1994 Route 287

Wellsboro, PA 16938

$199,900B-

5 bd · 2.0 ba · 4,842 sqft · Built 1901 · MultiFamily · Active · 19 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,389/mo
• Mortgage (P&I): −$1,048
• Tax + insurance: −$400
• HOA: −$0
• Vac / Maint / Mgmt: −$502
• Net cashflow: $439/mo
• Annual: $5,273/yr
• Cap rate: 9.33%
• Cash-on-cash: 10.84%
• DSCR: 1.48
• 1% rule: 1.20%
• Cash to close: $55,972

Investor read

• This is a 5-bed/2.0-bath multifamily listed at $200k. Condition is rated fair.
• At list price, monthly cash flow is $439 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $200k).
• It's been on market 19 days — a 2% lower offer ($197k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $197k (1.5% below list) — sets the bar for market timing.
• In year one you build about $5k of equity ($1k loan paydown + $4k appreciation (2.0% local appreciation)).
• Location reads 75/100 on livability (#426 in PA, #3,882 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, health & safety A+; Watch: amenities F, commute F, employment D-.
• Southern Tioga SD (rural): math 25% / reading 45% proficiency, ranked #421 of 539 in PA (top 78%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: flood insurance adds $66/mo; built in 1901 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 6 active listings in the ZIP; 32 units permitted in Tioga County in 2024 (0 in 5+ unit buildings).
• Tioga County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 2y 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 (2.0% appreciation + 3.0% rent growth), your $56k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1901 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.

Repairs flagged (vision-AI assessment)

• Major: siding — Severe weathering and peeling.
• Major: paint — Peeling and chipping paint.
• Major: landscaping — Overgrown vegetation and unkempt lawn.
• Major: kitchen appliances — Outdated and cluttered appliances.
• Major: flooring — Worn carpet in living areas.
• Major: interior walls — Worn wallpaper and paint in living areas.