348 Spruce Lake Rd · Preston, PA 18465

$94,000

2 bd · 1.0 ba · 585 sqft · SingleFamily public records · 25 Days on market

Built 1958 8,712 sqft lot $17/mo HOA · 2% of rent

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Why this score? — see what drove the C- 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 +15.5/30.0
• ARV discount +7.5/15.0
• Appreciation +6.3/10.0
• DSCR +4.8/10.0
• Schools +4.7/10.0
• 1% rule +4.3/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Looking for a cute clean lake cottage in northern Wayne County - look no further! This 2 bedroom/1 bath seasonal cottage on a double corner lot with lake rights to powerboat Spruce Lake (limited HP) could be just the ticket! This property comes with a designated lakefront location to construct a dock. A detached shed offers plenty of storage for all of your water toys. Enjoy the fun of lake life without breaking the budget with this little gem!

Key facts

• Double corner lot
• Lake rights
• Detached shed

Tags

• LAKE RIGHTS
• DESIGNATED LAKEFRONT LOCATION
• DETACHED SHED
• DOUBLE CORNER LOT

Property features AI

Finance

• Other: Located in the Spruce Lake community with lake access/features
• HOA & community: Homeowners association with an annual fee of $200 (fee covers water)

Exterior

• Parking: Off-street parking
• Utilities: Private well for water; Septic tank; Electricity connected (fuse panel); Water and sewer connected
• Home design: Cabin-style residential property; One level
• Construction: Asphalt roof; Block foundation; Structure described as cabin; Built area above grade listed (small footprint)
• Exterior features: Deck and porch; Corner lot; Private maintained gravel road; Adjoining additional parcel of 0.08 acres; Shed(s)/storage; Has lake view (Spruce Lake)

Interior

• Bedrooms: Total of 4 rooms (includes sleeping spaces)
• Flooring: Wood flooring
• Bathrooms: 1 full bathroom
• Heating & cooling: Space heater
• Interior features: Electric water heater; Wood flooring; Has basement with block foundation and crawl space

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $94k.

Deal economics

• At list price, monthly cash flow is $38 ($461/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $87k (7.1% below list).
• Recommended offer: $87k (7.1% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Wayne Highlands SD (town): math 48% / reading 64% proficiency, ranked #115 of 539 in PA (top 21%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 23 active listings in the ZIP; 177 units permitted in Wayne County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $3k of equity ($650 loan paydown + $2k appreciation (2.6% local appreciation)).
• Wayne County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (2.6% appreciation + 3.0% rent growth), your $26k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 10, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 25 days — a 2% lower offer ($93k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $32k; list at $94k implies a 197% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1958 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $87,295 (7.1% below list)

Questions for the listing agent

1. Built in 1958 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
5. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
6. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
7. 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.
8. 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.
9. 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: 0.93% ✗
• Cap rate: 6.78%
• Cash-on-cash: 1.75%
• DSCR: 1.08
• GRM: 9.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

2.61% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 8.0%
• Equity multiple: 1.45×
• Total profit: $11,866
• Equity at exit: $40,223

10-year hold

• IRR: 10.9%
• Equity multiple: 2.57×
• Total profit: $41,269
• Equity at exit: $60,443

Cash invested: $26,320 (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 18465

• Home prices YoY: 1.8%
• Active inventory: 23
• Price-to-rent: 9.0×

Monthly cashflow live

• Estimated rent: $873 medium
• Mortgage (P&I): −$493
• Tax from tax record: −$102 /mo · $1,225/yr
• Insurance: −$39
• HOA: −$17
• Vacancy / Maint / Mgmt: −$183
• Net cashflow: $38

Break-even live

Break-even rent $824

Max offer price $94,000

Occupancy floor 91%

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: $23,500
• Closing costs: $2,820
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $17 · $204/yr
• Likely covers: water

Listing history 14 events

1. 2026-06-15
   statusdays on market $94,000 Pending 25 DOM
2. 2026-06-13
   days on market $94,000 Active 24 DOM
3. 2026-06-12
   days on market $94,000 Active 23 DOM
4. 2026-06-09
   days on market $94,000 Active 20 DOM
5. 2026-06-08
   days on market $94,000 Active 19 DOM
6. 2026-06-08
   days on market $94,000 Active 18 DOM
7. 2026-06-07
   days on market $94,000 Active 17 DOM
8. 2026-06-04
   days on market $94,000 Active 14 DOM
9. 2026-06-02
   days on market $94,000 Active 13 DOM
10. 2026-06-01
    days on market $94,000 Active 12 DOM
11. 2026-05-31
    days on market $94,000 Active 11 DOM
12. 2026-05-20
    listed $94,000 Active
13. 2002-06-11
    soldstatus $31,640
14. 1989-03-20
    soldstatus $35,296

ⓘ 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: $1,225 · $102/mo
• Projected year-2 tax: $1,355 · $113/mo
• Expected delta: +$130/yr (+$11/mo · 10.6%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 1/10 Low 7 d/yr ≥88°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $10,475
• − Mortgage interest: −$5,265
• − Property taxes: −$1,225
• − Insurance: −$470
• − Repairs & maintenance: −$838
• − Management: −$838
• − HOA: −$204
• − Depreciation: −$2,735
• Taxable loss: −$1,099
• Est. tax savings @ 24.0%: +$264
• After-tax cash flow: $725/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: Wayne Highlands SD
• NCES district ID: 4224970
• Math proficiency: 48% ▼ -12.00%
• Reading proficiency: 64% ▼ -10.00%
• Median HH income: $46,476
• Composite: 47.36/100
• National rank: #2292
• State rank: #115 of 539 in PA

Livability — Preston

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Population (ZIP): 1,319

Population outlook (Wayne County) Hauer SSP2

• Today (2025): 47,924 people
• By 2030: 46,191 · -3.6%
• By 2040: 42,815 · -10.7%
• By 2050: 39,873 · -16.8%
• By 2075: 34,556 · -27.9%
• By 2100: 28,358 · -40.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 4% Hispanic / Latino 2%
• Common ancestry: Romanian 6% Slovak 2% Lithuanian 2%
• Foreign-born: 1% · Canada
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Wayne

• 2024 margin: Solid R (+37.1) · D 31.1% · R 68.2%
• 2008→2024 swing: -24.8pp toward R · 2008: -12.3pp · 2024: -37.1pp
• All cycles: 2024: R+37.1 2020: R+33.6 2016: R+39.7 2012: R+20.9 2008: R+12.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 2.61%
• Current HPI: 148.434
• Rent YoY: —
• Metro: —
• 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

+166.3% since first listed

3 events — show timeline

• 2026-05-20 Listed $94,000 PWMLS
• 2002-06-11 Sold (Public Records) $31,640 Public Records
• 1989-03-20 Sold (Public Records) $35,296 Public Records

Property tax history

+6.4%/yr

Latest (2026): $1,225 · +2.6% YoY. Source: county tax records.