401 Keller St · State College, PA 16801

$230,000

3 bd · 1.0 ba · 1,344 sqft · Townhouse public records · 100 Days on market

Built 1932 3,485 sqft lot $171/sqft · 45% below area Est $422k · 45% under

---

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 +19.0/30.0
• ARV discount +15.0/15.0
• DSCR +6.0/10.0
• Schools +5.7/10.0
• 1% rule +4.8/10.0
• 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 Craftsman-style 1/2 duplex was built in 1932. Both sides of the duplex are listed for sale. This unit is is tenant occupied and leased through July 2027. Parking is a breeze with off-street accommodations, ensuring convenience and accessibility, with street parking available also. Total of Five (5) professional/graduate investment units listed by seller. Seller would sell as a package or individually. 403 Keller Street - MLS PACE2517988 (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

Tags

• OFF-STREET ACCOMMODATIONS

🏷️ Possibly a rental listed for sale. The $230,000 price doesn't fit this home's estimated sale value (~$421,543) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath townhouse listed at $230k.

Deal economics

• At list price, monthly cash flow is $239 ($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 (1.6% below list).
• Recommended offer: $209k (9.0% below list) — sets the bar for market timing.
• Cap rate 7.5% 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 ($209k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 26y 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 $209,300 (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: 0.98% ✗
• Cap rate: 7.54%
• Cash-on-cash: 4.45%
• DSCR: 1.20
• GRM: 8.5

CMA / ARV

• ARV (median comp): $421,543
• List price: $230,000
• Delta: -45.44%
• 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	50
333 S Allen St #302	0.64mi	2/2.0 (-1)	1,333 (-1%)	13mo	$345,000	$259	49

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: -9.6%
• Equity multiple: 0.65×
• Total profit: $-22,566
• Equity at exit: $34,294

10-year hold

• IRR: -0.5%
• Equity multiple: 0.97×
• Total profit: $-2,153
• Equity at exit: $19,886

Cash invested: $64,400 (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: 8.5×

Monthly cashflow live

• Estimated rent: $2,263 high
• Mortgage (P&I): −$1,206
• Tax from tax record: −$247 /mo · $2,964/yr
• Insurance: −$96
• HOA: −$0
• Vacancy / Maint / Mgmt: −$475
• Net cashflow: $239

Break-even live

Break-even rent $1,961

Max offer price $230,000

Occupancy floor 84%

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: $57,500
• Closing costs: $6,900
• 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	44d	2	0.19mi
200 Highland Ave #501 State College, PA	2.0	1.0	890	$1,800	$2.02	44d	1	0.53mi
200 Bradley Ave State College, PA	1.0–3.0	1.0–1.5	755	$1,730	$2.29	44d	6	1.01mi
730 W Highland Aly State College, PA	3.0	1.0	900	$2,199	$2.44	44d	1	1.23mi
424 Waupelani Dr State College, PA	2.0	1.0–2.0	603	$1,495	$2.48	44d	63	1.41mi

Listing history 22 events

1. 2026-06-19
   days on market $230,000 Active 100 DOM
2. 2026-06-18
   days on market $230,000 Active 99 DOM
3. 2026-06-17
   days on market $230,000 Active 98 DOM
4. 2026-06-16
   days on market $230,000 Active 97 DOM
5. 2026-06-15
   days on market $230,000 Active 96 DOM
6. 2026-06-14
   days on market $230,000 Active 94 DOM
7. 2026-06-13
   days on market $230,000 Active 93 DOM
8. 2026-06-10
   days on market $230,000 Active 91 DOM
9. 2026-06-09
   days on market $230,000 Active 90 DOM
10. 2026-06-08
    days on market $230,000 Active 89 DOM
11. 2026-06-07
    days on market $230,000 Active 88 DOM
12. 2026-06-02
    days on market $230,000 Active 83 DOM
13. 2026-06-01
    days on market $230,000 Active 82 DOM
14. 2026-05-31
    days on market $230,000 Active 81 DOM
15. 2026-05-30
    days on market $230,000 Active 80 DOM
16. 2026-03-11
    listed $230,000 Active 617-char remark

    Show marketing remark (617 chars)

    This 3-Bedroom Craftsman-style 1/2 duplex was built in 1932. Both sides of the duplex are listed for sale. This unit is is tenant occupied and leased through July 2027. Parking is a breeze with off-street accommodations, ensuring convenience and accessibility, with street parking available also. Total of Five (5) professional/graduate investment units listed by seller. Seller would sell as a package or individually. 403 Keller Street - MLS PACE2517988 (other 1/2 of duplex - separate deed). 116 Old Boalsburg Road ( & 117 Easterly Parkway) MLS - PACE2517974 (duplex) 118 South Butz Street - MLS PACE2517990

17. 2024-02-08
    historical $1,425
18. 2024-01-25
    listed $1,425
19. 2013-01-18
    soldstatus $559,815
20. 2000-07-25
    soldstatus $148,900
21. 2000-07-25
    listed $148,900
22. 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: $3,299 · $275/mo
• Expected delta: +$335/yr (+$28/mo · 11.3%)

ⓘ 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: −$12,884
• − Property taxes: −$2,964
• − Insurance: −$1,150
• − Repairs & maintenance: −$2,173
• − Management: −$2,173
• − Depreciation: −$6,691
• Taxable loss: −$876
• Est. tax savings @ 24.0%: +$210
• After-tax cash flow: $3,077/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

+54.5% since first listed

7 events — show timeline

• 2026-03-11 Listed $230,000 BRIGHT MLS
• 2024-02-08 Rental Removed $1,425 TURBOTENANT
• 2024-01-25 Listed for Rent $1,425 TURBOTENANT
• 2013-01-18 Sold (Public Records) $559,815 Public Records
• 2000-07-25 Listed $148,900 BRIGHT MLS
• 2000-07-25 Sold (MLS) $148,900 BRIGHT MLS
• 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.