W699 Snowshoe Unit Wl9-699

Covington, PA 18424

$79,900B

2 bd · 2.0 ba · 500 sqft · Built 1985 · Manufactured · Active · 126 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,180/mo
• Mortgage (P&I): −$419
• Tax + insurance: −$200
• HOA: −$160
• Vac / Maint / Mgmt: −$248
• Net cashflow: $154/mo
• Annual: $1,847/yr
• Cap rate: 9.60%
• Cash-on-cash: 11.82%
• DSCR: 1.53
• 1% rule: 1.48%
• Cash to close: $22,372

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $80k. Condition is rated fair.
• At list price, monthly cash flow is $154 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $80k).
• It's been on market 126 days — a 12% lower offer ($70k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $70k (12.0% below list) — sets the bar for market timing.
• In year one you build about $7k of equity ($552 loan paydown + $7k appreciation (8.4% local appreciation)).
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• North Pocono SD (rural): math 45% / reading 71% proficiency, ranked #82 of 539 in PA (top 15%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Moscow El Sch (math 62% / reading 82%, grade A-, #123 of 1,518 statewide, top 9%, 591 students, 43% FRL); North Pocono Ms (math 25% / reading 69%, grade D+, #163 of 512 statewide, top 33%, 665 students, 36% FRL); North Pocono Hs (math 72%, 905 students, 33% FRL).
• Watch-outs: flood insurance adds $66/mo.
• Market conditions: 301 active listings in the ZIP; 251 units permitted in Lackawanna County in 2024 (0 in 5+ unit buildings).
• Lackawanna County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 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.
• At projected returns (8.4% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 126 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's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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.
• 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)

• Moderate: kitchen cabinets — dated and in need of updating
• Moderate: bathroom vanity — dated and in need of updating
• Moderate: exterior siding — weathered and in need of repainting