723 Sherry Ln · Lancaster, PA 17601

$132,500

3 bd · 2.0 ba · 1,344 sqft · Manufactured public records · 52 Days on market

Built 2011 $99/sqft · 12% below area Est $151k · 12% under

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Why this score? — see what drove the B+ 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 +30.0/30.0
• ARV discount +12.9/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.4/10.0
• Livability +4.2/5.0
• Rent growth +3.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Well maintained 3 bedroom, 2 bath doublewide home offering 1,344 sq ft in the Villages at Greenfield. Brand new carpet installed throughout the living room and all bedrooms. Built in 2011, the home features an open floor plan with a spacious living room that flows into the kitchen and dining area. The kitchen includes oak cabinetry, a center island, gas cooking, a pantry, and a newer Frigidaire refrigerator. The primary suite is set on one side of the home for added privacy, with a walk-in closet and a full bath with extra large tub shower. Two additional bedrooms are located on the opposite end and share a second full bath. Additional features include central air, efficient natural gas heat, double-pane vinyl windows, and a shed for extra storage. The community borders Greenfield Park and is less than a mile from Route 30, Costco, Sheetz, Starbucks, and countless restaurants. Lot rent is $505/month and includes trash, snow removal, and 2 parking spaces. Option for more parking at additional cost. Sewer is $95 per quarter. Schedule your private showing today!

Key facts

• 2 parking spots
• Built 2011
• Listed 52 days

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $132k.

Deal economics

• At list price, monthly cash flow is $808 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $132k).
• Recommended offer: $129k (3.0% below list) — sets the bar for market timing.
• Cap rate 13.6% vs local median 4.0% in Lancaster — 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 85/100 on livability (#71 in PA, #498 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: crime C-, employment C-.
• Conestoga Valley SD (suburban): math 43% / reading 59% proficiency, ranked #156 of 539 in PA (top 29%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Fritz El Sch (math 30% / reading 57%, grade F, #866 of 1,518 statewide, top 57%, 534 students, 57% FRL); Gerald G Huesken Ms (math 35% / reading 55%, grade D, #187 of 512 statewide, top 38%, 965 students, 50% FRL); Conestoga Valley Shs (math 75% / reading 24%, grade D+, #135 of 437 statewide, top 31%, 1,282 students, 41% FRL) — zoned schools average 49% FRL vs 27% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+4.0%/yr); 327 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 75% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 1,093 units permitted in Lancaster County in 2024 (201 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $916 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Lancaster County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 4.0% rent growth), your $37k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 52 days — a 3% lower offer ($129k) is reasonable based on typical stale-listing flexibility.
• 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.

Recommended offer $128,525 (3.0% below list)

Questions for the listing agent

1. It's been on market 52 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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: 1.58% ✓
• Cap rate: 13.61%
• Cash-on-cash: 26.14%
• DSCR: 2.16
• GRM: 5.3

CMA / ARV

• ARV (median comp): $150,660
• List price: $132,500
• Delta: -12.05%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.99% rent growth · sell at horizon

5-year hold

• IRR: 20.9%
• Equity multiple: 1.86×
• Total profit: $32,088
• Equity at exit: $19,756

10-year hold

• IRR: 29.7%
• Equity multiple: 3.78×
• Total profit: $102,969
• Equity at exit: $11,456

Cash invested: $37,100 (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 17601

• Rents YoY: 4.0%
• Active inventory: 327
• Price-to-rent: 5.3×

Monthly cashflow live

• Estimated rent: $2,091 medium
• Mortgage (P&I): −$695
• Tax from tax record: −$94 /mo · $1,124/yr
• Insurance: −$55
• HOA: −$0
• Vacancy / Maint / Mgmt: −$439
• Net cashflow: $808

Break-even live

Break-even rent $1,068

Max offer price $132,500

Occupancy floor 56%

Sensitivity live

Price	-10% $883	-5% $846	+0% $808	+5% $771	+10% $733
Rent	-10% $643	-5% $726	+0% $808	+5% $891	+10% $973
Rate	-1.0pp $875	-0.5pp $842	base $808	+0.5pp $774	+1.0pp $739

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: $33,125
• Closing costs: $3,975
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1522 Princess Anne Dr Lancaster, PA	4.0	2.0	1352	$2,400	$1.78	45d	1	1.20mi
131 Highview Dr Lancaster, PA	2.0	1.5	1120	$1,795	$1.60	45d	1	1.22mi
2165 Old Philadelphia Pike Lancaster, PA	2.0	1.5	1120	$1,795	$1.60	45d	1	1.35mi
2165 Old Philadelphia Pike Unit 30 Lancaster, PA	2.0	1.5	1120	$1,795	$1.60	15d	1	1.38mi

Listing history 4 events

1. 2026-05-04
   status Active 1075-char remark

   Show marketing remark (1075 chars)

   Well maintained 3 bedroom, 2 bath doublewide home offering 1,344 sq ft in the Villages at Greenfield. Brand new carpet installed throughout the living room and all bedrooms. Built in 2011, the home features an open floor plan with a spacious living room that flows into the kitchen and dining area. The kitchen includes oak cabinetry, a center island, gas cooking, a pantry, and a newer Frigidaire refrigerator. The primary suite is set on one side of the home for added privacy, with a walk-in closet and a full bath with extra large tub shower. Two additional bedrooms are located on the opposite end and share a second full bath. Additional features include central air, efficient natural gas heat, double-pane vinyl windows, and a shed for extra storage. The community borders Greenfield Park and is less than a mile from Route 30, Costco, Sheetz, Starbucks, and countless restaurants. Lot rent is $505/month and includes trash, snow removal, and 2 parking spaces. Option for more parking at additional cost. Sewer is $95 per quarter. Schedule your private showing today!

2. 2026-04-30
   historical 1075-char remark

   Show marketing remark (1075 chars)

   Well maintained 3 bedroom, 2 bath doublewide home offering 1,344 sq ft in the Villages at Greenfield. Brand new carpet installed throughout the living room and all bedrooms. Built in 2011, the home features an open floor plan with a spacious living room that flows into the kitchen and dining area. The kitchen includes oak cabinetry, a center island, gas cooking, a pantry, and a newer Frigidaire refrigerator. The primary suite is set on one side of the home for added privacy, with a walk-in closet and a full bath with extra large tub shower. Two additional bedrooms are located on the opposite end and share a second full bath. Additional features include central air, efficient natural gas heat, double-pane vinyl windows, and a shed for extra storage. The community borders Greenfield Park and is less than a mile from Route 30, Costco, Sheetz, Starbucks, and countless restaurants. Lot rent is $505/month and includes trash, snow removal, and 2 parking spaces. Option for more parking at additional cost. Sewer is $95 per quarter. Schedule your private showing today!

3. 2026-03-27
   listed $129,900 Active 1075-char remark

   Show marketing remark (1075 chars)

   Well maintained 3 bedroom, 2 bath doublewide home offering 1,344 sq ft in the Villages at Greenfield. Brand new carpet installed throughout the living room and all bedrooms. Built in 2011, the home features an open floor plan with a spacious living room that flows into the kitchen and dining area. The kitchen includes oak cabinetry, a center island, gas cooking, a pantry, and a newer Frigidaire refrigerator. The primary suite is set on one side of the home for added privacy, with a walk-in closet and a full bath with extra large tub shower. Two additional bedrooms are located on the opposite end and share a second full bath. Additional features include central air, efficient natural gas heat, double-pane vinyl windows, and a shed for extra storage. The community borders Greenfield Park and is less than a mile from Route 30, Costco, Sheetz, Starbucks, and countless restaurants. Lot rent is $505/month and includes trash, snow removal, and 2 parking spaces. Option for more parking at additional cost. Sewer is $95 per quarter. Schedule your private showing today!

4. 2026-03-25
   historical $129,900 1075-char remark

   Show marketing remark (1075 chars)

   Well maintained 3 bedroom, 2 bath doublewide home offering 1,344 sq ft in the Villages at Greenfield. Brand new carpet installed throughout the living room and all bedrooms. Built in 2011, the home features an open floor plan with a spacious living room that flows into the kitchen and dining area. The kitchen includes oak cabinetry, a center island, gas cooking, a pantry, and a newer Frigidaire refrigerator. The primary suite is set on one side of the home for added privacy, with a walk-in closet and a full bath with extra large tub shower. Two additional bedrooms are located on the opposite end and share a second full bath. Additional features include central air, efficient natural gas heat, double-pane vinyl windows, and a shed for extra storage. The community borders Greenfield Park and is less than a mile from Route 30, Costco, Sheetz, Starbucks, and countless restaurants. Lot rent is $505/month and includes trash, snow removal, and 2 parking spaces. Option for more parking at additional cost. Sewer is $95 per quarter. Schedule your private showing today!

ⓘ 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: $1,124 · $94/mo
• Projected year-2 tax: $1,609 · $134/mo
• Expected delta: +$485/yr (+$40/mo · 43.1%)

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

Taxation est. · year 1

• Rental income: $25,091
• − Mortgage interest: −$7,422
• − Property taxes: −$1,124
• − Insurance: −$662
• − Repairs & maintenance: −$2,007
• − Management: −$2,007
• − Depreciation: −$3,855
• Taxable income: $8,013
• Est. tax owed @ 24.0%: −$1,923
• After-tax cash flow: $7,774/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: Conestoga Valley SD
• NCES district ID: 4206480
• Math proficiency: 43% ▼ -8.00%
• Reading proficiency: 59% ▼ -11.00%
• Median HH income: $56,234
• Composite: 44.15/100
• National rank: #2861
• State rank: #156 of 539 in PA

Livability — Lancaster

• Score: 85/100
• State rank: #71
• US rank: #498

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Lancaster County · 390,309 people
• City population: 176,170
• Metro: Lancaster, PA
• Population (ZIP): 56,382
• Household income: $102,435
• Rent vs Own: 27.5% rent · 72.5% own
• Severe rent burden: 1296.0

Population outlook (Lancaster County) Hauer SSP2

• Today (2025): 561,011 people
• By 2030: 570,969 · +1.8%
• By 2040: 585,929 · +4.4%
• By 2050: 591,056 · +5.4%
• By 2075: 594,747 · +6.0%
• By 2100: 558,850 · -0.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (78%)
• Race & ethnicity: White 78% Hispanic / Latino 10% Two or more races 7% Asian 6% Black 4%
• Hispanic origin (detail): Puerto Rican 5%
• Common ancestry: Romanian 5% Slovak 2% Lithuanian 2%
• Foreign-born: 9% · Canada, Vietnam, China
• Languages at home: 86% English-only · Spanish 5% Other Indo-European 2% French/Haitian/Cajun 1%

Political lean MEDSL · Lancaster

• 2024 margin: R (+15.9) · D 41.5% · R 57.5%
• 2008→2024 swing: -4.1pp toward R · 2008: -11.8pp · 2024: -15.9pp
• All cycles: 2024: R+15.9 2020: R+15.8 2016: R+19.7 2012: R+19.2 2008: R+11.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -383.04%
• Current HPI: 257.0336
• Rent YoY: ▲ 3.99%
• Metro: Lancaster, PA
• 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

+0.0% since first listed

4 events — show timeline

• 2026-05-04 Relisted — BRIGHT MLS
• 2026-04-30 Listing Removed — BRIGHT MLS
• 2026-03-27 Listed $129,900 BRIGHT MLS
• 2026-03-25 Coming Soon $129,900 BRIGHT MLS

Property tax history

-0.2%/yr

Latest (2026): $1,124 · +4.5% YoY. Source: county tax records.