400 Oak St St #408 · Old Forge, PA 18518

$399,000

40 bd · 20.0 ba · 8,200 sqft · MultiFamily · 8 Days on market

Built 1965 Fair condition 0.25 ac lot

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +7.6/10.0
• ARV discount +7.5/15.0
• Livability +3.9/5.0
• Schools +3.1/10.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 5 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Premier Mixed-Use Investment Opportunity in the Heart of Old Forge!Attention investors, this is the opportunity you've been waiting for! Situated on a highly visible corner lot in one of Old Forge's most desirable locations, this massive 5-unit mixed-use property offers the perfect combination of cash flow, stability, and upside potential. The property features 3 spacious residential units and 2 commercial hair salon spaces, creating multiple streams of income in a prime, walkable location. Just steps from Old Forge's renowned restaurants, local businesses, and Old Forge High School, this asset benefits from strong tenant demand and exceptional community appeal. Meticulously maintained by t

Key facts

• Separate utilities
• Prime location
• 0.25 acre lot

Tags

• CORNER LOT VISIBILITY
• SEPARATE UTILITIES
• PRIME LOCATION
• MULTIPLE STREAMS OF INCOME

Property features AI

Finance

• Financial info: Five-unit property (total of 5 units)
• HOA & community: Neighborhood features include curbs, sidewalks and street lights

Exterior

• Parking: 2 garage spaces; On-street parking available
• Utilities: Public water; Public sewer; 200+ amp electric service with circuit breakers
• Home design: Mixed-use property used as residential income (multi-family); Two levels with multi/split configuration; Corner city lot with paved road frontage
• Construction: Built in 1965; Block and stucco construction; Foundation of block, stone and combination; Roof materials include shingle, flat and rubber
• Exterior features: Courtyard; Private yard; Rain gutters; Front and rear porches and patio; Back yard fencing (vinyl)

Interior

• Kitchen: Kitchens in Units 1, 2 and 5; eat-in kitchen(s)
• Bedrooms: 8 total bedrooms across units (unit breakdown below): Unit 1 — 3 bedrooms; Unit 2 — 2 bedrooms; Unit 5 — 3 bedrooms
• Flooring: Combination of hardwood, carpet, luxury vinyl and laminate flooring
• Bathrooms: 5 total bathrooms (3 full, 2 half)
• Heating & cooling: Central air; Ceiling fans; Wall/window units; Heating varies by unit — baseboard, steam, hot water, forced air
• Interior features: Ceiling fans; Natural woodwork; Recessed lighting; Eat-in kitchen; Double vanity; Crown molding; In-unit laundry; Has basement with exterior and interior entry, walk-out access; unfinished, full basement
• Laundry & utility: Laundry located in-unit

What this means for you Summary

Snapshot

• This is a 5 × 8-bed/4.0-bath units multifamily listed at $399k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $4k ($48k/yr) — positive. Per door: $803/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($9k rent vs $399k).
• Cap rate 18.4% vs local median 6.1% in Old Forge — 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 78/100 on livability (#287 in PA, #2,531 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment C-, amenities F, commute F.
• Old Forge SD (suburban): math 22% / reading 49% proficiency, ranked #409 of 539 in PA (top 76%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 39 active listings in the ZIP; 251 units permitted in Lackawanna County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $23k of equity ($3k loan paydown + $21k appreciation (5.2% local appreciation)).
• Lackawanna County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (5.2% appreciation + 3.0% rent growth), your $112k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $399,000

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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Built in 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 2.15% ✓
• Cap rate: 18.37%
• Cash-on-cash: 43.14%
• DSCR: 2.92
• GRM: 3.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

5.15% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 51.4%
• Equity multiple: 4.14×
• Total profit: $351,218
• Equity at exit: $229,661

10-year hold

• IRR: 49.1%
• Equity multiple: 8.51×
• Total profit: $839,379
• Equity at exit: $399,333

Cash invested: $111,720 (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 18518

• Home prices YoY: 2.2%
• Active inventory: 39
• Price-to-rent: 19.4×

Monthly cashflow live

• Estimated rent: $8,574 medium
• Mortgage (P&I): −$2,092
• Tax est. 1.5%: −$499 /mo · $5,985/yr
• Insurance: −$166
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,801
• Net cashflow: $4,016

Break-even live

Break-even rent $3,490

Max offer price $399,000

Occupancy floor 48%

Sensitivity live

Price	-10% $4,292	-5% $4,154	+0% $4,016	+5% $3,878	+10% $3,740
Rent	-10% $3,339	-5% $3,677	+0% $4,016	+5% $4,355	+10% $4,693
Rate	-1.0pp $4,217	-0.5pp $4,118	base $4,016	+0.5pp $3,913	+1.0pp $3,807

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

Units	Beds	Baths	Est. rent
▸ 5× units	8	4	$8,575
Total (5 units)			$8,574

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: $99,750
• Closing costs: $11,970
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-06-18
   days on market $399,000 Active 8 DOM
2. 2026-06-17
   days on market $399,000 Active 7 DOM
3. 2026-06-16
   days on market $399,000 Active 6 DOM
4. 2026-06-15
   days on market $399,000 Active 5 DOM
5. 2026-06-14
   days on market $399,000 Active 3 DOM
6. 2026-06-13
   remarks 699-char remark
7. 2026-06-13
   listed $399,000 Active 2 DOM

ⓘ 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: $102,888
• − Mortgage interest: −$22,350
• − Property taxes: −$5,985
• − Insurance: −$1,995
• − Repairs & maintenance: −$8,231
• − Management: −$8,231
• − Depreciation: −$11,607
• Taxable income: $44,488
• Est. tax owed @ 24.0%: −$10,677
• After-tax cash flow: $37,516/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.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab

This 5-unit mixed-use property requires moderate renovations to improve its condition and increase its value. Key areas for improvement include updating the kitchen and bathrooms, painting the exterior, and replacing dated fixtures.

Repairs flagged

• Moderate kitchen cabinets — Cabinets appear worn and need updating
• Moderate bathroom fixtures — Fixtures need updating for a more modern look
• Moderate exterior siding — Siding needs repainting or replacement

Value-add opportunities

• Both Paint and update kitchen cabinets — Fresh paint and updated cabinets will improve both resale and rental value
• Both Replace dated bathroom fixtures — Modern fixtures will attract more tenants and buyers
• Both Paint exterior siding — Fresh paint will improve curb appeal and property value

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · Cabinets appear worn and need updating	Moderate	$3,000–15,000
bathroom fixtures · Fixtures need updating for a more modern look	Moderate	$3,000–15,000
exterior siding · Siding needs repainting or replacement	Moderate	$3,000–15,000
Total estimated repair cost · 3 items		$9,000–45,000

Value-add ROI direction

• Both Paint and update kitchen cabinets — Fresh paint and updated cabinets will improve both resale and rental value ↑
• Both Replace dated bathroom fixtures — Modern fixtures will attract more tenants and buyers ↑
• Both Paint exterior siding — Fresh paint will improve curb appeal and property value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Old Forge SD
• NCES district ID: 4218120
• Math proficiency: 22% ▼ -19.00%
• Reading proficiency: 49% ▼ -17.00%
• Median HH income: $49,409
• Composite: 30.6/100
• National rank: #6196
• State rank: #409 of 539 in PA

Livability — Old Forge

• Score: 78/100
• State rank: #287
• US rank: #2531

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Old Forge, PA
• City population: 8,533
• Population (ZIP): 8,533

Population outlook (Lackawanna County) Hauer SSP2

• Today (2025): 210,652 people
• By 2030: 208,623 · -1.0%
• By 2040: 203,980 · -3.2%
• By 2050: 201,069 · -4.5%
• By 2075: 205,026 · -2.7%
• By 2100: 210,851 · +0.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Two or more races 13% Hispanic / Latino 9% Asian 1%
• Hispanic origin (detail): Puerto Rican 9%
• Common ancestry: Romanian 17% Scotch-Irish 4% Subsaharan African 2%
• Foreign-born: 2% · Canada
• Languages at home: 95% English-only · Spanish 3% Other Indo-European 1% Other Asian/Pacific 1%

Political lean MEDSL · Lackawanna

• 2024 margin: Toss-up / Even · D 51.0% · R 48.3%
• 2008→2024 swing: -23.2pp toward R · 2008: 26.0pp · 2024: 2.8pp
• All cycles: 2024: D+2.8 2020: D+8.4 2016: D+3.4 2012: D+27.4 2008: D+26.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 5.15%
• Current HPI: 242.2839
• 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

1 event — show timeline

• 2026-06-09 Listed $399,000 GSBR as distributed by MLS GRID