15 East Hill Road Rd · Putnam, PA 16917

$185,000

4 bd · 3.0 ba · 2,662 sqft · MultiFamily public records · 252 Days on market

Built 1901 6,970 sqft 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 +7.7/10.0
• ARV discount +7.5/15.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

COVINGTON, PA - INVESTMENT PROPERTY - 3 Unit Multi home is income producing ($2630/mo). Each unit pays its own utilities. Unit 1 on the ground level is 3 bed/1 bath and has a large enclosed porch that the tenants enjoy and use for additional storage. Unit 2 and 3 are both uppers and have 1 bed/1 bath each. All units have ovens and refrigerators. This property shares a water well with the 2 buildings next door. Public Sewer available. The commercial unit next door was designed to have space for a coin operated laundry. This convenient downtown location is making money and would be a great investment to add to your portfolio. Plan to see both buildings during your showing, let's get you set up today!

Key facts

• Large enclosed porch
• Shares a water well
• 6,970 sq ft lot

Tags

• LARGE ENCLOSED PORCH
• SHARES A WATER WELL
• PUBLIC SEWER AVAILABLE
• CONVENIENT DOWNTOWN LOCATION

What this means for you Summary

Snapshot

• This is a 1×3bd/1ba + 2×1bd/1ba units multifamily listed at $185k.

Deal economics

• At list price, monthly cash flow is $2k ($28k/yr) — positive. Per door: $783/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $185k).
• Recommended offer: $163k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Southern Tioga SD (rural): math 25% / reading 45% proficiency, ranked #421 of 539 in PA (top 78%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 5 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 32 units permitted in Tioga County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $11k of equity ($1k loan paydown + $10k appreciation (5.5% local appreciation)).
• Tioga County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (5.5% appreciation + 3.0% rent growth), your $52k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$39k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 252 days — a 12% lower offer ($163k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 5y ago; this cycle's ask is 24567% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Watch-outs: built in 1901 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $162,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 252 days. Have you received any prior offers? Is the seller open to a 12% 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 1901 — 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. 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: 2.37% ✓
• Cap rate: 21.53%
• Cash-on-cash: 54.43%
• DSCR: 3.42
• GRM: 3.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 62.2%
• Equity multiple: 4.81×
• Total profit: $197,330
• Equity at exit: $110,234

10-year hold

• IRR: 59.6%
• Equity multiple: 9.97×
• Total profit: $464,876
• Equity at exit: $194,870

Cash invested: $51,800 (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 16917

• Home prices YoY: 1.8%
• Active inventory: 5
• Price-to-rent: 10.4×

Monthly cashflow live

• Estimated rent: $4,383 medium
• Mortgage (P&I): −$970
• Tax from tax record: −$66 /mo · $788/yr
• Insurance: −$77
• HOA: −$0
• Vacancy / Maint / Mgmt: −$920
• Net cashflow: $2,350

Break-even live

Break-even rent $1,409

Max offer price $185,000

Occupancy floor 41%

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

Units	Beds	Baths	Est. rent
1× unit	3	1	$1,478
▸ 2× units	1	1	$2,904
Total (3 units)			$4,383

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: $46,250
• Closing costs: $5,550
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2269 N Williamson Rd Covington, PA	4.0	2.0	2264	$1,500	$0.66	43d	1	0.07mi

Listing history 34 events

1. 2026-06-18
   days on market $185,000 Active 252 DOM
2. 2026-06-17
   days on market $185,000 Active 251 DOM
3. 2026-06-16
   days on market $185,000 Active 250 DOM
4. 2026-06-15
   days on market $185,000 Active 249 DOM
5. 2026-06-13
   days on market $185,000 Active 247 DOM
6. 2026-06-12
   days on market $185,000 Active 246 DOM
7. 2026-06-09
   days on market $185,000 Active 243 DOM
8. 2026-06-08
   days on market $185,000 Active 242 DOM
9. 2026-06-08
   days on market $185,000 Active 241 DOM
10. 2026-06-07
    days on market $185,000 Active 240 DOM
11. 2026-06-04
    days on market $185,000 Active 237 DOM
12. 2026-06-02
    days on market $185,000 Active 236 DOM
13. 2026-06-01
    days on market $185,000 Active 235 DOM
14. 2026-05-31
    days on market $185,000 Active 234 DOM
15. 2026-02-01
    historical $750
16. 2025-10-25
    listed $750
17. 2025-10-25
    historical $750
18. 2025-10-08
    listed $750
19. 2025-10-08
    historical $750
20. 2025-09-27
    historical $750
21. 2025-09-25
    listed $750
22. 2025-09-25
    historical $750
23. 2025-09-20
    listed $750
24. 2025-09-19
    listed $950
25. 2025-09-09
    price $185,000 707-char remark

    Show marketing remark (707 chars)

    COVINGTON, PA - INVESTMENT PROPERTY - 3 Unit Multi home is income producing ($2630/mo). Each unit pays its own utilities. Unit 1 on the ground level is 3 bed/1 bath and has a large enclosed porch that the tenants enjoy and use for additional storage. Unit 2 and 3 are both uppers and have 1 bed/1 bath each. All units have ovens and refrigerators. This property shares a water well with the 2 buildings next door. Public Sewer available. The commercial unit next door was designed to have space for a coin operated laundry. This convenient downtown location is making money and would be a great investment to add to your portfolio. Plan to see both buildings during your showing, let's get you set up today!

26. 2025-07-07
    listed $195,000 Active 707-char remark

    Show marketing remark (707 chars)

    COVINGTON, PA - INVESTMENT PROPERTY - 3 Unit Multi home is income producing ($2630/mo). Each unit pays its own utilities. Unit 1 on the ground level is 3 bed/1 bath and has a large enclosed porch that the tenants enjoy and use for additional storage. Unit 2 and 3 are both uppers and have 1 bed/1 bath each. All units have ovens and refrigerators. This property shares a water well with the 2 buildings next door. Public Sewer available. The commercial unit next door was designed to have space for a coin operated laundry. This convenient downtown location is making money and would be a great investment to add to your portfolio. Plan to see both buildings during your showing, let's get you set up today!

27. 2025-07-05
    listed $185,000 Active 707-char remark

    Show marketing remark (707 chars)

    COVINGTON, PA - INVESTMENT PROPERTY - 3 Unit Multi home is income producing ($2630/mo). Each unit pays its own utilities. Unit 1 on the ground level is 3 bed/1 bath and has a large enclosed porch that the tenants enjoy and use for additional storage. Unit 2 and 3 are both uppers and have 1 bed/1 bath each. All units have ovens and refrigerators. This property shares a water well with the 2 buildings next door. Public Sewer available. The commercial unit next door was designed to have space for a coin operated laundry. This convenient downtown location is making money and would be a great investment to add to your portfolio. Plan to see both buildings during your showing, let's get you set up today!

28. 2024-09-11
    soldstatus $175,000
29. 2024-07-26
    soldstatus $175,000 Closed
30. 2024-06-13
    status Pending
31. 2024-02-06
    listed $200,000 Active
32. 2022-06-27
    soldstatus $50,000
33. 2022-06-24
    soldstatus $50,000
34. 2021-09-25
    listed $54,000

ⓘ 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: $788 · $66/mo
• Projected year-2 tax: $1,855 · $155/mo
• Expected delta: +$1,068/yr (+$89/mo · 135.5%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥91°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $52,596
• − Mortgage interest: −$10,363
• − Property taxes: −$788
• − Insurance: −$925
• − Repairs & maintenance: −$4,208
• − Management: −$4,208
• − Depreciation: −$5,382
• Taxable income: $26,723
• Est. tax owed @ 24.0%: −$6,414
• After-tax cash flow: $21,783/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: Southern Tioga SD
• NCES district ID: 4222370
• Math proficiency: 25% ▼ -15.00%
• Reading proficiency: 45% ▼ -10.00%
• Median HH income: $44,260
• Composite: 29.72/100
• National rank: #6451
• State rank: #421 of 539 in PA

Livability — Putnam

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

Census & demographics

• Population (ZIP): 1,195

Population outlook (Tioga County) Hauer SSP2

• Today (2025): 40,253 people
• By 2030: 38,795 · -3.6%
• By 2040: 35,376 · -12.1%
• By 2050: 32,081 · -20.3%
• By 2075: 24,341 · -39.5%
• By 2100: 17,180 · -57.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (96%)
• Race & ethnicity: White 96% Two or more races 3% Hispanic / Latino 1%
• Common ancestry: Romanian 6% Serbian 3% Lithuanian 3%
• Foreign-born: 0%

Political lean MEDSL · Tioga

• 2024 margin: Solid R (+51.8) · D 23.6% · R 75.4% · Other 1.0%
• 2008→2024 swing: -24.3pp toward R · 2008: -27.4pp · 2024: -51.8pp
• All cycles: 2024: R+51.8 2020: R+51.2 2016: R+53.6 2012: R+34.8 2008: R+27.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 5.48%
• Current HPI: 307.8916
• 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

+242.6% since first listed

20 events — show timeline

• 2026-02-01 Rental Removed $750 NMPA
• 2025-10-25 Listed for Rent $750 NMPA
• 2025-10-25 Rental Removed $750 NMPA
• 2025-10-08 Listed for Rent $750 NMPA
• 2025-10-08 Rental Removed $750 NMPA
• 2025-09-27 Rental Removed $750 NMPA
• 2025-09-25 Listed for Rent $750 NMPA
• 2025-09-25 Rental Removed $750 NMPA
• 2025-09-20 Listed for Rent $750 NMPA
• 2025-09-19 Listed for Rent $950 NMPA
• 2025-09-09 Price Changed $185,000 NMPA
• 2025-07-07 Listed $195,000 NMPA
• 2025-07-05 Listed $185,000 WBVAR
• 2024-09-11 Sold (Public Records) $175,000 Public Records
• 2024-07-26 Sold (MLS) $175,000 NMPA
• 2024-06-13 Pending — NMPA
• 2024-02-06 Listed $200,000 NMPA
• 2022-06-27 Sold (Public Records) $50,000 Public Records
• 2022-06-24 Sold (MLS) $50,000 NMPA
• 2021-09-25 Listed $54,000 NMPA

Property tax history

-2.8%/yr

Latest (2026): $788 · +1.1% YoY. Source: county tax records.