509 Willowbank St · Bellefonte, PA 16823

$255,000

3 bd · 1.0 ba · 1,650 sqft · Other public records · 7 Days on market

Built 1900 0.29 ac lot

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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 +13.2/30.0
• ARV discount +7.5/15.0
• Livability +4.6/5.0
• Schools +4.5/10.0
• DSCR +4.0/10.0
• 1% rule +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

House with a second lot makes for a great side yard with plenty of room for outdoor activities! Off street parking for at least 5 vehicles! Inside has plenty of room too! Large eat in kitchen! Spacious living room! Formal dining area! Nice size bedrooms! Walk up attic that is floored for additional storage. Some original hardwood floors. Balcony off back bedroom. Side porch off kitchen. Nice front porch. Newer windows. Updated bath. Park and bus stop near by. Home has charm and tons of potential!

Key facts

• Large foyer
• Two included parcels
• Hardwood floors

Tags

• TWO INCLUDED PARCELS
• REAR OFF STREET PARKING
• 18X8 COVERED FRONT PORCH
• LARGE FOYER
• HARDWOOD FLOORS
• 9 FT CEILINGS

Property features AI

Exterior

• Parking: Driveway; Off-street parking
• Utilities: Public water; Public sewer; Electric cooling fuel; Oil heating fuel; Electric hot water
• Home design: Detached property; Shingle roof
• Construction: Aluminum siding; Stone foundation
• Exterior features: Deck(s); Porch(es); Roofed outdoor living area; Not in a federal flood zone; Pets allowed (cats and dogs)

Interior

• Kitchen: Eat-in kitchen
• Bedrooms: Three bedrooms on the upper level
• Flooring: Hardwood; Carpet; Luxury vinyl plank
• Bathrooms: One full bathroom
• Heating & cooling: Baseboard hot water heating; Steam heating; Window air conditioning units; Oil-fired heating fuel; Electric hot water
• Interior features: Attic; Tub with shower; Ceiling fans; Eat-in kitchen; Wood floors
• Laundry & utility: Unfinished basement (utility/storage potential)

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath other listed at $255k.

Deal economics

• At list price, monthly cash flow is $-4 ($-43/yr) — negative.
• To cash-flow at today's rent, offer at most $254k (0.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $203k (20.3% below list).
• Recommended offer: $203k (20.3% below list) — sets the bar for 1% rule.
• Cap rate 6.3% vs local median 2.6% 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.
• Market conditions: 198 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 399 units permitted in Centre County in 2024 (44 in 5+ unit buildings).
• This rent runs 32% of the median local income ($76k/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.
• Centre County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 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 $133k; list at $255k implies a 91% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $203,271 (20.3% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.80% ✗
• Cap rate: 6.28%
• Cash-on-cash: -0.06%
• DSCR: 1.00
• GRM: 10.5

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: -16.4%
• Equity multiple: 0.42×
• Total profit: $-41,615
• Equity at exit: $38,021

10-year hold

• IRR: -8.2%
• Equity multiple: 0.48×
• Total profit: $-36,792
• Equity at exit: $22,048

Cash invested: $71,400 (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: 198
• Price-to-rent: 10.5×

Monthly cashflow live

• Estimated rent: $2,033 medium
• Mortgage (P&I): −$1,337
• Tax from tax record: −$166 /mo · $1,992/yr
• Insurance: −$106
• HOA: −$0
• Vacancy / Maint / Mgmt: −$427
• Net cashflow: $-4

Break-even live

Break-even rent $2,037

Max offer price $254,360

Occupancy floor 95%

Sensitivity live

Price	-10% $141	-5% $69	+0% $-4	+5% $-76	+10% $-148
Rent	-10% $-164	-5% $-84	+0% $-4	+5% $77	+10% $157
Rate	-1.0pp $125	-0.5pp $61	base $-4	+0.5pp $-70	+1.0pp $-137

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: $63,750
• Closing costs: $7,650
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
227 E Lamb St Bellefonte, PA	3.0	1.5	1756	$2,700	$1.54	44d	1	0.72mi
201 Amberleigh Ln Unit 1 Bellefonte, PA	3.0	2.5	1467	$1,975	$1.35	44d	1	1.25mi

Listing history 12 events

1. 2026-06-03
   status $255,000 Pending 7 DOM
2. 2026-06-02
   days on market $255,000 Active 7 DOM
3. 2026-06-01
   days on market $255,000 Active 6 DOM
4. 2026-05-31
   days on market $255,000 Active 5 DOM
5. 2026-05-30
   days on market $255,000 Active 4 DOM
6. 2026-05-26
   listed $255,000 Active
7. 2016-01-15
   soldstatus $133,400
8. 2016-01-07
   soldstatus $133,400 501-char remark

   Show marketing remark (501 chars)

   House with a second lot makes for a great side yard with plenty of room for outdoor activities! Off street parking for at least 5 vehicles! Inside has plenty of room too! Large eat in kitchen! Spacious living room! Formal dining area! Nice size bedrooms! Walk up attic that is floored for additional storage. Some original hardwood floors. Balcony off back bedroom. Side porch off kitchen. Nice front porch. Newer windows. Updated bath. Park and bus stop near by. Home has charm and tons of potential!

9. 2014-08-19
   listed $132,400 501-char remark

   Show marketing remark (501 chars)

   House with a second lot makes for a great side yard with plenty of room for outdoor activities! Off street parking for at least 5 vehicles! Inside has plenty of room too! Large eat in kitchen! Spacious living room! Formal dining area! Nice size bedrooms! Walk up attic that is floored for additional storage. Some original hardwood floors. Balcony off back bedroom. Side porch off kitchen. Nice front porch. Newer windows. Updated bath. Park and bus stop near by. Home has charm and tons of potential!

10. 2009-09-11
    soldstatus $130,000 852-char remark

    Show marketing remark (852 chars)

    A rare find! Charming Bellefonte Borough 2-story on . 12 acre being sold w/ adjacent vacant . 17 acre lot! Parcels deeded separately. Well cared for home features large eat-in kitchen w/ tons of cabinets, living room w/ new windows & bookcases, bright front office/den, three spacious bedrooms & a full bathroom. 1st floor amenities include a 13x6 foyer, 9 ft. ceilings and a 8 baseboard. Original hardwood flooring under carpeted areas. Walk-up attic & detached barn/garage provide plenty of extra storage space. Laundry and workshop area located in unfinished basement. Exterior features include a (18x8) front porch, (14x5) side porch, (14x5) side balcony & (12x12) back deck. Home inspection completed July 13, 2009. Available upon request. Vacant parcel address is 511 Willowbank Street & is zoned Village Commercial.

11. 2009-09-11
    soldstatus $130,000

    Show marketing remark (852 chars)

    A rare find! Charming Bellefonte Borough 2-story on . 12 acre being sold w/ adjacent vacant . 17 acre lot! Parcels deeded separately. Well cared for home features large eat-in kitchen w/ tons of cabinets, living room w/ new windows & bookcases, bright front office/den, three spacious bedrooms & a full bathroom. 1st floor amenities include a 13x6 foyer, 9 ft. ceilings and a 8 baseboard. Original hardwood flooring under carpeted areas. Walk-up attic & detached barn/garage provide plenty of extra storage space. Laundry and workshop area located in unfinished basement. Exterior features include a (18x8) front porch, (14x5) side porch, (14x5) side balcony & (12x12) back deck. Home inspection completed July 13, 2009. Available upon request. Vacant parcel address is 511 Willowbank Street & is zoned Village Commercial.

12. 2009-07-20
    listed $128,900 852-char remark

    Show marketing remark (852 chars)

    A rare find! Charming Bellefonte Borough 2-story on . 12 acre being sold w/ adjacent vacant . 17 acre lot! Parcels deeded separately. Well cared for home features large eat-in kitchen w/ tons of cabinets, living room w/ new windows & bookcases, bright front office/den, three spacious bedrooms & a full bathroom. 1st floor amenities include a 13x6 foyer, 9 ft. ceilings and a 8 baseboard. Original hardwood flooring under carpeted areas. Walk-up attic & detached barn/garage provide plenty of extra storage space. Laundry and workshop area located in unfinished basement. Exterior features include a (18x8) front porch, (14x5) side porch, (14x5) side balcony & (12x12) back deck. Home inspection completed July 13, 2009. Available upon request. Vacant parcel address is 511 Willowbank Street & is zoned Village Commercial.

ⓘ 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: $1,992 · $166/mo
• Projected year-2 tax: $3,010 · $251/mo
• Expected delta: +$1,019/yr (+$85/mo · 51.1%)

ⓘ 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 7 d/yr ≥95°F today · 17 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: $24,393
• − Mortgage interest: −$14,284
• − Property taxes: −$1,992
• − Insurance: −$1,275
• − Repairs & maintenance: −$1,951
• − Management: −$1,951
• − Depreciation: −$7,418
• Taxable loss: −$4,479
• Est. tax savings @ 24.0%: +$1,075
• After-tax cash flow: $1,031/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

+97.8% since first listed

7 events — show timeline

• 2026-05-26 Listed $255,000 BRIGHT MLS
• 2016-01-15 Sold (Public Records) $133,400 Public Records
• 2016-01-07 Sold (MLS) $133,400 BRIGHT MLS
• 2014-08-19 Listed $132,400 BRIGHT MLS
• 2009-09-11 Sold (Public Records) $130,000 Public Records
• 2009-09-11 Sold (MLS) $130,000 BRIGHT MLS
• 2009-07-20 Listed $128,900 BRIGHT MLS

Property tax history

+1.6%/yr

Latest (2026): $1,992 · +1.8% YoY. Source: county tax records.