304 W Penn St

Martinsburg, PA 16662

$67,900B-

3 bd · 2.0 ba · 1,300 sqft · Built 2004 · Manufactured · Active · 284 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,181/mo
• Mortgage (P&I): −$356
• Tax + insurance: −$93
• HOA: −$0
• Vac / Maint / Mgmt: −$248
• Net cashflow: $484/mo
• Annual: $5,807/yr
• Cap rate: 14.85%
• Cash-on-cash: 30.55%
• DSCR: 2.36
• 1% rule: 1.74%
• Cash to close: $19,012

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $68k.
• At list price, monthly cash flow is $484 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $68k).
• It's been on market 284 days — a 12% lower offer ($60k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $60k (12.0% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($469 loan paydown + $2k appreciation (2.9% local appreciation)).
• Location reads 73/100 on livability (#580 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.
• Spring Cove SD (town): math 31% / reading 51% proficiency, ranked #344 of 539 in PA (top 64%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 20 active listings in the ZIP; 99 units permitted in Blair County in 2024 (0 in 5+ unit buildings).
• Blair County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 3y ago; this cycle's ask has dropped $5k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (2.9% appreciation + 3.0% rent growth), your $19k cash investment doubles in ~3 years — after that, you're playing with house money.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 284 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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.