131 N Thomas St · Bellefonte, PA 16823

$229,000

2 bd · 2.0 ba · 1,232 sqft · MultiFamily public records · 110 Days on market

Built 1914 3,485 sqft lot $186/sqft · 17% below area Est $275k · 17% under ↓ 8% since listing

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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 +30.0/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.8/10.0
• Livability +4.6/5.0
• Schools +4.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 2 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

This fully rented up/down duplex in downtown Bellefonte offers a practical opportunity for anyone looking to expand their investment portfolio. Each unit includes a covered porch, natural gas forced‑air heat, an equipped kitchen with a range & refrigerator, comfortable living space, one bedroom & one full bathroom. Unit #1 rents for $850/month & is leased through May 31, 2026. Unit #2 rents for $900/month & is leased through July 31, 2026. Tenants are responsible for electric, natural gas, cable & internet, while the landlord covers water, sewer, refuse, lawn care & snow removal. Positioned close to many of Bellefonte’s well‑known amenities, this property offers convenient access to local parks, recreation areas, dining & small-town businesses. With its central location, established rental history & simple, functional layout, this duplex presents a straightforward investment option in a consistently desirable area.

Key facts

• Covered porch
• Central location
• Equipped kitchen

Tags

• COVERED PORCH
• NATURAL GAS FORCED AIR HEAT
• EQUIPPED KITCHEN
• CENTRAL LOCATION
• ESTABLISHED RENTAL HISTORY

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $229k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $620/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $229k).
• Recommended offer: $208k (9.0% below list) — sets the bar for market timing.
• Cap rate 12.8% vs local median 3.0% in Bellefonte — 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 92/100 on livability (#10 in PA, #37 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, cost of living A+; Watch: amenities D+.
• Bellefonte Area SD (town): math 48% / reading 57% proficiency, ranked #140 of 539 in PA (top 26%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Bellefonte El Sch (math 47% / reading 52%, grade D, #654 of 1,518 statewide, top 47%, 335 students, 47% FRL); Bellefonte Area Ms (math 31% / reading 52%, grade F, #234 of 512 statewide, top 47%, 576 students, 28% FRL); Bellefonte Area Hs (math 72%, 847 students, 16% FRL).
• Market conditions: 200 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 399 units permitted in Centre County in 2024 (44 in 5+ unit buildings).
• At $3,382/mo this rent would consume 53% of the median local household income ($76k/yr) (locally 855% 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 $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Centre County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $64k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 110 days — a 9% lower offer ($208k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Risks & watch-outs

• Watch-outs: built in 1914 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $208,390 (9.0% below list)

Questions for the listing agent

1. It's been on market 110 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1914 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 1.48% ✓
• Cap rate: 12.79%
• Cash-on-cash: 23.22%
• DSCR: 2.03
• GRM: 5.6

CMA / ARV

• ARV (median comp): $275,392
• List price: $229,000
• Delta: -16.85%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 16.2%
• Equity multiple: 1.65×
• Total profit: $41,861
• Equity at exit: $34,145

10-year hold

• IRR: 24.8%
• Equity multiple: 3.15×
• Total profit: $138,021
• Equity at exit: $19,800

Cash invested: $64,120 (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 16823

• Active inventory: 200
• Price-to-rent: 11.3×

Monthly cashflow live

• Estimated rent: $3,382 high
• Mortgage (P&I): −$1,201
• Tax from tax record: −$135 /mo · $1,619/yr
• Insurance: −$95
• HOA: −$0
• Vacancy / Maint / Mgmt: −$710
• Net cashflow: $1,241

Break-even live

Break-even rent $1,812

Max offer price $229,000

Occupancy floor 58%

Sensitivity live

Price	-10% $1,370	-5% $1,305	+0% $1,241	+5% $1,176	+10% $1,111
Rent	-10% $973	-5% $1,107	+0% $1,241	+5% $1,374	+10% $1,508
Rate	-1.0pp $1,356	-0.5pp $1,299	base $1,241	+0.5pp $1,181	+1.0pp $1,121

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,382
Total (2 units)			$3,382

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: $57,250
• Closing costs: $6,870
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
360 W Lamb St Bellefonte, PA	1.0	1.0	800	$995	$1.24	46d	1	0.05mi
254 N Allegheny St Unit Mansion 1 Bellefonte, PA	2.0	2.0	750	$2,695	$3.59	46d	1	0.27mi
254 N Allegheny St Unit 12 Bellefonte, PA	2.0	1.0	750	$2,250	$3.00	46d	1	0.27mi
313 E Bishop St Bellefonte, PA	1.0–2.0	1.0	700	$1,225	$1.75	46d	3	0.47mi

Listing history 19 events

1. 2026-06-15
   status $229,000 Pending 110 DOM
2. 2026-06-15
   days on market $229,000 Active 110 DOM
3. 2026-06-14
   days on market $229,000 Active 108 DOM
4. 2026-06-13
   days on market $229,000 Active 107 DOM
5. 2026-06-10
   days on market $229,000 Active 105 DOM
6. 2026-06-09
   days on market $229,000 Active 104 DOM
7. 2026-06-08
   days on market $229,000 Active 103 DOM
8. 2026-06-07
   days on market $229,000 Active 102 DOM
9. 2026-06-05
   days on market $229,000 Active 99 DOM
10. 2026-06-03
    days on market $229,000 Active 98 DOM
11. 2026-06-02
    days on market $229,000 Active 97 DOM
12. 2026-06-01
    days on market $229,000 Active 96 DOM
13. 2026-05-31
    days on market $229,000 Active 95 DOM
14. 2026-05-30
    days on market $229,000 Active 94 DOM
15. 2026-02-25
    listed $229,000 Active 982-char remark

    Show marketing remark (982 chars)

    This fully rented up/down duplex in downtown Bellefonte offers a practical opportunity for anyone looking to expand their investment portfolio. Each unit includes a covered porch, natural gas forced‑air heat, an equipped kitchen with a range & refrigerator, comfortable living space, one bedroom & one full bathroom. Unit #1 rents for $850/month & is leased through May 31, 2026. Unit #2 rents for $900/month & is leased through July 31, 2026. Tenants are responsible for electric, natural gas, cable & internet, while the landlord covers water, sewer, refuse, lawn care & snow removal. Positioned close to many of Bellefonte’s well‑known amenities, this property offers convenient access to local parks, recreation areas, dining & small-town businesses. With its central location, established rental history & simple, functional layout, this duplex presents a straightforward investment option in a consistently desirable area.

16. 2025-07-21
    status Pending
17. 2025-07-21
    historical
18. 2025-05-19
    price $239,000
19. 2025-05-02
    listed $250,000 Active

ⓘ 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: $1,619 · $135/mo
• Projected year-2 tax: $2,619 · $218/mo
• Expected delta: +$1,000/yr (+$83/mo · 61.7%)

ⓘ 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 1/10 Low
• 🌡 Heat 4/10 Moderate 8 d/yr ≥95°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $40,584
• − Mortgage interest: −$12,828
• − Property taxes: −$1,619
• − Insurance: −$1,145
• − Repairs & maintenance: −$3,247
• − Management: −$3,247
• − Depreciation: −$6,662
• Taxable income: $11,837
• Est. tax owed @ 24.0%: −$2,841
• After-tax cash flow: $12,046/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: Bellefonte Area SD
• NCES district ID: 4203240
• Math proficiency: 48% ▼ -3.00%
• Reading proficiency: 57% ▼ -8.00%
• Median HH income: $54,460
• Composite: 45.25/100
• National rank: #2662
• State rank: #140 of 539 in PA

Livability — Bellefonte

• Score: 92/100
• State rank: #10
• US rank: #37

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bellefonte, PA
• County: Centre County · 99,000 people
• City population: 29,126
• Metro: State College, PA
• Population (ZIP): 29,126
• Household income: $76,245
• Rent vs Own: 29.5% rent · 70.5% own
• Severe rent burden: 855.0

Population outlook (Centre County) Hauer SSP2

• Today (2025): 177,113 people
• By 2030: 185,138 · +4.5%
• By 2040: 196,009 · +10.7%
• By 2050: 205,070 · +15.8%
• By 2075: 217,575 · +22.8%
• By 2100: 230,649 · +30.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Black 8% Two or more races 4% Hispanic / Latino 3%
• Common ancestry: Romanian 4% Slovak 3% Serbian 2%
• Foreign-born: 3% · China, Canada
• Languages at home: 94% English-only · Spanish 2% German/W. Germanic 1%

Political lean MEDSL · Centre

• 2024 margin: Toss-up / Even · D 50.9% · R 48.1% · Other 1.0%
• 2008→2024 swing: -9.0pp toward R · 2008: 11.8pp · 2024: 2.8pp
• All cycles: 2024: D+2.8 2020: D+4.8 2016: D+1.9 2012: R+0.0 2008: D+11.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -142.54%
• Current HPI: 202.598
• Rent YoY: —
• Metro: State College, 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

-8.4% since first listed

5 events — show timeline

• 2026-02-25 Listed $229,000 BRIGHT MLS
• 2025-07-21 Pending — BRIGHT MLS
• 2025-07-21 Listing Removed — BRIGHT MLS
• 2025-05-19 Price Changed $239,000 BRIGHT MLS
• 2025-05-02 Listed $250,000 BRIGHT MLS

Property tax history

-4.9%/yr

Latest (2026): $1,619 · -53.8% YoY. Source: county tax records.