704 Fallon Dr · Lancaster, PA 17601

$150,000

2 bd · 2.0 ba · 1,344 sqft · Manufactured public records · 4 Days on market

Built 1986 $112/sqft · at area comps Est $165k · 9% under

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Why this score? — see what drove the B 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 +29.9/30.0
• ARV discount +11.5/15.0
• DSCR +10.0/10.0
• 1% rule +7.2/10.0
• Schools +4.4/10.0
• Livability +4.2/5.0
• Rent growth +3.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

This thoughtfully updated home offers a warm and inviting layout with bright living spaces, modern finishes, and plenty of room to relax, gather, and enjoy. The kitchen features sleek gray cabinetry, stainless steel appliances, updated countertops, stylish lighting, and a spacious breakfast bar that opens naturally into the dining area. The adjoining dining space adds character with rustic wood accents, a barn door, and an easy flow into the main living areas. The living room is cozy and welcoming, highlighted by a fireplace, large windows, and a comfortable layout perfect for movie nights, quiet mornings, or hosting friends. A second flexible living area offers even more space and could wo

Key facts

• Built 1986
• Listed 4 days

Property features AI

Finance

• Other: Improvement assessed value listed; Property assessed in excellent condition
• Financial info: Ownership subject to ground rent (ground rent ownership interest)
• HOA & community: Ground rent of $585 paid monthly

Exterior

• Parking: Off-street parking
• Utilities: Public water; Public sewer; Electric available; Natural gas available; Cable TV available
• Home design: Manufactured home (double wide); Redman model; Excellent condition
• Construction: Frame construction with metal siding
• Exterior features: Not in a federal flood zone; Above- and below-grade other structures noted; Located in the Villages of Greenfield community

Interior

• Kitchen: Built-in microwave; Built-in range; Dishwasher
• Bedrooms: Two bedrooms on the main level
• Flooring: Carpet; Engineered wood; Luxury vinyl plank
• Bathrooms: Two full bathrooms (including two full baths on the main level)
• Heating & cooling: Forced air heating (natural gas); Central air conditioning (electric); Electric hot water
• Interior features: Stall shower and tub/shower combination; Breakfast area; Built-in storage; Ceiling fans; Open and traditional floor plan elements; Combination dining/living and kitchen/dining spaces; Dining area; Entry-level bedroom; Family room open to the kitchen; Flat layout; Kitchen with country/eat-in/table space design; Pantry; Recessed lighting; Upgraded countertops; Walk-in closets; Estimated living area

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $150k.

Deal economics

• At list price, monthly cash flow is $556 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Cap rate 10.7% vs local median 4.4% in Lancaster — 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 85/100 on livability (#71 in PA, #498 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: crime C-, employment C-.
• Conestoga Valley SD (suburban): math 43% / reading 59% proficiency, ranked #156 of 539 in PA (top 29%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+4.0%/yr); 322 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $1k of loan paydown is wiped out by about $4k 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.
• At projected returns (-3.0% appreciation + 4.0% rent growth), your $42k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 2y ago 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 $27k; list at $150k implies a 465% gain — meaningful room to come down on a strong offer.

Recommended offer $150,000

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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.
3. 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.
4. 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: 1.22% ✓
• Cap rate: 10.74%
• Cash-on-cash: 15.89%
• DSCR: 1.71
• GRM: 6.8

CMA / ARV

• ARV (median comp): $164,636
• List price: $150,000
• Delta: -8.89%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.99% rent growth · sell at horizon

5-year hold

• IRR: 7.8%
• Equity multiple: 1.31×
• Total profit: $12,899
• Equity at exit: $22,365

10-year hold

• IRR: 17.8%
• Equity multiple: 2.53×
• Total profit: $64,327
• Equity at exit: $12,969

Cash invested: $42,000 (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 17601

• Rents YoY: 4.0%
• Active inventory: 322
• Price-to-rent: 6.8×

Monthly cashflow live

• Estimated rent: $1,836 medium
• Mortgage (P&I): −$787
• Tax from tax record: −$45 /mo · $539/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$385
• Net cashflow: $556

Break-even live

Break-even rent $1,132

Max offer price $150,000

Occupancy floor 65%

Sensitivity live

Price	-10% $641	-5% $599	+0% $556	+5% $514	+10% $471
Rent	-10% $411	-5% $484	+0% $556	+5% $629	+10% $701
Rate	-1.0pp $632	-0.5pp $594	base $556	+0.5pp $517	+1.0pp $478

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
131 Highview Dr Lancaster, PA	2.0	1.5	1120	$1,795	$1.60	45d	1	1.30mi
2165 Old Philadelphia Pike Lancaster, PA	2.0	1.5	1120	$1,795	$1.60	45d	1	1.49mi
50 Knollwood Dr Lancaster, PA	2.0	1.5	1067	$1,925	$1.80	15d	3	1.50mi

Listing history 5 events

1. 2026-05-18
   status Pending 1161-char remark
2. 2026-05-14
   listed $150,000 Active 1161-char remark
3. 2026-05-07
   historical $150,000 1161-char remark
4. 2024-07-17
   soldstatus $26,561
5. 2024-07-17
   listed $29,561

ⓘ 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: $539 · $45/mo
• Projected year-2 tax: $1,455 · $121/mo
• Expected delta: +$915/yr (+$76/mo · 169.7%)

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

Taxation est. · year 1

• Rental income: $22,028
• − Mortgage interest: −$8,402
• − Property taxes: −$539
• − Insurance: −$750
• − Repairs & maintenance: −$1,762
• − Management: −$1,762
• − Depreciation: −$4,364
• Taxable income: $4,448
• Est. tax owed @ 24.0%: −$1,068
• After-tax cash flow: $5,606/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: Conestoga Valley SD
• NCES district ID: 4206480
• Math proficiency: 43% ▼ -8.00%
• Reading proficiency: 59% ▼ -11.00%
• Median HH income: $56,234
• Composite: 44.15/100
• National rank: #2861
• State rank: #156 of 539 in PA

Livability — Lancaster

• Score: 85/100
• State rank: #71
• US rank: #498

Category grades

Amenities A+ Commute A+ Cost of living A+ Crime C- Employment C- Housing A+ Health & safety A+ User ratings D

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Lancaster County · 390,309 people
• City population: 176,170
• Metro: Lancaster, PA
• Population (ZIP): 56,382
• Household income: $102,435
• Rent vs Own: 27.5% rent · 72.5% own
• Severe rent burden: 1296.0

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: Predominantly White (78%)
• Race & ethnicity: White 78% Hispanic / Latino 10% Two or more races 7% Asian 6% Black 4%
• Hispanic origin (detail): Puerto Rican 5%
• Common ancestry: Romanian 5% Slovak 2% Lithuanian 2%
• Foreign-born: 9% · Canada, Vietnam, China
• Languages at home: 86% English-only · Spanish 5% Other Indo-European 2% French/Haitian/Cajun 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: ▼ -383.04%
• Current HPI: 257.0336
• Rent YoY: ▲ 3.99%
• 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

+464.7% since first listed

5 events — show timeline

• 2026-05-18 Pending — BRIGHT MLS
• 2026-05-14 Listed $150,000 BRIGHT MLS
• 2026-05-07 Coming Soon $150,000 BRIGHT MLS
• 2024-07-17 Listed $29,561 BRIGHT MLS
• 2024-07-17 Sold (MLS) $26,561 BRIGHT MLS

Property tax history

-1.6%/yr

Latest (2026): $539 · +4.5% YoY. Source: county tax records.