1696 Edgewood Dr

Summit, PA 16509

$50,000B+

3 bd · 2.0 ba · 1,456 sqft · Built 1999 · Manufactured · Active · 56 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,507/mo
• Mortgage (P&I): −$262
• Tax + insurance: −$102
• HOA: −$670
• Vac / Maint / Mgmt: −$316
• Net cashflow: $156/mo
• Annual: $1,870/yr
• Cap rate: 10.03%
• Cash-on-cash: 13.35%
• DSCR: 1.59
• 1% rule: 3.01%
• Cash to close: $14,000

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $50k.
• At list price, monthly cash flow is $156 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $50k).
• It's been on market 56 days — a 3% lower offer ($48k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $48k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $346 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Fort Leboeuf SD (rural): math 52% / reading 68% proficiency, ranked #77 of 539 in PA (top 14%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Robison El Sch (math 77% / reading 82%, grade A, #49 of 1,518 statewide, top 4%, 381 students, 40% FRL); Fort Leboeuf Ms (math 38% / reading 63%, grade C, #125 of 512 statewide, top 25%, 473 students, 46% FRL); Fort Leboeuf Shs (math 72% / reading 50%, grade C+, #77 of 437 statewide, top 17%, 663 students, 45% FRL).
• Watch-outs: HOA is 44% of rent.
• Market conditions: 120 active listings in the ZIP; 364 units permitted in Erie County in 2024 (188 in 5+ unit buildings).
• Erie County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts; this cycle's ask has dropped $23k (31%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $14k cash investment doubles in ~9 years — after that, you're playing with house money.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

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?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.