403 Keller St · State College, PA 16801

$235,000

3 bd · 1.5 ba · 1,344 sqft · Townhouse public records · 100 Days on market

Built 1932 3,485 sqft lot $175/sqft · 44% below area Est $422k · 44% under

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Why this score? — see what drove the C 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 +18.2/30.0
• ARV discount +15.0/15.0
• DSCR +5.7/10.0
• Schools +5.7/10.0
• 1% rule +4.6/10.0
• Livability +4.5/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This 3-bedroom 1.5 bathroom traditional 1/2 duplex in State College Borough is ready for it's next investor. Both sides of the duplex are for sale, but are separately deeded, so can be sold separately. Existing lease in place through July 2027. Total of Five (5) professional/graduate investment units listed by seller. Seller would sell as a package or individually. 401 Keller Street - MLS PACE2517986 (other 1/2 of duplex - separate deed). 116 Old Boalsburg Road ( & 117 Easterly Parkway) MLS - PACE2517974 (duplex). 118 South Butz Street - MLS PACE2517990

Key facts

• 2 parking spots
• Built 1932
• Listed 99 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath townhouse listed at $235k.

Deal economics

• At list price, monthly cash flow is $211 ($3k/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 $226k (3.7% below list).
• Recommended offer: $214k (9.0% below list) — sets the bar for market timing.
• Cap rate 7.4% vs local median 1.6% in State College — 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 89/100 on livability (#29 in PA, #164 nationally) — a professional / high-income tenant draw. Strengths: schools A+, crime A+, amenities A+; Watch: employment C-, cost of living C-.
• State College Area SD (urban): math 62% / reading 73% proficiency, ranked #41 of 539 in PA (top 8%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 15% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising (+2.8%/yr); 158 active listings in the ZIP; 5 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; 399 units permitted in Centre County in 2024 (44 in 5+ unit buildings).
• This rent runs 44% of the median local income ($62k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Centre County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 100 days — a 9% lower offer ($214k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y 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.

Risks & watch-outs

• Watch-outs: built in 1932 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $213,850 (9.0% below list)

Questions for the listing agent

1. It's been on market 100 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 1932 — 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 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?
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: 0.96% ✗
• Cap rate: 7.37%
• Cash-on-cash: 3.84%
• DSCR: 1.17
• GRM: 8.7

CMA / ARV

• ARV (median comp): $421,543
• List price: $235,000
• Delta: -44.25%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
310 S Allen St	0.67mi	3/2.0	1,454 (+8%)	2mo	$460,000	$316	52
333 S Allen St #302	0.64mi	2/2.0 (-1)	1,333 (-1%)	13mo	$345,000	$259	51

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 · 2.77% rent growth · sell at horizon

5-year hold

• IRR: -10.5%
• Equity multiple: 0.62×
• Total profit: $-25,183
• Equity at exit: $35,039

10-year hold

• IRR: -1.5%
• Equity multiple: 0.90×
• Total profit: $-6,768
• Equity at exit: $20,319

Cash invested: $65,800 (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 16801

• Rents YoY: 2.8%
• Active inventory: 158
• Price-to-rent: 8.7×

Monthly cashflow live

• Estimated rent: $2,263 high
• Mortgage (P&I): −$1,232
• Tax from tax record: −$247 /mo · $2,964/yr
• Insurance: −$98
• HOA: −$0
• Vacancy / Maint / Mgmt: −$475
• Net cashflow: $211

Break-even live

Break-even rent $1,997

Max offer price $235,000

Occupancy floor 86%

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: $58,750
• Closing costs: $7,050
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
616 E College Ave State College, PA	2.0	2.0	975	$2,610	$2.68	43d	2	0.19mi
200 Highland Ave #501 State College, PA	2.0	1.0	890	$1,800	$2.02	43d	1	0.53mi
200 Bradley Ave State College, PA	1.0–3.0	1.0–1.5	755	$1,730	$2.29	43d	6	1.01mi
730 W Highland Aly State College, PA	3.0	1.0	900	$2,199	$2.44	43d	1	1.23mi
424 Waupelani Dr State College, PA	2.0	1.0–2.0	603	$1,495	$2.48	43d	63	1.41mi

Listing history 23 events

1. 2026-06-19
   days on market $235,000 Active 100 DOM
2. 2026-06-18
   days on market $235,000 Active 99 DOM
3. 2026-06-17
   days on market $235,000 Active 98 DOM
4. 2026-06-16
   days on market $235,000 Active 97 DOM
5. 2026-06-15
   days on market $235,000 Active 96 DOM
6. 2026-06-14
   days on market $235,000 Active 94 DOM
7. 2026-06-13
   days on market $235,000 Active 93 DOM
8. 2026-06-10
   days on market $235,000 Active 91 DOM
9. 2026-06-09
   days on market $235,000 Active 90 DOM
10. 2026-06-08
    days on market $235,000 Active 89 DOM
11. 2026-06-07
    days on market $235,000 Active 88 DOM
12. 2026-06-02
    days on market $235,000 Active 83 DOM
13. 2026-06-01
    days on market $235,000 Active 82 DOM
14. 2026-05-31
    days on market $235,000 Active 81 DOM
15. 2026-05-30
    days on market $235,000 Active 80 DOM
16. 2026-03-11
    listed $235,000 Active 564-char remark

    Show marketing remark (564 chars)

    This 3-bedroom 1.5 bathroom traditional 1/2 duplex in State College Borough is ready for it's next investor. Both sides of the duplex are for sale, but are separately deeded, so can be sold separately. Existing lease in place through July 2027. Total of Five (5) professional/graduate investment units listed by seller. Seller would sell as a package or individually. 401 Keller Street - MLS PACE2517986 (other 1/2 of duplex - separate deed). 116 Old Boalsburg Road ( & 117 Easterly Parkway) MLS - PACE2517974 (duplex). 118 South Butz Street - MLS PACE2517990

17. 2024-02-05
    historical $1,545
18. 2024-01-26
    listed $1,545
19. 2024-01-26
    historical $1,545
20. 2024-01-25
    listed $1,545
21. 2023-07-11
    historical
22. 2013-01-18
    soldstatus $559,815
23. 2000-04-04
    soldstatus $148,900

ⓘ 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: $2,964 · $247/mo
• Projected year-2 tax: $3,339 · $278/mo
• Expected delta: +$374/yr (+$31/mo · 12.6%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 74% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥93°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,158
• − Mortgage interest: −$13,164
• − Property taxes: −$2,964
• − Insurance: −$1,175
• − Repairs & maintenance: −$2,173
• − Management: −$2,173
• − Depreciation: −$6,836
• Taxable loss: −$1,326
• Est. tax savings @ 24.0%: +$318
• After-tax cash flow: $2,846/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: State College Area SD
• NCES district ID: 4222770
• Math proficiency: 62% ▼ -4.00%
• Reading proficiency: 73% ▼ -7.00%
• Median HH income: $49,753
• Composite: 57.23/100
• National rank: #1094
• State rank: #41 of 539 in PA

Livability — State College

• Score: 89/100
• State rank: #29
• US rank: #164

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: State College, PA
• County: Centre County · 99,000 people
• City population: 64,751
• Metro: State College, PA
• Population (ZIP): 40,774
• Household income: $61,836
• Rent vs Own: 56.8% rent · 43.2% own
• Severe rent burden: 3590.0

Population outlook (Centre County) Hauer SSP2

• Today (2025): 177,113 people
• By 2030: 185,138 · +4.5%
• By 2040: 196,009 · +10.7%
• By 2050: 205,070 · +15.8%
• By 2075: 217,575 · +22.8%
• By 2100: 230,649 · +30.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (80%)
• Race & ethnicity: White 80% Asian 9% Two or more races 6% Hispanic / Latino 4% Black 3%
• Common ancestry: Romanian 6% Lithuanian 2% Scotch-Irish 2%
• Foreign-born: 12% · China, South Korea, Canada
• Languages at home: 86% English-only · Chinese 3% Spanish 2% Other Indo-European 2%

Political lean MEDSL · Centre

• 2024 margin: Toss-up / Even · D 50.9% · R 48.1% · Other 1.0%
• 2008→2024 swing: -9.0pp toward R · 2008: 11.8pp · 2024: 2.8pp
• All cycles: 2024: D+2.8 2020: D+4.8 2016: D+1.9 2012: R+0.0 2008: D+11.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -140.33%
• Current HPI: 208.2423
• Rent YoY: ▲ 2.77%
• Metro: State College, 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

+57.8% since first listed

8 events — show timeline

• 2026-03-11 Listed $235,000 BRIGHT MLS
• 2024-02-05 Rental Removed $1,545 APPFOLIO
• 2024-01-26 Listed for Rent $1,545 APPFOLIO
• 2024-01-26 Rental Removed $1,545 TURBOTENANT
• 2024-01-25 Listed for Rent $1,545 TURBOTENANT
• 2023-07-11 Rental Removed — APPFOLIO
• 2013-01-18 Sold (Public Records) $559,815 Public Records
• 2000-04-04 Sold (Public Records) $148,900 Public Records

Property tax history

+3.4%/yr

Latest (2026): $2,964 · +4.9% YoY. Source: county tax records.