642 Milnor Rd

State Line, PA 17225

$350,000D

4 bd · 2.0 ba · 2,450 sqft · Built 2004 · Other · Pending · 361 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,900/mo
• Mortgage (P&I): −$1,835
• Tax + insurance: −$473
• HOA: −$0
• Vac / Maint / Mgmt: −$609
• Net cashflow: $-17/mo
• Annual: $-209/yr
• Cap rate: 6.23%
• Cash-on-cash: -0.21%
• DSCR: 0.99
• 1% rule: 0.83%
• Cash to close: $98,000

Investor read

• This is a 4-bed/2.0-bath other listed at $350k.
• At list price, monthly cash flow is $-17 ($-209/yr) — negative.
• To cash-flow at today's rent, offer at most $347k (0.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $290k (17.1% below list).
• It's been on market 361 days — a 12% lower offer ($308k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $290k (17.1% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Location reads 64/100 on livability (#1,231 in PA) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, employment B+; Watch: amenities F, commute F, health & safety F.
• Greencastle-Antrim SD (suburban): math 43% / reading 65% proficiency, ranked #118 of 539 in PA (top 22%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Greencastle-Antrim El Sch (math 45% / reading 63%, grade C, #557 of 1,518 statewide, top 37%, 680 students, 40% FRL); Greencastle-Antrim Ms (math 32% / reading 67%, grade C, #137 of 512 statewide, top 27%, 689 students, 37% FRL); Greencastle-Antrim Shs (math 74% / reading 24%, grade D, #149 of 437 statewide, top 34%, 1,047 students, 32% FRL).
• Market conditions: 126 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 633 units permitted in Franklin County in 2024 (112 in 5+ unit buildings).
• 2 sale attempts since 3y ago; this cycle's ask has dropped $150k (30%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• 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.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 361 days. Have you received any prior offers? Is the seller open to a 17% 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 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?
• 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.