23 Cherokee Dr · McKean, PA 16426

$24,900

2 bd · 1.0 ba · 924 sqft · Manufactured public records · 35 Days on market

Built 1995 $27/sqft · 51% below area $571/mo HOA · 44% of rent ↓ 16% since listing

---

Why this score? — see what drove the D+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Schools +5.0/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Affordable living in Countryside moblle home park and General McLane school district! In good condition and upgrades of a new furnace in 2020, central air 2021, and hot water tank in 2023. The roof is approximately 8 years old. For outdoor enjoyment is a small patio and a nice side yard. The park also features a great play area with a playground, basketball court, picnic area and offers a fenced in RV storage area. Park approval required. Please only preapproved buyers! Property presently occupied & appointment times flexible depending on seller's schedule.

Key facts

• Hot water tank
• New furnace
• Small patio

Tags

• GENERAL MCLANE SCHOOL DISTRICT
• NEW FURNACE
• CENTRAL AIR
• HOT WATER TANK
• SMALL PATIO
• FENCED IN RV STORAGE AREA

Property features AI

Finance

• HOA & community: Homeowners association with a monthly fee of $571

Exterior

• Parking: 2 parking spaces
• Utilities: Public sewer
• Home design: Single family residence; Residential property; Paved road access; Zoned R-1
• Construction: Vinyl siding; Metal roof
• Exterior features: Shed(s)

Interior

• Kitchen: Electric oven; Electric range; Refrigerator
• Bedrooms: Total of 5 rooms (includes bedrooms and living spaces)
• Flooring: Carpet; Laminate
• Bathrooms: 1 full bathroom
• Heating & cooling: Central air conditioning; Forced air heating
• Interior features: Storage; No basement
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $25k.

Deal economics

• At list price, monthly cash flow is $295 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $25k).
• Recommended offer: $24k (3.0% below list) — sets the bar for market timing.
• Cap rate 20.5% vs local median 1.7% in McKean — 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.

Location & tenants

• Location reads 71/100 on livability (#731 in PA) — a middle-class / working-renter tenant base. Strengths: schools A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety D-.
• General Mclane SD (rural): math 50% / reading 66% proficiency, ranked #85 of 539 in PA (top 16%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 17 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 364 units permitted in Erie County in 2024 (188 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $172 of loan paydown is wiped out by about $747 of value loss. Plan a longer hold.
• Erie County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $7k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 35 days — a 3% lower offer ($24k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 44% of rent.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $24,153 (3.0% below list)

Questions for the listing agent

1. It's been on market 35 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
6. 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.
7. 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.
8. 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.

Investment metrics

• 1% rule: 5.24% ✓
• Cap rate: 20.51%
• Cash-on-cash: 50.79%
• DSCR: 3.26
• GRM: 1.6

CMA / ARV

• ARV (median comp): $53,998
• List price: $24,900
• Delta: -53.89%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 49.3%
• Equity multiple: 3.17×
• Total profit: $15,125
• Equity at exit: $3,713

10-year hold

• IRR: 55.0%
• Equity multiple: 6.57×
• Total profit: $38,856
• Equity at exit: $2,153

Cash invested: $6,972 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 62 Landlord-Friendly
• State Pennsylvania: 62 Landlord-Friendly · EVEN
• County: — inherits STATE
• City: — inherits STATE

10-day notice; Philadelphia has eviction-court diversion + some protections; otherwise moderate.

Methodology + full state rankings →

ZIP-level market 16426

• Active inventory: 17
• Price-to-rent: 1.6×

Monthly cashflow live

• Estimated rent: $1,304 medium
• Mortgage (P&I): −$131
• Tax from tax record: −$23 /mo · $277/yr
• Insurance: −$10
• HOA: −$571
• Vacancy / Maint / Mgmt: −$274
• Net cashflow: $295

Break-even live

Break-even rent $930

Max offer price $24,900

Occupancy floor 72%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $6,225
• Closing costs: $747
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2 Sharon Dr Mc Kean, PA	3.0	2.0	1316	$1,304	$0.99	43d	1	0.12mi

HOA detail

• Monthly dues: $571 · $6,852/yr
• Likely covers: water

Listing history 6 events

1. 2026-06-02
   status $24,900 Pending 35 DOM
2. 2026-06-01
   days on market $24,900 Active 35 DOM
3. 2026-05-31
   days on market $24,900 Active 34 DOM
4. 2026-05-30
   days on market $24,900 Active 33 DOM
5. 2026-05-05
   price $24,900 569-char remark
6. 2026-04-27
   listed $29,800 Active 569-char remark

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast PA · Partial reset (capped growth)

• Current annual tax: $277 · $23/mo
• Projected year-2 tax: $335 · $28/mo
• Expected delta: +$58/yr (+$5/mo · 20.9%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 24% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥89°F today · 18 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,648
• − Mortgage interest: −$1,395
• − Property taxes: −$277
• − Insurance: −$124
• − Repairs & maintenance: −$1,252
• − Management: −$1,252
• − HOA: −$6,852
• − Depreciation: −$724
• Taxable income: $3,771
• Est. tax owed @ 24.0%: −$905
• After-tax cash flow: $2,636/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: General Mclane SD
• NCES district ID: 4210650
• Math proficiency: 50% ▼ -11.00%
• Reading proficiency: 66% ▼ -5.00%
• Median HH income: $53,384
• Composite: 49.68/100
• National rank: #1971
• State rank: #85 of 539 in PA

Livability — McKean

• Score: 71/100
• State rank: #731
• US rank: #7299

Category grades

Amenities F Commute F Cost of living A+ Crime B- Employment C+ Housing A+ Health & safety D- User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 3,324

Population outlook (Erie County) Hauer SSP2

• Today (2025): 272,159 people
• By 2030: 266,299 · -2.2%
• By 2040: 250,987 · -7.8%
• By 2050: 234,925 · -13.7%
• By 2075: 199,164 · -26.8%
• By 2100: 162,985 · -40.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (97%)
• Race & ethnicity: White 97% Two or more races 3%
• Common ancestry: Romanian 15% Serbian 3% Lithuanian 1%
• Foreign-born: 1% · Canada

Political lean MEDSL · Erie

• 2024 margin: Toss-up / Even · D 49.0% · R 50.0%
• 2008→2024 swing: -20.9pp toward R · 2008: 19.9pp · 2024: -1.0pp
• All cycles: 2024: R+1.0 2020: D+1.0 2016: R+2.0 2012: D+16.9 2008: D+19.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -132.32%
• Current HPI: 244.3439
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 1.68%
• F500 in state: 34

Industry mix (Fortune 500 HQ in PA)

Industry	F500 HQs	Revenue
▸Healthcare	2	$309B
▸Insurance	2	$27B
▸Telecommunications / Media	1	$124B
▸Industrial Distribution	1	$22B
▸Financial Services	1	$20B
▸Chemicals / Materials	1	$18B

Price history

-16.4% since first listed

4 events — show timeline

• 2026-06-05 Sold (MLS) $24,900 GEBOR
• 2026-06-02 Pending — GEBOR
• 2026-05-05 Price Changed $24,900 GEBOR
• 2026-04-27 Listed $29,800 GEBOR

Property tax history

+2.9%/yr

Latest (2026): $277 · +5.0% YoY. Source: county tax records.