1216 Sherwood Dr

Forward, PA 15037

$19,900D

3 bd · 2.0 ba · 1,568 sqft · Built 2000 · Manufactured · Active · 56 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,423/mo
• Mortgage (P&I): −$104
• Tax + insurance: −$86
• HOA: −$0
• Vac / Maint / Mgmt: −$299
• Net cashflow: $934/mo
• Annual: $11,206/yr
• Cap rate: 62.61%
• Cash-on-cash: 201.12%
• DSCR: 9.95
• 1% rule: 7.15%
• Cash to close: $5,572

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $20k.
• At list price, monthly cash flow is $934 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $20k).
• It's been on market 56 days — a 3% lower offer ($19k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $19k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $138 of loan paydown is wiped out by about $597 of value loss. Plan a longer hold.
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Elizabeth Forward SD (suburban): math 41% / reading 65% proficiency, ranked #136 of 539 in PA (top 25%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: William Penn El Sch (math 42% / reading 67%, grade C, #504 of 1,518 statewide, top 37%, 341 students, 53% FRL); Elizabeth Forward Ms (math 28% / reading 63%, grade D+, #184 of 512 statewide, top 36%, 550 students, 44% FRL); Elizabeth Forward Shs (math 57%, 749 students, 33% FRL).
• Watch-outs: property tax is 4.7% of price.
• Market conditions: 32 active listings in the ZIP; 2,996 units permitted in Allegheny County in 2024 (1,588 in 5+ unit buildings).
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $6k cash investment doubles in ~1 year — after that, you're playing with house money.

Questions for listing agent

• It's been on market 56 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.