199 Michele Way · Harleysville, PA 19438

$484,990

4 bd · 2.0 ba · 1,968 sqft · MultiFamily public records · 7 Days on market

Built 1984 9,320 sqft lot $246/sqft · at area comps Est $499k · at est.

---

Why this score? — see what drove the D 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 +11.1/30.0
• ARV discount +8.7/15.0
• Schools +5.4/10.0
• Livability +4.0/5.0
• DSCR +3.2/10.0
• 1% rule +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Ideal investment property. Building was built as a duplex. Tenants pay all operating expenses including water and sewer. Storage unit for each tenant and storage shed for owner. Laundry in each unit. First floor has new carpeting. Second floor has year old hardwood floors throughout. Both units have updated bathrooms. Property well maintained. No association fee. Convenient to shopping and minutes to Lansdale turnpike interchange.

Key facts

• Freshly painted
• Separate entryways
• Private setting

Tags

• PRIVATE SETTING
• CORNER LOT
• SEPARATE ENTRYWAYS
• FRESHLY PAINTED
• GALLEY STYLE KITCHEN
• SUN FILLED LIVING ROOM

Property features AI

Finance

• Financial info: Property is fee simple ownership; Two total units with one vacant and one month-to-month unit; No furnished units

Exterior

• Parking: Shared driveway; Driveway
• Utilities: Public water; Public sewer; Electric service for heating, cooling and hot water
• Home design: Detached structure; Finished above-grade area reported by assessor
• Construction: Vinyl siding; Shingle roof; Slab foundation; Built year reported by assessor
• Exterior features: Corner lot; Above-grade and below-grade structures noted

Interior

• Kitchen: Refrigerator
• Bedrooms: Two 2-bedroom units (multifamily)
• Flooring: Luxury vinyl plank; Hardwood
• Heating & cooling: Central heating (electric); Central air (electric)
• Interior features: Good property condition; No basement; Assessor-listed living area source
• Laundry & utility: Washer; Dryer; Hot water: Electric

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1-bath units multifamily listed at $485k.

Deal economics

• At list price, monthly cash flow is $-198 ($-2k/yr) — negative. Per door: $-99/mo.
• To cash-flow at today's rent, offer at most $450k (7.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $379k (21.9% below list).
• Recommended offer: $379k (21.9% below list) — sets the bar for 1% rule.
• Cap rate 5.8% vs local median 2.5% in Harleysville — 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 (#242 in PA, #2,073 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: cost of living D+, amenities F, commute F.
• Souderton Area SD (suburban): math 53% / reading 67% proficiency, ranked #59 of 539 in PA (top 11%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 16% free/reduced lunch — higher-income household profile.
• Market conditions: 93 active listings in the ZIP; 1 comparable units currently listed for rent nearby; high-income renter base; 1,936 units permitted in Montgomery County in 2024 (530 in 5+ unit buildings).
• This rent runs 33% of the median local income ($138k/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 $3k of loan paydown is wiped out by about $15k 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.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 22y 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 $245k; list at $485k implies a 98% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $378,800 (21.9% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
7. 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.
8. 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.
9. 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: 0.78% ✗
• Cap rate: 5.80%
• Cash-on-cash: -1.75%
• DSCR: 0.92
• GRM: 10.7

CMA / ARV

• ARV (median comp): $498,584
• List price: $484,990
• Delta: -2.73%
• Verdict: FAIR
• Comps: 16 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
236 Jan Dr	0.12mi	4/2.0	1,968 (0%)	11mo	$496,000	$252	85
193 / 195 Michele Way	0.01mi	4/2.0	1,968 (0%)	17mo	$505,000	$257	85
292 Florence Dr	0.23mi	4/2.0	1,960 (-0%)	7mo	$495,000	$253	83
268 Jan Dr	0.06mi	4/2.0	2,194 (+12%)	13mo	$510,000	$232	67
293 Florence Dr	0.26mi	4/2.0	2,064 (+5%)	20mo	$465,000	$225	63
286 Beth Ann Dr	0.31mi	4/—	2,098 (+7%)	20mo	$465,000	$222	58

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: -19.2%
• Equity multiple: 0.33×
• Total profit: $-91,272
• Equity at exit: $72,314

10-year hold

• IRR: -11.9%
• Equity multiple: 0.29×
• Total profit: $-95,924
• Equity at exit: $41,933

Cash invested: $135,797 (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 19438

• Active inventory: 93
• Price-to-rent: 21.3×

Monthly cashflow live

• Estimated rent: $3,788 high
• Mortgage (P&I): −$2,543
• Tax from tax record: −$446 /mo · $5,347/yr
• Insurance: −$202
• HOA: −$0
• Vacancy / Maint / Mgmt: −$795
• Net cashflow: $-198

Break-even live

Break-even rent $4,039

Max offer price $449,928

Occupancy floor —

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,788
Total (2 units)			$3,788

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: $121,248
• Closing costs: $14,550
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
513 Main St Unit B Harleysville, PA	4.0	1.0	1500	$2,000	$1.33	24d	1	1.11mi

Listing history 17 events

1. 2026-05-18
   price $484,990 1004-char remark
2. 2026-05-13
   listed $499,900 Active 1004-char remark
3. 2013-07-01
   soldstatus $245,000
4. 2013-06-27
   soldstatus $245,000 434-char remark

   Show marketing remark (434 chars)

   Ideal investment property. Building was built as a duplex. Tenants pay all operating expenses including water and sewer. Storage unit for each tenant and storage shed for owner. Laundry in each unit. First floor has new carpeting. Second floor has year old hardwood floors throughout. Both units have updated bathrooms. Property well maintained. No association fee. Convenient to shopping and minutes to Lansdale turnpike interchange.

5. 2013-06-27
   soldstatus $245,000 Sold

   Show marketing remark (434 chars)

   Ideal investment property. Building was built as a duplex. Tenants pay all operating expenses including water and sewer. Storage unit for each tenant and storage shed for owner. Laundry in each unit. First floor has new carpeting. Second floor has year old hardwood floors throughout. Both units have updated bathrooms. Property well maintained. No association fee. Convenient to shopping and minutes to Lansdale turnpike interchange.

6. 2013-05-29
   status Under Contract

   Show marketing remark (434 chars)

   Ideal investment property. Building was built as a duplex. Tenants pay all operating expenses including water and sewer. Storage unit for each tenant and storage shed for owner. Laundry in each unit. First floor has new carpeting. Second floor has year old hardwood floors throughout. Both units have updated bathrooms. Property well maintained. No association fee. Convenient to shopping and minutes to Lansdale turnpike interchange.

7. 2013-05-20
   historical 434-char remark

   Show marketing remark (434 chars)

   Ideal investment property. Building was built as a duplex. Tenants pay all operating expenses including water and sewer. Storage unit for each tenant and storage shed for owner. Laundry in each unit. First floor has new carpeting. Second floor has year old hardwood floors throughout. Both units have updated bathrooms. Property well maintained. No association fee. Convenient to shopping and minutes to Lansdale turnpike interchange.

8. 2013-04-29
   listed $250,000 434-char remark

   Show marketing remark (434 chars)

   Ideal investment property. Building was built as a duplex. Tenants pay all operating expenses including water and sewer. Storage unit for each tenant and storage shed for owner. Laundry in each unit. First floor has new carpeting. Second floor has year old hardwood floors throughout. Both units have updated bathrooms. Property well maintained. No association fee. Convenient to shopping and minutes to Lansdale turnpike interchange.

9. 2013-04-29
   listed $250,000 Active

   Show marketing remark (434 chars)

   Ideal investment property. Building was built as a duplex. Tenants pay all operating expenses including water and sewer. Storage unit for each tenant and storage shed for owner. Laundry in each unit. First floor has new carpeting. Second floor has year old hardwood floors throughout. Both units have updated bathrooms. Property well maintained. No association fee. Convenient to shopping and minutes to Lansdale turnpike interchange.

10. 2006-05-05
    soldstatus $275,000
11. 2006-04-21
    soldstatus $275,000
12. 2006-03-17
    historical
13. 2006-01-31
    listed $275,000
14. 2004-10-22
    soldstatus $249,900
15. 2004-10-12
    historical
16. 2004-09-02
    listed $249,900
17. 1993-11-24
    soldstatus $136,900

ⓘ 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: $5,347 · $446/mo
• Projected year-2 tax: $6,505 · $542/mo
• Expected delta: +$1,158/yr (+$96/mo · 21.7%)

ⓘ 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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥101°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $45,456
• − Mortgage interest: −$27,167
• − Property taxes: −$5,347
• − Insurance: −$2,425
• − Repairs & maintenance: −$3,636
• − Management: −$3,636
• − Depreciation: −$14,109
• Taxable loss: −$10,865
• Est. tax savings @ 24.0%: +$2,608
• After-tax cash flow: $226/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: Souderton Area SD
• NCES district ID: 4221870
• Math proficiency: 53% ▼ -7.00%
• Reading proficiency: 67% ▼ -8.00%
• Median HH income: $79,449
• Composite: 53.84/100
• National rank: #1411
• State rank: #59 of 539 in PA

Livability — Harleysville

• Score: 79/100
• State rank: #242
• US rank: #2073

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Harleysville, PA
• County: Montgomery County · 712,331 people
• City population: 25,438
• Metro: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
• Population (ZIP): 25,438
• Household income: $138,134
• Rent vs Own: 22.7% rent · 77.3% own
• Severe rent burden: 653.0

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: Predominantly White (80%)
• Race & ethnicity: White 80% Hispanic / Latino 7% Two or more races 6% Black 5% Asian 5%
• Hispanic origin (detail): Puerto Rican 3%
• Common ancestry: Romanian 6% Subsaharan African 2% Iranian 2%
• Foreign-born: 5% · Canada, South Korea, Vietnam
• Languages at home: 89% English-only · Spanish 4% Other Asian/Pacific 1% Vietnamese 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: ▼ -190.96%
• Current HPI: 280.149
• Rent YoY: —
• 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

+254.3% since first listed

18 events — show timeline

• 2026-05-20 Pending — BRIGHT MLS
• 2026-05-18 Price Changed $484,990 BRIGHT MLS
• 2026-05-13 Listed $499,900 BRIGHT MLS
• 2013-07-01 Sold (Public Records) $245,000 Public Records
• 2013-06-27 Sold (MLS) $245,000 TREND
• 2013-06-27 Sold (MLS) $245,000 BRIGHT MLS
• 2013-05-29 Pending — TREND
• 2013-05-20 Listing Removed — BRIGHT MLS
• 2013-04-29 Listed $250,000 TREND
• 2013-04-29 Listed $250,000 BRIGHT MLS
• 2006-05-05 Sold (Public Records) $275,000 Public Records
• 2006-04-21 Sold (MLS) $275,000 BRIGHT MLS
• 2006-03-17 Listing Removed — BRIGHT MLS
• 2006-01-31 Listed $275,000 BRIGHT MLS
• 2004-10-22 Sold (Public Records) $249,900 Public Records
• 2004-10-12 Listing Removed — BRIGHT MLS
• 2004-09-02 Listed $249,900 BRIGHT MLS
• 1993-11-24 Sold (Public Records) $136,900 Public Records

Property tax history

+2.5%/yr

Latest (2026): $5,347 · +9.1% YoY. Source: county tax records.