284 W State St · Doylestown, PA 18901

$369,900

3 bd · 1.0 ba · 1,220 sqft · Townhouse public records · 62 Days on market

Built 1910 $303/sqft · at area comps Est $388k · at est.

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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 +10.2/30.0
• ARV discount +9.5/15.0
• Schools +5.8/10.0
• Livability +4.5/5.0
• Rent growth +3.0/5.0
• DSCR +2.9/10.0
• Condition / age +2.5/5.0
• 1% rule +2.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Just Reduced !!!! Welcome to the charming town of Doylestown offering a really nice mix of history, culture, walkability and small town charm. Ideally located, this home offers endless possibilities and incredible potential. Featuring three bedrooms two on the 2nd level and the 3rd on the upper level. .. this property is perfect for those looking to customize and make it their own. (As-is)

Key facts

• Built 1910
• Listed 62 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath townhouse listed at $370k.

Deal economics

• At list price, monthly cash flow is $-210 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $333k (10.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $259k (29.9% below list).
• Recommended offer: $259k (29.9% below list) — sets the bar for 1% rule.
• Cap rate 5.6% vs local median 2.5% in Doylestown — 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 (#24 in PA, #146 nationally) — a professional / high-income tenant draw. Strengths: schools A+, crime A+, amenities A+; Watch: cost of living F.
• Central Bucks SD (suburban): math 55% / reading 71% proficiency, ranked #37 of 539 in PA (top 7%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 7% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising (+1.9%/yr); 117 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 663 units permitted in Bucks County in 2024 (106 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• Bucks County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 62 days — a 6% lower offer ($348k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $200k; list at $370k implies a 85% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• 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 $259,304 (29.9% 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. It's been on market 62 days. Have you received any prior offers? Is the seller open to a 30% concession, seller financing, or rate buy-down credit?
3. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.70% ✗
• Cap rate: 5.61%
• Cash-on-cash: -2.44%
• DSCR: 0.89
• GRM: 11.9

CMA / ARV

• ARV (median comp): $387,521
• List price: $369,900
• Delta: -4.55%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
11-13 Aspen Way	0.37mi	2/1.5 (-1)	1,200 (-2%)	4mo	$310,000	$258	70
2-12 Aspen Way	0.35mi	2/1.5 (-1)	1,200 (-2%)	10mo	$380,000	$317	66
12-11 Aspen Way	0.35mi	2/1.5 (-1)	1,220 (0%)	16mo	$400,000	$328	64
3-- Aspen Way Unit 3-3	0.41mi	2/1.0 (-1)	1,137 (-7%)	2mo	$335,000	$295	63
2-3 Aspen Way	0.39mi	2/1.0 (-1)	1,137 (-7%)	7mo	$360,000	$317	60
12-5 Aspen Way #125	0.37mi	2/1.5 (-1)	1,200 (-2%)	17mo	$347,000	$289	59
128 Progress Dr	0.54mi	2/1.5 (-1)	1,275 (+4%)	8mo	$515,000	$404	54
7-18 Aspen Way #718	0.41mi	2/1.0 (-1)	1,157 (-5%)	18mo	$360,000	$311	52
170 Progress Dr	0.57mi	2/1.5 (-1)	1,275 (+4%)	12mo	$470,000	$369	49
6-9 Aspen Way	0.41mi	2/1.5 (-1)	1,157 (-5%)	22mo	$325,000	$281	47
210 Hastings Ct	0.36mi	2/1.5 (-1)	1,316 (+8%)	22mo	$418,500	$318	45
124 E Oakland Ave	0.62mi	2/1.0 (-1)	1,047 (-14%)	10mo	$440,000	$420	34

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 · 1.88% rent growth · sell at horizon

5-year hold

• IRR: -21.5%
• Equity multiple: 0.26×
• Total profit: $-76,377
• Equity at exit: $55,153

10-year hold

• IRR: -17.8%
• Equity multiple: 0.07×
• Total profit: $-95,945
• Equity at exit: $31,982

Cash invested: $103,572 (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 18901

• Rents YoY: 1.9%
• Active inventory: 117
• Price-to-rent: 11.9×

Monthly cashflow live

• Estimated rent: $2,593 high
• Mortgage (P&I): −$1,940
• Tax from tax record: −$165 /mo · $1,980/yr
• Insurance: −$154
• HOA: −$0
• Vacancy / Maint / Mgmt: −$545
• Net cashflow: $-210

Break-even live

Break-even rent $2,859

Max offer price $332,723

Occupancy floor —

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: $92,475
• Closing costs: $11,097
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
303 W State St Doylestown, PA	1.0–3.0	1.0–2.0	954	$2,915	$3.06	43d	1	0.12mi
3 Aspen Way #34 Doylestown, PA	2.0	1.0	1137	$2,200	$1.93	43d	1	0.39mi
194 Shewell Ave Doylestown, PA	2.0	1.0	850	$2,200	$2.59	5d	1	0.46mi
40 E Court St Doylestown, PA	2.0	2.0	900	$2,300	$2.56	43d	1	0.54mi
44 E Court St Doylestown, PA	1.0–3.0	1.0	1085	$2,000	$1.84	43d	2	0.54mi
50 E Court St Doylestown, PA	1.0–2.0	1.0	725	$2,000	$2.76	15d	2	0.55mi
50 E Court St Unit E Doylestown, PA	2.0	1.0	750	$2,000	$2.67	18d	1	0.56mi
612 N Shady Retreat Rd #11 Doylestown, PA	2.0	1.0	1000	$1,995	$2.00	43d	1	0.69mi
333 N Broad St Doylestown, PA	1.0–2.0	1.0–2.0	1024	$4,125	$4.03	1d	22	0.70mi
150 Commons Way Doylestown, PA	1.0–2.0	1.0–2.0	941	$2,550	$2.71	1d	1	0.71mi
47 Carriage Dr Doylestown, PA	3.0	2.5	1440	$2,599	$1.80	43d	1	0.82mi
355 North St Doylestown, PA	2.0	1.0	950	$1,699	$1.79	24d	1	0.91mi
355 North St Apt B7 Doylestown, PA	2.0	1.0	950	$1,900	$2.00	17d	1	0.91mi
355 North St Doylestown, PA	2.0	1.0	950	$1,900	$2.00	1d	1	0.91mi
355 North St Apt B7 Doylestown, PA	2.0	1.0	950	$1,900	$2.00	15d	1	0.91mi
59 Providence Ave Doylestown, PA	3.0	2.5	1440	$2,400	$1.67	24d	1	0.94mi
63 Constitution Ave Doylestown, PA	3.0	2.5	1440	$2,450	$1.70	11d	1	0.99mi
70 Old Dublin Pike Doylestown, PA	2.0–3.0	1.5–2.5	1307	$3,190	$2.44	3d	6	1.10mi
409 E Butler Ave Doylestown, PA	2.0	1.0–2.0	858	$3,410	$3.97	1d	17	1.48mi

Listing history 11 events

1. 2026-06-09
   days on market $369,900 Active 62 DOM
2. 2026-06-08
   days on market $369,900 Active 61 DOM
3. 2026-06-07
   days on market $369,900 Active 60 DOM
4. 2026-06-04
   days on market $369,900 Active 57 DOM
5. 2026-06-03
   days on market $369,900 Active 56 DOM
6. 2026-06-02
   days on market $369,900 Active 55 DOM
7. 2026-06-01
   days on market $369,900 Active 54 DOM
8. 2026-05-31
   days on market $369,900 Active 53 DOM
9. 2026-05-13
   price $369,900 393-char remark

   Show marketing remark (393 chars)

   Just Reduced !!!! Welcome to the charming town of Doylestown offering a really nice mix of history, culture, walkability and small town charm. Ideally located, this home offers endless possibilities and incredible potential. Featuring three bedrooms two on the 2nd level and the 3rd on the upper level. .. this property is perfect for those looking to customize and make it their own. (As-is)

10. 2026-04-08
    listed $399,900 Active 393-char remark

    Show marketing remark (393 chars)

    Just Reduced !!!! Welcome to the charming town of Doylestown offering a really nice mix of history, culture, walkability and small town charm. Ideally located, this home offers endless possibilities and incredible potential. Featuring three bedrooms two on the 2nd level and the 3rd on the upper level. .. this property is perfect for those looking to customize and make it their own. (As-is)

11. 2003-12-08
    soldstatus $200,000

ⓘ 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: $1,980 · $165/mo
• Projected year-2 tax: $3,912 · $326/mo
• Expected delta: +$1,932/yr (+$161/mo · 97.6%)

ⓘ 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 ≥100°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 · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $31,116
• − Mortgage interest: −$20,720
• − Property taxes: −$1,980
• − Insurance: −$1,850
• − Repairs & maintenance: −$2,489
• − Management: −$2,489
• − Depreciation: −$10,761
• Taxable loss: −$9,173
• Est. tax savings @ 24.0%: +$2,202
• After-tax cash flow: $-324/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: Central Bucks SD
• NCES district ID: 4205310
• Math proficiency: 55% ▼ -12.00%
• Reading proficiency: 71% ▼ -12.00%
• Median HH income: $97,513
• Composite: 58.05/100
• National rank: #1032
• State rank: #37 of 539 in PA

Livability — Doylestown

• Score: 89/100
• State rank: #24
• US rank: #146

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Doylestown, PA
• County: Bucks County · 506,477 people
• City population: 51,407
• Metro: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
• Population (ZIP): 28,509
• Household income: $118,256
• Rent vs Own: 32.5% rent · 67.5% own
• Severe rent burden: 1032.0

Population outlook (Bucks County) Hauer SSP2

• Today (2025): 630,973 people
• By 2030: 627,093 · -0.6%
• By 2040: 609,680 · -3.4%
• By 2050: 584,225 · -7.4%
• By 2075: 539,840 · -14.4%
• By 2100: 483,970 · -23.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Two or more races 6% Hispanic / Latino 3% Asian 3% Black 2%
• Common ancestry: Romanian 5% Italian 4% Slovak 3%
• Foreign-born: 8% · Canada, South Korea, China
• Languages at home: 92% English-only · Spanish 2% Other Indo-European 2% German/W. Germanic 1%

Political lean MEDSL · Bucks

• 2024 margin: Toss-up / Even · D 49.5% · R 49.5%
• 2008→2024 swing: -8.7pp toward R · 2008: 8.7pp · 2024: -0.1pp
• All cycles: 2024: R+0.1 2020: D+4.4 2016: D+0.6 2012: D+1.2 2008: D+8.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -313.87%
• Current HPI: 296.1029
• Rent YoY: ▲ 1.88%
• 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

+85.0% since first listed

3 events — show timeline

• 2026-05-13 Price Changed $369,900 BRIGHT MLS
• 2026-04-08 Listed $399,900 BRIGHT MLS
• 2003-12-08 Sold (Public Records) $200,000 Public Records

Property tax history

+1.7%/yr

Latest (2026): $1,980 · +5.8% YoY. Source: county tax records.