260 Terrace St · Honesdale, PA 18431

$299,000

4 bd · 2.0 ba · 1,705 sqft · MultiFamily public records · 119 Days on market

Built 1869 0.25 ac lot $175/sqft · 39% above area Est $249k · 20% over

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Why this score? — see what drove the B- 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 +27.1/30.0
• Appreciation +10.0/10.0
• DSCR +9.4/10.0
• 1% rule +7.0/10.0
• Schools +4.7/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Located in the heart of charming Honesdale, this well-situated duplex sits conveniently between the schools and Main Street, offering walkability and long-term rental appeal. The property features two spacious units, each offering 3 bedrooms, generous living areas, and ample storage throughout. Tenants enjoy a shared basement laundry area equipped with individual washer and dryer hookups for each unit, adding everyday convenience and value. Outside, the property includes off-street parking and a large detached two-car garage -- a rare bonus for in-town living. With a current annual gross income of $27,600, this property presents a solid opportunity for investors seeking steady returns, or for an owner-occupant looking to offset living expenses while building equity in a desirable location. Tenants pay electric and water and garbage.

Key facts

• Off street parking
• Desirable location
• 0.25 acre lot

Tags

• SHARED BASEMENT LAUNDRY
• OFF STREET PARKING
• DETACHED TWO CAR GARAGE
• DESIRABLE LOCATION

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $299k.

Deal economics

• At list price, monthly cash flow is $848 ($10k/yr) — positive. Per door: $424/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $299k).
• Recommended offer: $272k (9.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 64/100 on livability (#1,220 in PA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A, crime A-; Watch: amenities F, commute F, employment F.
• Wayne Highlands SD (town): math 48% / reading 64% proficiency, ranked #115 of 539 in PA (top 21%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 66 active listings in the ZIP; 177 units permitted in Wayne County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $32k of equity ($2k loan paydown + $30k appreciation (10.0% local appreciation)).
• Wayne County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $84k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$51k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 119 days — a 9% lower offer ($272k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $144k; list at $299k implies a 108% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1869 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $272,090 (9.0% below list)

Questions for the listing agent

1. It's been on market 119 days. Have you received any prior offers? Is the seller open to a 9% 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 1869 — 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. 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.
9. 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.
10. 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: 1.20% ✓
• Cap rate: 9.70%
• Cash-on-cash: 12.16%
• DSCR: 1.54
• GRM: 6.9

CMA / ARV

• ARV (median comp): $249,384
• List price: $299,000
• Delta: 19.90%
• Verdict: OVERPRICED
• Comps: 17 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
259 Terrace St	0.02mi	4/2.0	1,784 (+5%)	13mo	$215,935	$121	81
247 B Terrace St	0.04mi	4/2.0	1,584 (-7%)	12mo	$205,000	$129	77
147 Tryon St	0.67mi	4/2.0	1,778 (+4%)	12mo	$232,500	$131	51
314 11th St	0.70mi	3/2.5 (-1)	1,488 (-13%)	10mo	$245,000	$165	31

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 33.2%
• Equity multiple: 3.59×
• Total profit: $216,877
• Equity at exit: $269,363

10-year hold

• IRR: 28.6%
• Equity multiple: 8.12×
• Total profit: $596,206
• Equity at exit: $580,891

Cash invested: $83,720 (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 18431

• Home prices YoY: 10.6%
• Active inventory: 66
• Price-to-rent: 13.8×

Monthly cashflow live

• Estimated rent: $3,600 medium
• Mortgage (P&I): −$1,568
• Tax from tax record: −$303 /mo · $3,639/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$756
• Net cashflow: $848

Break-even live

Break-even rent $2,526

Max offer price $299,000

Occupancy floor 71%

Sensitivity live

Price	-10% $1,017	-5% $933	+0% $848	+5% $764	+10% $679
Rent	-10% $564	-5% $706	+0% $848	+5% $990	+10% $1,133
Rate	-1.0pp $999	-0.5pp $924	base $848	+0.5pp $771	+1.0pp $692

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$3,600
Total (2 units)			$3,600

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: $74,750
• Closing costs: $8,970
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-21
   days on market $299,000 Active 119 DOM
2. 2026-06-21
   days on market $299,000 Active 118 DOM
3. 2026-06-18
   days on market $299,000 Active 116 DOM
4. 2026-06-17
   days on market $299,000 Active 115 DOM
5. 2026-06-16
   days on market $299,000 Active 114 DOM
6. 2026-06-15
   days on market $299,000 Active 113 DOM
7. 2026-06-13
   days on market $299,000 Active 111 DOM
8. 2026-06-12
   days on market $299,000 Active 110 DOM
9. 2026-06-09
   days on market $299,000 Active 107 DOM
10. 2026-06-08
    days on market $299,000 Active 106 DOM
11. 2026-06-08
    days on market $299,000 Active 105 DOM
12. 2026-06-07
    days on market $299,000 Active 104 DOM
13. 2026-06-04
    days on market $299,000 Active 101 DOM
14. 2026-06-02
    days on market $299,000 Active 100 DOM
15. 2026-06-01
    days on market $299,000 Active 99 DOM
16. 2026-05-31
    days on market $299,000 Active 98 DOM
17. 2026-02-22
    listed $299,000 Active 844-char remark

    Show marketing remark (844 chars)

    Located in the heart of charming Honesdale, this well-situated duplex sits conveniently between the schools and Main Street, offering walkability and long-term rental appeal. The property features two spacious units, each offering 3 bedrooms, generous living areas, and ample storage throughout. Tenants enjoy a shared basement laundry area equipped with individual washer and dryer hookups for each unit, adding everyday convenience and value. Outside, the property includes off-street parking and a large detached two-car garage -- a rare bonus for in-town living. With a current annual gross income of $27,600, this property presents a solid opportunity for investors seeking steady returns, or for an owner-occupant looking to offset living expenses while building equity in a desirable location. Tenants pay electric and water and garbage.

18. 2021-01-11
    soldstatus $144,000
19. 2010-10-08
    soldstatus $100,000

ⓘ 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: $3,639 · $303/mo
• Projected year-2 tax: $4,181 · $348/mo
• Expected delta: +$543/yr (+$45/mo · 14.9%)

ⓘ 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 ≥92°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% 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: $43,200
• − Mortgage interest: −$16,749
• − Property taxes: −$3,639
• − Insurance: −$1,495
• − Repairs & maintenance: −$3,456
• − Management: −$3,456
• − Depreciation: −$8,698
• Taxable income: $5,707
• Est. tax owed @ 24.0%: −$1,370
• After-tax cash flow: $8,809/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: Wayne Highlands SD
• NCES district ID: 4224970
• Math proficiency: 48% ▼ -12.00%
• Reading proficiency: 64% ▼ -10.00%
• Median HH income: $46,476
• Composite: 47.36/100
• National rank: #2292
• State rank: #115 of 539 in PA

Livability — Honesdale

• Score: 64/100
• State rank: #1220
• US rank: #14488

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Honesdale, PA
• Population (ZIP): 12,576

Population outlook (Wayne County) Hauer SSP2

• Today (2025): 47,924 people
• By 2030: 46,191 · -3.6%
• By 2040: 42,815 · -10.7%
• By 2050: 39,873 · -16.8%
• By 2075: 34,556 · -27.9%
• By 2100: 28,358 · -40.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 4% Hispanic / Latino 3%
• Common ancestry: Romanian 7% Lithuanian 2% Subsaharan African 2%
• Foreign-born: 3%
• Languages at home: 97% English-only · Spanish 1%

Political lean MEDSL · Wayne

• 2024 margin: Solid R (+37.1) · D 31.1% · R 68.2%
• 2008→2024 swing: -24.8pp toward R · 2008: -12.3pp · 2024: -37.1pp
• All cycles: 2024: R+37.1 2020: R+33.6 2016: R+39.7 2012: R+20.9 2008: R+12.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 30.12%
• Current HPI: 313.5221
• Rent YoY: —
• Metro: —
• 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

+199.0% since first listed

3 events — show timeline

• 2026-02-22 Listed $299,000 PWMLS
• 2021-01-11 Sold (Public Records) $144,000 Public Records
• 2010-10-08 Sold (Public Records) $100,000 Public Records

Property tax history

+6.0%/yr

Latest (2026): $3,639 · +1.9% YoY. Source: county tax records.