10638 Franklin Pike

Meadville, PA 16335

$79,900B-

2 bd · 1.0 ba · 1,000 sqft · Built 1923 · SingleFamily · Pending · 11 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,066/mo
• Mortgage (P&I): −$419
• Tax + insurance: −$92
• HOA: −$0
• Vac / Maint / Mgmt: −$224
• Net cashflow: $331/mo
• Annual: $3,970/yr
• Cap rate: 11.26%
• Cash-on-cash: 17.75%
• DSCR: 1.79
• 1% rule: 1.33%
• Cash to close: $22,372

Investor read

• This is a 2-bed/1.0-bath single-family listed at $80k.
• At list price, monthly cash flow is $331 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $80k).
• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $552 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 85/100 on livability (#72 in PA, #502 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: crime C-, employment F.
• Crawford Central SD (town): math 28% / reading 51% proficiency, ranked #367 of 539 in PA (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Neason Hill El Sch (math 22% / reading 42%, grade F, #1,094 of 1,518 statewide, top 73%, 336 students, 100% FRL); Meadville Ms (math 15% / reading 48%, grade F, #367 of 512 statewide, top 73%, 354 students, 99% FRL); Meadville Area Shs (math 62% / reading 75%, grade B, #53 of 437 statewide, top 13%, 765 students, 86% FRL) — zoned schools average 95% FRL vs 45% district-wide (50 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1923 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 134 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 83 units permitted in Crawford County in 2024 (0 in 5+ unit buildings).
• Crawford County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts; this cycle's ask has dropped $5k (6%) 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 $22k cash investment doubles in ~7 years — after that, you're playing with house money.
• Cap rate 11.3% vs local median 4.9% in Meadville — 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.

Questions for listing agent

• Built in 1923 — 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.
• 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.