36 Maple Ave

Cornwall, PA 17545

$159,900F

2 bd · 2.0 ba · 1,248 sqft · Built 1989 · Manufactured · Pending · 5 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,604/mo
• Mortgage (P&I): −$839
• Tax + insurance: −$210
• HOA: −$410
• Vac / Maint / Mgmt: −$337
• Net cashflow: $-191/mo
• Annual: $-2,296/yr
• Cap rate: 4.86%
• Cash-on-cash: -5.13%
• DSCR: 0.77
• 1% rule: 1.00%
• Cash to close: $44,772

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $160k.
• At list price, monthly cash flow is $-191 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $126k (21.1% below list).
• Meets the 1% rule at list price ($2k rent vs $160k).
• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $126k (21.1% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 70/100 on livability (#740 in PA) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, health & safety 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: Cornwall El Sch (math 46% / reading 70%, grade C+, #430 of 1,518 statewide, top 29%, 534 students, 33% FRL); Cedar Crest Ms (math 24% / reading 59%, grade F, #234 of 512 statewide, top 47%, 1,302 students, 44% FRL); Cedar Crest Hs (math 77% / reading 34%, grade C, #93 of 437 statewide, top 22%, 1,633 students, 34% FRL).
• Watch-outs: HOA is 26% of rent.
• Market conditions: 81 active listings in the ZIP; solid renter incomes; 315 units permitted in Lebanon County in 2024 (36 in 5+ unit buildings).
• Lebanon County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• Cap rate 4.9% vs local median 0.9% in Cornwall — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

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?
• 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.
• 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?
• 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.