3855 Route 215 Hwy #17

Lake City, PA 16411

$59,900C+

2 bd · 2.0 ba · 924 sqft · Built 1992 · SingleFamily · Active · 72 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,047/mo
• Mortgage (P&I): −$314
• Tax + insurance: −$100
• HOA: −$395
• Vac / Maint / Mgmt: −$220
• Net cashflow: $18/mo
• Annual: $218/yr
• Cap rate: 6.66%
• Cash-on-cash: 1.30%
• DSCR: 1.06
• 1% rule: 1.75%
• Cash to close: $16,772

Investor read

• This is a 2-bed/2.0-bath single-family listed at $60k. Condition is rated good.
• At list price, monthly cash flow is $18 ($218/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $60k).
• It's been on market 72 days — a 6% lower offer ($56k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $56k (6.0% below list) — sets the bar for market timing.
• In year one you build about $558 of equity ($414 loan paydown + $144 appreciation (0.2% local appreciation)).
• Location reads 77/100 on livability (#313 in PA, #2,785 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• 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 38% 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 $17k cash investment doubles in ~10 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 72 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• 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.
• Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.