128 Bridge St

Old Forge, PA 18518

$199,999C+

3 bd · 1.5 ba · 1,532 sqft · Built 1958 · SingleFamily · Active · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,057/mo
• Mortgage (P&I): −$1,049
• Tax + insurance: −$333
• HOA: −$0
• Vac / Maint / Mgmt: −$432
• Net cashflow: $243/mo
• Annual: $2,918/yr
• Cap rate: 7.75%
• Cash-on-cash: 5.21%
• DSCR: 1.23
• 1% rule: 1.03%
• Cash to close: $56,000

Investor read

• This is a 3-bed/1.5-bath single-family listed at $200k.
• At list price, monthly cash flow is $243 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $200k).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $12k of equity ($1k loan paydown + $10k appreciation (5.2% local appreciation)).
• Location reads 78/100 on livability (#287 in PA, #2,531 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment C-, amenities F, commute F.
• Old Forge SD (suburban): math 22% / reading 49% proficiency, ranked #409 of 539 in PA (top 76%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1958 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 39 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 251 units permitted in Lackawanna County in 2024 (0 in 5+ unit buildings).
• Lackawanna County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 3 sale attempts since 4y 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 $115k; list at $200k implies a 74% gain — meaningful room to come down on a strong offer.
• At projected returns (5.2% appreciation + 3.0% rent growth), your $56k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$40k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 7.8% vs local median 6.1% in Old Forge — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Questions for listing agent

• Built in 1958 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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.
• 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.