313 Center St

Williamsport, PA 17701

$995,000B

None bd · None ba · 3,435 sqft · Built 1901 · MultiFamily · Active · 26 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $37,648/mo
• Mortgage (P&I): −$5,218
• Tax + insurance: −$598
• HOA: −$0
• Vac / Maint / Mgmt: −$7,906
• Net cashflow: $23,926/mo
• Annual: $287,112/yr
• Cap rate: 35.15%
• Cash-on-cash: 103.06%
• DSCR: 5.59
• 1% rule: 3.78%
• Cash to close: $278,600

Investor read

• This is a 17 × 1-bed/1-bath units multifamily listed at $995k.
• At list price, monthly cash flow is $24k ($287k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($38k rent vs $995k).
• It's been on market 26 days — a 2% lower offer ($980k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $980k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $7k of loan paydown is wiped out by about $30k of value loss. Plan a longer hold.
• Location reads 74/100 on livability (#523 in PA, #4,841 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime C-, employment D, amenities F.
• Williamsport Area SD (urban): math 38% / reading 45% proficiency, ranked #349 of 539 in PA (top 65%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Stevens Primary Sch (math 24% / reading 54%); Williamsport Area Ms (math 25% / reading 36%, grade F, #376 of 512 statewide, top 74%, 712 students, 68% FRL); Williamsport Area Shs (math 75% / reading 10%, grade F, #226 of 437 statewide, top 52%, 1,479 students, 64% FRL).
• Watch-outs: built in 1901 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+4.4%/yr); 189 active listings in the ZIP; 73 units permitted in Lycoming County in 2024 (15 in 5+ unit buildings).
• Lycoming County population projected to shrink 10% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• Current owner paid $160k; list at $995k implies a 522% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 4.4% rent growth), your $279k cash investment doubles in ~2 years — after that, you're playing with house money.
• Climate carrying-cost: major flood risk; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 35.1% vs local median 6.1% in Williamsport — 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.
• At $37,648/mo this rent would consume 849% of the median local household income ($53k/yr) (locally 2178% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1901 — 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.
• 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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.