508 Park St · Allentown, PA 18102

$170,000

2 bd · 1.0 ba · 960 sqft · SingleFamily public records · 150 Days on market

Built 1900 562 sqft lot Est $140k · 21% over

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Why this score? — see what drove the D- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +16.4/30.0
• DSCR +5.1/10.0
• Livability +4.0/5.0
• Rent growth +3.9/5.0
• 1% rule +3.6/10.0
• Condition / age +2.5/5.0
• Schools +1.2/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

* PRICE REDUCED TO MOVE! * SOLD WITH A CLEAR CO * Nestled in the heart of the Old Fairgrounds Historic District on a tree-lined street, this charming three-story brick home blends historic character with modern updates. This is the perfect opportunity to own a home for less than the cost of renting, with annual taxes of just $1,175! Step inside to find an open-concept first floor, where the kitchen opens to the living area. In the updated kitchen you will find stone countertops, stainless-steel appliances, and a tiled backsplash, plus a walkout to a private fenced patio, perfect for morning coffee or evening unwinding. Follow the first spiral staircase to the second floor, where you

Key facts

• Private fenced patio
• Stone countertops
• Tiled backsplash

Tags

• OPEN-CONCEPT FIRST FLOOR
• UPDATED KITCHEN
• STONE COUNTERTOPS
• STAINLESS-STEEL APPLIANCES
• TILED BACKSPLASH
• PRIVATE FENCED PATIO

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $170k.

Deal economics

• At list price, monthly cash flow is $95 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $146k (13.9% below list).
• Recommended offer: $146k (13.9% below list) — sets the bar for 1% rule.
• Cap rate 7.0% vs local median 5.3% in Allentown — 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.

Location & tenants

• Location reads 81/100 on livability (#171 in PA, #1,440 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: employment D.
• Allentown City SD (urban): math 10% / reading 20% proficiency, ranked #513 of 539 in PA (top 95%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 73% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Francis D Raub Ms (math 2% / reading 24%, grade F, #484 of 512 statewide, top 95%, 909 students, 100% FRL); William Allen Hs (math 29% / reading 10%, grade F, #392 of 437 statewide, top 90%, 2,852 students, 87% FRL) — zoned schools average 94% FRL vs 73% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+5.5%/yr); 170 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 765 units permitted in Lehigh County in 2024 (286 in 5+ unit buildings).
• This rent runs 41% of the median local income ($43k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• 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.
• Lehigh County population projected at +21% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 150 days — a 12% lower offer ($150k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 19y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $51k; list at $170k implies a 233% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• 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.

Recommended offer $146,325 (13.9% below list)

Questions for the listing agent

1. It's been on market 150 days. Have you received any prior offers? Is the seller open to a 14% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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.

Investment metrics

• 1% rule: 0.86% ✗
• Cap rate: 6.96%
• Cash-on-cash: 2.40%
• DSCR: 1.11
• GRM: 9.7

CMA / ARV

• ARV (on-the-fly): $140,160
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
412 North St	0.29mi	2/1.0	820 (-15%)	14mo	$120,000	$146	50

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 5.48% rent growth · sell at horizon

5-year hold

• IRR: -10.0%
• Equity multiple: 0.63×
• Total profit: $-17,803
• Equity at exit: $25,348

10-year hold

• IRR: 2.2%
• Equity multiple: 1.17×
• Total profit: $8,249
• Equity at exit: $14,698

Cash invested: $47,600 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 62 Landlord-Friendly
• State Pennsylvania: 62 Landlord-Friendly · EVEN
• County: — inherits STATE
• City: — inherits STATE

10-day notice; Philadelphia has eviction-court diversion + some protections; otherwise moderate.

Methodology + full state rankings →

ZIP-level market 18102

• Rents YoY: 5.5%
• Active inventory: 170
• Price-to-rent: 9.7×

Monthly cashflow live

• Estimated rent: $1,463 high
• Mortgage (P&I): −$891
• Tax from tax record: −$99 /mo · $1,184/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$307
• Net cashflow: $95

Break-even live

Break-even rent $1,343

Max offer price $170,000

Occupancy floor 89%

Sensitivity live

Price	-10% $191	-5% $143	+0% $95	+5% $47	+10% $-1
Rent	-10% $-21	-5% $37	+0% $95	+5% $153	+10% $211
Rate	-1.0pp $181	-0.5pp $138	base $95	+0.5pp $51	+1.0pp $6

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $42,500
• Closing costs: $5,100
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
528 N 6th St Allentown, PA	3.0	1.0	967	$1,700	$1.76	16d	1	0.03mi
438 N 7th St #2 Allentown, PA	1.0	1.0	540	$1,350	$2.50	25d	1	0.10mi
440 N Hall St Unit 2 Allentown, PA	2.0	1.0	989	$1,400	$1.42	45d	1	0.14mi
427 N 5th St Unit 3 Allentown, PA	1.0	1.0	800	$1,175	$1.47	16d	1	0.17mi
427 N 5th St Unit 2 Allentown, PA	2.0	1.0	800	$1,400	$1.75	16d	1	0.17mi
706 N 6th St Unit 1 Allentown, PA	2.0	1.0	800	$1,395	$1.74	16d	1	0.17mi
516 Tilghman St Unit 3 Allentown, PA	1.0	1.0	730	$1,000	$1.37	45d	1	0.18mi
535 Tilghman St Unit 1ST Allentown, PA	2.0	1.0	900	$1,495	$1.66	4d	1	0.19mi
639 N Eighth St Unit 10 Allentown, PA	1.0	1.0	1000	$1,250	$1.25	4d	1	0.22mi
639 N Eighth St Unit 9 Allentown, PA	1.0	1.0	900	$1,650	$1.83	16d	1	0.22mi
325 N Eighth St Unit 1 Allentown, PA	1.0	1.0	680	$1,195	$1.76	45d	1	0.24mi
635 N Lumber St Allentown, PA	3.0	1.5	1117	$1,750	$1.57	4d	1	0.25mi
397 W Allen St Unit 5 Allentown, PA	1.0	1.0	725	$1,150	$1.59	25d	1	0.30mi
218 N 6th St Apt 3 Allentown, PA	3.0	1.0	750	$1,600	$2.13	25d	1	0.30mi
210 N 6th St Unit C2 Allentown, PA	1.0	1.0	550	$1,000	$1.82	45d	1	0.32mi
202 N 6th St Unit 203 Allentown, PA	1.0	1.0	650	$1,500	$2.31	45d	1	0.33mi
621 W Turner St Apt 14 Allentown, PA	3.0	1.0	800	$1,395	$1.74	25d	1	0.33mi
207 N Eighth St Apt 4C Allentown, PA	1.0	1.0	607	$1,250	$2.06	45d	1	0.36mi
144 N 7th St Allentown, PA	2.0	1.0	850	$1,595	$1.88	25d	1	0.36mi
125 N Eighth St Allentown, PA	1.0	1.0	547	$1,450	$2.65	45d	1	0.42mi
128 N Eighth St Unit 2C Allentown, PA	1.0	2.0	850	$1,450	$1.71	45d	1	0.42mi
107 N 7th St Allentown, PA	2.0	1.0–2.0	855	$2,972	$3.47	4d	23	0.43mi
122 8th St Unit B Allentown, PA	1.0	1.0	800	$985	$1.23	45d	1	0.44mi
123-127 N Lumber St Unit 4A Allentown, PA	1.0	1.0	685	$1,500	$2.19	45d	1	0.44mi
644 N 10th St Allentown, PA	1.0	1.0	584	$1,350	$2.31	45d	1	0.45mi
27 N 7th St Allentown, PA	2.0	1.0–2.0	840	$2,222	$2.64	4d	11	0.45mi
801 N Jordan St Unit 3 Allentown, PA	2.0	1.0	935	$1,350	$1.44	45d	1	0.46mi
26 N 6th St Allentown, PA	1.0–2.0	1.0–2.0	953	$2,224	$2.33	4d	9	0.46mi
830 Chestnut St Unit 3 Allentown, PA	1.0	1.0	700	$1,025	$1.46	23d	1	0.46mi
830 Chestnut St Unit 2 Allentown, PA	1.0	1.0	700	$1,100	$1.57	4d	1	0.46mi
832 Chestnut St Allentown, PA	3.0	1.0	1124	$2,100	$1.87	25d	1	0.47mi
104 N Eighth St Unit 9 Allentown, PA	1.0	1.0	800	$1,100	$1.38	16d	1	0.47mi
45 N 6th St Allentown, PA	2.0	1.0–2.0	1002	$3,616	$3.61	4d	13	0.47mi
447 Linden St Unit 1st Floor Allentown, PA	1.0	1.0	950	$1,150	$1.21	45d	1	0.47mi
445 Linden St Unit 447-Unit 1 Allentown, PA	1.0	1.0	995	$1,150	$1.16	45d	1	0.47mi
918 W Turner St Unit 1 Allentown, PA	1.0	1.0	700	$1,195	$1.71	25d	1	0.47mi
936 N 6th St Allentown, PA	3.0	1.0	1014	$1,700	$1.68	25d	1	0.47mi
120 N 4th St Unit 2 Allentown, PA	2.0	1.0	780	$1,475	$1.89	45d	1	0.48mi
906 N 4th St Unit 2 Allentown, PA	2.0	1.0	1077	$1,300	$1.21	25d	1	0.49mi
627 Hamilton St Allentown, PA	1.0	1.0	623	$1,485	$2.38	16d	1	0.53mi

Listing history 24 events

1. 2026-06-17
   status $170,000 Pending 150 DOM
2. 2026-06-17
   days on market $170,000 Active 150 DOM
3. 2026-06-16
   days on market $170,000 Active 149 DOM
4. 2026-06-15
   pricestatus $170,000 Active 148 DOM
5. 2026-04-13
   status Pending
6. 2026-03-25
   price $169,999
7. 2026-03-21
   price $175,000
8. 2026-03-06
   status Active
9. 2026-03-06
   price $180,000
10. 2025-10-11
    listed $175,000 Active
11. 2025-08-09
    historical $1,495
12. 2025-04-04
    listed $1,495
13. 2020-10-30
    soldstatus $51,000
14. 2018-07-27
    soldstatus $31,000
15. 2009-09-03
    historical
16. 2009-09-03
    historical
17. 2009-06-04
    listed $46,900
18. 2009-06-04
    listed $46,900
19. 2007-05-25
    soldstatus $52,772
20. 2007-02-22
    soldstatus $47,500
21. 2007-02-20
    soldstatus $47,500
22. 2007-02-01
    listed $49,900
23. 1986-07-31
    soldstatus $30,000
24. 1985-07-11
    soldstatus $15,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast PA · Partial reset (capped growth)

• Current annual tax: $1,184 · $99/mo
• Projected year-2 tax: $1,935 · $161/mo
• Expected delta: +$751/yr (+$63/mo · 63.5%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥100°F today · 15 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 15% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,559
• − Mortgage interest: −$9,523
• − Property taxes: −$1,184
• − Insurance: −$850
• − Repairs & maintenance: −$1,405
• − Management: −$1,405
• − Depreciation: −$4,945
• Taxable loss: −$1,752
• Est. tax savings @ 24.0%: +$420
• After-tax cash flow: $1,561/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Allentown City SD
• NCES district ID: 4202280
• Math proficiency: 10% ▼ -10.00%
• Reading proficiency: 20% ▼ -15.00%
• Median HH income: $36,337
• Composite: 12.43/100
• National rank: #9630
• State rank: #513 of 539 in PA

Livability — Allentown

• Score: 81/100
• State rank: #171
• US rank: #1440

Category grades

Amenities A Commute A+ Cost of living A+ Crime C+ Employment D Housing A+ Health & safety A+ User ratings D+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Allentown, PA
• County: Lehigh County · 333,019 people
• City population: 172,996
• Metro: Allentown-Bethlehem-Easton, PA-NJ
• Population (ZIP): 51,001
• Household income: $43,085
• Rent vs Own: 67.9% rent · 32.1% own
• Severe rent burden: 4313.0

Population outlook (Lehigh County) Hauer SSP2

• Today (2025): 392,957 people
• By 2030: 408,319 · +3.9%
• By 2040: 440,007 · +12.0%
• By 2050: 475,940 · +21.1%
• By 2075: 590,448 · +50.3%
• By 2100: 690,314 · +75.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Hispanic (69%)
• Race & ethnicity: Hispanic / Latino 69% Two or more races 28% White 18% Black 10%
• Hispanic origin (detail): Mexican 3% Puerto Rican 38% Dominican 22%
• Common ancestry: Polish 1% Romanian 1% Hispanic 1%
• Foreign-born: 22% · Canada, Jamaica
• Languages at home: 45% English-only · Spanish 52% Arabic 2%

Political lean MEDSL · Lehigh

• 2024 margin: Toss-up / Even · D 50.7% · R 48.0% · Other 1.2%
• 2008→2024 swing: -12.9pp toward R · 2008: 15.6pp · 2024: 2.7pp
• All cycles: 2024: D+2.7 2020: D+7.6 2016: D+4.4 2012: D+7.5 2008: D+15.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -227.01%
• Current HPI: 404.834
• Rent YoY: ▲ 5.48%
• Metro: Allentown-Bethlehem-Easton, PA-NJ
• State GDP YoY: ▲ 1.68%
• F500 in state: 34

Industry mix (Fortune 500 HQ in PA)

Industry	F500 HQs	Revenue
▸Healthcare	2	$309B
▸Insurance	2	$27B
▸Telecommunications / Media	1	$124B
▸Industrial Distribution	1	$22B
▸Financial Services	1	$20B
▸Chemicals / Materials	1	$18B

Price history

+1033.3% since first listed

20 events — show timeline

• 2026-04-13 Pending — GLVRMLS
• 2026-03-25 Price Changed $169,999 GLVRMLS
• 2026-03-21 Price Changed $175,000 GLVRMLS
• 2026-03-06 Relisted — GLVRMLS
• 2026-03-06 Price Changed $180,000 GLVRMLS
• 2025-10-11 Listed $175,000 GLVRMLS
• 2025-08-09 Rental Removed $1,495 APPFOLIO
• 2025-04-04 Listed for Rent $1,495 APPFOLIO
• 2020-10-30 Sold (Public Records) $51,000 Public Records
• 2018-07-27 Sold (Public Records) $31,000 Public Records
• 2009-09-03 Listing Removed — GLVRMLS
• 2009-09-03 Listing Removed — GLVRMLS
• 2009-06-04 Listed $46,900 GLVRMLS
• 2009-06-04 Listed $46,900 GLVRMLS
• 2007-05-25 Sold (Public Records) $52,772 Public Records
• 2007-02-22 Sold (Public Records) $47,500 Public Records
• 2007-02-20 Sold (MLS) $47,500 GLVRMLS
• 2007-02-01 Listed $49,900 GLVRMLS
• 1986-07-31 Sold (Public Records) $30,000 Public Records
• 1985-07-11 Sold (Public Records) $15,000 Public Records

Property tax history

-2.1%/yr

Latest (2026): $1,184 · +0.7% YoY. Source: county tax records.