3815 Draper Pl

Lawrence Park, PA 16511

$87,999B-

2 bd · 1.0 ba · 988 sqft · Built 1930 · SingleFamily · Active · 2 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,123/mo
• Mortgage (P&I): −$461
• Tax + insurance: −$276
• HOA: −$0
• Vac / Maint / Mgmt: −$236
• Net cashflow: $150/mo
• Annual: $1,799/yr
• Cap rate: 8.34%
• Cash-on-cash: 7.30%
• DSCR: 1.32
• 1% rule: 1.28%
• Cash to close: $24,640

Investor read

• This is a 2-bed/1.0-bath single-family listed at $88k.
• At list price, monthly cash flow is $150 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $88k).
• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $608 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 84/100 on livability (#85 in PA, #632 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+.
• Iroquois SD (suburban): math 39% / reading 55% proficiency, ranked #236 of 539 in PA (top 44%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: property tax is 3.3% of price; built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 48 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 364 units permitted in Erie County in 2024 (188 in 5+ unit buildings).
• Erie County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts 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 $48k; list at $88k implies a 85% gain — meaningful room to come down on a strong offer.

Questions for listing agent

• Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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.