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281 Morris Rd
Harleysville, PA

281 Morris Rd

$739,500
4 bd • 4 ba • 3,434 sf

This analysis was generated by artificial intelligence on 1/24/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.

List Price

$739,500

Price/Sq.Ft

$215

Year Built

AI Property Analysis

A comprehensive evaluation of this property's features, market position, and investment potential.

The Good

The property at 281 Morris Rd, Harleysville, PA 19438 offers exceptional value with its spacious 3,434 sqft layout, priced at $215.35/sqft, which is approximately 15% below the average market rate of $253/sqft for similar homes in the area. The 4 bedroom, 4 bathroom configuration provides ample space for a growing family or those who need extra rooms for home offices. The lot size appears generous, with extensive green space surrounding the house, offering privacy and potential for outdoor activities. The property's stone and vinyl siding exterior suggests a low-maintenance facade. Its location on Morris Road provides easy access to major routes while maintaining a serene, semi-rural setting. The attached garage and additional outbuilding offer valuable storage options, potentially adding $15,000-$20,000 in value.

The Bad

The property's year built is unknown, which raises concerns about potential hidden issues and upcoming maintenance needs. Without this crucial information, it's challenging to estimate the lifespan of major systems like HVAC, roofing, and plumbing. The lack of detailed property features and room descriptions in the listing makes it difficult to assess the interior condition and any recent upgrades. The price point of $739,500, while competitive per square foot, is still 5.8 times the median income of $127,614 for the area, which may limit the pool of potential buyers. The rural setting, while appealing to some, may mean reliance on well water and septic systems, which can add to maintenance costs and concerns.

The Ugly

The property's rural location might mean limited access to public utilities, potentially requiring a well and septic system. If so, these systems could cost $15,000-$25,000 to replace if they're at the end of their lifespan. The large lot size, while attractive, comes with higher maintenance costs and time investment. Annual landscaping and lawn care could easily exceed $5,000-$7,000. The lack of information about the home's age and features suggests possible outdated systems or needed renovations, which could run into tens of thousands of dollars. For instance, if the HVAC system needs replacement, it could cost $10,000-$15,000 for a home of this size. The rural setting may also come with agricultural odors or noise, potentially impacting quality of life and resale value.

Who is this property for?

These details are presented solely for entertainment purposes and are not meant to steer or limit any prospective buyer.

Best For

This property is best suited for buyers with a household income of $185,000+ annually, based on a 28% front-end debt-to-income ratio for the mortgage payment alone. It's ideal for families or professionals who value space and privacy, preferring a semi-rural lifestyle with room for outdoor activities. The property would appeal to those who work from home, given the potential for multiple office spaces. It's also suitable for multi-generational families due to its size and bathroom count. Investors looking for high-end rental properties could potentially earn $2,800-$3,200 monthly, based on local four-bedroom rental rates, though this would result in a modest 4.5-5.2% annual yield before expenses.

Not For

This property is not suitable for first-time homebuyers or those with incomes below $185,000 due to the high purchase price and potential maintenance costs. It's not ideal for individuals or couples who prefer low-maintenance living or desire walkable, urban environments. Those who rely heavily on public transportation or need quick access to a variety of amenities may find the location challenging. Buyers uncomfortable with the responsibilities of managing potential well water and septic systems should also reconsider. Real estate investors seeking immediate high returns or quick flips may find the potential rental yield too low for their goals.
Demographics
Area Median Income

$127,614

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Risk Assessment

Risk Analysis

The unknown construction year poses a significant risk, as it could hide costly issues like outdated electrical systems, plumbing problems, or structural concerns. There's a potential for high repair and renovation costs if major systems are nearing the end of their lifespan. The rural setting may come with zoning restrictions that could limit future property modifications or uses. There's also a risk of well contamination or septic system failure if these are present, which could result in substantial remediation costs. The large lot size may become a liability in drought conditions, potentially leading to higher water bills or landscaping challenges. Future development in the area could alter the property's semi-rural character, potentially impacting its value. The high-end price point may result in a longer selling period if the owner needs to resell, especially in a downturn market.

Financials

Monthly Costs

Location & Comparables

Subject Property
Comparable Sales
View on Zillow

Stats in the Area

Average Price

$774,500

4.7% above list price

Median Price

$799,000

Based on 2 recent sales

Price per Sq.Ft

$230

Comparable Properties

361 OAK RIDGE LN, HARLEYSVILLE, PA 19438
Price: $799,000
Sq.Ft: 3,170
Beds/Baths: 4/4
$/Sq.Ft:
$25217.0%
Sale Date: 10/3/2024
413 KRISTINES WAY, HARLEYSVILLE, PA 19438
Price: $750,000
Sq.Ft: 3,590
Beds/Baths: 4/3
$/Sq.Ft:
$2093.0%
Sale Date: 9/9/2024

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