1710 Painters Xing #1710

Dilworthtown, PA 19317

$222,500C+

3 bd · 2.0 ba · 1,138 sqft · Built 1972 · Condo · Pending · 62 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,916/mo
• Mortgage (P&I): −$1,167
• Tax + insurance: −$256
• HOA: −$625
• Vac / Maint / Mgmt: −$612
• Net cashflow: $256/mo
• Annual: $3,070/yr
• Cap rate: 8.03%
• Cash-on-cash: 6.21%
• DSCR: 1.28
• 1% rule: 1.31%
• Cash to close: $62,300

Investor read

• This is a 3-bed/2.0-bath condo listed at $222k.
• At list price, monthly cash flow is $256 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $222k).
• It's been on market 62 days — a 6% lower offer ($209k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $209k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Unionville-Chadds Ford SD (suburban): math 69% / reading 85% proficiency, ranked #4 of 539 in PA (top 1%) — strong family-tenant draw, lease renewals of 3-5y typical; only 3% free/reduced lunch — higher-income household profile.
• Zoned schools: Charles F Patton Ms (math 54% / reading 83%, grade A, #13 of 512 statewide, top 3%, 915 students, 7% FRL); Unionville Hs (math 93%, 1,306 students, 5% FRL) — zoned schools at 6% FRL track the district average.
• Watch-outs: flood insurance adds $66/mo; HOA is 21% of rent.
• Market conditions: 69 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 299 units permitted in Delaware County in 2024 (5 in 5+ unit buildings).
• 7 sale attempts since 32y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $159k; 40% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Climate carrying-cost: severe flood risk; 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.
• Cap rate 8.0% vs local median 1.7% in Dilworthtown — 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 62 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• 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.