198 Shippensburg Mobile Est

Shippensburg, PA 17257

$35,000B-

2 bd · 2.0 ba · 924 sqft · Built 1993 · Manufactured · Active · 249 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,147/mo
• Mortgage (P&I): −$184
• Tax + insurance: −$44
• HOA: −$0
• Vac / Maint / Mgmt: −$241
• Net cashflow: $678/mo
• Annual: $8,142/yr
• Cap rate: 29.56%
• Cash-on-cash: 83.08%
• DSCR: 4.70
• 1% rule: 3.28%
• Cash to close: $9,800

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $35k.
• At list price, monthly cash flow is $678 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $35k).
• It's been on market 249 days — a 12% lower offer ($31k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $31k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $242 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Location reads 70/100 on livability (#741 in PA) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, health & safety A; Watch: employment D+, amenities F, commute F.
• Shippensburg Area SD (town): math 31% / reading 52% proficiency, ranked #335 of 539 in PA (top 62%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: James Burd El Sch (math 37% / reading 57%, grade D-, #737 of 1,518 statewide, top 52%, 502 students, 57% FRL); Shippensburg Area Ms (math 17% / reading 49%, grade F, #346 of 512 statewide, top 69%, 786 students, 55% FRL); Shippensburg Area Shs (math 71% / reading 30%, grade D+, #131 of 437 statewide, top 30%, 1,138 students, 46% FRL) — zoned schools average 53% FRL vs 30% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 162 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); 1,052 units permitted in Cumberland County in 2024 (310 in 5+ unit buildings).
• Cumberland County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 4 sale attempts since 4y ago; this cycle's ask has dropped $8k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $28k; 25% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $10k cash investment doubles in ~2 years — after that, you're playing with house money.
• Climate carrying-cost: extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 29.6% vs local median 2.8% in Shippensburg — 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

• It's been on market 249 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.
• 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.