-income tenant draw. Strengths: crime A+, cost of living A+, housing A+; Watch: commute F.
• Lower Dauphin SD (suburban): math 45% / reading 59% proficiency, ranked #130 of 539 in PA (top 24%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 18% free/reduced lunch — higher-income household profile.
• Zoned schools: Lower Dauphin Hs (math 82%, 1,085 students, 22% FRL) — zoned schools at 22% FRL track the district average.
• Market conditions: Rents rising fast (+6.5%/yr); 202 active listings in the ZIP; solid renter incomes; 540 units permitted in Dauphin County in 2024 (194 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $380 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 6.5% rent growth), your $15k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: severe flood risk; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $54,900

Questions for the listing agent

1. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 3.01% ✓
• Cap rate: 27.74%
• Cash-on-cash: 76.59%
• DSCR: 4.41
• GRM: 2.8

CMA / ARV

• ARV (median comp): $74,728
• List price: $54,900
• Delta: -26.53%
• Verdict: UNDERPRICED
• Comps: 16 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 6.52% rent growth · sell at horizon

5-year hold

• IRR: 75.0%
• Equity multiple: 4.61×
• Total profit: $55,454
• Equity at exit: $8,186

10-year hold

• IRR: 79.8%
• Equity multiple: 10.77×
• Total profit: $150,195
• Equity at exit: $4,747

Cash invested: $15,372 (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 17022

• Home prices YoY: -29.0%
• Rents YoY: 6.5%
• Active inventory: 202
• Price-to-rent: 2.8×

Monthly cashflow live

• Estimated rent: $1,654 medium
• Mortgage (P&I): −$288
• Tax from tax record: −$15 /mo · $182/yr
• Insurance: −$23
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$347
• Net cashflow: $915

Break-even live

Break-even rent $497

Max offer price $54,900

Occupancy floor 40%

Sensitivity live

Price	-10% $946	-5% $930	+0% $915	+5% $899	+10% $884
Rent	-10% $784	-5% $849	+0% $915	+5% $980	+10% $1,045
Rate	-1.0pp $942	-0.5pp $929	base $915	+0.5pp $900	+1.0pp $886

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: $13,725
• Closing costs: $1,647
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-05-02
   status Pending 1439-char remark
2. 2026-04-28
   listed $54,900 Active 1439-char remark

ⓘ 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: $182 · $15/mo
• Projected year-2 tax: $525 · $44/mo
• Expected delta: +$343/yr (+$29/mo · 188.2%)

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

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone X (unshaded) · 99% 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 4/10 Moderate 10% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 3 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,853
• − Mortgage interest: −$3,075
• − Property taxes: −$182
• − Insurance: −$1,072
• − Repairs & maintenance: −$1,588
• − Management: −$1,588
• − Depreciation: −$1,597
• Taxable income: $10,750
• Est. tax owed @ 24.0%: −$2,580
• After-tax cash flow: $8,395/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: Lower Dauphin SD
• NCES district ID: 4214100
• Math proficiency: 45% ▼ -10.00%
• Reading proficiency: 59% ▼ -13.00%
• Median HH income: $67,760
• Composite: 46.09/100
• National rank: #2513
• State rank: #130 of 539 in PA

Livability — Elizabethtown

• Score: 80/100
• State rank: #201
• US rank: #1759

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Lancaster County · 390,309 people
• City population: 31,908
• Metro: Lancaster, PA
• Population (ZIP): 31,908
• Household income: $86,767
• Rent vs Own: 31.8% rent · 68.2% own
• Severe rent burden: 1404.0

Population outlook (Dauphin County) Hauer SSP2

• Today (2025): 281,628 people
• By 2030: 283,549 · +0.7%
• By 2040: 285,385 · +1.3%
• By 2050: 286,188 · +1.6%
• By 2075: 291,053 · +3.3%
• By 2100: 282,374 · +0.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Hispanic / Latino 6% Two or more races 4% Black 1% Asian 1%
• Hispanic origin (detail): Mexican 1% Puerto Rican 2%
• Common ancestry: Romanian 4% Lithuanian 2% Slovak 2%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 2% Other Asian/Pacific 1%

Political lean MEDSL · Dauphin

• 2024 margin: Lean D (+5.9) · D 52.4% · R 46.5% · Other 1.1%
• 2008→2024 swing: -3.1pp toward R · 2008: 9.1pp · 2024: 5.9pp
• All cycles: 2024: D+5.9 2020: D+8.5 2016: D+2.8 2012: D+6.0 2008: D+9.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -108.73%
• Current HPI: 266.3184
• Rent YoY: ▲ 6.52%
• Metro: Lancaster, PA
• 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

-4.4% since first listed

3 events — show timeline

• 2026-06-17 Sold (MLS) $52,500 BRIGHT MLS
• 2026-05-02 Pending — BRIGHT MLS
• 2026-04-28 Listed $54,900 BRIGHT MLS

Property tax history

+1.4%/yr

Latest (2026): $182 · +5.2% YoY. Source: county tax records.