383 Washington Ave · Wilkes-Barre, PA 18703

$210,000

4 bd · 4.0 ba · 3,200 sqft · MultiFamily · 125 Days on market

4,480 sqft lot Est $230k · 9% under

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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
• ARV discount +11.5/15.0
• DSCR +10.0/10.0
• 1% rule +8.5/10.0
• Appreciation +5.0/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.1/10.0

Multi-family units

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

Listing remarks MLS

Affordable 3 unit. 2 of the units currently rented. Priced to sell. 3 Floor vacant. 2 units are 1 bedroom, 1 unit is a 2 bedroom. As Is. Cash or conventional financing only.

Key facts

• Three floors
• Downtown square
• Quiet block

Tags

• INVESTMENT OPPORTUNITY
• QUIET BLOCK
• DOWNTOWN SQUARE
• THREE FLOORS

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/?-bath units multifamily listed at $210k.

Deal economics

• At list price, monthly cash flow is $784 ($9k/yr) — positive. Per door: $392/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $210k).
• Recommended offer: $185k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.8% vs local median 5.7% in Wilkes-Barre — 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: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Wilkes-Barre Area SD (urban): math 19% / reading 32% proficiency, ranked #469 of 539 in PA (top 87%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 61% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 2 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 349 units permitted in Luzerne County in 2024 (16 in 5+ unit buildings).

Forward outlook

• In year one you build about $8k of equity ($1k loan paydown + $6k appreciation (3.0% local appreciation)).
• Luzerne County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $59k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 125 days — a 12% lower offer ($185k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 5y 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 $65k; list at $210k implies a 224% gain — meaningful room to come down on a strong offer.

Recommended offer $184,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 125 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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 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: 10.78%
• Cash-on-cash: 16.01%
• DSCR: 1.71
• GRM: 6.2

CMA / ARV

• ARV (on-the-fly): $230,400
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
581-579 Franklin St	0.43mi	4/4.0	3,300 (+3%)	8mo	$230,000	$70	68
691 Washington St	0.58mi	3/5.0 (-1)	2,890 (-10%)	6mo	$235,000	$81	43
563 Franklin St	0.40mi	5/2.0 (+1)	2,900 (-9%)	21mo	$210,000	$72	35

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: 22.5%
• Equity multiple: 2.28×
• Total profit: $75,302
• Equity at exit: $94,425

10-year hold

• IRR: 23.5%
• Equity multiple: 4.37×
• Total profit: $198,139
• Equity at exit: $145,520

Cash invested: $58,800 (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 18703

• Active inventory: 2
• Price-to-rent: 12.4×

Monthly cashflow live

• Estimated rent: $2,830 high
• Mortgage (P&I): −$1,101
• Tax est. 1.5%: −$262 /mo · $3,150/yr
• Insurance: −$88
• HOA: −$0
• Vacancy / Maint / Mgmt: −$594
• Net cashflow: $784

Break-even live

Break-even rent $1,837

Max offer price $210,000

Occupancy floor 67%

Sensitivity live

Price	-10% $930	-5% $857	+0% $784	+5% $712	+10% $639
Rent	-10% $561	-5% $673	+0% $784	+5% $896	+10% $1,008
Rate	-1.0pp $890	-0.5pp $838	base $784	+0.5pp $730	+1.0pp $675

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	—	$2,830
Total (2 units)			$2,830

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: $52,500
• Closing costs: $6,300
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
123 S Franklin St Wilkes-Barre, PA	3.0	2.0	2400	$3,450	$1.44	22d	1	1.01mi
54 Butler St Kingston, PA	4.0	2.5	2174	$2,000	$0.92	44d	1	1.49mi

Listing history 6 events

1. 2024-12-30
   status Pending
2. 2024-10-04
   status Active
3. 2024-08-26
   status Pending
4. 2024-07-19
   listed $210,000 Active
5. 2021-08-03
   soldstatus $64,900 173-char remark

   Show marketing remark (173 chars)

   Affordable 3 unit. 2 of the units currently rented. Priced to sell. 3 Floor vacant. 2 units are 1 bedroom, 1 unit is a 2 bedroom. As Is. Cash or conventional financing only.

6. 2021-06-11
   listed $64,900 173-char remark

   Show marketing remark (173 chars)

   Affordable 3 unit. 2 of the units currently rented. Priced to sell. 3 Floor vacant. 2 units are 1 bedroom, 1 unit is a 2 bedroom. As Is. Cash or conventional financing only.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥95°F today · 17 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 4% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $33,960
• − Mortgage interest: −$11,763
• − Property taxes: −$3,150
• − Insurance: −$1,050
• − Repairs & maintenance: −$2,717
• − Management: −$2,717
• − Depreciation: −$6,109
• Taxable income: $6,454
• Est. tax owed @ 24.0%: −$1,549
• After-tax cash flow: $7,864/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: Wilkes-Barre Area SD
• NCES district ID: 4226300
• Math proficiency: 19% ▼ -2.00%
• Reading proficiency: 32% ▼ -9.00%
• Median HH income: $37,420
• Composite: 21.22/100
• National rank: #8409
• State rank: #469 of 539 in PA

Livability — Wilkes-Barre

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Wilkes-Barre, PA

Population outlook (Luzerne County) Hauer SSP2

• Today (2025): 319,505 people
• By 2030: 319,943 · +0.1%
• By 2040: 322,643 · +1.0%
• By 2050: 330,817 · +3.5%
• By 2075: 379,145 · +18.7%
• By 2100: 431,908 · +35.2%

Not yet ingested

• Political lean: —
• Race & ethnicity: —
• Common origin: —
• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• 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

+223.6% since first listed

6 events — show timeline

• 2024-12-30 Pending — LCAR
• 2024-10-04 Relisted — LCAR
• 2024-08-26 Pending — LCAR
• 2024-07-19 Listed $210,000 LCAR
• 2021-08-03 Sold (MLS) $64,900 LCAR
• 2021-06-11 Listed $64,900 LCAR