829-833 Elmwood St · Lemont, PA 16801

$469,000

3 bd · 2.0 ba · 2,172 sqft · MultiFamily public records · 309 Days on market

Built 1880 0.34 ac lot $216/sqft · 32% above area Est $489k · at est.

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Why this score? — see what drove the D+ 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 +14.8/30.0
• ARV discount +9.4/15.0
• Schools +5.7/10.0
• DSCR +4.5/10.0
• Livability +4.5/5.0
• 1% rule +3.6/10.0
• Rent growth +3.2/5.0
• 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: 3 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

FOUR (4) UNIT INVESTMENT PROPERTY near Penn State University, the Village of Lemont, and downtown State College. Ideal for investors or an owner-occupant seeking affordable living — live in one unit and lease the other three. Situated on a 0.34-acre lot, the property includes two duplex-style buildings: Units 829 Suite A and Suite B are charming one-bedroom apartments, 831 is a meticulously kept two-story, two-bedroom apartment, and 833 is a large one-bedroom apartment with a formal living room, fireplace, a sunroom, and a porch. All units are leased through 2026. With some renovation, an older attached garage offers potential for added storage or another income stream. With strong rental demand and room for future rent increases, this property presents an excellent long-term investment. 24 Hour Notice Required so schedule your showing today!

Key facts

• Village of lemont
• Attached garage
• 0.34 acre lot

Tags

• NEAR PENN STATE UNIVERSITY
• VILLAGE OF LEMONT
• DOWNTOWN STATE COLLEGE
• 0.34 ACRE LOT
• TWO DUPLEX STYLE BUILDINGS
• ATTACHED GARAGE

What this means for you Summary

Snapshot

• This is a 3 × 1-bed/?-bath units multifamily listed at $469k.

Deal economics

• At list price, monthly cash flow is $131 ($2k/yr) — positive. Per door: $44/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $402k (14.3% below list).
• Recommended offer: $402k (14.3% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 89/100 on livability (#23 in PA, #144 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, employment A+; Watch: amenities D.
• State College Area SD (urban): math 62% / reading 73% proficiency, ranked #41 of 539 in PA (top 8%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 15% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising (+2.8%/yr); 158 active listings in the ZIP; 399 units permitted in Centre County in 2024 (44 in 5+ unit buildings).
• At $4,021/mo this rent would consume 78% of the median local household income ($62k/yr) (locally 3590% 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 $3k of loan paydown is wiped out by about $14k 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.

Negotiation context

• It's been on market 309 days — a 12% lower offer ($413k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $402,100 (14.3% below list)

Questions for the listing agent

1. It's been on market 309 days. Have you received any prior offers? Is the seller open to a 14% 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 1880 — 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 B-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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
9. 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.
10. 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.
11. 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: 0.86% ✗
• Cap rate: 6.63%
• Cash-on-cash: 1.20%
• DSCR: 1.05
• GRM: 9.7

CMA / ARV

• ARV (median comp): $489,417
• List price: $469,000
• Delta: -4.17%
• Verdict: FAIR
• Comps: 2 within 2.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
124 Boalsburg Rd	0.18mi	4/3.0 (+1)	2,483 (+14%)	10mo	$475,000	$191	50

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 · 2.77% rent growth · sell at horizon

5-year hold

• IRR: -14.7%
• Equity multiple: 0.48×
• Total profit: $-68,643
• Equity at exit: $69,929

10-year hold

• IRR: -6.4%
• Equity multiple: 0.60×
• Total profit: $-53,064
• Equity at exit: $40,551

Cash invested: $131,320 (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 16801

• Rents YoY: 2.8%
• Active inventory: 158
• Price-to-rent: 29.2×

Monthly cashflow live

• Estimated rent: $4,021 medium
• Mortgage (P&I): −$2,459
• Tax from tax record: −$391 /mo · $4,688/yr
• Insurance: −$195
• HOA: −$0
• Vacancy / Maint / Mgmt: −$844
• Net cashflow: $131

Break-even live

Break-even rent $3,855

Max offer price $469,000

Occupancy floor 92%

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

Units	Beds	Baths	Est. rent
▸ 3× units	1	—	$4,020
Total (3 units)			$4,021

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: $117,250
• Closing costs: $14,070
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-19
   days on market $469,000 Active 309 DOM
2. 2026-06-18
   days on market $469,000 Active 308 DOM
3. 2026-06-17
   days on market $469,000 Active 307 DOM
4. 2026-06-16
   days on market $469,000 Active 306 DOM
5. 2026-06-15
   days on market $469,000 Active 305 DOM
6. 2026-06-14
   days on market $469,000 Active 303 DOM
7. 2026-06-13
   days on market $469,000 Active 302 DOM
8. 2026-06-10
   days on market $469,000 Active 300 DOM
9. 2026-06-09
   days on market $469,000 Active 299 DOM
10. 2026-06-08
    days on market $469,000 Active 298 DOM
11. 2026-06-07
    days on market $469,000 Active 297 DOM
12. 2026-06-02
    days on market $469,000 Active 292 DOM
13. 2026-06-01
    days on market $469,000 Active 291 DOM
14. 2026-05-31
    days on market $469,000 Active 290 DOM
15. 2026-05-30
    days on market $469,000 Active 289 DOM
16. 2026-04-02
    price $479,000 861-char remark

    Show marketing remark (861 chars)

    FOUR (4) UNIT INVESTMENT PROPERTY near Penn State University, the Village of Lemont, and downtown State College. Ideal for investors or an owner-occupant seeking affordable living — live in one unit and lease the other three. Situated on a 0.34-acre lot, the property includes two duplex-style buildings: Units 829 Suite A and Suite B are charming one-bedroom apartments, 831 is a meticulously kept two-story, two-bedroom apartment, and 833 is a large one-bedroom apartment with a formal living room, fireplace, a sunroom, and a porch. All units are leased through 2026. With some renovation, an older attached garage offers potential for added storage or another income stream. With strong rental demand and room for future rent increases, this property presents an excellent long-term investment. 24 Hour Notice Required so schedule your showing today!

17. 2026-01-06
    price $489,000 861-char remark

    Show marketing remark (861 chars)

    FOUR (4) UNIT INVESTMENT PROPERTY near Penn State University, the Village of Lemont, and downtown State College. Ideal for investors or an owner-occupant seeking affordable living — live in one unit and lease the other three. Situated on a 0.34-acre lot, the property includes two duplex-style buildings: Units 829 Suite A and Suite B are charming one-bedroom apartments, 831 is a meticulously kept two-story, two-bedroom apartment, and 833 is a large one-bedroom apartment with a formal living room, fireplace, a sunroom, and a porch. All units are leased through 2026. With some renovation, an older attached garage offers potential for added storage or another income stream. With strong rental demand and room for future rent increases, this property presents an excellent long-term investment. 24 Hour Notice Required so schedule your showing today!

18. 2025-11-21
    price $499,000 861-char remark

    Show marketing remark (861 chars)

    FOUR (4) UNIT INVESTMENT PROPERTY near Penn State University, the Village of Lemont, and downtown State College. Ideal for investors or an owner-occupant seeking affordable living — live in one unit and lease the other three. Situated on a 0.34-acre lot, the property includes two duplex-style buildings: Units 829 Suite A and Suite B are charming one-bedroom apartments, 831 is a meticulously kept two-story, two-bedroom apartment, and 833 is a large one-bedroom apartment with a formal living room, fireplace, a sunroom, and a porch. All units are leased through 2026. With some renovation, an older attached garage offers potential for added storage or another income stream. With strong rental demand and room for future rent increases, this property presents an excellent long-term investment. 24 Hour Notice Required so schedule your showing today!

19. 2025-11-07
    price $508,000 861-char remark

    Show marketing remark (861 chars)

    FOUR (4) UNIT INVESTMENT PROPERTY near Penn State University, the Village of Lemont, and downtown State College. Ideal for investors or an owner-occupant seeking affordable living — live in one unit and lease the other three. Situated on a 0.34-acre lot, the property includes two duplex-style buildings: Units 829 Suite A and Suite B are charming one-bedroom apartments, 831 is a meticulously kept two-story, two-bedroom apartment, and 833 is a large one-bedroom apartment with a formal living room, fireplace, a sunroom, and a porch. All units are leased through 2026. With some renovation, an older attached garage offers potential for added storage or another income stream. With strong rental demand and room for future rent increases, this property presents an excellent long-term investment. 24 Hour Notice Required so schedule your showing today!

20. 2025-10-13
    price $518,000 861-char remark

    Show marketing remark (861 chars)

    FOUR (4) UNIT INVESTMENT PROPERTY near Penn State University, the Village of Lemont, and downtown State College. Ideal for investors or an owner-occupant seeking affordable living — live in one unit and lease the other three. Situated on a 0.34-acre lot, the property includes two duplex-style buildings: Units 829 Suite A and Suite B are charming one-bedroom apartments, 831 is a meticulously kept two-story, two-bedroom apartment, and 833 is a large one-bedroom apartment with a formal living room, fireplace, a sunroom, and a porch. All units are leased through 2026. With some renovation, an older attached garage offers potential for added storage or another income stream. With strong rental demand and room for future rent increases, this property presents an excellent long-term investment. 24 Hour Notice Required so schedule your showing today!

21. 2025-09-12
    price $529,000 861-char remark

    Show marketing remark (861 chars)

    FOUR (4) UNIT INVESTMENT PROPERTY near Penn State University, the Village of Lemont, and downtown State College. Ideal for investors or an owner-occupant seeking affordable living — live in one unit and lease the other three. Situated on a 0.34-acre lot, the property includes two duplex-style buildings: Units 829 Suite A and Suite B are charming one-bedroom apartments, 831 is a meticulously kept two-story, two-bedroom apartment, and 833 is a large one-bedroom apartment with a formal living room, fireplace, a sunroom, and a porch. All units are leased through 2026. With some renovation, an older attached garage offers potential for added storage or another income stream. With strong rental demand and room for future rent increases, this property presents an excellent long-term investment. 24 Hour Notice Required so schedule your showing today!

22. 2025-08-14
    listed $545,000 Active 861-char remark

    Show marketing remark (861 chars)

    FOUR (4) UNIT INVESTMENT PROPERTY near Penn State University, the Village of Lemont, and downtown State College. Ideal for investors or an owner-occupant seeking affordable living — live in one unit and lease the other three. Situated on a 0.34-acre lot, the property includes two duplex-style buildings: Units 829 Suite A and Suite B are charming one-bedroom apartments, 831 is a meticulously kept two-story, two-bedroom apartment, and 833 is a large one-bedroom apartment with a formal living room, fireplace, a sunroom, and a porch. All units are leased through 2026. With some renovation, an older attached garage offers potential for added storage or another income stream. With strong rental demand and room for future rent increases, this property presents an excellent long-term investment. 24 Hour Notice Required so schedule your showing today!

23. 2003-09-03
    soldstatus $449,645

ⓘ 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: $4,688 · $391/mo
• Projected year-2 tax: $6,049 · $504/mo
• Expected delta: +$1,361/yr (+$113/mo · 29.0%)

ⓘ 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 3/10 Moderate 7 d/yr ≥93°F today · 16 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: $48,252
• − Mortgage interest: −$26,271
• − Property taxes: −$4,688
• − Insurance: −$2,345
• − Repairs & maintenance: −$3,860
• − Management: −$3,860
• − Depreciation: −$13,644
• Taxable loss: −$6,417
• Est. tax savings @ 24.0%: +$1,540
• After-tax cash flow: $3,112/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: State College Area SD
• NCES district ID: 4222770
• Math proficiency: 62% ▼ -4.00%
• Reading proficiency: 73% ▼ -7.00%
• Median HH income: $49,753
• Composite: 57.23/100
• National rank: #1094
• State rank: #41 of 539 in PA

Livability — Lemont

• Score: 89/100
• State rank: #23
• US rank: #144

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lemont, PA
• County: Centre County · 99,000 people
• Metro: State College, PA
• Population (ZIP): 40,774
• Household income: $61,836
• Rent vs Own: 56.8% rent · 43.2% own
• Severe rent burden: 3590.0

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 (80%)
• Race & ethnicity: White 80% Asian 9% Two or more races 6% Hispanic / Latino 4% Black 3%
• Common ancestry: Romanian 6% Lithuanian 2% Scotch-Irish 2%
• Foreign-born: 12% · China, South Korea, Canada
• Languages at home: 86% English-only · Chinese 3% Spanish 2% Other Indo-European 2%

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: ▼ -140.33%
• Current HPI: 208.2423
• Rent YoY: ▲ 2.77%
• 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

+6.5% since first listed

8 events — show timeline

• 2026-04-02 Price Changed $479,000 BRIGHT MLS
• 2026-01-06 Price Changed $489,000 BRIGHT MLS
• 2025-11-21 Price Changed $499,000 BRIGHT MLS
• 2025-11-07 Price Changed $508,000 BRIGHT MLS
• 2025-10-13 Price Changed $518,000 BRIGHT MLS
• 2025-09-12 Price Changed $529,000 BRIGHT MLS
• 2025-08-14 Listed $545,000 BRIGHT MLS
• 2003-09-03 Sold (Public Records) $449,645 Public Records

Property tax history

+2.2%/yr

Latest (2026): $4,688 · +3.1% YoY. Source: county tax records.