655 Hess St · Bethlehem, PA 18015

$224,900

3 bd · 1.0 ba · 1,056 sqft · SingleFamily public records · 6 Days on market

Built 1900 2,080 sqft lot Est $224k · 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 +14.4/30.0
• ARV discount +7.3/15.0
• DSCR +4.4/10.0
• Rent growth +4.3/5.0
• Livability +4.1/5.0
• 1% rule +3.6/10.0
• Schools +3.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

4 bedroom, 1 bath SFH available near Lehigh University. Most recently used as student housing where tenants are responsible for all utilities, including snow/ lawn care. Additionally listed as a package deal with 2 other singles MLS#724666

Key facts

• Detached single
• Spacious dining room
• Sunny living room

Tags

• DETACHED SINGLE
• SUNNY LIVING ROOM
• SPACIOUS DINING ROOM
• KITCHEN WITH ALL APPLIANCES
• CENTRAL AIR
• NATURAL GAS HEAT

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $225k.

Deal economics

• At list price, monthly cash flow is $44 ($524/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 $194k (13.9% below list).
• Recommended offer: $194k (13.9% below list) — sets the bar for 1% rule.
• Cap rate 6.5% vs local median 4.3% in Bethlehem — 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 82/100 on livability (#138 in PA, #1,122 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, cost of living A+, housing A+; Watch: commute F.
• Bethlehem Area SD (urban): math 31% / reading 49% proficiency, ranked #342 of 539 in PA (top 64%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Fountain Hill El Sch (math 12% / reading 37%, grade F, #1,180 of 1,518 statewide, top 80%, 513 students, 86% FRL); Broughal Ms (math 7% / reading 31%, grade F, #447 of 512 statewide, top 88%, 500 students, 88% FRL); Liberty Hs (math 36% / reading 10%, grade F, #382 of 437 statewide, top 87%, 2,640 students, 50% FRL) — zoned schools average 74% FRL vs 43% district-wide (32 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 22% at this address vs 40% district-wide (-18 pts) — the specific schools serving this property underperform the Bethlehem Area SD average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising fast (+7.2%/yr); 159 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 567 units permitted in Northampton County in 2024 (151 in 5+ unit buildings).
• This rent runs 38% of the median local income ($61k/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.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 3y 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 $185k; 22% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wildfire risk; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $193,535 (13.9% below list)

Questions for the listing agent

1. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 0.86% ✗
• Cap rate: 6.53%
• Cash-on-cash: 0.83%
• DSCR: 1.04
• GRM: 9.7

CMA / ARV

• ARV (on-the-fly): $223,872
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
703 Canning St	0.19mi	3/1.0	1,038 (-2%)	12mo	$185,000	$178	78
501 Sioux St St	0.11mi	3/3.0	1,120 (+6%)	6mo	$234,900	$210	72
722 Ontario	0.18mi	3/1.0	1,188 (+12%)	17mo	$215,000	$181	57
613 S Hoffert St	0.55mi	3/1.5	1,125 (+6%)	11mo	$285,000	$253	52
1021 Wyandotte St	0.37mi	3/2.0	1,180 (+12%)	9mo	$250,000	$212	52
711 S Hoffert St	0.57mi	2/2.0 (-1)	1,125 (+6%)	12mo	$265,000	$236	44

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 · 7.18% rent growth · sell at horizon

5-year hold

• IRR: -10.6%
• Equity multiple: 0.60×
• Total profit: $-25,196
• Equity at exit: $33,533

10-year hold

• IRR: 3.6%
• Equity multiple: 1.31×
• Total profit: $19,528
• Equity at exit: $19,445

Cash invested: $62,972 (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 18015

• Home prices YoY: -30.7%
• Rents YoY: 7.2%
• Active inventory: 159
• Price-to-rent: 9.7×

Monthly cashflow live

• Estimated rent: $1,935 high
• Mortgage (P&I): −$1,179
• Tax from tax record: −$212 /mo · $2,546/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$406
• Net cashflow: $44

Break-even live

Break-even rent $1,880

Max offer price $224,900

Occupancy floor 93%

Sensitivity live

Price	-10% $171	-5% $107	+0% $44	+5% $-20	+10% $-84
Rent	-10% $-109	-5% $-33	+0% $44	+5% $120	+10% $197
Rate	-1.0pp $157	-0.5pp $101	base $44	+0.5pp $-15	+1.0pp $-74

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: $56,225
• Closing costs: $6,747
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
521 Hess St Bethlehem, PA	3.0	1.0	1120	$1,500	$1.34	23d	1	0.14mi
541 Jischke St Bethlehem, PA	3.0	1.0	1090	$1,800	$1.65	25d	1	0.16mi
406 W 9th St Bethlehem, PA	3.0	1.0	1152	$2,100	$1.82	23d	1	0.17mi
708 Cherokee St Bethlehem, PA	3.0	1.5	1200	$2,500	$2.08	45d	1	0.30mi
540 Seneca St Apt 2 Bethlehem, PA	2.0	1.0	950	$1,520	$1.60	4d	1	0.32mi
414 Cherokee St Unit 414 2nd Fl Bethlehem, PA	2.0	1.0	800	$1,800	$2.25	16d	1	0.35mi
517 Seneca St Unit 1 Bethlehem, PA	2.0	1.5	1500	$2,200	$1.47	45d	1	0.36mi
517 Seneca St Unit 3 Bethlehem, PA	2.0	1.0	750	$1,600	$2.13	45d	1	0.36mi
228 W 3rd St Bethlehem, PA	2.0	1.0	750	$1,595	$2.13	45d	1	0.39mi
14 Finady Ave Bethlehem, PA	3.0	1.5	1500	$1,600	$1.07	23d	1	0.41mi
11 W 2nd St Bethlehem, PA	2.0	2.0	1620	$2,550	$1.57	25d	4	0.58mi
311 E 3rd St Bethlehem, PA	2.0	2.0	1189	$2,330	$1.96	4d	3	0.66mi
1217 Broadway Unit 2 Fountain Hill, PA	2.0	1.0	1340	$1,550	$1.16	25d	1	0.74mi
436 Pierce St Bethlehem, PA	4.0	2.0	1452	$2,250	$1.55	4d	1	0.74mi
565 W Lehigh St Bethlehem, PA	1.0–2.0	1.0–2.0	875	$1,950	$2.23	45d	1	0.77mi
1129 Russell Ave Fountain Hill, PA	3.0	1.0	1376	$1,750	$1.27	25d	1	0.78mi
1129 Russell Ave Fountain Hill, PA	3.0	1.0	1376	$1,900	$1.38	45d	1	0.78mi
610 E 3rd St Bethlehem, PA	1.0–2.0	1.0–2.0	974	$3,008	$3.09	4d	8	0.85mi
740 Laufer St Bethlehem, PA	3.0	1.5	910	$1,650	$1.81	16d	1	0.87mi
320 2nd Ave Bethlehem, PA	3.0	1.0	1024	$1,950	$1.90	4d	1	0.87mi
738 E 4th St Unit 1 Bethlehem, PA	3.0	1.0	750	$1,600	$2.13	16d	1	0.90mi
824 E 8th St Bethlehem, PA	2.0	1.5	952	$1,400	$1.47	45d	1	0.94mi
511 Prospect Ave Unit 7 Bethlehem, PA	2.0	2.0	800	$1,995	$2.49	4d	1	0.97mi
42 E Wall St Bethlehem, PA	4.0	1.0	1474	$2,550	$1.73	25d	1	1.01mi
30 E Market St Bethlehem, PA	2.0	1.0	800	$1,650	$2.06	25d	1	1.06mi
30 E Market St Apt 1 Bethlehem, PA	2.0	1.0	1200	$1,950	$1.62	45d	1	1.06mi
938 E 4th St #401 Bethlehem, PA	2.0	1.0	928	$2,150	$2.32	45d	1	1.08mi
938 E 4th St Unit 201 Bethlehem, PA	2.0	1.0	982	$2,350	$2.39	45d	1	1.08mi
938 E 4th St Unit G02 Bethlehem, PA	2.0	1.0	813	$1,970	$2.42	16d	1	1.08mi
938 E 4th St Unit 102 Bethlehem, PA	2.0	1.0	813	$1,970	$2.42	45d	1	1.08mi
540 2nd Ave Unit 4 Bethlehem, PA	2.0	1.0	800	$1,550	$1.94	16d	1	1.11mi
517 Schaffer St Bethlehem, PA	2.0	1.0	1200	$1,900	$1.58	4d	1	1.15mi
30 W Broad St Bethlehem, PA	1.0–2.0	1.0–2.0	660	$2,620	$3.97	4d	20	1.17mi
30 W Broad St Bethlehem, PA	1.0–2.0	1.0–2.0	648	$2,490	$3.84	16d	14	1.17mi
1113 E 4th St Unit 1 Bethlehem, PA	2.0	1.0	1000	$1,350	$1.35	25d	1	1.19mi
530 High St Unit 32 Bethlehem, PA	2.0	1.0	800	$1,595	$1.99	16d	1	1.22mi
56 W North St Bethlehem, PA	2.0	2.0	1486	$2,400	$1.62	16d	1	1.24mi
50 W Garrison St Unit 1 Bethlehem, PA	2.0	1.0	900	$1,395	$1.55	4d	1	1.29mi
62 E Garrison St Bethlehem, PA	2.0	2.0	800	$1,450	$1.81	45d	1	1.32mi
124 W Union Blvd Unit 214 Bethlehem, PA	2.0	2.0	1000	$2,120	$2.12	25d	1	1.33mi

Listing history 11 events

1. 2026-04-07
   status Pending
2. 2026-04-01
   listed $224,900 Active
3. 2023-12-26
   soldstatus $185,000
4. 2023-12-15
   soldstatus $185,000 Sold 239-char remark

   Show marketing remark (239 chars)

   4 bedroom, 1 bath SFH available near Lehigh University. Most recently used as student housing where tenants are responsible for all utilities, including snow/ lawn care. Additionally listed as a package deal with 2 other singles MLS#724666

5. 2023-12-15
   soldstatus $185,000 Sold 239-char remark

   Show marketing remark (239 chars)

   4 bedroom, 1 bath SFH available near Lehigh University. Most recently used as student housing where tenants are responsible for all utilities, including snow/ lawn care. Additionally listed as a package deal with 2 other singles MLS#724666

6. 2023-10-09
   status Pending 239-char remark

   Show marketing remark (239 chars)

   4 bedroom, 1 bath SFH available near Lehigh University. Most recently used as student housing where tenants are responsible for all utilities, including snow/ lawn care. Additionally listed as a package deal with 2 other singles MLS#724666

7. 2023-10-09
   status Pending 239-char remark

   Show marketing remark (239 chars)

   4 bedroom, 1 bath SFH available near Lehigh University. Most recently used as student housing where tenants are responsible for all utilities, including snow/ lawn care. Additionally listed as a package deal with 2 other singles MLS#724666

8. 2023-10-04
   listed $185,000 Active 239-char remark

   Show marketing remark (239 chars)

   4 bedroom, 1 bath SFH available near Lehigh University. Most recently used as student housing where tenants are responsible for all utilities, including snow/ lawn care. Additionally listed as a package deal with 2 other singles MLS#724666

9. 2023-10-04
   listed $185,000 Active 239-char remark

   Show marketing remark (239 chars)

   4 bedroom, 1 bath SFH available near Lehigh University. Most recently used as student housing where tenants are responsible for all utilities, including snow/ lawn care. Additionally listed as a package deal with 2 other singles MLS#724666

10. 2007-08-06
    soldstatus $100,000
11. 1979-09-01
    soldstatus $28,500

ⓘ 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: $2,546 · $212/mo
• Projected year-2 tax: $3,050 · $254/mo
• Expected delta: +$504/yr (+$42/mo · 19.8%)

ⓘ 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 5/10 Major
• 🌡 Heat 5/10 Major 7 d/yr ≥100°F today · 15 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 16% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 3 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,224
• − Mortgage interest: −$12,598
• − Property taxes: −$2,546
• − Insurance: −$1,124
• − Repairs & maintenance: −$1,858
• − Management: −$1,858
• − Depreciation: −$6,543
• Taxable loss: −$3,303
• Est. tax savings @ 24.0%: +$793
• After-tax cash flow: $1,316/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: Bethlehem Area SD
• NCES district ID: 4203570
• Math proficiency: 31% ▼ -2.00%
• Reading proficiency: 49% ▼ -6.00%
• Median HH income: $55,124
• Composite: 34.92/100
• National rank: #5068
• State rank: #342 of 539 in PA

Livability — Bethlehem

• Score: 82/100
• State rank: #138
• US rank: #1122

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bethlehem, PA
• County: Northampton County · 236,814 people
• City population: 129,661
• Metro: Allentown-Bethlehem-Easton, PA-NJ
• Population (ZIP): 34,852
• Household income: $60,800
• Rent vs Own: 49.5% rent · 50.5% own
• Severe rent burden: 1525.0

Population outlook (Northampton County) Hauer SSP2

• Today (2025): 312,227 people
• By 2030: 314,769 · +0.8%
• By 2040: 316,914 · +1.5%
• By 2050: 318,037 · +1.9%
• By 2075: 334,003 · +7.0%
• By 2100: 344,696 · +10.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.62)
• Race & ethnicity: White 53% Hispanic / Latino 29% Two or more races 14% Black 10% Asian 5%
• Hispanic origin (detail): Mexican 2% Puerto Rican 19% Dominican 3%
• Common ancestry: Romanian 4% Danish 1% Iranian 1%
• Foreign-born: 12% · Canada, China, Jamaica
• Languages at home: 73% English-only · Spanish 21% Chinese 2% Other Indo-European 2%

Political lean MEDSL · Northampton

• 2024 margin: Toss-up / Even · D 48.6% · R 50.4%
• 2008→2024 swing: -14.1pp toward R · 2008: 12.3pp · 2024: -1.8pp
• All cycles: 2024: R+1.8 2020: D+0.7 2016: R+3.8 2012: D+4.6 2008: D+12.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -122.95%
• Current HPI: 277.4721
• Rent YoY: ▲ 7.18%
• Metro: Allentown-Bethlehem-Easton, PA-NJ
• 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

+689.1% since first listed

11 events — show timeline

• 2026-04-07 Pending — GLVRMLS
• 2026-04-01 Listed $224,900 GLVRMLS
• 2023-12-26 Sold (Public Records) $185,000 Public Records
• 2023-12-15 Sold (MLS) $185,000 GLVRMLS
• 2023-12-15 Sold (MLS) $185,000 GLVRMLS
• 2023-10-09 Pending — GLVRMLS
• 2023-10-09 Pending — GLVRMLS
• 2023-10-04 Listed $185,000 GLVRMLS
• 2023-10-04 Listed $185,000 GLVRMLS
• 2007-08-06 Sold (Public Records) $100,000 Public Records
• 1979-09-01 Sold (Public Records) $28,500 Public Records

Property tax history

+1.5%/yr

Latest (2026): $2,546 · +3.5% YoY. Source: county tax records.