146 11th St · Allentown, PA 18102

$395,000

2 bd · 2.5 ba · 2,459 sqft · MultiFamily · 26 Days on market

Built 1900 2,004 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 +24.2/30.0
• DSCR +7.8/10.0
• ARV discount +7.5/15.0
• 1% rule +6.3/10.0
• Livability +4.0/5.0
• Rent growth +3.9/5.0
• Condition / age +2.5/5.0
• Schools +1.2/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

CORNER PROPERTY COMMERCIAL STOREFRONT WITH LARGE 2 BEDROOM APARTMENT ABOVE. PERFECT FOR RETAIL, OFFICE, DELI, ETC. LAST USE WAS A BAR. SOLD IN AS IS CONDITION.

Key facts

• 3 half bathrooms
• Centra ac
• Corner property

Tags

• CORNER PROPERTY
• COMMERCIAL STOREFRONT
• 3 HALF BATHROOMS
• CENTRA AC
• NEW GRAY PLANK FLOORING
• LARGE 2 BEDROOMS APARTMENT

Property features AI

Finance

• Other: Multifamily property with 2 total units
• Financial info: Operating expenses reported as $10,040; Water/sewer expense reported as $150; Insurance expense reported as $3,000

Exterior

• Parking: No garage; Off-street parking
• Utilities: Public water; Public sewer
• Home design: Two total stories
• Construction: Brick exterior
• Exterior features: Brick construction; Public records list the lot as approximately 0.046 acres (2,004 sq ft)

Interior

• Bedrooms: Two-unit property (unit-level bedroom counts not provided)
• Bathrooms: One full bathroom; Three half bathrooms
• Heating & cooling: Central air conditioning; Baseboard electric heating
• Interior features: Two-story layout; Medium-high density zoning (R-MH)

What this means for you Summary

Snapshot

• This is a 2-bed/2.5-bath multifamily listed at $395k.

Deal economics

• At list price, monthly cash flow is $791 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $395k).
• Recommended offer: $389k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.7% vs local median 5.3% in Allentown — 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 81/100 on livability (#171 in PA, #1,440 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: schools D+, employment D.
• Allentown City SD (urban): math 10% / reading 20% proficiency, ranked #513 of 539 in PA (top 95%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 73% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+5.5%/yr); 167 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 765 units permitted in Lehigh County in 2024 (286 in 5+ unit buildings).
• At $4,457/mo this rent would consume 124% of the median local household income ($43k/yr) (locally 4313% 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 $12k of value loss. Plan a longer hold.
• Lehigh County population projected at +21% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 5.5% rent growth), your $111k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 26 days — a 2% lower offer ($389k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 23y 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 $80k; list at $395k implies a 394% 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 $389,075 (1.5% below list)

Questions for the listing agent

1. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. 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.
5. 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.
6. 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: 1.13% ✓
• Cap rate: 8.70%
• Cash-on-cash: 8.59%
• DSCR: 1.38
• GRM: 7.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.48% rent growth · sell at horizon

5-year hold

• IRR: -0.5%
• Equity multiple: 0.98×
• Total profit: $-2,146
• Equity at exit: $58,896

10-year hold

• IRR: 11.6%
• Equity multiple: 2.02×
• Total profit: $112,503
• Equity at exit: $34,152

Cash invested: $110,600 (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 18102

• Rents YoY: 5.5%
• Active inventory: 167
• Price-to-rent: 21.5×

Monthly cashflow live

• Estimated rent: $4,457 high
• Mortgage (P&I): −$2,071
• Tax est. 1.5%: −$494 /mo · $5,925/yr
• Insurance: −$165
• HOA: −$0
• Vacancy / Maint / Mgmt: −$936
• Net cashflow: $791

Break-even live

Break-even rent $3,455

Max offer price $395,000

Occupancy floor 77%

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

Units	Beds	Baths	Est. rent
1× unit	2	2	$1,530
1× unit	2	1	$1,530
1× unit	1	1	$1,397
Total (3 units)			$4,457

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: $98,750
• Closing costs: $11,850
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
139 N 10th St #3 Allentown, PA	1.0	1.0	2538	$1,195	$0.47	21d	1	0.11mi
204 N Ninth St Unit 2 Allentown, PA	1.0	1.0	1974	$1,650	$0.84	14d	1	0.22mi
26 N Madison St Apt 2 Allentown, PA	2.0	1.0	2946	$1,500	$0.51	23d	1	0.34mi
528 N 6th St Allentown, PA	3.0	1.0	1934	$1,800	$0.93	43d	1	0.64mi
425 Liberty St #2 Allentown, PA	1.0	1.0	1792	$1,200	$0.67	43d	1	0.79mi
644 Lehigh St Allentown, PA	3.0	1.0	1714	$2,250	$1.31	43d	1	0.96mi
406 N 2nd St Allentown, PA	3.0	2.0	2400	$1,700	$0.71	43d	1	1.12mi
177 W Tilghman St Allentown, PA	3.0	1.5	1800	$1,650	$0.92	2d	1	1.26mi
1229 Pericles Pl Whitehall, PA	1.0–3.0	1.0–2.0	1574	$2,148	$1.36	2d	7	1.46mi
2303 W Allen St Allentown, PA	3.0	2.0	2178	$2,800	$1.29	43d	1	1.48mi

Listing history 17 events

1. 2026-06-18
   days on market $395,000 Active 26 DOM
2. 2026-06-17
   days on market $395,000 Active 25 DOM
3. 2026-06-16
   days on market $395,000 Active 24 DOM
4. 2026-06-15
   days on market $395,000 Active 23 DOM
5. 2026-06-14
   days on market $395,000 Active 21 DOM
6. 2026-06-10
   days on market $395,000 Active 18 DOM
7. 2026-06-09
   days on market $395,000 Active 17 DOM
8. 2026-06-08
   days on market $395,000 Active 16 DOM
9. 2026-06-07
   days on market $395,000 Active 15 DOM
10. 2026-06-03
    days on market $395,000 Active 11 DOM
11. 2026-06-02
    days on market $395,000 Active 10 DOM
12. 2026-06-01
    days on market $395,000 Active 9 DOM
13. 2026-05-31
    days on market $395,000 Active 8 DOM
14. 2026-05-31
    days on market $395,000 Active 7 DOM
15. 2026-05-22
    listed $395,000 Active
16. 2004-05-13
    soldstatus $80,000 159-char remark

    Show marketing remark (159 chars)

    CORNER PROPERTY COMMERCIAL STOREFRONT WITH LARGE 2 BEDROOM APARTMENT ABOVE. PERFECT FOR RETAIL, OFFICE, DELI, ETC. LAST USE WAS A BAR. SOLD IN AS IS CONDITION.

17. 2003-10-27
    listed $87,900 159-char remark

    Show marketing remark (159 chars)

    CORNER PROPERTY COMMERCIAL STOREFRONT WITH LARGE 2 BEDROOM APARTMENT ABOVE. PERFECT FOR RETAIL, OFFICE, DELI, ETC. LAST USE WAS A BAR. SOLD IN AS IS CONDITION.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $53,484
• − Mortgage interest: −$22,126
• − Property taxes: −$5,925
• − Insurance: −$1,975
• − Repairs & maintenance: −$4,279
• − Management: −$4,279
• − Depreciation: −$11,491
• Taxable income: $3,410
• Est. tax owed @ 24.0%: −$818
• After-tax cash flow: $8,677/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: Allentown City SD
• NCES district ID: 4202280
• Math proficiency: 10% ▼ -10.00%
• Reading proficiency: 20% ▼ -15.00%
• Median HH income: $36,337
• Composite: 12.43/100
• National rank: #9630
• State rank: #513 of 539 in PA

Livability — Allentown

• Score: 81/100
• State rank: #171
• US rank: #1440

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Allentown, PA
• County: Lehigh County · 333,019 people
• City population: 172,996
• Metro: Allentown-Bethlehem-Easton, PA-NJ
• Population (ZIP): 51,001
• Household income: $43,085
• Rent vs Own: 67.9% rent · 32.1% own
• Severe rent burden: 4313.0

Population outlook (Lehigh County) Hauer SSP2

• Today (2025): 392,957 people
• By 2030: 408,319 · +3.9%
• By 2040: 440,007 · +12.0%
• By 2050: 475,940 · +21.1%
• By 2075: 590,448 · +50.3%
• By 2100: 690,314 · +75.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Hispanic (69%)
• Race & ethnicity: Hispanic / Latino 69% Two or more races 28% White 18% Black 10%
• Hispanic origin (detail): Mexican 3% Puerto Rican 38% Dominican 22%
• Common ancestry: Polish 1% Romanian 1% Hispanic 1%
• Foreign-born: 22% · Canada, Jamaica
• Languages at home: 45% English-only · Spanish 52% Arabic 2%

Political lean MEDSL · Lehigh

• 2024 margin: Toss-up / Even · D 50.7% · R 48.0% · Other 1.2%
• 2008→2024 swing: -12.9pp toward R · 2008: 15.6pp · 2024: 2.7pp
• All cycles: 2024: D+2.7 2020: D+7.6 2016: D+4.4 2012: D+7.5 2008: D+15.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -227.01%
• Current HPI: 404.834
• Rent YoY: ▲ 5.48%
• Metro: Allentown-Bethlehem-Easton, PA-NJ
• 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

+349.4% since first listed

3 events — show timeline

• 2026-05-22 Listed $395,000 GLVRMLS
• 2004-05-13 Sold (MLS) $80,000 GLVRMLS
• 2003-10-27 Listed $87,900 GLVRMLS