3855 Route 215 Hwy #3

Springfield, PA 16411

$24,900D+

2 bd · 1.5 ba · 938 sqft · Built 1983 · SingleFamily · Active · 220 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,043/mo
• Mortgage (P&I): −$131
• Tax + insurance: −$42
• HOA: −$375
• Vac / Maint / Mgmt: −$219
• Net cashflow: $277/mo
• Annual: $3,319/yr
• Cap rate: 19.62%
• Cash-on-cash: 47.61%
• DSCR: 3.12
• 1% rule: 4.19%
• Cash to close: $6,972

Investor read

• This is a 2-bed/1.5-bath single-family listed at $25k. Condition is rated fair.
• At list price, monthly cash flow is $277 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $25k).
• It's been on market 220 days — a 12% lower offer ($22k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $22k (12.0% below list) — sets the bar for market timing.
• In year one you build about $232 of equity ($172 loan paydown + $60 appreciation (0.2% local appreciation)).
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Northwestern SD (town): math 35% / reading 48% proficiency, ranked #333 of 539 in PA (top 62%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: HOA is 36% of rent.
• Market conditions: 6 active listings in the ZIP; 364 units permitted in Erie County in 2024 (188 in 5+ unit buildings).
• Erie County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (0.2% appreciation + 3.0% rent growth), your $7k cash investment doubles in ~2 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 220 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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.
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.

Repairs flagged (vision-AI assessment)

• Major: siding — Significant damage
• Major: windows — Significant damage
• Major: roof — No visible damage, but siding condition suggests underlying issues