1026 Route 478

Richland, PA 16373

$45,000B+

3 bd · 2.5 ba · 780 sqft · Built 1971 · Manufactured · Active · 138 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $961/mo
• Mortgage (P&I): −$236
• Tax + insurance: −$75
• HOA: −$0
• Vac / Maint / Mgmt: −$202
• Net cashflow: $448/mo
• Annual: $5,377/yr
• Cap rate: 18.24%
• Cash-on-cash: 42.67%
• DSCR: 2.90
• 1% rule: 2.14%
• Cash to close: $12,600

Investor read

• This is a 3-bed/2.5-bath manufactured listed at $45k.
• At list price, monthly cash flow is $448 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($961 rent vs $45k).
• It's been on market 138 days — a 12% lower offer ($40k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $40k (12.0% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($311 loan paydown + $2k appreciation (4.0% local appreciation)).
• Location reads 74/100 on livability (#498 in PA, #4,585 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, cost of living A+; Watch: amenities F, commute F.
• Allegheny-Clarion Valley SD (rural): math 27% / reading 50% proficiency, ranked #374 of 539 in PA (top 69%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Allegheny-Clarion Valley Elem (math 32% / reading 52%, grade F, #883 of 1,518 statewide, top 61%, 318 students, 48% FRL); Allegheny-Clarion Valley Hs (math 22% / reading 42%, grade F, #334 of 437 statewide, top 77%, 265 students, 41% FRL).
• Market conditions: 12 active listings in the ZIP; 25 units permitted in Clarion County in 2024 (0 in 5+ unit buildings).
• Clarion County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (4.0% appreciation + 3.0% rent growth), your $13k cash investment doubles in ~2 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 138 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.