4105 Upper Unger Rd

Wallenpaupack Lake Estates, PA 18451

$349,000B+

3 bd · 1.0 ba · 1,077 sqft · Built 1939 · SingleFamily · Active · 15 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,000/mo
• Mortgage (P&I): −$1,830
• Tax + insurance: −$582
• HOA: −$38
• Vac / Maint / Mgmt: −$1,050
• Net cashflow: $1,500/mo
• Annual: $18,002/yr
• Cap rate: 11.45%
• Cash-on-cash: 18.42%
• DSCR: 1.82
• 1% rule: 1.43%
• Cash to close: $97,720

Investor read

• This is a 3-bed/1.0-bath single-family listed at $349k. Condition is rated good.
• At list price, monthly cash flow is $2k ($18k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $349k).
• It's been on market 15 days — a 2% lower offer ($344k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $344k (1.5% below list) — sets the bar for market timing.
• In year one you build about $10k of equity ($2k loan paydown + $8k appreciation (2.3% local appreciation)).
• Location reads 68/100 on livability (#896 in PA) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, employment A; Watch: schools D+, amenities F, commute F.
• Wallenpaupack Area SD (rural): math 39% / reading 59% proficiency, ranked #192 of 539 in PA (top 36%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1939 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 15 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 213 units permitted in Pike County in 2024 (0 in 5+ unit buildings).
• Pike County population projected at -25% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (2.3% appreciation + 3.0% rent growth), your $98k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 11.5% vs local median 2.4% in Wallenpaupack Lake Estates — 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

• Built in 1939 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 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?
• 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.