309-311 E Centre St

Shenandoah, PA 17976

$309,900B-

10 bd · 0.0 ba · 4,500 sqft · Built 1920 · MultiFamily · Active · 83 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,575/mo
• Mortgage (P&I): −$1,625
• Tax + insurance: −$366
• HOA: −$0
• Vac / Maint / Mgmt: −$961
• Net cashflow: $1,623/mo
• Annual: $19,472/yr
• Cap rate: 12.58%
• Cash-on-cash: 22.44%
• DSCR: 2.00
• 1% rule: 1.48%
• Cash to close: $86,772

Investor read

• This is a 1×1bd/?ba + 3×2bd/?ba + 1×3bd/?ba units multifamily listed at $310k.
• At list price, monthly cash flow is $2k ($19k/yr) — positive. Per door: $325/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $310k).
• It's been on market 83 days — a 6% lower offer ($291k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $291k (6.0% below list) — sets the bar for market timing.
• In year one you build about $14k of equity ($2k loan paydown + $12k appreciation (3.8% local appreciation)).
• Location reads 71/100 on livability (#720 in PA) — a middle-class / working-renter tenant base. Strengths: amenities A+, cost of living A+, health & safety A+; Watch: commute F, employment F.
• Shenandoah Valley SD (town): math 20% / reading 38% proficiency, ranked #454 of 539 in PA (top 84%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Shenandoah Valley El Sch (math 21% / reading 41%, grade F, #1,116 of 1,518 statewide, top 74%, 667 students, 100% FRL); Shenandoah Valley Jshs (math 22% / reading 32%, grade F, #365 of 437 statewide, top 85%, 539 students, 96% FRL) — zoned schools average 98% FRL vs 66% district-wide (32 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 63 active listings in the ZIP; 169 units permitted in Schuylkill County in 2024 (0 in 5+ unit buildings).
• Schuylkill County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 9y ago; this cycle's ask has dropped $46k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $67k; list at $310k implies a 363% gain — meaningful room to come down on a strong offer.
• At projected returns (3.8% appreciation + 3.0% rent growth), your $87k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 83 days. Have you received any prior offers? Is the seller open to a 6% 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 1920 — 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.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.