931 Mapletown

Mapletown, PA 15338

$87,750C+

2 bd · 1.0 ba · 938 sqft · Built 1900 · Manufactured · Active · 195 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $939/mo
• Mortgage (P&I): −$460
• Tax + insurance: −$83
• HOA: −$0
• Vac / Maint / Mgmt: −$197
• Net cashflow: $199/mo
• Annual: $2,389/yr
• Cap rate: 9.02%
• Cash-on-cash: 9.72%
• DSCR: 1.43
• 1% rule: 1.07%
• Cash to close: $24,570

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $88k.
• At list price, monthly cash flow is $199 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($939 rent vs $88k).
• It's been on market 195 days — a 12% lower offer ($77k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $77k (12.0% below list) — sets the bar for market timing.
• In year one you build about $3k of equity ($606 loan paydown + $3k appreciation (3.0% local appreciation)).
• Location reads 52/100 on livability (#1,688 in PA) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+, crime A; Watch: schools F, amenities F, commute F.
• Southeastern Greene SD (rural): math 41% / reading 54% proficiency, ranked #237 of 539 in PA (top 44%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 7 active listings in the ZIP; 30 units permitted in Greene County in 2024 (0 in 5+ unit buildings).
• Greene County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 5 sale attempts since 9y ago; this cycle's ask has dropped $32k (27%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $67k; 31% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 10, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 195 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1900 — 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 F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.