703 Court St · Honesdale, PA 18431

$399,900

8 bd · 4.0 ba · 2,560 sqft · MultiFamily public records · 19 Days on market

Built 1920 3,920 sqft lot $156/sqft · 81% above area Est $312k · 28% over

---

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
• Appreciation +10.0/10.0
• 1% rule +8.5/10.0
• Schools +4.7/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 3 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

SOLID INVESTMENT! This 3 family is a work in progress. 2 apartments were completely renovated like new with one already rented and the 2nd ready. The other side can be made into 1 large apartment or you can make it into two more apartments, by paying another connection fee to the sewer authority. Nice riverfront property don't miss it!, Baths: Y

Key facts

• Legal 4-unit
• 3-unit
• Lackawaxen river

Tags

• LACKAWAXEN RIVER
• 3-UNIT
• LEGAL 4-UNIT

Property features AI

Finance

• Other: Property sits on approximately 0.09 acre
• Financial info: Annual taxes reported

Exterior

• Home design: Multi-family residential income property; Four total stories
• Construction: Below-grade finished area included
• Exterior features: Waterfront property on the Lackawaxen River

Interior

• Bathrooms: Four full bathrooms; One half bathroom
• Interior features: Finished full basement

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/?-bath units multifamily listed at $400k.

Deal economics

• At list price, monthly cash flow is $2k ($20k/yr) — positive. Per door: $553/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $400k).
• Recommended offer: $394k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 64/100 on livability (#1,220 in PA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A, crime A-; Watch: amenities F, commute F, employment F.
• Wayne Highlands SD (town): math 48% / reading 64% proficiency, ranked #115 of 539 in PA (top 21%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 66 active listings in the ZIP; 177 units permitted in Wayne County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $43k of equity ($3k loan paydown + $40k appreciation (10.0% local appreciation)).
• Wayne County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $112k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$69k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($394k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 14y 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 $115k; list at $400k implies a 248% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $393,901 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
8. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
9. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
10. 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.
11. 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.
12. 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: 1.35% ✓
• Cap rate: 11.44%
• Cash-on-cash: 18.37%
• DSCR: 1.82
• GRM: 6.2

CMA / ARV

• ARV (median comp): $312,432
• List price: $399,900
• Delta: 28.00%
• Verdict: OVERPRICED
• Comps: 11 within 1.0 mi

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 37.5%
• Equity multiple: 3.89×
• Total profit: $323,404
• Equity at exit: $360,262

10-year hold

• IRR: 32.3%
• Equity multiple: 8.76×
• Total profit: $869,283
• Equity at exit: $776,918

Cash invested: $111,972 (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 18431

• Home prices YoY: 10.6%
• Active inventory: 66
• Price-to-rent: 18.5×

Monthly cashflow live

• Estimated rent: $5,400 medium
• Mortgage (P&I): −$2,097
• Tax from tax record: −$288 /mo · $3,460/yr
• Insurance: −$167
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,134
• Net cashflow: $1,658

Break-even live

Break-even rent $3,301

Max offer price $399,900

Occupancy floor 64%

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	—	$5,400
Total (3 units)			$5,400

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: $99,975
• Closing costs: $11,997
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-04-30
   listed $399,900 Active 432-char remark
2. 2016-06-06
   soldstatus $115,000
3. 2016-06-03
   soldstatus $115,000 347-char remark

   Show marketing remark (347 chars)

   SOLID INVESTMENT! This 3 family is a work in progress. 2 apartments were completely renovated like new with one already rented and the 2nd ready. The other side can be made into 1 large apartment or you can make it into two more apartments, by paying another connection fee to the sewer authority. Nice riverfront property don't miss it!, Baths: Y

4. 2014-10-17
   listed $125,000 347-char remark

   Show marketing remark (347 chars)

   SOLID INVESTMENT! This 3 family is a work in progress. 2 apartments were completely renovated like new with one already rented and the 2nd ready. The other side can be made into 1 large apartment or you can make it into two more apartments, by paying another connection fee to the sewer authority. Nice riverfront property don't miss it!, Baths: Y

5. 2012-10-03
   soldstatus $99,000
6. 2012-09-28
   soldstatus $99,000

   Show marketing remark (236 chars)

   SOLID INVESTMENT! This 4 family is a work in progress. Half the building is complete and able to rent. The other half is under construction with about 1/3 of the work done. Solid building with the Lackawaxen River behind for aesthetics.

7. 2012-03-29
   listed $125,000

   Show marketing remark (236 chars)

   SOLID INVESTMENT! This 4 family is a work in progress. Half the building is complete and able to rent. The other half is under construction with about 1/3 of the work done. Solid building with the Lackawaxen River behind for aesthetics.

ⓘ 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: $3,460 · $288/mo
• Projected year-2 tax: $4,889 · $407/mo
• Expected delta: +$1,429/yr (+$119/mo · 41.3%)

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

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone X (unshaded) · 79% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 8 d/yr ≥92°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $64,800
• − Mortgage interest: −$22,401
• − Property taxes: −$3,460
• − Insurance: −$2,666
• − Repairs & maintenance: −$5,184
• − Management: −$5,184
• − Depreciation: −$11,633
• Taxable income: $14,272
• Est. tax owed @ 24.0%: −$3,425
• After-tax cash flow: $16,475/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: Wayne Highlands SD
• NCES district ID: 4224970
• Math proficiency: 48% ▼ -12.00%
• Reading proficiency: 64% ▼ -10.00%
• Median HH income: $46,476
• Composite: 47.36/100
• National rank: #2292
• State rank: #115 of 539 in PA

Livability — Honesdale

• Score: 64/100
• State rank: #1220
• US rank: #14488

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Honesdale, PA
• Population (ZIP): 12,576

Population outlook (Wayne County) Hauer SSP2

• Today (2025): 47,924 people
• By 2030: 46,191 · -3.6%
• By 2040: 42,815 · -10.7%
• By 2050: 39,873 · -16.8%
• By 2075: 34,556 · -27.9%
• By 2100: 28,358 · -40.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 4% Hispanic / Latino 3%
• Common ancestry: Romanian 7% Lithuanian 2% Subsaharan African 2%
• Foreign-born: 3%
• Languages at home: 97% English-only · Spanish 1%

Political lean MEDSL · Wayne

• 2024 margin: Solid R (+37.1) · D 31.1% · R 68.2%
• 2008→2024 swing: -24.8pp toward R · 2008: -12.3pp · 2024: -37.1pp
• All cycles: 2024: R+37.1 2020: R+33.6 2016: R+39.7 2012: R+20.9 2008: R+12.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 30.12%
• Current HPI: 313.5221
• Rent YoY: —
• Metro: —
• 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

+219.9% since first listed

8 events — show timeline

• 2026-05-19 Pending — PWMLS
• 2026-04-30 Listed $399,900 PWMLS
• 2016-06-06 Sold (Public Records) $115,000 Public Records
• 2016-06-03 Sold (MLS) $115,000 PWMLS
• 2014-10-17 Listed $125,000 PWMLS
• 2012-10-03 Sold (Public Records) $99,000 Public Records
• 2012-09-28 Sold (MLS) $99,000 PWMLS
• 2012-03-29 Listed $125,000 PWMLS

Property tax history

+4.4%/yr

Latest (2026): $3,460 · +1.9% YoY. Source: county tax records.