232 Hilltop Rd

York Springs, PA 17324

$110,000D+

2 bd · 1.0 ba · 1,792 sqft · Built 2023 · Manufactured · Pending · 120 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,078/mo
• Mortgage (P&I): −$577
• Tax + insurance: −$183
• HOA: −$0
• Vac / Maint / Mgmt: −$226
• Net cashflow: $92/mo
• Annual: $1,099/yr
• Cap rate: 7.29%
• Cash-on-cash: 3.57%
• DSCR: 1.16
• 1% rule: 0.98%
• Cash to close: $30,800

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $110k.
• At list price, monthly cash flow is $92 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $108k (2.0% below list).
• It's been on market 120 days — a 9% lower offer ($100k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $100k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $761 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 74/100 on livability (#513 in PA, #4,725 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D+, amenities F, commute F.
• Bermudian Springs SD (rural): math 36% / reading 55% proficiency, ranked #238 of 539 in PA (top 44%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Bermudian Springs El Sch (math 36% / reading 50%, grade F, #873 of 1,518 statewide, top 58%, 612 students, 42% FRL); Bermudian Springs Ms (math 24% / reading 49%, grade F, #307 of 512 statewide, top 61%, 548 students, 38% FRL); Bermudian Springs Hs (math 77% / reading 98%, grade A, #6 of 437 statewide, top 1%, 591 students, 29% FRL).
• Market conditions: 12 active listings in the ZIP; 403 units permitted in Adams County in 2024 (0 in 5+ unit buildings).
• Adams County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 6 sale attempts since 12y ago; this cycle's ask has dropped $25k (19%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Questions for listing agent

• It's been on market 120 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• 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.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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?
• 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.