700 Culbertson Dr #4

Lake City, PA 16423

$57,900C+

2 bd · 2.0 ba · 1,100 sqft · Built 1992 · SingleFamily · Pending · 103 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $990/mo
• Mortgage (P&I): −$304
• Tax + insurance: −$96
• HOA: −$410
• Vac / Maint / Mgmt: −$208
• Net cashflow: $-28/mo
• Annual: $-338/yr
• Cap rate: 5.71%
• Cash-on-cash: -2.08%
• DSCR: 0.91
• 1% rule: 1.71%
• Cash to close: $16,212

Investor read

• This is a 2-bed/2.0-bath single-family listed at $58k. Condition is rated fair.
• At list price, monthly cash flow is $-28 ($-338/yr) — negative.
• To cash-flow at today's rent, offer at most $54k (7.0% below list).
• Meets the 1% rule at list price ($990 rent vs $58k).
• It's been on market 103 days — a 9% lower offer ($53k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $53k (9.0% below list) — sets the bar for market timing.
• In year one you build about $6k of equity ($400 loan paydown + $6k appreciation (10.0% local appreciation)).
• Location reads 77/100 on livability (#313 in PA, #2,785 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Girard SD (suburban): math 48% / reading 64% proficiency, ranked #113 of 539 in PA (top 21%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: HOA is 41% of rent.
• Market conditions: 13 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 $12k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $16k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

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?
• It's been on market 103 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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 A-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?
• 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.

Repairs flagged (vision-AI assessment)

• Moderate: Exterior siding — Weathered appearance suggests potential need for repainting or replacement.
• Moderate: Roof — Fair condition but may need inspection for leaks.
• Minor: Carpeted flooring — Clean but may need cleaning or replacement for better appearance.
• Minor: Paint — Fair condition but may need touch-ups for a fresh look.
• Minor: Fixtures and finishes — Functional but may need updates in style and finishes for a more modern look.
• Minor: Landscaping — Maintained but may need updates in design and plantings for a more appealing curb appeal.