369 Boyd St

Cornwall, PA 17042

$200,000D-

3 bd · 1.0 ba · 1,160 sqft · Built 1890 · Townhouse · Pending · 5 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,800/mo
• Mortgage (P&I): −$1,049
• Tax + insurance: −$301
• HOA: −$0
• Vac / Maint / Mgmt: −$378
• Net cashflow: $72/mo
• Annual: $869/yr
• Cap rate: 6.73%
• Cash-on-cash: 1.55%
• DSCR: 1.07
• 1% rule: 0.90%
• Cash to close: $56,000

Investor read

• This is a 3-bed/1.0-bath townhouse listed at $200k.
• At list price, monthly cash flow is $72 ($869/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $180k (10.0% below list).
• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $180k (10.0% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 70/100 on livability (#740 in PA) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Cornwall-Lebanon SD (suburban): math 37% / reading 56% proficiency, ranked #219 of 539 in PA (top 41%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Cornwall El Sch (math 46% / reading 70%, grade C+, #430 of 1,518 statewide, top 29%, 534 students, 33% FRL); Cedar Crest Ms (math 24% / reading 59%, grade F, #234 of 512 statewide, top 47%, 1,302 students, 44% FRL); Cedar Crest Hs (math 77% / reading 34%, grade C, #93 of 437 statewide, top 22%, 1,633 students, 34% FRL).
• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+3.5%/yr); 267 active listings in the ZIP; 315 units permitted in Lebanon County in 2024 (36 in 5+ unit buildings).
• Lebanon County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 6 sale attempts since 12y 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 $146k; 37% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• 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.
• Cap rate 6.7% vs local median 0.9% in Cornwall — 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

• Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.