29 E Fornance St · Norristown, PA 19401

$229,900

5 bd · 1.0 ba · 2,370 sqft · SingleFamily public records · 21 Days on market

Built 1923 2,150 sqft lot $97/sqft · 32% below area Est $337k · 32% under

---

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 +22.2/30.0
• ARV discount +15.0/15.0
• DSCR +7.1/10.0
• 1% rule +6.1/10.0
• Livability +4.2/5.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Amazing Investment! Develop your dream home or income property. Great bones, and with just a little TLC this diamond in the rough is sure to shine bright! Budding residential and commercial projects all around. Less than 15 minutes from King of Prussia. Short commute to City and Suburban points. Schedule a preview today.

Key facts

• Built 1923
• Listed 21 days

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: Semi-detached property; Built year source: Assessor
• Construction: Brick construction; Foundation includes block, brick/mortar and other; Building winterized
• Exterior features: Lot dimensions approximately 21.00 x 0.00; No tidal water

Interior

• Bedrooms: Three bedrooms on the first upper level; Two bedrooms on the second upper level
• Bathrooms: One full bathroom (upper levels); One half bathroom (upper levels)
• Heating & cooling: Central heating; Oil-fired heating; Natural gas hot water
• Interior features: Unfinished basement; Living area as recorded by assessor

What this means for you Summary

Snapshot

• This is a 5-bed/1.0-bath single-family listed at $230k.

Deal economics

• At list price, monthly cash flow is $376 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $230k).
• Recommended offer: $226k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.3% vs local median 4.2% in Norristown — 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 84/100 on livability (#100 in PA, #720 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: schools C-, crime D-.
• Norristown Area SD (suburban): math 18% / reading 31% proficiency, ranked #466 of 539 in PA (top 86%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 70% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+1.3%/yr); 166 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 1,936 units permitted in Montgomery County in 2024 (530 in 5+ unit buildings).
• This rent runs 44% of the median local income ($70k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Montgomery County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($226k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 33y 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 $65k; list at $230k implies a 254% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1923 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $226,451 (1.5% below list)

Questions for the listing agent

1. Built in 1923 — 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. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
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 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: 1.11% ✓
• Cap rate: 8.26%
• Cash-on-cash: 7.01%
• DSCR: 1.31
• GRM: 7.5

CMA / ARV

• ARV (median comp): $336,679
• List price: $229,900
• Delta: -31.72%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1401 Pine St	0.21mi	4/2.0 (-1)	2,273 (-4%)	2mo	$406,000	$179	73
1850 Arbor Place Dr	0.56mi	4/3.0 (-1)	2,500 (+6%)	14mo	$680,000	$272	40
318 E Marshall St	0.63mi	4/2.0 (-1)	2,040 (-14%)	8mo	$235,000	$115	32

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

Projected returns pro-forma

-3.0% appreciation · 1.29% rent growth · sell at horizon

5-year hold

• IRR: -7.5%
• Equity multiple: 0.73×
• Total profit: $-17,562
• Equity at exit: $34,279

10-year hold

• IRR: -0.3%
• Equity multiple: 0.98×
• Total profit: $-1,310
• Equity at exit: $19,878

Cash invested: $64,372 (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 19401

• Rents YoY: 1.3%
• Active inventory: 166
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $2,555 high
• Mortgage (P&I): −$1,206
• Tax from tax record: −$341 /mo · $4,094/yr
• Insurance: −$96
• HOA: −$0
• Vacancy / Maint / Mgmt: −$537
• Net cashflow: $376

Break-even live

Break-even rent $2,079

Max offer price $229,900

Occupancy floor 80%

Sensitivity live

Price	-10% $506	-5% $441	+0% $376	+5% $311	+10% $246
Rent	-10% $174	-5% $275	+0% $376	+5% $477	+10% $578
Rate	-1.0pp $492	-0.5pp $434	base $376	+0.5pp $316	+1.0pp $256

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: $57,475
• Closing costs: $6,897
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
217 E Marshall St Norristown, PA	5.0	1.5	2142	$2,450	$1.14	5d	1	0.60mi
534 Green St Norristown, PA	4.0	1.0	1612	$1,800	$1.12	22d	1	0.65mi
540 George St Norristown, PA	5.0	2.0	2054	$2,595	$1.26	25d	1	0.91mi
533 Buttonwood St Norristown, PA	5.0	2.0	1888	$2,300	$1.22	16d	1	1.20mi
310 Prospect Ave Bridgeport, PA	4.0	2.5	1920	$3,100	$1.61	44d	1	1.39mi
106 W 5th St Bridgeport, PA	4.0	1.5	1662	$2,850	$1.71	25d	1	1.49mi

Listing history 17 events

1. 2026-05-16
   status Pending 633-char remark
2. 2026-04-24
   listed $229,900 Active 633-char remark
3. 2018-11-30
   soldstatus $65,000
4. 2018-10-15
   soldstatus $65,000 Closed 322-char remark

   Show marketing remark (322 chars)

   Amazing Investment! Develop your dream home or income property. Great bones, and with just a little TLC this diamond in the rough is sure to shine bright! Budding residential and commercial projects all around. Less than 15 minutes from King of Prussia. Short commute to City and Suburban points. Schedule a preview today.

5. 2018-09-30
   status Pending 322-char remark

   Show marketing remark (322 chars)

   Amazing Investment! Develop your dream home or income property. Great bones, and with just a little TLC this diamond in the rough is sure to shine bright! Budding residential and commercial projects all around. Less than 15 minutes from King of Prussia. Short commute to City and Suburban points. Schedule a preview today.

6. 2018-09-14
   soldstatus $65,000 Closed 322-char remark

   Show marketing remark (322 chars)

   Amazing Investment! Develop your dream home or income property. Great bones, and with just a little TLC this diamond in the rough is sure to shine bright! Budding residential and commercial projects all around. Less than 15 minutes from King of Prussia. Short commute to City and Suburban points. Schedule a preview today.

7. 2018-08-28
   status Pending 322-char remark

   Show marketing remark (322 chars)

   Amazing Investment! Develop your dream home or income property. Great bones, and with just a little TLC this diamond in the rough is sure to shine bright! Budding residential and commercial projects all around. Less than 15 minutes from King of Prussia. Short commute to City and Suburban points. Schedule a preview today.

8. 2018-08-07
   listed $75,000 Active 322-char remark

   Show marketing remark (322 chars)

   Amazing Investment! Develop your dream home or income property. Great bones, and with just a little TLC this diamond in the rough is sure to shine bright! Budding residential and commercial projects all around. Less than 15 minutes from King of Prussia. Short commute to City and Suburban points. Schedule a preview today.

9. 2015-12-11
   soldstatus $36,000 Sold

   Show marketing remark (410 chars)

   Here is a great opportunity to own a large 3 story porch front twin in Norristown's North End. This home is conveniently located, has a covered front porch and many wonderful original touches. This home features large rooms, hardwood floors and 2 full baths. Repairs and updates are needed throughout. NOTE: See attachment for PAS requirements and WFHM offer submittal information in MLS document section.

10. 2015-12-11
    soldstatus $36,000

    Show marketing remark (410 chars)

    Here is a great opportunity to own a large 3 story porch front twin in Norristown's North End. This home is conveniently located, has a covered front porch and many wonderful original touches. This home features large rooms, hardwood floors and 2 full baths. Repairs and updates are needed throughout. NOTE: See attachment for PAS requirements and WFHM offer submittal information in MLS document section.

11. 2015-11-06
    status Under Contract

    Show marketing remark (410 chars)

    Here is a great opportunity to own a large 3 story porch front twin in Norristown's North End. This home is conveniently located, has a covered front porch and many wonderful original touches. This home features large rooms, hardwood floors and 2 full baths. Repairs and updates are needed throughout. NOTE: See attachment for PAS requirements and WFHM offer submittal information in MLS document section.

12. 2015-09-24
    listed $43,900 Active

    Show marketing remark (410 chars)

    Here is a great opportunity to own a large 3 story porch front twin in Norristown's North End. This home is conveniently located, has a covered front porch and many wonderful original touches. This home features large rooms, hardwood floors and 2 full baths. Repairs and updates are needed throughout. NOTE: See attachment for PAS requirements and WFHM offer submittal information in MLS document section.

13. 2015-09-24
    listed $43,900

    Show marketing remark (410 chars)

    Here is a great opportunity to own a large 3 story porch front twin in Norristown's North End. This home is conveniently located, has a covered front porch and many wonderful original touches. This home features large rooms, hardwood floors and 2 full baths. Repairs and updates are needed throughout. NOTE: See attachment for PAS requirements and WFHM offer submittal information in MLS document section.

14. 1993-10-06
    soldstatus $75,500
15. 1993-10-05
    soldstatus $75,500
16. 1993-06-04
    listed $75,500
17. 1985-06-26
    soldstatus $45,000

ⓘ 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: $4,094 · $341/mo
• Projected year-2 tax: $4,094 · $341/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 6/10 Major 7 d/yr ≥102°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $30,661
• − Mortgage interest: −$12,878
• − Property taxes: −$4,094
• − Insurance: −$1,150
• − Repairs & maintenance: −$2,453
• − Management: −$2,453
• − Depreciation: −$6,688
• Taxable income: $946
• Est. tax owed @ 24.0%: −$227
• After-tax cash flow: $4,284/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: Norristown Area SD
• NCES district ID: 4216980
• Math proficiency: 18% ▼ -11.00%
• Reading proficiency: 31% ▼ -14.00%
• Median HH income: $56,024
• Composite: 22.17/100
• National rank: #8166
• State rank: #466 of 539 in PA

Livability — Norristown

• Score: 84/100
• State rank: #100
• US rank: #720

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Norristown, PA
• County: Montgomery County · 712,331 people
• City population: 87,376
• Metro: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
• Population (ZIP): 43,359
• Household income: $69,908
• Rent vs Own: 54.8% rent · 45.2% own
• Severe rent burden: 2725.0

Population outlook (Montgomery County) Hauer SSP2

• Today (2025): 856,074 people
• By 2030: 870,887 · +1.7%
• By 2040: 891,195 · +4.1%
• By 2050: 896,417 · +4.7%
• By 2075: 903,212 · +5.5%
• By 2100: 843,240 · -1.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.72)
• Race & ethnicity: White 33% Black 29% Hispanic / Latino 29% Two or more races 16% Asian 3% Native American 2%
• Hispanic origin (detail): Mexican 16% Puerto Rican 5% Dominican 2%
• Common ancestry: Romanian 3% Slovak 1%
• Foreign-born: 17% · Canada, Jamaica, South Korea
• Languages at home: 71% English-only · Spanish 22% Other Indo-European 2% Russian/Polish/Slavic 1%

Political lean MEDSL · Montgomery

• 2024 margin: Strong D (+22.8) · D 60.9% · R 38.1% · Other 1.1%
• 2008→2024 swing: +2.0pp toward D · 2008: 20.8pp · 2024: 22.8pp
• All cycles: 2024: D+22.8 2020: D+26.3 2016: D+21.1 2012: D+14.3 2008: D+20.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -203.75%
• Current HPI: 301.7748
• Rent YoY: ▲ 1.29%
• Metro: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
• 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

+410.9% since first listed

17 events — show timeline

• 2026-05-16 Pending — BRIGHT MLS
• 2026-04-24 Listed $229,900 BRIGHT MLS
• 2018-11-30 Sold (Public Records) $65,000 Public Records
• 2018-10-15 Sold (MLS) $65,000 BRIGHT MLS
• 2018-09-30 Pending — BRIGHT MLS
• 2018-09-14 Sold (MLS) $65,000 BRIGHT MLS
• 2018-08-28 Pending — BRIGHT MLS
• 2018-08-07 Listed $75,000 BRIGHT MLS
• 2015-12-11 Sold (MLS) $36,000 BRIGHT MLS
• 2015-12-11 Sold (MLS) $36,000 TREND
• 2015-11-06 Pending — TREND
• 2015-09-24 Listed $43,900 TREND
• 2015-09-24 Listed $43,900 BRIGHT MLS
• 1993-10-06 Sold (Public Records) $75,500 Public Records
• 1993-10-05 Sold (MLS) $75,500 BRIGHT MLS
• 1993-06-04 Listed $75,500 BRIGHT MLS
• 1985-06-26 Sold (Public Records) $45,000 Public Records

Property tax history

+2.6%/yr

Latest (2026): $4,094 · +2.3% YoY. Source: county tax records.