233 Adrain St · Emmaus, PA 18049

$235,000

3 bd · 1.0 ba · 1,260 sqft · Townhouse public records · 4 Days on market

Built 1895 3,000 sqft lot Est $282k · 17% under

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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 +15.4/30.0
• ARV discount +15.0/15.0
• Schools +4.8/10.0
• DSCR +4.7/10.0
• Livability +4.3/5.0
• 1% rule +4.1/10.0
• Rent growth +4.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Discover the charm of 233 Adrain St in Emmaus Borough. This home immediately welcomes you with a charming covered front porch perfect for enjoying neighborhood views. Inside, the inviting living area boasts rich hardwood floors and ample natural light, flowing seamlessly into a well-lit dining space, also adorned with gleaming hardwood and a stylish ceiling fan. The functional kitchen is equipped with a, electric range, microwave, and refrigerator and classic white cabinetry. An organized pantry provides abundant shelving and cabinet space, ensuring all your culinary essentials are neatly stored. Comfort extends to the bedrooms, where some offer plush carpeting and others showcase the warmth of hardwood floors, each featuring a cooling ceiling fan for optimal comfort. The bathroom presents wood-style flooring and a wood vanity, adding to the home's cohesive design. Ascend to the versatile attic space, which features vaulted ceilings and carpeting, ideal for a home office or creative studio. The utilitarian basement area houses laundry facilities, including a washer and dryer, and essential utility equipment. Step outside to a private, fenced backyard featuring a covered patio, perfect for outdoor relaxation and entertaining. A well-maintained yard, complete with a shed, offers ample space for outdoor activities, making this property an exceptional find in Emmaus Borough.

Key facts

• Covered front porch
• Functional kitchen
• Cooling ceiling fan

Tags

• COVERED FRONT PORCH
• HARDWOOD FLOORS
• WELL-LIT DINING SPACE
• FUNCTIONAL KITCHEN
• ORGANIZED PANTRY
• COOLING CEILING FAN

Property features AI

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer; Electric service
• Home design: Semi-detached home; Frame construction
• Construction: Frame construction; Stone foundation; Year built per assessor
• Exterior features: Lot dimensions approximately 25 x 120; No tidal water on the lot; Above-grade and below-grade structures noted

Interior

• Bedrooms: Three bedrooms on the first upper level; One bedroom on the second upper level
• Bathrooms: One full bathroom (all upper levels)
• Heating & cooling: Baseboard hot water heating (oil-fired); Ductless/mini-split cooling; Wall unit cooling; Electric hot water
• Interior features: Estimated living area; Full basement
• Laundry & utility: Laundry located in the basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath townhouse listed at $235k.

Deal economics

• At list price, monthly cash flow is $33 ($397/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $215k (8.5% below list).
• Recommended offer: $215k (8.5% below list) — sets the bar for 1% rule.
• Cap rate 6.7% vs local median 3.4% in Emmaus — 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 86/100 on livability (#61 in PA, #424 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, cost of living A+; Watch: commute F.
• East Penn SD (suburban): math 43% / reading 65% proficiency, ranked #103 of 539 in PA (top 19%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 17% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising fast (+6.2%/yr); 95 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 60% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 765 units permitted in Lehigh County in 2024 (286 in 5+ unit buildings).

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.
• Lehigh County population projected at +21% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 6y 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 $148k; list at $235k implies a 59% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1895 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $214,955 (8.5% below list)

Questions for the listing agent

1. Built in 1895 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are A-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?
5. 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.
6. 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.
7. 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: 0.91% ✗
• Cap rate: 6.75%
• Cash-on-cash: 1.62%
• DSCR: 1.07
• GRM: 9.1

CMA / ARV

• ARV (on-the-fly): $282,240
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
310 Minor St	0.09mi	3/1.5	1,320 (+5%)	9mo	$298,000	$226	78
31 N 4th St	0.24mi	3/1.0	1,280 (+2%)	11mo	$170,000	$133	77
122 S 4th St	0.26mi	3/1.0	1,341 (+6%)	2mo	$255,000	$190	76
518 Ridge St	0.37mi	3/1.0	1,182 (-6%)	1mo	$265,000	$224	71
665 Furnace St	0.60mi	3/1.5	1,248 (-1%)	11mo	$225,000	$180	59
541-1/2 Elm St	0.53mi	3/1.5	1,200 (-5%)	9mo	$315,000	$263	58
541 Elm St	0.53mi	3/1.5	1,200 (-5%)	10mo	$315,000	$263	57
612 Ridge St	0.53mi	3/1.5	1,280 (+2%)	16mo	$275,000	$215	57
27 4th St	0.24mi	3/1.0	1,440 (+14%)	12mo	$245,000	$170	55
121 E George St	0.65mi	3/2.5	1,336 (+6%)	4mo	$310,000	$232	50
125 Elm St E	0.64mi	3/1.0	1,100 (-13%)	2mo	$330,000	$300	47
665 Chestnut St	0.59mi	3/1.0	1,440 (+14%)	12mo	$260,000	$181	39

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 · 6.18% rent growth · sell at horizon

5-year hold

• IRR: -11.7%
• Equity multiple: 0.56×
• Total profit: $-28,819
• Equity at exit: $35,039

10-year hold

• IRR: 1.7%
• Equity multiple: 1.14×
• Total profit: $8,940
• Equity at exit: $20,319

Cash invested: $65,800 (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 18049

• Rents YoY: 6.2%
• Active inventory: 95
• Price-to-rent: 9.1×

Monthly cashflow live

• Estimated rent: $2,150 high
• Mortgage (P&I): −$1,232
• Tax from tax record: −$279 /mo · $3,351/yr
• Insurance: −$98
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$451
• Net cashflow: $33

Break-even live

Break-even rent $2,108

Max offer price $235,000

Occupancy floor 93%

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: $58,750
• Closing costs: $7,050
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
300 Furnace St Emmaus, PA	1.0–2.0	1.5–2.0	1147	$2,425	$2.11	3d	12	0.18mi
449 Chestnut St Unit 2nd Floor Emmaus, PA	2.0	1.0	1100	$1,325	$1.20	44d	1	0.28mi
819 Chestnut St Emmaus, PA	3.0	2.5	1352	$2,100	$1.55	44d	1	0.75mi
102 N 10th St Emmaus, PA	1.0–2.0	1.0–1.5	880	$2,180	$2.48	3d	24	0.90mi
218-220 S 13th St Emmaus, PA	2.0	1.5	950	$1,600	$1.68	44d	1	1.28mi

Listing history 4 events

1. 2026-06-15
   statusdays on market $235,000 Pending 4 DOM
2. 2026-06-14
   days on market $235,000 Active 3 DOM
3. 2026-06-13
   remarks 699-char remark
4. 2026-06-13
   listed $235,000 Active 2 DOM

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

Tax reassessment forecast PA · Partial reset (capped growth)

• Current annual tax: $3,351 · $279/mo
• Projected year-2 tax: $3,532 · $294/mo
• Expected delta: +$181/yr (+$15/mo · 5.4%)

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

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥99°F today · 16 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 19% 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: $25,795
• − Mortgage interest: −$13,164
• − Property taxes: −$3,351
• − Insurance: −$1,842
• − Repairs & maintenance: −$2,064
• − Management: −$2,064
• − Depreciation: −$6,836
• Taxable loss: −$3,525
• Est. tax savings @ 24.0%: +$846
• After-tax cash flow: $1,243/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: East Penn SD
• NCES district ID: 4208550
• Math proficiency: 43% ▼ -11.00%
• Reading proficiency: 65% ▼ -9.00%
• Median HH income: $70,679
• Composite: 47.99/100
• National rank: #2200
• State rank: #103 of 539 in PA

Livability — Emmaus

• Score: 86/100
• State rank: #61
• US rank: #424

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Emmaus, PA
• County: Lehigh County · 333,019 people
• City population: 18,941
• Metro: Allentown-Bethlehem-Easton, PA-NJ
• Population (ZIP): 18,941
• Household income: $93,694
• Rent vs Own: 28.2% rent · 71.8% own
• Severe rent burden: 645.0

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 White (86%)
• Race & ethnicity: White 86% Hispanic / Latino 8% Two or more races 4% Asian 2% Black 1%
• Hispanic origin (detail): Puerto Rican 3%
• Common ancestry: Romanian 4% Polish 3% Lithuanian 3%
• Foreign-born: 5% · Canada, South Korea
• Languages at home: 91% English-only · Spanish 4% Arabic 3% Other Indo-European 1%

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: ▼ -192.33%
• Current HPI: 263.1517
• Rent YoY: ▲ 6.18%
• 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

+59.3% since first listed

6 events — show timeline

• 2026-06-10 Listed $235,000 BRIGHT MLS
• 2026-06-09 Listed $235,000 GLVRMLS
• 2020-08-31 Sold (Public Records) $147,500 Public Records
• 2020-08-31 Sold (MLS) $147,500 GLVRMLS
• 2020-07-22 Pending — GLVRMLS
• 2020-07-21 Listed $147,500 GLVRMLS

Property tax history

+3.2%/yr

Latest (2026): $3,351 · +3.0% YoY. Source: county tax records.