328 Hickory St · Continental Courts, PA 16823

$149,000

3 bd · 2.0 ba · 1,568 sqft · Other public records · 1 Days on market

Built 2008

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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 +24.8/30.0
• DSCR +8.1/10.0
• ARV discount +7.5/15.0
• 1% rule +5.8/10.0
• Schools +4.5/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to 328 Hickory Street in Bellefonte — a beautifully maintained 3-bedroom, 2-bath home offering comfortable and affordable one-floor living in Continental Courts, one of the area’s nicest and best-known manufactured home communities. This like-new home features a spacious open floor plan with a large kitchen, generous living areas, and plenty of natural light throughout. Enjoy beautiful mountain views from the property’s two covered porches, along with attractive landscaping, flowerbeds, a mature shade tree, and a convenient storage shed. Recent updates include a new Carrier heat pump with central air installed in 2024 and a new stainless steel refrigerator in 2025.

Key facts

• Open floor plan
• Covered porches
• One-floor living

Tags

• ONE-FLOOR LIVING
• OPEN FLOOR PLAN
• LARGE KITCHEN
• NATURAL LIGHT
• MOUNTAIN VIEWS
• COVERED PORCHES

Property features AI

Finance

• Financial info: Lease not considered

Exterior

• Parking: Asphalt driveway with space for 2 vehicles; Total of 2 garage/parking spaces
• Utilities: Public water; Public sewer; Electric power
• Home design: Manufactured double-wide home; Model LXE II 2797 by Ritz-Craft; 28 ft by 56 ft footprint
• Construction: Vinyl siding; Shingle and metal roof; No basement
• Exterior features: Rented lot; Located in Continental Courts park

Interior

• Bedrooms: Three bedrooms on the main level
• Flooring: Carpet; Vinyl
• Bathrooms: Two full bathrooms on the main level
• Heating & cooling: Heat pump with electric backup; Central air conditioning; Electric heating fuel; Electric hot water
• Interior features: Drywall walls and ceilings; Accessible features including 32+ inch wide doors and grab bars
• Laundry & utility: In-home laundry

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath other listed at $149k.

Deal economics

• At list price, monthly cash flow is $317 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $149k).
• Cap rate 8.8% vs local median 2.4% in Continental Courts — 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: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• 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 Area Hs (math 72%, 847 students, 16% FRL).
• Market conditions: 200 active listings in the ZIP; solid renter incomes; 399 units permitted in Centre County in 2024 (44 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k 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 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 24y 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.

Recommended offer $149,000

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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.
3. 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.
4. 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: 1.08% ✓
• Cap rate: 8.84%
• Cash-on-cash: 9.11%
• DSCR: 1.41
• GRM: 7.7

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: -2.5%
• Equity multiple: 0.90×
• Total profit: $-3,996
• Equity at exit: $22,216

10-year hold

• IRR: 7.1%
• Equity multiple: 1.54×
• Total profit: $22,400
• Equity at exit: $12,883

Cash invested: $41,720 (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: 7.7×

Monthly cashflow live

• Estimated rent: $1,607 medium
• Mortgage (P&I): −$781
• Tax from tax record: −$109 /mo · $1,310/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$337
• Net cashflow: $317

Break-even live

Break-even rent $1,206

Max offer price $149,000

Occupancy floor 75%

Sensitivity live

Price	-10% $401	-5% $359	+0% $317	+5% $275	+10% $232
Rent	-10% $190	-5% $253	+0% $317	+5% $380	+10% $444
Rate	-1.0pp $392	-0.5pp $355	base $317	+0.5pp $278	+1.0pp $239

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: $37,250
• Closing costs: $4,470
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-05-31
   status $149,000 Pending 1 DOM
2. 2026-05-29
   listed $149,000 Active
3. 2002-12-23
   listed $8,900
4. 2002-12-23
   historical

ⓘ 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: $1,310 · $109/mo
• Projected year-2 tax: $1,832 · $153/mo
• Expected delta: +$522/yr (+$43/mo · 39.8%)

ⓘ 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 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥95°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: $19,281
• − Mortgage interest: −$8,346
• − Property taxes: −$1,310
• − Insurance: −$745
• − Repairs & maintenance: −$1,543
• − Management: −$1,543
• − Depreciation: −$4,335
• Taxable income: $1,460
• Est. tax owed @ 24.0%: −$350
• After-tax cash flow: $3,450/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 — Continental Courts

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Continental Courts, PA
• County: Centre County · 99,000 people
• 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

+1574.2% since first listed

3 events — show timeline

• 2026-05-29 Listed $149,000 BRIGHT MLS
• 2002-12-23 Listing Removed — BRIGHT MLS
• 2002-12-23 Listed $8,900 BRIGHT MLS

Property tax history

-2.4%/yr

Latest (2026): $1,310 · -33.6% YoY. Source: county tax records.