11682 Route 97 N #162

Waterford, PA 16441

$57,500B

3 bd · 2.0 ba · 1,216 sqft · Built 1997 · SingleFamily · Active · 12 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,524/mo
• Mortgage (P&I): −$302
• Tax + insurance: −$96
• HOA: −$435
• Vac / Maint / Mgmt: −$320
• Net cashflow: $372/mo
• Annual: $4,462/yr
• Cap rate: 14.05%
• Cash-on-cash: 27.71%
• DSCR: 2.23
• 1% rule: 2.65%
• Cash to close: $16,100

Investor read

• This is a 3-bed/2.0-bath single-family listed at $58k. Condition is rated good.
• At list price, monthly cash flow is $372 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $58k).
• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $398 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 85/100 on livability (#79 in PA, #576 nationally) — a professional / high-income tenant draw. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute D-.
• Fort Leboeuf SD (rural): math 52% / reading 68% proficiency, ranked #77 of 539 in PA (top 14%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: HOA is 29% of rent.
• Market conditions: 40 active listings in the ZIP; 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.
• 3 sale attempts since 11y 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 $625; list at $58k implies a 9100% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $16k cash investment doubles in ~5 years — after that, you're playing with house money.

Questions for listing agent

• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-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.
• 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.