76 Canal St

Homer City, PA 15748

$59,900B+

4 bd · 2.0 ba · 2,060 sqft · Built 1970 · Manufactured · Active · 150 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,397/mo
• Mortgage (P&I): −$314
• Tax + insurance: −$144
• HOA: −$0
• Vac / Maint / Mgmt: −$293
• Net cashflow: $646/mo
• Annual: $7,752/yr
• Cap rate: 19.23%
• Cash-on-cash: 46.22%
• DSCR: 3.06
• 1% rule: 2.33%
• Cash to close: $16,772

Investor read

• This is a 4-bed/2.0-bath manufactured listed at $60k.
• At list price, monthly cash flow is $646 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $60k).
• It's been on market 150 days — a 12% lower offer ($53k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $53k (12.0% below list) — sets the bar for market timing.
• In year one you build about $1k of equity ($414 loan paydown + $797 appreciation (1.3% local appreciation)).
• Location reads 68/100 on livability (#876 in PA) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, employment F.
• Homer-Center SD (town): math 40% / reading 59% proficiency, ranked #201 of 539 in PA (top 37%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Homer-Center El Sch (math 37% / reading 53%, grade D-, #809 of 1,518 statewide, top 54%, 381 students, 56% FRL); Homer-Center Jshs (math 43% / reading 67%, grade C, #97 of 437 statewide, top 22%, 383 students, 29% FRL).
• Market conditions: 11 active listings in the ZIP; 44 units permitted in Indiana County in 2024 (0 in 5+ unit buildings).
• Indiana County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (1.3% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~2 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 150 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.