315 Lewis Rd

Palmyra, PA 17003

$110,000C-

3 bd · 2.0 ba · 1,120 sqft · Built 2001 · Manufactured · Active · 55 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,555/mo
• Mortgage (P&I): −$577
• Tax + insurance: −$157
• HOA: −$550
• Vac / Maint / Mgmt: −$326
• Net cashflow: $-56/mo
• Annual: $-666/yr
• Cap rate: 5.69%
• Cash-on-cash: -2.16%
• DSCR: 0.90
• 1% rule: 1.41%
• Cash to close: $30,800

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $110k.
• At list price, monthly cash flow is $-56 ($-666/yr) — negative.
• To cash-flow at today's rent, offer at most $100k (8.9% below list).
• Meets the 1% rule at list price ($2k rent vs $110k).
• It's been on market 55 days — a 3% lower offer ($107k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $100k (8.9% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $761 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 79/100 on livability (#246 in PA, #2,112 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: commute F.
• Palmyra Area SD (suburban): math 52% / reading 70% proficiency, ranked #63 of 539 in PA (top 12%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 16% free/reduced lunch — higher-income household profile.
• Zoned schools: Northside El Sch (math 52% / reading 67%, grade B-, #377 of 1,518 statewide, top 28%, 232 students, 41% FRL); Palmyra Area Ms (math 38% / reading 68%, grade C+, #90 of 512 statewide, top 19%, 829 students, 29% FRL); Palmyra Area Shs (math 80% / reading 24%, grade C-, #112 of 437 statewide, top 26%, 1,181 students, 23% FRL).
• Watch-outs: HOA is 35% of rent.
• Market conditions: 168 active listings in the ZIP; 315 units permitted in Lebanon County in 2024 (36 in 5+ unit buildings).
• Lebanon County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $37k; list at $110k implies a 198% gain — meaningful room to come down on a strong offer.
• 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.
• Cap rate 5.7% vs local median 1.8% in Palmyra — 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

• 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 55 days. Have you received any prior offers? Is the seller open to a 9% 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.
• 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.
• 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.