29 Katherine Ave · Lebanon South, PA 17042

$115,000

3 bd · 2.0 ba · 1,368 sqft · Manufactured public records · 16 Days on market

Built 1996

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Why this score? — see what drove the B grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.1/10.0
• Livability +3.6/5.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Sometimes a penny just needs some polish and a little effort to shine like new again. Save many pennies with this 3 BR / 2 BA home that just needs a little TLC. Nestled on a beautiful corner lot in 55+ Sycamore Park this double wide offers a huge master BR suite, cathedral ceiling, kitchen w/ breakfast bar, deck, shed, gas heat, newer roof, and off-st parking. Lot rent $330 & incl trash & lawn. Priced way below the others, make this your home!

Key facts

• Cozy breakfast nook
• Split-floor plan
• Cathedral ceilings

Tags

• CORNER LOT
• CATHEDRAL CEILINGS
• WELL-APPOINTED KITCHEN
• COZY BREAKFAST NOOK
• SPLIT-FLOOR PLAN
• PRIVATE FULL BATHROOM

Property features AI

Finance

• Other: Not in a federal flood zone; Pets allowed with breed restrictions and number limits
• Financial info: Annual ground rent listed as an income/expense item
• HOA & community: Senior community (55+); Ground rent of $401 paid monthly; Rented lot

Exterior

• Parking: Two off-street parking spaces via concrete driveway; Total of 2 garage/parking spaces
• Utilities: Public water; Public sewer; Electric-powered cooling and hot water; Natural gas heating
• Home design: Manufactured home (double wide); Located on a corner lot; Senior community with 55+ age requirement
• Construction: Vinyl siding; Shingle roof; Estimated year built
• Exterior features: Deck(s); Rented lot in a community (ground rent applies); Shed; Located in Sycamore Park

Interior

• Kitchen: Electric oven/range; Refrigerator; Dishwasher not listed
• Bedrooms: Three bedrooms on the main level
• Bathrooms: Two full bathrooms on the main level
• Heating & cooling: Forced air heating (natural gas); Central air conditioning; 200+ amp electrical service
• Interior features: Cathedral ceilings; No basement; Property in good condition; Property managed by on-site/third-party property manager
• Laundry & utility: Washer and dryer located on the main floor; Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $115k.

Deal economics

• At list price, monthly cash flow is $772 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $115k).
• Recommended offer: $113k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 71/100 on livability (#700 in PA) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D+, amenities F, commute F.
• Cornwall-Lebanon SD (suburban): math 37% / reading 56% proficiency, ranked #219 of 539 in PA (top 41%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Cedar Crest Hs (math 77% / reading 34%, grade C, #93 of 437 statewide, top 22%, 1,633 students, 34% FRL).
• Market conditions: Rents rising (+3.5%/yr); 264 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% of comp listings sitting > 30 days — soft ceiling on asking rent; 315 units permitted in Lebanon County in 2024 (36 in 5+ unit buildings).
• This rent runs 31% of the median local income ($75k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $795 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Lebanon County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.5% rent growth), your $32k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($113k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 26y ago 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.
• Current owner paid $8k; list at $115k implies a 1433% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $113,275 (1.5% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
3. 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.
4. 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.
5. 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.

Investment metrics

• 1% rule: 1.67% ✓
• Cap rate: 14.35%
• Cash-on-cash: 28.78%
• DSCR: 2.28
• GRM: 5.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.53% rent growth · sell at horizon

5-year hold

• IRR: 23.7%
• Equity multiple: 1.98×
• Total profit: $31,581
• Equity at exit: $17,147

10-year hold

• IRR: 31.9%
• Equity multiple: 3.95×
• Total profit: $95,093
• Equity at exit: $9,943

Cash invested: $32,200 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 62 Landlord-Friendly
• State Pennsylvania: 62 Landlord-Friendly · EVEN
• County: — inherits STATE
• City: — inherits STATE

10-day notice; Philadelphia has eviction-court diversion + some protections; otherwise moderate.

Methodology + full state rankings →

ZIP-level market 17042

• Rents YoY: 3.5%
• Active inventory: 264
• Price-to-rent: 5.0×

Monthly cashflow live

• Estimated rent: $1,918 medium
• Mortgage (P&I): −$603
• Tax from tax record: −$92 /mo · $1,103/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$403
• Net cashflow: $772

Break-even live

Break-even rent $940

Max offer price $115,000

Occupancy floor 55%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $28,750
• Closing costs: $3,450
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1211 Heritage Ln Unit 141 Lebanon, PA	2.0	1.0	1050	$1,350	$1.29	44d	1	0.96mi
1207 Colony Ct Unit 122 Lebanon, PA	3.0	2.0	1250	$1,825	$1.46	44d	1	1.00mi
410 Springwood Dr Lebanon, PA	3.0	1.0–2.0	897	$2,900	$3.23	14d	118	1.21mi

Listing history 13 events

1. 2026-06-19
   days on market $115,000 Active 16 DOM
2. 2026-06-18
   days on market $115,000 Active 15 DOM
3. 2026-06-17
   days on market $115,000 Active 14 DOM
4. 2026-06-16
   days on market $115,000 Active 13 DOM
5. 2026-06-15
   days on market $115,000 Active 12 DOM
6. 2026-06-14
   days on market $115,000 Active 10 DOM
7. 2026-06-13
   days on market $115,000 Active 9 DOM
8. 2026-06-10
   days on market $115,000 Active 7 DOM
9. 2026-06-09
   days on market $115,000 Active 6 DOM
10. 2026-06-08
    days on market $115,000 Active 5 DOM
11. 2026-06-07
    days on market $115,000 Active 4 DOM
12. 2026-06-03
    remarks 699-char remark
13. 2026-06-03
    listed $115,000 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast PA · Partial reset (capped growth)

• Current annual tax: $1,103 · $92/mo
• Projected year-2 tax: $1,460 · $122/mo
• Expected delta: +$357/yr (+$30/mo · 32.4%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥99°F today · 16 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 11% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,016
• − Mortgage interest: −$6,442
• − Property taxes: −$1,103
• − Insurance: −$575
• − Repairs & maintenance: −$1,841
• − Management: −$1,841
• − Depreciation: −$3,345
• Taxable income: $7,868
• Est. tax owed @ 24.0%: −$1,888
• After-tax cash flow: $7,380/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Cornwall-Lebanon SD
• NCES district ID: 4206840
• Math proficiency: 37% ▼ -15.00%
• Reading proficiency: 56% ▼ -15.00%
• Median HH income: $62,483
• Composite: 41.0/100
• National rank: #3589
• State rank: #219 of 539 in PA

Livability — Lebanon South

• Score: 71/100
• State rank: #700
• US rank: #6902

Category grades

Amenities F Commute F Cost of living A+ Crime A+ Employment D+ Housing A+ Health & safety B User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lebanon South, PA
• County: Lebanon County · 95,836 people
• Metro: Lebanon, PA
• Population (ZIP): 40,161
• Household income: $74,831
• Rent vs Own: 29.9% rent · 70.1% own
• Severe rent burden: 801.0

Population outlook (Lebanon County) Hauer SSP2

• Today (2025): 144,806 people
• By 2030: 147,534 · +1.9%
• By 2040: 152,952 · +5.6%
• By 2050: 159,406 · +10.1%
• By 2075: 181,736 · +25.5%
• By 2100: 198,402 · +37.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (77%)
• Race & ethnicity: White 77% Hispanic / Latino 16% Two or more races 8% Black 3% Asian 1%
• Hispanic origin (detail): Puerto Rican 12% Dominican 1%
• Common ancestry: Romanian 2% Polish 2% Iranian 1%
• Foreign-born: 3% · Canada
• Languages at home: 87% English-only · Spanish 10% German/W. Germanic 1% Other Indo-European 1%

Political lean MEDSL · Lebanon

• 2024 margin: Solid R (+32.0) · D 33.6% · R 65.5%
• 2008→2024 swing: -13.1pp toward R · 2008: -18.9pp · 2024: -32.0pp
• All cycles: 2024: R+32.0 2020: R+31.7 2016: R+35.5 2012: R+28.0 2008: R+18.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -124.28%
• Current HPI: 192.3643
• Rent YoY: ▲ 3.53%
• Metro: Lebanon, PA
• State GDP YoY: ▲ 1.68%
• F500 in state: 34

Industry mix (Fortune 500 HQ in PA)

Industry	F500 HQs	Revenue
▸Healthcare	2	$309B
▸Insurance	2	$27B
▸Telecommunications / Media	1	$124B
▸Industrial Distribution	1	$22B
▸Financial Services	1	$20B
▸Chemicals / Materials	1	$18B

Price history

+173.8% since first listed

10 events — show timeline

• 2026-06-03 Listed $115,000 BRIGHT MLS
• 2014-11-05 Sold (MLS) $7,500 BRIGHT MLS
• 2014-11-01 Listing Removed — BRIGHT MLS
• 2014-07-23 Listed $9,999 BRIGHT MLS
• 2001-02-22 Sold (MLS) $42,000 BRIGHT MLS
• 2001-02-08 Listing Removed — BRIGHT MLS
• 2001-01-22 Listed $42,000 BRIGHT MLS
• 2000-10-31 Sold (MLS) $36,000 BRIGHT MLS
• 2000-09-25 Listing Removed — BRIGHT MLS
• 2000-08-01 Listed $42,000 BRIGHT MLS

Property tax history

+3.3%/yr

Latest (2026): $1,103 · +4.2% YoY. Source: county tax records.