3509 Cannon Dr

Falls, PA 19067

$99,900C+

2 bd · 2.0 ba · 1,000 sqft · Built 2005 · Manufactured · Active · 88 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,141/mo
• Mortgage (P&I): −$524
• Tax + insurance: −$149
• HOA: −$951
• Vac / Maint / Mgmt: −$450
• Net cashflow: $68/mo
• Annual: $811/yr
• Cap rate: 7.11%
• Cash-on-cash: 2.90%
• DSCR: 1.13
• 1% rule: 2.14%
• Cash to close: $27,972

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $100k.
• At list price, monthly cash flow is $68 ($811/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $100k).
• It's been on market 88 days — a 6% lower offer ($94k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $94k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $691 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Pennsbury SD (suburban): math 46% / reading 69% proficiency, ranked #67 of 539 in PA (top 12%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 15% free/reduced lunch — higher-income household profile.
• Watch-outs: HOA is 44% of rent.
• Market conditions: Rents rising (+3.1%/yr); 168 active listings in the ZIP; high-income renter base; 663 units permitted in Bucks County in 2024 (106 in 5+ unit buildings).
• Bucks County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 4 sale attempts since 12y ago; this cycle's ask has dropped $15k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $22k; list at $100k implies a 354% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 88 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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.