316 N Grove St

Lock Haven, PA 17745

$192,000C+

6 bd · 3.0 ba · — sqft · Built 1850 · MultiFamily · Active · 92 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,511/mo
• Mortgage (P&I): −$1,007
• Tax + insurance: −$320
• HOA: −$0
• Vac / Maint / Mgmt: −$527
• Net cashflow: $657/mo
• Annual: $7,882/yr
• Cap rate: 10.40%
• Cash-on-cash: 14.66%
• DSCR: 1.65
• 1% rule: 1.31%
• Cash to close: $53,760

Investor read

• This is a 3 × 2-bed/1.0-bath units multifamily listed at $192k. Condition is rated good.
• At list price, monthly cash flow is $657 ($8k/yr) — positive. Per door: $219/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $192k).
• It's been on market 92 days — a 9% lower offer ($175k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $175k (9.0% below list) — sets the bar for market timing.
• 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.
• Location reads 78/100 on livability (#275 in PA, #2,428 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, cost of living A+, housing A+; Watch: employment F.
• Keystone Central SD (town): math 32% / reading 44% proficiency, ranked #384 of 539 in PA (top 71%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Robb El Sch (math 32% / reading 42%, grade F, #1,004 of 1,518 statewide, top 68%, 435 students, 79% FRL); Central Mountain Ms (math 21% / reading 42%, grade F, #367 of 512 statewide, top 73%, 939 students, 55% FRL); Central Mountain Hs (math 77% / reading 75%, grade A-, #25 of 437 statewide, top 6%, 1,127 students, 24% FRL).
• Watch-outs: built in 1850 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+7.4%/yr); 96 active listings in the ZIP; 44 units permitted in Clinton County in 2024 (0 in 5+ unit buildings).
• Clinton County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 5 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.
• At projected returns (-3.0% appreciation + 7.4% rent growth), your $54k cash investment doubles in ~7 years — after that, you're playing with house money.
• Cap rate 10.4% vs local median 3.8% in Lock Haven — 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.
• At $2,511/mo this rent would consume 51% of the median local household income ($59k/yr) (locally 522% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 92 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1850 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.