160 N West St

Carlisle, PA 17013

$465,000C+

40 bd · 22.5 ba · 3,485 sqft · Built 1776 · MultiFamily · Pending · 15 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $6,522/mo
• Mortgage (P&I): −$2,439
• Tax + insurance: −$775
• HOA: −$0
• Vac / Maint / Mgmt: −$1,370
• Net cashflow: $1,939/mo
• Annual: $23,266/yr
• Cap rate: 11.30%
• Cash-on-cash: 17.87%
• DSCR: 1.80
• 1% rule: 1.40%
• Cash to close: $130,200

Investor read

• This is a 5 × 1-bed/1-bath units multifamily listed at $465k. Condition is rated fair.
• At list price, monthly cash flow is $2k ($23k/yr) — positive. Per door: $388/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $465k).
• It's been on market 15 days — a 2% lower offer ($458k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $458k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $14k of value loss. Plan a longer hold.
• Location reads 78/100 on livability (#297 in PA, #2,632 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment C-, amenities D, commute F.
• Carlisle Area SD (urban): math 33% / reading 55% proficiency, ranked #277 of 539 in PA (top 51%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Carlisle Area Hs (math 70% / reading 75%, grade B+, #37 of 437 statewide, top 8%, 1,578 students, 39% FRL).
• Zoned-school proficiency averages 72% at this address vs 44% district-wide (+28 pts) — the actual schools serving this property are materially stronger than the Carlisle Area SD average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: built in 1776 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+2.5%/yr); 308 active listings in the ZIP; 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.
• At projected returns (-3.0% appreciation + 2.5% rent growth), your $130k cash investment doubles in ~7 years — after that, you're playing with house money.
• Cap rate 11.3% vs local median 3.6% in Carlisle — 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.
• At $6,522/mo this rent would consume 110% of the median local household income ($71k/yr) (locally 1444% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1776 — 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 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.

Repairs flagged (vision-AI assessment)

• Minor: kitchen countertops — Cluttered items on countertops suggest minor cleaning and organization needed.
• Minor: bathroom countertops — Cluttered items on countertops suggest minor cleaning and organization needed.
• Minor: landscaping — Overgrown areas suggest minor landscaping and maintenance needed.