3022 Spruce Ave · Altoona, PA 16601

$56,000

3 bd · 1.0 ba · 1,344 sqft · SingleFamily · 107 Days on market

Built 1920 2,613 sqft lot $42/sqft · 56% below area

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Why this score? — see what drove the B- 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +4.0/5.0
• Schools +3.1/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great Starter Home or Investment Property! This Charming 3 Br, 1 Full Bath home offers comfort & potential in a convenient location. Enjoy cozy evenings by the wood burning fireplace and appreciate the benefits of updated electric and a newer furnace for peace of mind. Roof is approx 12yr. Situated on a desirable corner lot, with possible parking in the rear. Located close to shopping and everyday amenities. This home is a fantastic opportunity for homeowners and investors alike.

Key facts

• Possible parking
• Newer furnace
• Updated electric

Tags

• WOOD BURNING FIREPLACE
• UPDATED ELECTRIC
• NEWER FURNACE
• CORNER LOT
• POSSIBLE PARKING
• CONVENIENT LOCATION

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $56k.

Deal economics

• At list price, monthly cash flow is $428 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $56k).
• Recommended offer: $51k (9.0% below list) — sets the bar for market timing.
• Cap rate 15.5% vs local median 5.8% in Altoona — 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 79/100 on livability (#237 in PA, #2,060 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: crime C-, employment D, amenities F.
• Altoona Area SD (urban): math 30% / reading 44% proficiency, ranked #406 of 539 in PA (top 75%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 186 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 99 units permitted in Blair County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $387 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Blair County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $16k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 107 days — a 9% lower offer ($51k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $16k; list at $56k implies a 261% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $50,960 (9.0% below list)

Questions for the listing agent

1. It's been on market 107 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 1920 — 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 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?
6. 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.
7. 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.
8. 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: 1.90% ✓
• Cap rate: 15.47%
• Cash-on-cash: 32.77%
• DSCR: 2.46
• GRM: 4.4

CMA / ARV

• ARV (median comp): $128,552
• List price: $56,000
• Delta: -56.44%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2817 Oak Ave	0.25mi	3/1.0	1,328 (-1%)	6mo	$136,000	$102	82
2627 Oak Ave	0.38mi	3/1.5	1,320 (-2%)	0mo	$144,900	$110	77
2716 Maple Ave	0.33mi	3/2.0	1,336 (-1%)	6mo	$164,500	$123	74
884 Millville Rd	0.25mi	3/1.0	1,200 (-11%)	1mo	$75,000	$63	70
939 29th St	0.17mi	3/1.0	1,494 (+11%)	5mo	$108,000	$72	69
887 Millville Rd	0.25mi	3/1.0	1,150 (-14%)	2mo	$184,000	$160	63
851 36th St	0.64mi	3/1.0	1,314 (-2%)	5mo	$155,000	$118	63
3605 Broad Ave	0.65mi	2/1.0 (-1)	1,355 (+1%)	1mo	$140,000	$103	62
2710 7th Ave	0.63mi	3/1.0	1,400 (+4%)	3mo	$125,000	$89	61
2610 Maple Ave	0.43mi	3/1.0	1,168 (-13%)	3mo	$152,000	$130	56
3712 W Chestnut Ave	0.72mi	3/1.5	1,441 (+7%)	6mo	$210,000	$146	47
3717 Oak Ave	0.70mi	3/1.0	1,160 (-14%)	0mo	$55,000	$47	44

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 27.9%
• Equity multiple: 2.16×
• Total profit: $18,230
• Equity at exit: $8,350

10-year hold

• IRR: 35.4%
• Equity multiple: 4.26×
• Total profit: $51,121
• Equity at exit: $4,842

Cash invested: $15,680 (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 16601

• Home prices YoY: -24.9%
• Active inventory: 186
• Price-to-rent: 4.4×

Monthly cashflow live

• Estimated rent: $1,063 medium
• Mortgage (P&I): −$294
• Tax from tax record: −$95 /mo · $1,138/yr
• Insurance: −$23
• HOA: −$0
• Vacancy / Maint / Mgmt: −$223
• Net cashflow: $428

Break-even live

Break-even rent $521

Max offer price $56,000

Occupancy floor 55%

Sensitivity live

Price	-10% $460	-5% $444	+0% $428	+5% $412	+10% $397
Rent	-10% $344	-5% $386	+0% $428	+5% $470	+10% $512
Rate	-1.0pp $456	-0.5pp $442	base $428	+0.5pp $414	+1.0pp $399

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: $14,000
• Closing costs: $1,680
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2015 12th Ave Altoona, PA	3.0	1.0	1600	$1,200	$0.75	44d	1	0.89mi
3925 Burgoon Rd Altoona, PA	3.0	1.0	1500	$895	$0.60	44d	1	0.97mi
1489 Washington Ave Altoona, PA	3.0	1.5	1050	$850	$0.81	44d	1	1.17mi
1326 14th Ave Altoona, PA	3.0	1.0	1600	$1,150	$0.72	44d	1	1.41mi

Listing history 19 events

1. 2026-06-17
   status $56,000 Pending 107 DOM
2. 2026-06-17
   days on market $56,000 Active 107 DOM
3. 2026-06-16
   days on market $56,000 Active 106 DOM
4. 2026-06-15
   days on market $56,000 Active 105 DOM
5. 2026-06-14
   days on market $56,000 Active 103 DOM
6. 2026-06-13
   days on market $56,000 Active 102 DOM
7. 2026-06-10
   days on market $56,000 Active 100 DOM
8. 2026-06-09
   days on market $56,000 Active 99 DOM
9. 2026-06-08
   days on market $56,000 Active 98 DOM
10. 2026-06-07
    days on market $56,000 Active 97 DOM
11. 2026-06-05
    days on market $56,000 Active 94 DOM
12. 2026-06-03
    days on market $56,000 Active 93 DOM
13. 2026-06-02
    pricedays on market $56,000 Active 92 DOM
14. 2026-06-01
    days on market $58,900 Active 91 DOM
15. 2026-05-31
    days on market $58,900 Active 90 DOM
16. 2026-05-30
    days on market $58,900 Active 89 DOM
17. 2026-04-14
    price $58,900 490-char remark

    Show marketing remark (490 chars)

    Great Starter Home or Investment Property! This Charming 3 Br, 1 Full Bath home offers comfort & potential in a convenient location. Enjoy cozy evenings by the wood burning fireplace and appreciate the benefits of updated electric and a newer furnace for peace of mind. Roof is approx 12yr. Situated on a desirable corner lot, with possible parking in the rear. Located close to shopping and everyday amenities. This home is a fantastic opportunity for homeowners and investors alike.

18. 2026-03-02
    listed $65,900 Active 490-char remark

    Show marketing remark (490 chars)

    Great Starter Home or Investment Property! This Charming 3 Br, 1 Full Bath home offers comfort & potential in a convenient location. Enjoy cozy evenings by the wood burning fireplace and appreciate the benefits of updated electric and a newer furnace for peace of mind. Roof is approx 12yr. Situated on a desirable corner lot, with possible parking in the rear. Located close to shopping and everyday amenities. This home is a fantastic opportunity for homeowners and investors alike.

19. 1988-03-01
    soldstatus $15,500

ⓘ 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: $1,138 · $95/mo
• Projected year-2 tax: $1,138 · $95/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 (shaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥95°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,761
• − Mortgage interest: −$3,137
• − Property taxes: −$1,138
• − Insurance: −$280
• − Repairs & maintenance: −$1,021
• − Management: −$1,021
• − Depreciation: −$1,629
• Taxable income: $4,535
• Est. tax owed @ 24.0%: −$1,088
• After-tax cash flow: $4,050/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: Altoona Area SD
• NCES district ID: 4202340
• Math proficiency: 30% ▼ -15.00%
• Reading proficiency: 44% ▼ -15.00%
• Median HH income: $38,465
• Composite: 30.85/100
• National rank: #6130
• State rank: #406 of 539 in PA

Livability — Altoona

• Score: 79/100
• State rank: #237
• US rank: #2060

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Altoona, PA
• County: Blair County · 59,867 people
• City population: 59,867
• Metro: Altoona, PA
• Population (ZIP): 33,515
• Household income: $58,070
• Rent vs Own: 30.6% rent · 69.4% own
• Severe rent burden: 715.0

Population outlook (Blair County) Hauer SSP2

• Today (2025): 121,571 people
• By 2030: 117,966 · -3.0%
• By 2040: 109,174 · -10.2%
• By 2050: 99,542 · -18.1%
• By 2075: 76,775 · -36.8%
• By 2100: 54,326 · -55.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 5% Black 3% Hispanic / Latino 1%
• Common ancestry: Romanian 5% Slovak 2% Lithuanian 2%
• Foreign-born: 1% · Vietnam
• Languages at home: 97% English-only · German/W. Germanic 1% Spanish 1%

Political lean MEDSL · Blair

• 2024 margin: Solid R (+43.5) · D 27.9% · R 71.4%
• 2008→2024 swing: -19.2pp toward R · 2008: -24.3pp · 2024: -43.5pp
• All cycles: 2024: R+43.5 2020: R+43.5 2016: R+46.4 2012: R+33.5 2008: R+24.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -60.97%
• Current HPI: 183.9907
• Rent YoY: —
• Metro: Altoona, 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

+280.0% since first listed

3 events — show timeline

• 2026-04-14 Price Changed $58,900 AHARMLS
• 2026-03-02 Listed $65,900 AHARMLS
• 1988-03-01 Sold (Public Records) $15,500 Public Records

Property tax history

-4.7%/yr

Latest (2025): $1,138 · +13.0% YoY. Source: county tax records.