104 Rhodes Ave

Collingdale, PA 19023

$169,000C-

3 bd · 1.0 ba · 1,152 sqft · Built 1951 · Townhouse · Active · 58 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,792/mo
• Mortgage (P&I): −$886
• Tax + insurance: −$393
• HOA: −$0
• Vac / Maint / Mgmt: −$376
• Net cashflow: $136/mo
• Annual: $1,638/yr
• Cap rate: 7.26%
• Cash-on-cash: 3.46%
• DSCR: 1.15
• 1% rule: 1.06%
• Cash to close: $47,320

Investor read

• This is a 3-bed/1.0-bath townhouse listed at $169k.
• At list price, monthly cash flow is $136 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $169k).
• It's been on market 58 days — a 3% lower offer ($164k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $164k (3.0% below list) — sets the bar for market timing.
• 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 84/100 on livability (#105 in PA, #781 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: employment C-, amenities D.
• Southeast Delco SD (suburban): math 13% / reading 33% proficiency, ranked #478 of 539 in PA (top 89%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 63% free/reduced lunch — lower-income household profile, screen leases tightly.
• Watch-outs: built in 1951 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+13.1%/yr); 99 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 299 units permitted in Delaware County in 2024 (5 in 5+ unit buildings).
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $47k cash investment doubles in ~10 years — after that, you're playing with house money.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 7.3% vs local median 6.0% in Collingdale — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.
• At $1,792/mo this rent would consume 46% of the median local household income ($46k/yr) (locally 1468% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 58 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1951 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.