197 Old Friedensburg Rd · Exeter, PA 19606

$279,900

1 bd · 2.0 ba · 1,680 sqft · MultiFamily public records · 28 Days on market

Built 1950 3,920 sqft lot

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Why this score? — see what drove the C+ 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 +25.2/30.0
• DSCR +8.3/10.0
• ARV discount +7.5/15.0
• 1% rule +5.9/10.0
• Schools +4.5/10.0
• Livability +3.8/5.0
• 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 (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Great duplex located in Exeter School District. This property offers a fantastic investment opportunity, featuring a one-bedroom unit and a two-bedroom unit. The first floor one bedroom unit features a large living room, an ample sized eat-in kitchen, a full bath and a spacious bedroom. The second floor two bedroom unit features a mudroom that leads you into the eat-in kitchen, a full bath, a living room and two nicely sized bedrooms. Outside, this property has ample parking space for up to four cars right in front. Other notable features include a durable rubber roof, which was done in 2010, public sewer, and a well system with a UV light. So don't miss out on this chance for a great investment in Exeter School District. Whether you're looking to live in one unit and rent out the other, or looking for some solid rental income, this property has lots of potential. Schedule a showing today! * * Highest and Best Offers due by Friday 5/26/ at 3pm * *

Key facts

• Fresh drywall
• Custom tile shower
• New windows

Tags

• FULLY-LEASED 2-UNIT PROPERTY
• NEWLY RENOVATED FIRST FLOOR
• CUSTOM TILE SHOWER
• STACKABLE WASHER DRYER
• NEW WINDOWS
• FRESH DRYWALL

Property features AI

Exterior

• Parking: Driveway parking with 4 spaces (total of 4 garage/parking spaces listed)
• Utilities: Public sewer; Well water with filter; Electric hot water; Electric heating and cooling systems
• Home design: Detached property; Fee simple ownership
• Construction: Block construction; Foundation described as 'Other'; Above-grade finished area approximately 1,680 (source: assessor)
• Exterior features: Detached structure; No tidal water on the lot; Above-grade and below-grade structures noted

Interior

• Bedrooms: Two 2-bedroom units (both units are two-bedroom)
• Flooring: Carpet; Luxury vinyl plank
• Heating & cooling: Electric baseboard heating; Wall heating units; Window air conditioning units (electric)
• Interior features: Carpet and luxury vinyl plank flooring; No basement; Two separate units on the property (Unit 1 and Unit 2)

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $280k.

Deal economics

• At list price, monthly cash flow is $627 ($8k/yr) — positive. Per door: $314/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $280k).
• Recommended offer: $276k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.0% vs local median 4.1% in Exeter — 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 76/100 on livability (#392 in PA, #3,546 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A; Watch: schools C-, amenities F, commute F.
• Exeter Township SD (suburban): math 41% / reading 60% proficiency, ranked #141 of 539 in PA (top 26%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 166 active listings in the ZIP; solid renter incomes; 258 units permitted in Berks County in 2024 (27 in 5+ unit buildings).
• This rent runs 43% of the median local income ($86k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Berks County population projected at +3% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 28 days — a 2% lower offer ($276k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 17y 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.
• Current owner paid $230k; 22% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $275,701 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. 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: 1.09% ✓
• Cap rate: 8.98%
• Cash-on-cash: 9.60%
• DSCR: 1.43
• GRM: 7.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -1.8%
• Equity multiple: 0.93×
• Total profit: $-5,463
• Equity at exit: $41,734

10-year hold

• IRR: 7.8%
• Equity multiple: 1.59×
• Total profit: $46,497
• Equity at exit: $24,201

Cash invested: $78,372 (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 19606

• Active inventory: 166
• Price-to-rent: 15.2×

Monthly cashflow live

• Estimated rent: $3,062 medium
• Mortgage (P&I): −$1,468
• Tax from tax record: −$208 /mo · $2,490/yr
• Insurance: −$117
• HOA: −$0
• Vacancy / Maint / Mgmt: −$643
• Net cashflow: $627

Break-even live

Break-even rent $2,268

Max offer price $279,900

Occupancy floor 75%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,062
Total (2 units)			$3,062

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: $69,975
• Closing costs: $8,397
• Reserves months: —
• Total cash needed: —

Listing history 40 events

1. 2026-06-18
   days on market $279,900 Active 28 DOM
2. 2026-06-17
   days on market $279,900 Active 27 DOM
3. 2026-06-16
   days on market $279,900 Active 26 DOM
4. 2026-06-15
   days on market $279,900 Active 25 DOM
5. 2026-06-14
   days on market $279,900 Active 23 DOM
6. 2026-06-13
   days on market $279,900 Active 22 DOM
7. 2026-06-10
   days on market $279,900 Active 20 DOM
8. 2026-06-09
   days on market $279,900 Active 19 DOM
9. 2026-06-08
   days on market $279,900 Active 18 DOM
10. 2026-06-07
    days on market $279,900 Active 17 DOM
11. 2026-06-02
    days on market $279,900 Active 12 DOM
12. 2026-06-01
    days on market $279,900 Active 11 DOM
13. 2026-05-31
    days on market $279,900 Active 10 DOM
14. 2026-05-30
    days on market $279,900 Active 9 DOM
15. 2026-05-21
    listed $279,900 Active
16. 2023-07-17
    soldstatus $230,000
17. 2023-07-13
    soldstatus $230,000 Closed 964-char remark

    Show marketing remark (964 chars)

    Great duplex located in Exeter School District. This property offers a fantastic investment opportunity, featuring a one-bedroom unit and a two-bedroom unit. The first floor one bedroom unit features a large living room, an ample sized eat-in kitchen, a full bath and a spacious bedroom. The second floor two bedroom unit features a mudroom that leads you into the eat-in kitchen, a full bath, a living room and two nicely sized bedrooms. Outside, this property has ample parking space for up to four cars right in front. Other notable features include a durable rubber roof, which was done in 2010, public sewer, and a well system with a UV light. So don't miss out on this chance for a great investment in Exeter School District. Whether you're looking to live in one unit and rent out the other, or looking for some solid rental income, this property has lots of potential. Schedule a showing today! * * Highest and Best Offers due by Friday 5/26/ at 3pm * *

18. 2023-05-31
    status Pending 964-char remark

    Show marketing remark (964 chars)

    Great duplex located in Exeter School District. This property offers a fantastic investment opportunity, featuring a one-bedroom unit and a two-bedroom unit. The first floor one bedroom unit features a large living room, an ample sized eat-in kitchen, a full bath and a spacious bedroom. The second floor two bedroom unit features a mudroom that leads you into the eat-in kitchen, a full bath, a living room and two nicely sized bedrooms. Outside, this property has ample parking space for up to four cars right in front. Other notable features include a durable rubber roof, which was done in 2010, public sewer, and a well system with a UV light. So don't miss out on this chance for a great investment in Exeter School District. Whether you're looking to live in one unit and rent out the other, or looking for some solid rental income, this property has lots of potential. Schedule a showing today! * * Highest and Best Offers due by Friday 5/26/ at 3pm * *

19. 2023-05-30
    historical 964-char remark

    Show marketing remark (964 chars)

    Great duplex located in Exeter School District. This property offers a fantastic investment opportunity, featuring a one-bedroom unit and a two-bedroom unit. The first floor one bedroom unit features a large living room, an ample sized eat-in kitchen, a full bath and a spacious bedroom. The second floor two bedroom unit features a mudroom that leads you into the eat-in kitchen, a full bath, a living room and two nicely sized bedrooms. Outside, this property has ample parking space for up to four cars right in front. Other notable features include a durable rubber roof, which was done in 2010, public sewer, and a well system with a UV light. So don't miss out on this chance for a great investment in Exeter School District. Whether you're looking to live in one unit and rent out the other, or looking for some solid rental income, this property has lots of potential. Schedule a showing today! * * Highest and Best Offers due by Friday 5/26/ at 3pm * *

20. 2023-05-30
    price $230,000 964-char remark

    Show marketing remark (964 chars)

    Great duplex located in Exeter School District. This property offers a fantastic investment opportunity, featuring a one-bedroom unit and a two-bedroom unit. The first floor one bedroom unit features a large living room, an ample sized eat-in kitchen, a full bath and a spacious bedroom. The second floor two bedroom unit features a mudroom that leads you into the eat-in kitchen, a full bath, a living room and two nicely sized bedrooms. Outside, this property has ample parking space for up to four cars right in front. Other notable features include a durable rubber roof, which was done in 2010, public sewer, and a well system with a UV light. So don't miss out on this chance for a great investment in Exeter School District. Whether you're looking to live in one unit and rent out the other, or looking for some solid rental income, this property has lots of potential. Schedule a showing today! * * Highest and Best Offers due by Friday 5/26/ at 3pm * *

21. 2023-05-22
    listed $215,000 Active 964-char remark

    Show marketing remark (964 chars)

    Great duplex located in Exeter School District. This property offers a fantastic investment opportunity, featuring a one-bedroom unit and a two-bedroom unit. The first floor one bedroom unit features a large living room, an ample sized eat-in kitchen, a full bath and a spacious bedroom. The second floor two bedroom unit features a mudroom that leads you into the eat-in kitchen, a full bath, a living room and two nicely sized bedrooms. Outside, this property has ample parking space for up to four cars right in front. Other notable features include a durable rubber roof, which was done in 2010, public sewer, and a well system with a UV light. So don't miss out on this chance for a great investment in Exeter School District. Whether you're looking to live in one unit and rent out the other, or looking for some solid rental income, this property has lots of potential. Schedule a showing today! * * Highest and Best Offers due by Friday 5/26/ at 3pm * *

22. 2021-08-16
    soldstatus $160,000
23. 2021-08-10
    soldstatus $160,000 Closed
24. 2021-07-04
    historical Active Under Contract
25. 2021-06-25
    listed $175,000 Active
26. 2013-10-21
    soldstatus $55,000
27. 2013-10-11
    historical
28. 2013-10-08
    soldstatus $55,000 Sold
29. 2013-10-08
    soldstatus $55,000
30. 2013-10-02
    status Under Contract
31. 2013-09-27
    historical
32. 2013-09-22
    price $64,900
33. 2013-08-16
    price $74,900
34. 2013-07-23
    price $79,900
35. 2013-05-30
    price $84,900
36. 2013-05-01
    listed $89,900 Active
37. 2013-05-01
    listed $64,900
38. 2013-04-05
    historical
39. 2009-05-18
    listed $99,900
40. 2006-08-14
    soldstatus $95,000

ⓘ 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: $2,490 · $208/mo
• Projected year-2 tax: $3,456 · $288/mo
• Expected delta: +$966/yr (+$81/mo · 38.8%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥99°F today · 14 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 13% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $36,744
• − Mortgage interest: −$15,679
• − Property taxes: −$2,490
• − Insurance: −$1,400
• − Repairs & maintenance: −$2,940
• − Management: −$2,940
• − Depreciation: −$8,143
• Taxable income: $3,154
• Est. tax owed @ 24.0%: −$757
• After-tax cash flow: $6,767/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: Exeter Township SD
• NCES district ID: 4209480
• Math proficiency: 41% ▼ -8.00%
• Reading proficiency: 60% ▼ -11.00%
• Median HH income: $71,744
• Composite: 45.21/100
• National rank: #2669
• State rank: #141 of 539 in PA

Livability — Exeter

• Score: 76/100
• State rank: #392
• US rank: #3546

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Berks County · 195,629 people
• Metro: Reading, PA
• Population (ZIP): 35,853
• Household income: $85,557
• Rent vs Own: 20.4% rent · 79.6% own
• Severe rent burden: 619.0

Population outlook (Berks County) Hauer SSP2

• Today (2025): 425,767 people
• By 2030: 428,814 · +0.7%
• By 2040: 433,463 · +1.8%
• By 2050: 439,426 · +3.2%
• By 2075: 478,647 · +12.4%
• By 2100: 518,507 · +21.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (72%)
• Race & ethnicity: White 72% Hispanic / Latino 18% Two or more races 11% Black 5% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 9% Dominican 3%
• Common ancestry: Romanian 7% Polish 2% Iranian 2%
• Foreign-born: 6% · Canada, Jamaica
• Languages at home: 86% English-only · Spanish 11% Other Indo-European 1% German/W. Germanic 1%

Political lean MEDSL · Berks

• 2024 margin: R (+12.2) · D 43.4% · R 55.6%
• 2008→2024 swing: -21.4pp toward R · 2008: 9.2pp · 2024: -12.2pp
• All cycles: 2024: R+12.2 2020: R+8.2 2016: R+10.2 2012: R+0.6 2008: D+9.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -211.56%
• Current HPI: 283.6138
• Rent YoY: —
• Metro: Reading, 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

+194.6% since first listed

26 events — show timeline

• 2026-05-21 Listed $279,900 BRIGHT MLS
• 2023-07-17 Sold (Public Records) $230,000 Public Records
• 2023-07-13 Sold (MLS) $230,000 BRIGHT MLS
• 2023-05-31 Pending — BRIGHT MLS
• 2023-05-30 Price Changed $230,000 BRIGHT MLS
• 2023-05-30 Listing Removed — BRIGHT MLS
• 2023-05-22 Listed $215,000 BRIGHT MLS
• 2021-08-16 Sold (Public Records) $160,000 Public Records
• 2021-08-10 Sold (MLS) $160,000 BRIGHT MLS
• 2021-07-04 Contingent — BRIGHT MLS
• 2021-06-25 Listed $175,000 BRIGHT MLS
• 2013-10-21 Sold (Public Records) $55,000 Public Records
• 2013-10-11 Delisted — TREND
• 2013-10-08 Sold (MLS) $55,000 BRIGHT MLS
• 2013-10-08 Sold (MLS) $55,000 TREND
• 2013-10-02 Pending — TREND
• 2013-09-27 Listing Removed — BRIGHT MLS
• 2013-09-22 Price Changed $64,900 TREND
• 2013-08-16 Price Changed $74,900 TREND
• 2013-07-23 Price Changed $79,900 TREND
• 2013-05-30 Price Changed $84,900 TREND
• 2013-05-01 Listed $64,900 BRIGHT MLS
• 2013-05-01 Listed $89,900 TREND
• 2013-04-05 Listing Removed — BRIGHT MLS
• 2009-05-18 Listed $99,900 BRIGHT MLS
• 2006-08-14 Sold (Public Records) $95,000 Public Records

Property tax history

+1.5%/yr

Latest (2026): $2,490 · +0.5% YoY. Source: county tax records.