38 Welles St · Wilkes-Barre, PA 18702

$185,000

4 bd · 2.0 ba · 1,910 sqft · MultiFamily public records · 2 Days on market

Built 1940 7,600 sqft lot Est $185k · at est.

---

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
• DSCR +10.0/10.0
• 1% rule +9.1/10.0
• ARV discount +7.6/15.0
• Rent growth +4.2/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.1/10.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks

Excellent investment opportunity! This nicely maintained 2 unit is ready for a new owner! Each unit is 2 bedrooms with long term tenants. There is off street parking with a nice sized yard. Each unit has separate heat and electric. Both units are currently rented at $1,000 a month.

Key facts

• Off street parking
• Separate heat
• Nice sized yard

Tags

• OFF STREET PARKING
• NICE SIZED YARD
• SEPARATE HEAT
• SEPARATE ELECTRIC

Property features AI

Finance

• Financial info: Annual tax amount reported

Exterior

• Utilities: Public water; Public sewer
• Home design: Residential income property; Multi-family
• Construction: Aluminum siding
• Exterior features: Lot measures approximately 40 x 190; Residential zoning

Interior

• Heating & cooling: Natural gas heating; Steam heating
• Interior features: Has heating; Natural gas and steam heating

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $185k.

Deal economics

• At list price, monthly cash flow is $783 ($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 $185k).
• Cap rate 11.4% 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: Rents rising fast (+6.8%/yr); 221 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 44% of comp listings sitting > 30 days — soft ceiling on asking rent; 349 units permitted in Luzerne County in 2024 (16 in 5+ unit buildings).
• At $2,610/mo this rent would consume 56% of the median local household income ($56k/yr) (locally 1632% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• 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 + 6.8% rent growth), your $52k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $140k; 32% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $185,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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 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: 1.41% ✓
• Cap rate: 11.37%
• Cash-on-cash: 18.15%
• DSCR: 1.81
• GRM: 5.9

CMA / ARV

• ARV (on-the-fly): $185,270
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
38 Welles St	0.00mi	4/2.0	1,910 (0%)	0mo	$185,000	$97	100
94 Hillside St	0.47mi	5/2.0 (+1)	1,700 (-11%)	1mo	$165,000	$97	54
71-73 Empire St	0.56mi	4/2.0	1,749 (-8%)	11mo	$180,000	$103	50
113 Sherman St	0.39mi	4/2.0	1,700 (-11%)	22mo	$90,000	$53	45

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 · 6.84% rent growth · sell at horizon

5-year hold

• IRR: 14.0%
• Equity multiple: 1.59×
• Total profit: $30,430
• Equity at exit: $27,584

10-year hold

• IRR: 25.6%
• Equity multiple: 3.65×
• Total profit: $137,423
• Equity at exit: $15,995

Cash invested: $51,800 (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 18702

• Rents YoY: 6.8%
• Active inventory: 221
• Price-to-rent: 11.8×

Monthly cashflow live

• Estimated rent: $2,610 high
• Mortgage (P&I): −$970
• Tax est. 1.5%: −$231 /mo · $2,775/yr
• Insurance: −$77
• HOA: −$0
• Vacancy / Maint / Mgmt: −$548
• Net cashflow: $783

Break-even live

Break-even rent $1,618

Max offer price $185,000

Occupancy floor 65%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,610
Total (2 units)			$2,610

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: $46,250
• Closing costs: $5,550
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
51 S Welles St Wilkes Barre, PA	4.0	1.0	1344	$1,600	$1.19	43d	1	0.06mi
123 S Franklin St Wilkes-Barre, PA	3.0	2.0	2400	$3,450	$1.44	21d	1	0.58mi
37 Wyoming St Wilkes Barre, PA	4.0	1.0	1300	$2,200	$1.69	21d	1	0.63mi
56 Kent Ln Wilkes Barre, PA	3.0	2.0	1542	$1,800	$1.17	43d	1	0.65mi
279 Hazle St Wilkes Barre, PA	5.0	1.0	1400	$1,400	$1.00	13d	1	0.82mi
243 Stanton St Wilkes Barre, PA	3.0	1.0	2024	$1,395	$0.69	13d	1	0.96mi
243 Stanton St Wilkes Barre, PA	3.0	1.0	2024	$1,450	$0.72	43d	1	0.96mi
131 Academy St Wilkes Barre, PA	3.0	1.0	1300	$1,500	$1.15	43d	1	0.98mi
40 N Dawes Ave Kingston, PA	3.0	1.5	1450	$1,800	$1.24	21d	1	1.03mi
6 Magnolia St Wilkes Barre, PA	3.0	2.5	1700	$1,450	$0.85	43d	1	1.03mi
249 Parrish St Wilkes Barre, PA	5.0	2.0	2214	$2,000	$0.90	13d	1	1.15mi
407 McLean St Wilkes Barre, PA	3.0	1.0	1482	$1,400	$0.94	13d	1	1.31mi
104 Old River Rd Wilkes Barre, PA	3.0	1.5	1600	$1,800	$1.12	43d	1	1.39mi
200 Gateway Dr Kingston, PA	1.0–3.0	1.0–2.0	1130	$3,219	$2.85	13d	1	1.42mi
96 McLean St Wilkes-Barre Township, PA	3.0	1.0	1535	$1,550	$1.01	43d	1	1.43mi
233 Gilligan St Wilkes Barre, PA	3.0	1.0	1440	$1,600	$1.11	21d	1	1.48mi

Listing history 4 events

1. 2026-06-01
   status $185,000 Pending 2 DOM
2. 2026-05-31
   days on market $185,000 Active 2 DOM
3. 2026-05-29
   listed $185,000 Active
4. 2023-10-27
   soldstatus $140,000

ⓘ 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 · 16 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 5% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $31,320
• − Mortgage interest: −$10,363
• − Property taxes: −$2,775
• − Insurance: −$925
• − Repairs & maintenance: −$2,506
• − Management: −$2,506
• − Depreciation: −$5,382
• Taxable income: $6,864
• Est. tax owed @ 24.0%: −$1,647
• After-tax cash flow: $7,753/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
• County: Luzerne County · 118,885 people
• City population: 73,981
• Metro: Scranton--Wilkes-Barre, PA
• Population (ZIP): 41,970
• Household income: $56,378
• Rent vs Own: 40.5% rent · 59.5% own
• Severe rent burden: 1632.0

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%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.59)
• Race & ethnicity: White 58% Hispanic / Latino 25% Black 12% Two or more races 11% Asian 2%
• Hispanic origin (detail): Mexican 6% Puerto Rican 6% Dominican 9%
• Common ancestry: Romanian 14% Scotch-Irish 2% Iranian 1%
• Foreign-born: 13% · Canada, Jamaica
• Languages at home: 79% English-only · Spanish 17% Other Asian/Pacific 1% Other Indo-European 1%

Political lean MEDSL · Luzerne

• 2024 margin: R (+19.2) · D 40.0% · R 59.2%
• 2008→2024 swing: -27.6pp toward R · 2008: 8.4pp · 2024: -19.2pp
• All cycles: 2024: R+19.2 2020: R+14.4 2016: R+19.6 2012: D+4.8 2008: D+8.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -156.99%
• Current HPI: 216.9373
• Rent YoY: ▲ 6.84%
• Metro: Scranton--Wilkes-Barre, 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

+32.1% since first listed

2 events — show timeline

• 2026-05-29 Listed $185,000 LCAR
• 2023-10-27 Sold (Public Records) $140,000 Public Records

Property tax history

+20.4%/yr

Latest (2026): $10,040 · +0.1% YoY. Source: county tax records.