230 E Bishop St · Bellefonte, PA 16823

$190,000

3 bd · 2.0 ba · 1,689 sqft · Other public records · 102 Days on market

Built 1890 3,049 sqft lot $112/sqft · 20% below area Est $237k · 20% under

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Why this score? — see what drove the C 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 +19.3/30.0
• ARV discount +15.0/15.0
• DSCR +6.1/10.0
• 1% rule +4.6/10.0
• Livability +4.6/5.0
• Schools +4.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Well-maintained duplex located at 230 & 232 E Bishop St in Bellefonte. This two-unit property offers a solid investment opportunity or owner-occupant potential in a convenient in-town location. Each unit has a separate entrance and utilities. Both with brand new split HVAC system! Close to downtown Bellefonte, shopping, dining, schools, and local amenities. Ideal for investors looking for rental income or buyers seeking a multifamily property with strong long-term potential.

Key facts

• Separate entrance
• Separate utilities
• Convenient location

Tags

• SEPARATE ENTRANCE
• SEPARATE UTILITIES
• INVESTMENT OPPORTUNITY
• OWNER-OCCUPANT POTENTIAL
• CONVENIENT LOCATION
• CLOSE TO DOWNTOWN

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath other listed at $190k.

Deal economics

• At list price, monthly cash flow is $152 ($2k/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 $183k (3.6% below list).
• Recommended offer: $173k (9.0% below list) — sets the bar for market timing.
• Cap rate 7.6% vs local median 2.9% in Bellefonte — 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 92/100 on livability (#10 in PA, #37 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, cost of living A+; Watch: amenities D+.
• Bellefonte Area SD (town): math 48% / reading 57% proficiency, ranked #140 of 539 in PA (top 26%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 200 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 399 units permitted in Centre County in 2024 (44 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Centre County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 102 days — a 9% lower offer ($173k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 20y ago; this cycle's ask has dropped $15k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $96k; list at $190k implies a 98% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $172,900 (9.0% below list)

Questions for the listing agent

1. It's been on market 102 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are A-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?
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: 0.96% ✗
• Cap rate: 7.60%
• Cash-on-cash: 4.68%
• DSCR: 1.21
• GRM: 8.6

CMA / ARV

• ARV (median comp): $237,457
• List price: $190,000
• Delta: -19.99%
• Verdict: UNDERPRICED
• Comps: 10 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -10.9%
• Equity multiple: 0.60×
• Total profit: $-21,100
• Equity at exit: $28,330

10-year hold

• IRR: -1.6%
• Equity multiple: 0.89×
• Total profit: $-5,852
• Equity at exit: $16,428

Cash invested: $53,200 (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 16823

• Active inventory: 200
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $1,832 medium
• Mortgage (P&I): −$996
• Tax from tax record: −$164 /mo · $1,973/yr
• Insurance: −$79
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$385
• Net cashflow: $152

Break-even live

Break-even rent $1,640

Max offer price $190,000

Occupancy floor 87%

Sensitivity live

Price	-10% $259	-5% $206	+0% $152	+5% $98	+10% $44
Rent	-10% $7	-5% $79	+0% $152	+5% $224	+10% $297
Rate	-1.0pp $248	-0.5pp $200	base $152	+0.5pp $103	+1.0pp $53

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: $47,500
• Closing costs: $5,700
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
227 E Lamb St Bellefonte, PA	3.0	1.5	1756	$2,700	$1.54	45d	1	0.34mi

Listing history 21 events

1. 2026-06-21
   days on market $190,000 Active 102 DOM
2. 2026-06-19
   days on market $190,000 Active 100 DOM
3. 2026-06-18
   days on market $190,000 Active 99 DOM
4. 2026-06-17
   days on market $190,000 Active 98 DOM
5. 2026-06-16
   days on market $190,000 Active 97 DOM
6. 2026-06-15
   days on market $190,000 Active 96 DOM
7. 2026-06-14
   days on market $190,000 Active 94 DOM
8. 2026-06-13
   days on market $190,000 Active 93 DOM
9. 2026-06-10
   days on market $190,000 Active 91 DOM
10. 2026-06-09
    days on market $190,000 Active 90 DOM
11. 2026-06-09
    status $190,000 Active 89 DOM
12. 2026-05-04
    historical Active Under Contract 488-char remark

    Show marketing remark (488 chars)

    Well-maintained duplex located at 230 & 232 E Bishop St in Bellefonte. This two-unit property offers a solid investment opportunity or owner-occupant potential in a convenient in-town location. Each unit has a separate entrance and utilities. Both with brand new split HVAC system! Close to downtown Bellefonte, shopping, dining, schools, and local amenities. Ideal for investors looking for rental income or buyers seeking a multifamily property with strong long-term potential.

13. 2026-03-24
    price $190,000 488-char remark

    Show marketing remark (488 chars)

    Well-maintained duplex located at 230 & 232 E Bishop St in Bellefonte. This two-unit property offers a solid investment opportunity or owner-occupant potential in a convenient in-town location. Each unit has a separate entrance and utilities. Both with brand new split HVAC system! Close to downtown Bellefonte, shopping, dining, schools, and local amenities. Ideal for investors looking for rental income or buyers seeking a multifamily property with strong long-term potential.

14. 2026-03-19
    price $193,000 488-char remark

    Show marketing remark (488 chars)

    Well-maintained duplex located at 230 & 232 E Bishop St in Bellefonte. This two-unit property offers a solid investment opportunity or owner-occupant potential in a convenient in-town location. Each unit has a separate entrance and utilities. Both with brand new split HVAC system! Close to downtown Bellefonte, shopping, dining, schools, and local amenities. Ideal for investors looking for rental income or buyers seeking a multifamily property with strong long-term potential.

15. 2026-03-09
    price $199,000 488-char remark

    Show marketing remark (488 chars)

    Well-maintained duplex located at 230 & 232 E Bishop St in Bellefonte. This two-unit property offers a solid investment opportunity or owner-occupant potential in a convenient in-town location. Each unit has a separate entrance and utilities. Both with brand new split HVAC system! Close to downtown Bellefonte, shopping, dining, schools, and local amenities. Ideal for investors looking for rental income or buyers seeking a multifamily property with strong long-term potential.

16. 2026-02-04
    listed $205,000 Active 488-char remark

    Show marketing remark (488 chars)

    Well-maintained duplex located at 230 & 232 E Bishop St in Bellefonte. This two-unit property offers a solid investment opportunity or owner-occupant potential in a convenient in-town location. Each unit has a separate entrance and utilities. Both with brand new split HVAC system! Close to downtown Bellefonte, shopping, dining, schools, and local amenities. Ideal for investors looking for rental income or buyers seeking a multifamily property with strong long-term potential.

17. 2009-11-17
    soldstatus $96,167
18. 2009-11-16
    soldstatus $96,167 194-char remark

    Show marketing remark (194 chars)

    Good investment for your portfolio. This duplex offers full occupancy and is in good condition. Renovated in '80's. Call listing agent for you personal tour. The Ella Williams Team 814-280-3607.

19. 2008-12-15
    listed $92,500 194-char remark

    Show marketing remark (194 chars)

    Good investment for your portfolio. This duplex offers full occupancy and is in good condition. Renovated in '80's. Call listing agent for you personal tour. The Ella Williams Team 814-280-3607.

20. 2006-11-14
    listed $89,500
21. 2006-11-14
    historical

ⓘ 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: $1,973 · $164/mo
• Projected year-2 tax: $2,487 · $207/mo
• Expected delta: +$515/yr (+$43/mo · 26.1%)

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

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥95°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,984
• − Mortgage interest: −$10,643
• − Property taxes: −$1,973
• − Insurance: −$1,616
• − Repairs & maintenance: −$1,759
• − Management: −$1,759
• − Depreciation: −$5,527
• Taxable loss: −$1,292
• Est. tax savings @ 24.0%: +$310
• After-tax cash flow: $2,132/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: Bellefonte Area SD
• NCES district ID: 4203240
• Math proficiency: 48% ▼ -3.00%
• Reading proficiency: 57% ▼ -8.00%
• Median HH income: $54,460
• Composite: 45.25/100
• National rank: #2662
• State rank: #140 of 539 in PA

Livability — Bellefonte

• Score: 92/100
• State rank: #10
• US rank: #37

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bellefonte, PA
• County: Centre County · 99,000 people
• City population: 29,126
• Metro: State College, PA
• Population (ZIP): 29,126
• Household income: $76,245
• Rent vs Own: 29.5% rent · 70.5% own
• Severe rent burden: 855.0

Population outlook (Centre County) Hauer SSP2

• Today (2025): 177,113 people
• By 2030: 185,138 · +4.5%
• By 2040: 196,009 · +10.7%
• By 2050: 205,070 · +15.8%
• By 2075: 217,575 · +22.8%
• By 2100: 230,649 · +30.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Black 8% Two or more races 4% Hispanic / Latino 3%
• Common ancestry: Romanian 4% Slovak 3% Serbian 2%
• Foreign-born: 3% · China, Canada
• Languages at home: 94% English-only · Spanish 2% German/W. Germanic 1%

Political lean MEDSL · Centre

• 2024 margin: Toss-up / Even · D 50.9% · R 48.1% · Other 1.0%
• 2008→2024 swing: -9.0pp toward R · 2008: 11.8pp · 2024: 2.8pp
• All cycles: 2024: D+2.8 2020: D+4.8 2016: D+1.9 2012: R+0.0 2008: D+11.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -142.54%
• Current HPI: 202.598
• Rent YoY: —
• Metro: State College, PA
• 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

+112.3% since first listed

10 events — show timeline

• 2026-05-04 Contingent — BRIGHT MLS
• 2026-03-24 Price Changed $190,000 BRIGHT MLS
• 2026-03-19 Price Changed $193,000 BRIGHT MLS
• 2026-03-09 Price Changed $199,000 BRIGHT MLS
• 2026-02-04 Listed $205,000 BRIGHT MLS
• 2009-11-17 Sold (Public Records) $96,167 Public Records
• 2009-11-16 Sold (MLS) $96,167 BRIGHT MLS
• 2008-12-15 Listed $92,500 BRIGHT MLS
• 2006-11-14 Listing Removed — BRIGHT MLS
• 2006-11-14 Listed $89,500 BRIGHT MLS

Property tax history

+1.6%/yr

Latest (2026): $1,973 · +1.8% YoY. Source: county tax records.