4 Meadow Run

West Hanover, PA 17112

$68,000D+

2 bd · 1.0 ba · 952 sqft · Built 1983 · Manufactured · Pending · 34 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,445/mo
• Mortgage (P&I): −$357
• Tax + insurance: −$46
• HOA: −$748
• Vac / Maint / Mgmt: −$303
• Net cashflow: $-9/mo
• Annual: $-107/yr
• Cap rate: 6.14%
• Cash-on-cash: -0.56%
• DSCR: 0.97
• 1% rule: 2.13%
• Cash to close: $19,040

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $68k.
• At list price, monthly cash flow is $-9 ($-107/yr) — negative.
• To cash-flow at today's rent, offer at most $66k (2.3% below list).
• Meets the 1% rule at list price ($1k rent vs $68k).
• It's been on market 34 days — a 3% lower offer ($66k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $66k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $470 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Central Dauphin SD (suburban): math 30% / reading 52% proficiency, ranked #305 of 539 in PA (top 57%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Central Dauphin Shs (math 71% / reading 24%, grade D, #164 of 437 statewide, top 38%, 1,975 students, 33% FRL) — zoned schools at 33% FRL track the district average.
• Watch-outs: HOA is 52% of rent.
• Market conditions: Rents rising (+1.6%/yr); 314 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 540 units permitted in Dauphin County in 2024 (194 in 5+ unit buildings).
• 2 sale attempts since 11y 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 $28k; list at $68k implies a 147% gain — meaningful room to come down on a strong offer.
• 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.
• This rent is only 17% of the median local income ($104k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 34 days. Have you received any prior offers? Is the seller open to a 3% 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?
• 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.