815 Tremont Ave · Norristown, PA 19401

$299,900

3 bd · None ba · — sqft · MultiFamily · 4 Days on market

Built 1925 Fair condition 5,341 sqft lot

---

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
• DSCR +10.0/10.0
• 1% rule +9.9/10.0
• ARV discount +7.5/15.0
• Livability +4.2/5.0
• Rent growth +2.8/5.0
• Schools +2.2/10.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Rare investment opportunity featuring 2 homes, 3 units on one parcel with strong upside potential and separate utilities throughout. This unique property includes a detached single-family home plus a duplex, offering flexibility for investors, owner-occupants, or multi-generational living. Current rents are below market with projected annual rental income potential of approximately $48,000–$54,000. The detached home features a 1-bedroom, 1-bathroom layout with an eat-in kitchen, access to the basement, storage/office space, covered patio, fenced yard access, and driveway parking. Tenant pays gas and electric. The duplex offers two 1-bedroom, 1-bathroom units. The first-floor unit incl

Key facts

• 5,341 sq ft lot
• Built 1925
• Listed 4 days

Property features AI

Finance

• Other: Year built and square footage sources reported by assessor; Assessed/tax details available (financial summary)
• Financial info: Fee simple ownership; All three units are leased month-to-month

Exterior

• Parking: Driveway
• Utilities: Public water; Public sewer; Electric service
• Home design: Detached structure
• Construction: Brick and stucco construction; Block foundation; Above-grade and below-grade structures
• Exterior features: Lot dimensions approximately 41.00 x 0.00; No tidal water

Interior

• Bedrooms: Three one-bedroom units (all occupied month-to-month)
• Heating & cooling: Hot water heating; Natural gas heating fuel; Electric hot water
• Interior features: Assessor listed living area and finished/unfinished area sources

What this means for you Summary

Snapshot

• This is a 3-bed/?-bath multifamily listed at $300k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $1k ($18k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $300k).
• Cap rate 12.2% vs local median 4.5% in Norristown — 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 84/100 on livability (#100 in PA, #720 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: crime D-.
• Norristown Area SD (suburban): math 18% / reading 31% proficiency, ranked #466 of 539 in PA (top 86%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 70% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Norristown Area Hs (math 42% / reading 8%, grade F, #375 of 437 statewide, top 86%, 2,309 students, 83% FRL).
• Market conditions: Rents rising (+1.3%/yr); 164 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 1,936 units permitted in Montgomery County in 2024 (530 in 5+ unit buildings).
• At $4,482/mo this rent would consume 77% of the median local household income ($70k/yr) (locally 2725% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Montgomery County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 1.3% rent growth), your $84k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $299,900

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
5. 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.
6. 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.
7. 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.

Investment metrics

• 1% rule: 1.49% ✓
• Cap rate: 12.17%
• Cash-on-cash: 20.98%
• DSCR: 1.93
• GRM: 5.6

CMA / ARV

No comps found within radius.

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
823 Tremont Ave	0.02mi	2/— (-1)	1,560	20mo	$248,500	$159	65
813 Arch St	0.42mi	3/—	1,982	6mo	$182,000	$92	63
1412 Tremont Ave	0.32mi	2/2.0 (-1)	1,216	10mo	$254,000	$209	60
332 Green St	0.62mi	3/2.0	1,368	2mo	$215,000	$157	57
535 E Main St	0.37mi	3/—	1,400	19mo	$232,000	$166	54
1415 Dekalb St	0.65mi	4/3.0 (+1)	3,009	1mo	$340,000	$113	52
1321 Dekalb St	0.61mi	3/—	—	9mo	$346,800	—	51
712 Carmen Dr	0.33mi	4/— (+1)	1,920	20mo	$251,400	$131	51
714 Carmen Dr	0.33mi	4/— (+1)	1,920	20mo	$251,400	$131	51
57 E Wood St	0.62mi	4/— (+1)	1,664	18mo	$190,000	$114	38
713 Swede St	0.74mi	4/3.0 (+1)	2,080	15mo	$232,130	$112	35
104 E Main St	0.70mi	4/1.5 (+1)	1,400	20mo	$285,000	$204	34

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 · 1.29% rent growth · sell at horizon

5-year hold

• IRR: 11.5%
• Equity multiple: 1.45×
• Total profit: $37,401
• Equity at exit: $44,716

10-year hold

• IRR: 19.1%
• Equity multiple: 2.47×
• Total profit: $123,192
• Equity at exit: $25,930

Cash invested: $83,972 (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 19401

• Rents YoY: 1.3%
• Active inventory: 164
• Price-to-rent: 16.7×

Monthly cashflow live

• Estimated rent: $4,482 high
• Mortgage (P&I): −$1,573
• Tax est. 1.5%: −$375 /mo · $4,498/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$941
• Net cashflow: $1,468

Break-even live

Break-even rent $2,623

Max offer price $299,900

Occupancy floor 62%

Sensitivity live

Price	-10% $1,675	-5% $1,572	+0% $1,468	+5% $1,365	+10% $1,261
Rent	-10% $1,114	-5% $1,291	+0% $1,468	+5% $1,645	+10% $1,822
Rate	-1.0pp $1,619	-0.5pp $1,545	base $1,468	+0.5pp $1,391	+1.0pp $1,311

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	1	1	$4,482
Total (3 units)			$4,482

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: $74,975
• Closing costs: $8,997
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
716 E Marshall St Apt 2 Norristown, PA	3.0	1.0	1920	$1,875	$0.98	44d	1	0.09mi
1011 New Hope St Norristown, PA	1.0–2.0	1.0	807	$1,810	$2.24	1d	13	0.15mi
900 Luxor Ln Norristown, PA	2.0	1.0–2.0	754	$2,070	$2.74	44d	20	0.25mi
412 E Oak St Norristown, PA	2.0	1.0	—	$1,350	—	5d	1	0.27mi
535 Sandy St Norristown, PA	2.0	2.0	1476	$1,699	$1.15	21d	1	0.27mi
708 Carmen Dr Apt B Norristown, PA	2.0	1.0	1000	$1,650	$1.65	22d	1	0.31mi
613 Walnut St Norristown, PA	3.0	1.0	1526	$1,925	$1.26	5d	1	0.35mi
417 E Fornance St Norristown, PA	2.0	1.0	1408	$1,650	$1.17	5d	1	0.38mi
352 1/2 E Airy St Norristown, PA	3.0	1.0	—	$1,495	—	22d	1	0.42mi
1201 Arch St Unit 2nd Floor Norristown, PA	2.0	1.0	—	$1,550	—	4d	1	0.46mi
1201 Arch St Unit 2nd Floor Norristown, PA	2.0	1.0	1200	$1,725	$1.44	24d	1	0.46mi
244 Minor St Norristown, PA	2.0	1.0	1098	$1,700	$1.55	44d	1	0.46mi
250 E Chestnut St Norristown, PA	3.0	1.0	1216	$2,724	$2.24	44d	1	0.47mi
221 E Wood St Norristown, PA	4.0	1.0	1527	$2,277	$1.49	44d	1	0.50mi
211 E Poplar St Norristown, PA	3.0	1.5	1414	$2,350	$1.66	44d	1	0.52mi
534 Green St Norristown, PA	4.0	1.0	1612	$1,800	$1.12	22d	1	0.57mi
1206 DeKalb St Norristown, PA	2.0	1.0	—	$1,475	—	13d	1	0.57mi
1206 DeKalb St Unit 3 Norristown, PA	2.0	1.0	—	$1,475	—	15d	1	0.57mi
301 E Brown St Unit A9 Norristown, PA	2.0	1.0	1000	$1,595	$1.59	44d	1	0.61mi
625 DeKalb St Unit 4 Norristown, PA	3.0	1.0	2854	$1,800	$0.63	44d	1	0.62mi
625 DeKalb St Unit 3 Norristown, PA	2.0	1.0	2854	$1,700	$0.60	5d	1	0.62mi
625 DeKalb St Unit 4 Norristown, PA	3.0	1.0	2854	$1,900	$0.67	5d	1	0.62mi
625 DeKalb St Unit 3 Norristown, PA	2.0	1.0	2854	$1,700	$0.60	44d	1	0.62mi
332 Green St Norristown, PA	2.0	1.0	—	$1,600	—	24d	1	0.63mi
423 DeKalb St Norristown, PA	2.0	1.0	795	$1,350	$1.70	24d	1	0.67mi
17 E Elm St Unit 1 Norristown, PA	2.0	1.0	—	$1,625	—	24d	1	0.69mi
17 E Elm St Norristown, PA	2.0	1.0	—	$1,625	—	22d	1	0.69mi
614 Swede St Norristown, PA	2.0	2.0	—	$1,175	—	44d	1	0.73mi
311 E 4th St Unit 9 Bridgeport, PA	2.0	1.0	900	$1,800	$2.00	24d	1	0.73mi
18 Coates St Bridgeport, PA	2.0	1.0	1000	$2,100	$2.10	13d	1	0.74mi
5 Coates St Bridgeport, PA	2.0	1.5	910	$1,800	$1.98	19d	1	0.75mi
1535 Willow St Norristown, PA	3.0	1.0	1186	$2,450	$2.07	18d	1	0.76mi
1A Ford St Bridgeport, PA	3.0	2.5	—	$2,765	—	17d	1	0.81mi
3 Ford St Unit B Bridgeport, PA	2.0	2.5	1292	$2,550	$1.97	22d	1	0.82mi
56 Stewart St Unit 2 Bridgeport, PA	3.0	2.0	1500	$2,100	$1.40	24d	1	0.82mi
310 Prospect Ave Bridgeport, PA	4.0	2.5	1920	$3,100	$1.61	44d	1	0.83mi
344 Grove St Bridgeport, PA	4.0	2.0	1484	$2,895	$1.95	44d	1	0.84mi
122 W Elm St Norristown, PA	3.0	1.0	—	$1,850	—	22d	1	0.84mi
515 Cherry St Norristown, PA	3.0	3.0	1100	$1,995	$1.81	24d	1	0.84mi
126 W Elm St Norristown, PA	4.0	1.5	1500	$2,000	$1.33	15d	1	0.84mi

Taxation est. · year 1

• Rental income: $53,784
• − Mortgage interest: −$16,799
• − Property taxes: −$4,498
• − Insurance: −$1,500
• − Repairs & maintenance: −$4,303
• − Management: −$4,303
• − Depreciation: −$8,724
• Taxable income: $13,657
• Est. tax owed @ 24.0%: −$3,278
• After-tax cash flow: $14,341/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.

Condition & rehab AI · 3 photos

Fair 45/100 Moderate rehab

The property presents as a moderate rehab opportunity with average exterior and interior conditions. Repairs and maintenance are needed, but the property has strong rental upside potential.

Repairs flagged

• Minor Brick facade — Some discoloration visible
• Moderate Roof inspection — No visible damage, but may need inspection

Value-add opportunities

• Both Paint touch-ups — Improves curb appeal and interior aesthetics
• Both Landscaping improvements — Enhances curb appeal and property value
• Rental HVAC maintenance — Ensures comfort and reduces utility costs

Renovation cost estimate screening

Repair item	Severity	Est. cost
Brick facade · Some discoloration visible	Minor	$500–3,000
Roof inspection · No visible damage, but may need inspection	Moderate	$3,000–15,000
Total estimated repair cost · 2 items		$3,500–18,000

Value-add ROI direction

• Both Paint touch-ups — Improves curb appeal and interior aesthetics ↑
• Both Landscaping improvements — Enhances curb appeal and property value ↑
• Rental HVAC maintenance — Ensures comfort and reduces utility costs ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Norristown Area SD
• NCES district ID: 4216980
• Math proficiency: 18% ▼ -11.00%
• Reading proficiency: 31% ▼ -14.00%
• Median HH income: $56,024
• Composite: 22.17/100
• National rank: #8166
• State rank: #466 of 539 in PA

Livability — Norristown

• Score: 84/100
• State rank: #100
• US rank: #720

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Norristown, PA
• County: Montgomery County · 712,331 people
• City population: 87,376
• Metro: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
• Population (ZIP): 43,359
• Household income: $69,908
• Rent vs Own: 54.8% rent · 45.2% own
• Severe rent burden: 2725.0

Population outlook (Montgomery County) Hauer SSP2

• Today (2025): 856,074 people
• By 2030: 870,887 · +1.7%
• By 2040: 891,195 · +4.1%
• By 2050: 896,417 · +4.7%
• By 2075: 903,212 · +5.5%
• By 2100: 843,240 · -1.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.72)
• Race & ethnicity: White 33% Black 29% Hispanic / Latino 29% Two or more races 16% Asian 3% Native American 2%
• Hispanic origin (detail): Mexican 16% Puerto Rican 5% Dominican 2%
• Common ancestry: Romanian 3% Slovak 1%
• Foreign-born: 17% · Canada, Jamaica, South Korea
• Languages at home: 71% English-only · Spanish 22% Other Indo-European 2% Russian/Polish/Slavic 1%

Political lean MEDSL · Montgomery

• 2024 margin: Strong D (+22.8) · D 60.9% · R 38.1% · Other 1.1%
• 2008→2024 swing: +2.0pp toward D · 2008: 20.8pp · 2024: 22.8pp
• All cycles: 2024: D+22.8 2020: D+26.3 2016: D+21.1 2012: D+14.3 2008: D+20.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -203.75%
• Current HPI: 301.7748
• Rent YoY: ▲ 1.29%
• Metro: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
• 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

+0.0% since first listed

4 events — show timeline

• 2026-05-29 Pending — BRIGHT MLS
• 2026-05-28 Listing Removed — BRIGHT MLS
• 2026-05-25 Listed $299,900 BRIGHT MLS
• 2026-05-21 Coming Soon $299,900 BRIGHT MLS