The Delray Plan

Dover, PA 17315

$243,900F

3 bd · 2.5 ba · 1,400 sqft · Built — · SingleFamily · Active · 452 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,934/mo
• Mortgage (P&I): −$1,637
• Tax + insurance: −$520
• HOA: −$20
• Vac / Maint / Mgmt: −$406
• Net cashflow: $-650/mo
• Annual: $-7,795/yr
• Cap rate: 3.80%
• Cash-on-cash: -8.92%
• DSCR: 0.60
• 1% rule: 0.62%
• Cash to close: $87,396

Investor read

• This is a 3-bed/2.5-bath single-family listed at $244k.
• At list price, monthly cash flow is $-650 ($-8k/yr) — negative.
• To cash-flow at today's rent, offer at most $218k (10.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $193k (20.7% below list).
• It's been on market 452 days — a 12% lower offer ($215k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $193k (20.7% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Location reads 71/100 on livability (#680 in PA) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Dover Area SD (suburban): math 39% / reading 54% proficiency, ranked #232 of 539 in PA (top 43%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Weigelstown El Sch (math 32% / reading 52%, grade F, #883 of 1,518 statewide, top 61%, 302 students, 66% FRL); Dover Area Ms (math 27% / reading 56%, grade F, #234 of 512 statewide, top 47%, 803 students, 53% FRL); Dover Area Hs (math 72% / reading 15%, grade F, #213 of 437 statewide, top 49%, 1,016 students, 49% FRL) — zoned schools average 56% FRL vs 30% district-wide (26 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 176 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 1,328 units permitted in York County in 2024 (338 in 5+ unit buildings).
• 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.

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 452 days. Have you received any prior offers? Is the seller open to a 21% 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-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.