103 Florence Dr

Elizabethtown, PA 17022

$54,900A-

3 bd · 2.0 ba · 938 sqft · Built 1980 · Manufactured · Pending · 4 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,654/mo
• Mortgage (P&I): −$288
• Tax + insurance: −$105
• HOA: −$0
• Vac / Maint / Mgmt: −$347
• Net cashflow: $915/mo
• Annual: $10,975/yr
• Cap rate: 27.74%
• Cash-on-cash: 76.59%
• DSCR: 4.41
• 1% rule: 3.01%
• Cash to close: $15,372

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $55k.
• 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).
• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 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.
• 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.
• Watch-outs: flood insurance adds $66/mo.
• 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).
• 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.
• 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.
• 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.

Questions for listing agent

• 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.
• 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?
• 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.