100 Splitrail Ln Unit 3841 Splitrail Lane

Lake, PA 18436

$214,900C+

3 bd · 2.0 ba · 1,380 sqft · Built 1975 · SingleFamily · Active · 30 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,155/mo
• Mortgage (P&I): −$1,127
• Tax + insurance: −$358
• HOA: −$194
• Vac / Maint / Mgmt: −$453
• Net cashflow: $23/mo
• Annual: $282/yr
• Cap rate: 6.42%
• Cash-on-cash: 0.47%
• DSCR: 1.02
• 1% rule: 1.00%
• Cash to close: $60,172

Investor read

• This is a 3-bed/2.0-bath single-family listed at $215k. Condition is rated good.
• At list price, monthly cash flow is $23 ($282/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $215k).
• It's been on market 30 days — a 2% lower offer ($212k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $212k (1.5% below list) — sets the bar for market timing.
• In year one you build about $23k of equity ($1k loan paydown + $21k appreciation (10.0% local appreciation)).
• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Western Wayne SD (rural): math 39% / reading 63% proficiency, ranked #165 of 539 in PA (top 31%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 340 active listings in the ZIP; 177 units permitted in Wayne County in 2024 (0 in 5+ unit buildings).
• Wayne County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $60k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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.