121 Pheasant Ridge Cir · Manor, PA 17603

$63,900

2 bd · 1.0 ba · 784 sqft · Manufactured public records · 157 Days on market

Built 1995 $82/sqft · 11% below area Est $72k · 11% under $865/mo HOA · 54% of rent

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Why this score? — see what drove the C grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +14.7/30.0
• ARV discount +12.4/15.0
• 1% rule +10.0/10.0
• Schools +5.1/10.0
• DSCR +4.5/10.0
• Livability +3.4/5.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Ready for immediate occupancy! Clean & cozy 2 bed, 1 bath single wide. Perfect for starter or retirement home! Recent upgrades since 2023 include all new HVAC, new vinyl windows throughout, new hot water heater, and skirting. Kitchen has plenty of counterspace; bathroom has walk-in shower complete with grab bars. All appliances stay including brand new washer purchased in 2026. Large side deck. $865/mo lot rent includes great community center and pool in all ages community. Pet friendly rules.

Key facts

• New hvac
• Updated kitchen
• Walk-in shower

Tags

• NEW HVAC
• UPDATED KITCHEN
• UPDATED BATHROOM
• WALK-IN SHOWER

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $64k.

Deal economics

• At list price, monthly cash flow is $17 ($199/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $64k).
• Recommended offer: $56k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.6% vs local median 2.3% in Manor — 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.

Location & tenants

• Location reads 68/100 on livability (#888 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.
• Penn Manor SD (suburban): math 52% / reading 65% proficiency, ranked #80 of 539 in PA (top 15%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Hambright El Sch (math 40% / reading 54%, grade D-, #737 of 1,518 statewide, top 52%, 594 students, 60% FRL); Manor Middle School (math 39% / reading 58%, grade C-, #146 of 512 statewide, top 30%, 492 students, 54% FRL); Penn Manor Hs (math 82% / reading 30%, grade C, #90 of 437 statewide, top 21%, 1,783 students, 43% FRL) — zoned schools average 52% FRL vs 27% district-wide (25 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents flat; 296 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,093 units permitted in Lancaster County in 2024 (201 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $442 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Lancaster County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 157 days — a 12% lower offer ($56k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 22y ago; this cycle's ask has dropped $6k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $19k; list at $64k implies a 236% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 54% of rent.
• 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.

Recommended offer $56,232 (12.0% below list)

Questions for the listing agent

1. It's been on market 157 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. 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.
7. 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.
8. 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.

Investment metrics

• 1% rule: 2.52% ✓
• Cap rate: 6.60%
• Cash-on-cash: 1.11%
• DSCR: 1.05
• GRM: 3.3

CMA / ARV

• ARV (median comp): $71,624
• List price: $63,900
• Delta: -10.78%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.47% rent growth · sell at horizon

5-year hold

• IRR: -22.0%
• Equity multiple: 0.29×
• Total profit: $-12,778
• Equity at exit: $9,528

10-year hold

• IRR: -65.2%
• Equity multiple: -0.30×
• Total profit: $-23,248
• Equity at exit: $5,525

Cash invested: $17,892 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 62 Landlord-Friendly
• State Pennsylvania: 62 Landlord-Friendly · EVEN
• County: — inherits STATE
• City: — inherits STATE

10-day notice; Philadelphia has eviction-court diversion + some protections; otherwise moderate.

Methodology + full state rankings →

ZIP-level market 17603

• Rents YoY: 0.5%
• Active inventory: 296
• Price-to-rent: 3.3×

Monthly cashflow live

• Estimated rent: $1,612 high
• Mortgage (P&I): −$335
• Tax from tax record: −$30 /mo · $364/yr
• Insurance: −$27
• HOA: −$865
• Vacancy / Maint / Mgmt: −$339
• Net cashflow: $17

Break-even live

Break-even rent $1,591

Max offer price $63,900

Occupancy floor 94%

Sensitivity live

Price	-10% $53	-5% $35	+0% $17	+5% $-2	+10% $-20
Rent	-10% $-111	-5% $-47	+0% $17	+5% $80	+10% $144
Rate	-1.0pp $49	-0.5pp $33	base $17	+0.5pp $0	+1.0pp $-17

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $15,975
• Closing costs: $1,917
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
250 Stone Mill Rd Lancaster, PA	1.0–3.0	1.0	1002	$1,462	$1.46	15d	1	0.25mi
1729 Manor Ridge Dr Unit 1731 Lancaster, PA	2.0	1.5	990	$1,400	$1.41	15d	1	0.50mi
1415 Spencer Ave Lancaster, PA	1.0–3.0	1.0–2.0	1181	$2,610	$2.21	15d	1	0.85mi
100 Country View Ln Millersville, PA	1.0–2.0	1.0–2.0	970	$1,838	$1.89	15d	6	0.86mi
700 Millersville Rd Lancaster, PA	1.0–2.0	1.0	710	$1,694	$2.39	15d	3	0.88mi
1633A Judie Ln Lancaster, PA	1.0–2.0	1.0–2.0	848	$1,698	$2.00	15d	13	1.29mi
1831 Hidden Ln Lancaster, PA	2.0–3.0	1.5–2.5	1182	$1,898	$1.61	15d	3	1.37mi

HOA detail

• Monthly dues: $865 · $10,380/yr
• Likely covers: waterpool

Listing history 29 events

1. 2026-06-21
   days on market $63,900 Active 157 DOM
2. 2026-06-18
   days on market $63,900 Active 154 DOM
3. 2026-06-17
   days on market $63,900 Active 153 DOM
4. 2026-06-16
   days on market $63,900 Active 152 DOM
5. 2026-06-15
   days on market $63,900 Active 151 DOM
6. 2026-06-14
   days on market $63,900 Active 149 DOM
7. 2026-06-10
   days on market $63,900 Active 146 DOM
8. 2026-06-09
   days on market $63,900 Active 145 DOM
9. 2026-06-08
   days on market $63,900 Active 144 DOM
10. 2026-06-07
    days on market $63,900 Active 143 DOM
11. 2026-06-03
    days on market $63,900 Active 139 DOM
12. 2026-06-02
    days on market $63,900 Active 138 DOM
13. 2026-06-01
    days on market $63,900 Active 137 DOM
14. 2026-05-31
    days on market $63,900 Active 136 DOM
15. 2026-05-30
    days on market $63,900 Active 135 DOM
16. 2026-05-18
    price $63,900 504-char remark

    Show marketing remark (504 chars)

    Ready for immediate occupancy! Clean & cozy 2 bed, 1 bath single wide. Perfect for starter or retirement home! Recent upgrades since 2023 include all new HVAC, new vinyl windows throughout, new hot water heater, and skirting. Kitchen has plenty of counterspace; bathroom has walk-in shower complete with grab bars. All appliances stay including brand new washer purchased in 2026. Large side deck. $865/mo lot rent includes great community center and pool in all ages community. Pet friendly rules.

17. 2026-02-24
    price $65,900 504-char remark

    Show marketing remark (504 chars)

    Ready for immediate occupancy! Clean & cozy 2 bed, 1 bath single wide. Perfect for starter or retirement home! Recent upgrades since 2023 include all new HVAC, new vinyl windows throughout, new hot water heater, and skirting. Kitchen has plenty of counterspace; bathroom has walk-in shower complete with grab bars. All appliances stay including brand new washer purchased in 2026. Large side deck. $865/mo lot rent includes great community center and pool in all ages community. Pet friendly rules.

18. 2026-01-15
    listed $70,000 Active 504-char remark

    Show marketing remark (504 chars)

    Ready for immediate occupancy! Clean & cozy 2 bed, 1 bath single wide. Perfect for starter or retirement home! Recent upgrades since 2023 include all new HVAC, new vinyl windows throughout, new hot water heater, and skirting. Kitchen has plenty of counterspace; bathroom has walk-in shower complete with grab bars. All appliances stay including brand new washer purchased in 2026. Large side deck. $865/mo lot rent includes great community center and pool in all ages community. Pet friendly rules.

19. 2013-10-14
    soldstatus $19,000 374-char remark

    Show marketing remark (374 chars)

    Super clean, even ductwork! Handicap-equipped shower! Recently renovated Fleetwood 14x56. LIKE NEW condition! Fresh paint, new flooring & countertops, vanity, screens, back door plus NEW 8x28 PVC deck ($5k). NEW appliances! Big Dogs OK! Fast easy park approval. Move in ready-less than 10 days! Lot rent includes pool, Comcast Cable, other amenities. Low energy costs!

20. 2013-09-30
    historical 374-char remark

    Show marketing remark (374 chars)

    Super clean, even ductwork! Handicap-equipped shower! Recently renovated Fleetwood 14x56. LIKE NEW condition! Fresh paint, new flooring & countertops, vanity, screens, back door plus NEW 8x28 PVC deck ($5k). NEW appliances! Big Dogs OK! Fast easy park approval. Move in ready-less than 10 days! Lot rent includes pool, Comcast Cable, other amenities. Low energy costs!

21. 2013-07-29
    listed $24,500 374-char remark

    Show marketing remark (374 chars)

    Super clean, even ductwork! Handicap-equipped shower! Recently renovated Fleetwood 14x56. LIKE NEW condition! Fresh paint, new flooring & countertops, vanity, screens, back door plus NEW 8x28 PVC deck ($5k). NEW appliances! Big Dogs OK! Fast easy park approval. Move in ready-less than 10 days! Lot rent includes pool, Comcast Cable, other amenities. Low energy costs!

22. 2012-03-31
    soldstatus $23,500
23. 2012-03-08
    historical
24. 2011-11-13
    listed $23,900
25. 2006-01-17
    soldstatus $22,000
26. 2005-12-31
    listed $23,900
27. 2004-09-15
    soldstatus $22,500
28. 2004-09-02
    historical
29. 2004-05-26
    listed $24,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast PA · Partial reset (capped growth)

• Current annual tax: $364 · $30/mo
• Projected year-2 tax: $687 · $57/mo
• Expected delta: +$323/yr (+$27/mo · 88.7%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥101°F today · 15 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 13% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,346
• − Mortgage interest: −$3,579
• − Property taxes: −$364
• − Insurance: −$320
• − Repairs & maintenance: −$1,548
• − Management: −$1,548
• − HOA: −$10,380
• − Depreciation: −$1,859
• Taxable loss: −$251
• Est. tax savings @ 24.0%: +$60
• After-tax cash flow: $259/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Penn Manor SD
• NCES district ID: 4218630
• Math proficiency: 52% ▼ -7.00%
• Reading proficiency: 65% ▼ -7.00%
• Median HH income: $59,275
• Composite: 50.67/100
• National rank: #1826
• State rank: #80 of 539 in PA

Livability — Manor

• Score: 68/100
• State rank: #888
• US rank: #9450

Category grades

Amenities F Commute F Cost of living A+ Crime A+ Employment A+ Housing A+ Health & safety F User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Lancaster County · 390,309 people
• City population: 1,171
• Metro: Lancaster, PA
• Population (ZIP): 67,571
• Household income: $77,084
• Rent vs Own: 38.1% rent · 61.9% own
• Severe rent burden: 2557.0

Population outlook (Lancaster County) Hauer SSP2

• Today (2025): 561,011 people
• By 2030: 570,969 · +1.8%
• By 2040: 585,929 · +4.4%
• By 2050: 591,056 · +5.4%
• By 2075: 594,747 · +6.0%
• By 2100: 558,850 · -0.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.59)
• Race & ethnicity: White 58% Hispanic / Latino 27% Two or more races 12% Black 7% Asian 4%
• Hispanic origin (detail): Mexican 1% Puerto Rican 19% Cuban 1% Dominican 2%
• Common ancestry: Romanian 2% Slovak 2% Lithuanian 1%
• Foreign-born: 9% · Canada, China, India
• Languages at home: 77% English-only · Spanish 17% Other Indo-European 1% Chinese 1%

Political lean MEDSL · Lancaster

• 2024 margin: R (+15.9) · D 41.5% · R 57.5%
• 2008→2024 swing: -4.1pp toward R · 2008: -11.8pp · 2024: -15.9pp
• All cycles: 2024: R+15.9 2020: R+15.8 2016: R+19.7 2012: R+19.2 2008: R+11.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -508.78%
• Current HPI: 289.3324
• Rent YoY: ▲ 0.47%
• Metro: Lancaster, PA
• State GDP YoY: ▲ 1.68%
• F500 in state: 34

Industry mix (Fortune 500 HQ in PA)

Industry	F500 HQs	Revenue
▸Healthcare	2	$309B
▸Insurance	2	$27B
▸Telecommunications / Media	1	$124B
▸Industrial Distribution	1	$22B
▸Financial Services	1	$20B
▸Chemicals / Materials	1	$18B

Price history

+166.2% since first listed

14 events — show timeline

• 2026-05-18 Price Changed $63,900 BRIGHT MLS
• 2026-02-24 Price Changed $65,900 BRIGHT MLS
• 2026-01-15 Listed $70,000 BRIGHT MLS
• 2013-10-14 Sold (MLS) $19,000 BRIGHT MLS
• 2013-09-30 Listing Removed — BRIGHT MLS
• 2013-07-29 Listed $24,500 BRIGHT MLS
• 2012-03-31 Sold (MLS) $23,500 BRIGHT MLS
• 2012-03-08 Listing Removed — BRIGHT MLS
• 2011-11-13 Listed $23,900 BRIGHT MLS
• 2006-01-17 Sold (MLS) $22,000 BRIGHT MLS
• 2005-12-31 Listed $23,900 BRIGHT MLS
• 2004-09-15 Sold (MLS) $22,500 BRIGHT MLS
• 2004-09-02 Listing Removed — BRIGHT MLS
• 2004-05-26 Listed $24,000 BRIGHT MLS

Property tax history

-2.8%/yr

Latest (2026): $364 · +4.1% YoY. Source: county tax records.