230 E Bishop St

Bellefonte, PA 16823

$190,000C

3 bd · 2.0 ba · 1,689 sqft · Built 1890 · Other · Active · 102 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,832/mo
• Mortgage (P&I): −$996
• Tax + insurance: −$299
• HOA: −$0
• Vac / Maint / Mgmt: −$385
• Net cashflow: $152/mo
• Annual: $1,822/yr
• Cap rate: 7.60%
• Cash-on-cash: 4.68%
• DSCR: 1.21
• 1% rule: 0.96%
• Cash to close: $53,200

Investor read

• This is a 3-bed/2.0-bath other listed at $190k.
• 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).
• It's been on market 102 days — a 9% lower offer ($173k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $173k (9.0% 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 $6k of value loss. Plan a longer hold.
• 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.
• Zoned schools: Bellefonte El Sch (math 47% / reading 52%, grade D, #654 of 1,518 statewide, top 47%, 335 students, 47% FRL); Bellefonte Area Ms (math 31% / reading 52%, grade F, #234 of 512 statewide, top 47%, 576 students, 28% FRL); Bellefonte Area Hs (math 72%, 847 students, 16% FRL).
• Watch-outs: flood insurance adds $56/mo; built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• 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).
• Centre County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 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.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 7.6% vs local median 3.0% 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.

Questions for listing agent

• 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?
• Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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 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?
• 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.