121 Chestnut Hill Dr

North Codorus, PA 17408

$10,000D

2 bd · 1.5 ba · 1,184 sqft · Built 1987 · Manufactured · Active · 78 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,501/mo
• Mortgage (P&I): −$52
• Tax + insurance: −$35
• HOA: −$0
• Vac / Maint / Mgmt: −$315
• Net cashflow: $1,099/mo
• Annual: $13,186/yr
• Cap rate: 138.15%
• Cash-on-cash: 470.93%
• DSCR: 21.95
• 1% rule: 15.01%
• Cash to close: $2,800

Investor read

• This is a 2-bed/1.5-bath manufactured listed at $10k.
• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $10k).
• It's been on market 78 days — a 6% lower offer ($9k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $9k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $69 of loan paydown is wiped out by about $300 of value loss. Plan a longer hold.
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Spring Grove Area SD (suburban): math 45% / reading 65% proficiency, ranked #98 of 539 in PA (top 18%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: New Salem El Sch (math 62% / reading 77%, grade A-, #151 of 1,518 statewide, top 12%, 414 students, 33% FRL); Spring Grove Area Intrmd Sch (math 44% / reading 65%, grade B-, #76 of 512 statewide, top 16%, 651 students, 38% FRL); Spring Grove Area Hs (math 71%, 1,166 students, 32% FRL).
• Watch-outs: property tax is 3.7% of price.
• Market conditions: 147 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,328 units permitted in York County in 2024 (338 in 5+ unit buildings).
• 3 sale attempts since 24y ago; this cycle's ask has dropped $10k (50%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $3k cash investment doubles in ~1 year — after that, you're playing with house money.
• Climate carrying-cost: extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 78 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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.
• 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.