18 Park Ave

Falmouth, PA 17057

$35,000B

3 bd · 1.0 ba · 784 sqft · Built 1973 · Manufactured · Active · 189 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,192/mo
• Mortgage (P&I): −$184
• Tax + insurance: −$159
• HOA: −$0
• Vac / Maint / Mgmt: −$250
• Net cashflow: $599/mo
• Annual: $7,191/yr
• Cap rate: 31.13%
• Cash-on-cash: 88.71%
• DSCR: 4.95
• 1% rule: 3.41%
• Cash to close: $9,800

Investor read

• This is a 3-bed/1.0-bath manufactured listed at $35k.
• At list price, monthly cash flow is $599 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $35k).
• It's been on market 189 days — a 12% lower offer ($31k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $31k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $242 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Location reads 63/100 on livability (#1,257 in PA) — a middle-class / working-renter tenant base. Strengths: employment A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Lower Dauphin SD (suburban): math 45% / reading 59% proficiency, ranked #130 of 539 in PA (top 24%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 18% free/reduced lunch — higher-income household profile.
• Zoned schools: Londonderry El Sch (math 42% / reading 52%, grade D-, #737 of 1,518 statewide, top 52%, 222 students, 42% FRL); Lower Dauphin Ms (math 28% / reading 53%, grade F, #248 of 512 statewide, top 50%, 883 students, 27% FRL); Lower Dauphin Hs (math 82%, 1,085 students, 22% FRL).
• Watch-outs: flood insurance adds $125/mo.
• Market conditions: Rents rising (+1.6%/yr); 147 active listings in the ZIP; 540 units permitted in Dauphin County in 2024 (194 in 5+ unit buildings).
• 3 sale attempts since 2y ago; this cycle's ask has dropped $15k (30%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $6k; list at $35k implies a 483% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 1.6% rent growth), your $10k cash investment doubles in ~2 years — after that, you're playing with house money.
• Climate carrying-cost: in FEMA flood zone A (mandatory federal flood insurance); 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 189 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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 F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.