62 Ridgedale Ave

Providence, PA 17560

$59,900B-

3 bd · 2.0 ba · 1,456 sqft · Built 2005 · Manufactured · Active · 26 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,569/mo
• Mortgage (P&I): −$314
• Tax + insurance: −$92
• HOA: −$561
• Vac / Maint / Mgmt: −$330
• Net cashflow: $273/mo
• Annual: $3,271/yr
• Cap rate: 11.75%
• Cash-on-cash: 19.50%
• DSCR: 1.87
• 1% rule: 2.62%
• Cash to close: $16,772

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $60k.
• At list price, monthly cash flow is $273 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $60k).
• It's been on market 26 days — a 2% lower offer ($59k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $59k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $414 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Solanco SD (rural): math 31% / reading 57% proficiency, ranked #272 of 539 in PA (top 50%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Solanco Hs (math 57% / reading 24%, grade F, #255 of 437 statewide, top 60%, 1,081 students, 35% FRL) — zoned schools at 35% FRL track the district average.
• Watch-outs: HOA is 36% of rent.
• Market conditions: 25 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 1,093 units permitted in Lancaster County in 2024 (201 in 5+ unit buildings).
• Lancaster County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 3 sale attempts since 17y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $30k; list at $60k implies a 103% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~7 years — after that, you're playing with house money.
• Climate carrying-cost: extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.