32 N Lancaster St

Jonestown, PA 17038

$182,600D

3 bd · 1.5 ba · 1,248 sqft · Built 1820 · SingleFamily · Pending · 26 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,452/mo
• Mortgage (P&I): −$958
• Tax + insurance: −$313
• HOA: −$0
• Vac / Maint / Mgmt: −$305
• Net cashflow: $-123/mo
• Annual: $-1,474/yr
• Cap rate: 5.49%
• Cash-on-cash: -2.88%
• DSCR: 0.87
• 1% rule: 0.80%
• Cash to close: $51,128

Investor read

• This is a 3-bed/1.5-bath single-family listed at $183k.
• At list price, monthly cash flow is $-123 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $161k (11.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $145k (20.5% below list).
• It's been on market 26 days — a 2% lower offer ($180k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $145k (20.5% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 72/100 on livability (#631 in PA) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, cost of living A+; Watch: amenities F, commute F, health & safety F.
• Northern Lebanon SD (rural): math 30% / reading 49% proficiency, ranked #347 of 539 in PA (top 64%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1820 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 33 active listings in the ZIP; 315 units permitted in Lebanon County in 2024 (36 in 5+ unit buildings).
• Lebanon County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• Current owner paid $10k; list at $183k implies a 1667% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• Built in 1820 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-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?
• 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.