305 W Grace St · Old Forge, PA 18518

$164,900

3 bd · 2.0 ba · 1,584 sqft · SingleFamily · 3 Days on market

Built 1945 Fair condition 8,276 sqft lot Est $214k · 23% 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 +27.8/30.0
• ARV discount +15.0/15.0
• DSCR +9.8/10.0
• 1% rule +7.6/10.0
• Appreciation +7.6/10.0
• Livability +3.9/5.0
• Schools +3.1/10.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0

Listing remarks

Make Your Move to the Pizza Capital of the World!Welcome to this solid home in the desirable Old Forge School District, just steps from the school itself. This 3-bedroom, 2-bath home offers a spacious layout with a back jacuzzi sunroom for an added bonus! Convenient first-floor bedroom, bathroom, and laundry make everyday living easy. The attached oversized 2-car garage is a huge plus, along with additional off-street parking, a large flat backyard, and a deck perfect for relaxing or entertaining. Bring your vision and a little TLC to make this home your own.

Key facts

• 8,276 sq ft lot
• 2 garage spots
• Built 1945

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $165k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $501 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $165k).
• Cap rate 9.9% vs local median 6.1% in Old Forge — 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 78/100 on livability (#287 in PA, #2,531 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment C-, amenities F, commute F.
• Old Forge SD (suburban): math 22% / reading 49% proficiency, ranked #409 of 539 in PA (top 76%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 39 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 251 units permitted in Lackawanna County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $10k of equity ($1k loan paydown + $8k appreciation (5.2% local appreciation)).
• Lackawanna County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (5.2% appreciation + 3.0% rent growth), your $46k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1945 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $164,900

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. Built in 1945 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 1.26% ✓
• Cap rate: 9.94%
• Cash-on-cash: 13.02%
• DSCR: 1.58
• GRM: 6.6

CMA / ARV

• ARV (on-the-fly): $213,840
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
305 W Grace St	0.00mi	3/2.0	1,584 (0%)	1mo	$164,900	$104	99
201 Alicia St	0.24mi	3/2.0	1,700 (+7%)	1mo	$230,000	$135	76
108 Mary St	0.19mi	3/2.5	1,705 (+8%)	1mo	$153,000	$90	75
702 Main St	0.32mi	4/2.0 (+1)	1,620 (+2%)	9mo	$70,000	$43	69
122 W Morton St	0.56mi	2/2.0 (-1)	1,589 (+0%)	2mo	$285,000	$179	67
717 Beech St	0.48mi	3/1.5	1,692 (+7%)	3mo	$230,000	$136	61
405 Milwaukee Ave	0.51mi	3/1.0	1,405 (-11%)	2mo	$131,000	$93	51
254 Hoover St	0.48mi	2/1.5 (-1)	1,400 (-12%)	0mo	$226,000	$161	51
411 Moosic Rd	0.47mi	4/2.0 (+1)	1,800 (+14%)	0mo	$329,900	$183	50
115 Taroli St Unit L20 22	0.40mi	2/1.0 (-1)	1,350 (-15%)	2mo	$130,000	$96	46
602 Milwaukee Ave	0.55mi	2/2.0 (-1)	1,395 (-12%)	5mo	$270,000	$194	45
1150 Franklin St	0.73mi	3/1.5	1,400 (-12%)	5mo	$65,000	$46	41

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

5.15% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 24.4%
• Equity multiple: 2.54×
• Total profit: $71,314
• Equity at exit: $94,915

10-year hold

• IRR: 23.6%
• Equity multiple: 5.06×
• Total profit: $187,465
• Equity at exit: $165,037

Cash invested: $46,172 (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 18518

• Home prices YoY: 2.2%
• Active inventory: 39
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $2,076 medium
• Mortgage (P&I): −$865
• Tax est. 1.5%: −$206 /mo · $2,474/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$436
• Net cashflow: $501

Break-even live

Break-even rent $1,443

Max offer price $164,900

Occupancy floor 71%

Sensitivity live

Price	-10% $615	-5% $558	+0% $501	+5% $444	+10% $387
Rent	-10% $337	-5% $419	+0% $501	+5% $583	+10% $665
Rate	-1.0pp $584	-0.5pp $543	base $501	+0.5pp $458	+1.0pp $415

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: $41,225
• Closing costs: $4,947
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
200 Oak St Unit 2 Old Forge, PA	3.0	1.5	1500	$1,800	$1.20	44d	1	0.28mi
75 Marimar Dr Old Forge, PA	2.0	2.0	1300	$2,500	$1.92	14d	1	0.59mi
163 Bianca Way Old Forge, PA	2.0	2.0	1194	$2,500	$2.09	14d	1	0.68mi
1418 Grove St Moosic, PA	3.0	2.0	1820	$1,850	$1.02	14d	1	1.48mi

Listing history 2 events

1. 2026-04-05
   status Pending
2. 2026-04-01
   listed $164,900 Active

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

Taxation est. · year 1

• Rental income: $24,917
• − Mortgage interest: −$9,237
• − Property taxes: −$2,474
• − Insurance: −$824
• − Repairs & maintenance: −$1,993
• − Management: −$1,993
• − Depreciation: −$4,797
• Taxable income: $3,598
• Est. tax owed @ 24.0%: −$864
• After-tax cash flow: $5,146/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.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab

This home requires moderate renovations, focusing on structural repairs and interior updates to improve its condition and value.

Repairs flagged

• Major Exposed concrete floor in kitchen — Structural damage
• Major Exposed plumbing in kitchen — Structural damage

Value-add opportunities

• Both Paint interior walls — Enhances curb appeal and interior aesthetics
• Both Replace worn fixtures in bathroom — Improves functionality and aesthetics

Renovation cost estimate screening

Repair item	Severity	Est. cost
Exposed concrete floor in kitchen · Structural damage	Major	$15,000–50,000
Exposed plumbing in kitchen · Structural damage	Major	$15,000–50,000
Total estimated repair cost · 2 items		$30,000–100,000

Value-add ROI direction

• Both Paint interior walls — Enhances curb appeal and interior aesthetics ↑
• Both Replace worn fixtures in bathroom — Improves functionality and aesthetics ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Old Forge SD
• NCES district ID: 4218120
• Math proficiency: 22% ▼ -19.00%
• Reading proficiency: 49% ▼ -17.00%
• Median HH income: $49,409
• Composite: 30.6/100
• National rank: #6196
• State rank: #409 of 539 in PA

Livability — Old Forge

• Score: 78/100
• State rank: #287
• US rank: #2531

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Old Forge, PA
• City population: 8,533
• Population (ZIP): 8,533

Population outlook (Lackawanna County) Hauer SSP2

• Today (2025): 210,652 people
• By 2030: 208,623 · -1.0%
• By 2040: 203,980 · -3.2%
• By 2050: 201,069 · -4.5%
• By 2075: 205,026 · -2.7%
• By 2100: 210,851 · +0.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Two or more races 13% Hispanic / Latino 9% Asian 1%
• Hispanic origin (detail): Puerto Rican 9%
• Common ancestry: Romanian 17% Scotch-Irish 4% Subsaharan African 2%
• Foreign-born: 2% · Canada
• Languages at home: 95% English-only · Spanish 3% Other Indo-European 1% Other Asian/Pacific 1%

Political lean MEDSL · Lackawanna

• 2024 margin: Toss-up / Even · D 51.0% · R 48.3%
• 2008→2024 swing: -23.2pp toward R · 2008: 26.0pp · 2024: 2.8pp
• All cycles: 2024: D+2.8 2020: D+8.4 2016: D+3.4 2012: D+27.4 2008: D+26.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 5.15%
• Current HPI: 242.2839
• 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

2 events — show timeline

• 2026-04-05 Pending — GSBR as distributed by MLS GRID
• 2026-04-01 Listed $164,900 GSBR as distributed by MLS GRID

Property tax history

+1890.7%/yr

Latest (2026): $33,031 · +1890.7% YoY. Source: county tax records.