565 River Rd · Delaware Water Gap, PA 18301

$185,000

6 bd · 2.0 ba · 2,250 sqft · MultiFamily · 95 Days on market

Built 1902 Fair condition 0.97 ac lot ↓ 23% since listing

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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
• ARV discount +7.5/15.0
• Rent growth +5.0/5.0
• Livability +3.7/5.0
• Schools +3.0/10.0
• Condition / age +2.2/5.0
• 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

Seize the moment to own this unique multi-family structure built in 1902, ideally located within a short distance to Shawnee Ski Resort / Golf, NJ border and the neighborhood general store. Situated in nature this property features 2 spacious units each offering 3 bedrooms and 1 full bathroom, potential income generating. The classic character paired with practical features including a front and rear porch for relaxing and off-street parking for added convenience, close to year-around recreation, public sewer & water, this property presents an outstanding opportunity. This is a Fannie Mae homepath property.

Key facts

• Off street parking
• Front and rear porch
• Spacious units

Tags

• MULTI FAMILY STRUCTURE
• NEIGHBORHOOD GENERAL STORE
• SPACIOUS UNITS
• FRONT AND REAR PORCH
• OFF STREET PARKING
• YEAR AROUND RECREATION

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath multifamily listed at $185k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $2k ($27k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $185k).
• Recommended offer: $168k (9.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 73/100 on livability (#585 in PA) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, cost of living A+; Watch: health & safety D, amenities F, commute F.
• East Stroudsburg Area SD (rural): math 25% / reading 43% proficiency, ranked #413 of 539 in PA (top 77%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+10.4%/yr); 196 active listings in the ZIP; solid renter incomes; 278 units permitted in Monroe County in 2024 (52 in 5+ unit buildings).
• At $4,597/mo this rent would consume 61% of the median local household income ($91k/yr) (locally 672% 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 $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Monroe County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $52k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 95 days — a 9% lower offer ($168k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 6y ago; this cycle's ask has dropped $15k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1902 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $168,350 (9.0% below list)

Questions for the listing agent

1. It's been on market 95 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1902 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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: 2.48% ✓
• Cap rate: 21.56%
• Cash-on-cash: 54.51%
• DSCR: 3.43
• GRM: 3.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 56.7%
• Equity multiple: 3.70×
• Total profit: $140,066
• Equity at exit: $27,584

10-year hold

• IRR: 63.5%
• Equity multiple: 9.12×
• Total profit: $420,522
• Equity at exit: $15,995

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 18301

• Rents YoY: 10.4%
• Active inventory: 196
• Price-to-rent: 6.7×

Monthly cashflow live

• Estimated rent: $4,597 medium
• Mortgage (P&I): −$970
• Tax est. 1.5%: −$231 /mo · $2,775/yr
• Insurance: −$77
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$965
• Net cashflow: $2,287

Break-even live

Break-even rent $1,702

Max offer price $185,000

Occupancy floor 45%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$4,598
Total (2 units)			$4,597

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: —

Listing history 7 events

1. 2026-05-05
   price $185,000 621-char remark

   Show marketing remark (621 chars)

   Seize the moment to own this unique multi-family structure built in 1902, ideally located within a short distance to Shawnee Ski Resort / Golf, NJ border and the neighborhood general store. Situated in nature this property features 2 spacious units each offering 3 bedrooms and 1 full bathroom, potential income generating. The classic character paired with practical features including a front and rear porch for relaxing and off-street parking for added convenience, close to year-around recreation, public sewer & water, this property presents an outstanding opportunity. This is a Fannie Mae homepath property.

2. 2026-04-05
   price $195,000 621-char remark

   Show marketing remark (621 chars)

   Seize the moment to own this unique multi-family structure built in 1902, ideally located within a short distance to Shawnee Ski Resort / Golf, NJ border and the neighborhood general store. Situated in nature this property features 2 spacious units each offering 3 bedrooms and 1 full bathroom, potential income generating. The classic character paired with practical features including a front and rear porch for relaxing and off-street parking for added convenience, close to year-around recreation, public sewer & water, this property presents an outstanding opportunity. This is a Fannie Mae homepath property.

3. 2026-03-26
   status Active 621-char remark

   Show marketing remark (621 chars)

   Seize the moment to own this unique multi-family structure built in 1902, ideally located within a short distance to Shawnee Ski Resort / Golf, NJ border and the neighborhood general store. Situated in nature this property features 2 spacious units each offering 3 bedrooms and 1 full bathroom, potential income generating. The classic character paired with practical features including a front and rear porch for relaxing and off-street parking for added convenience, close to year-around recreation, public sewer & water, this property presents an outstanding opportunity. This is a Fannie Mae homepath property.

4. 2026-03-14
   status Pending 621-char remark

   Show marketing remark (621 chars)

   Seize the moment to own this unique multi-family structure built in 1902, ideally located within a short distance to Shawnee Ski Resort / Golf, NJ border and the neighborhood general store. Situated in nature this property features 2 spacious units each offering 3 bedrooms and 1 full bathroom, potential income generating. The classic character paired with practical features including a front and rear porch for relaxing and off-street parking for added convenience, close to year-around recreation, public sewer & water, this property presents an outstanding opportunity. This is a Fannie Mae homepath property.

5. 2026-02-03
   listed $199,900 Active 621-char remark

   Show marketing remark (621 chars)

   Seize the moment to own this unique multi-family structure built in 1902, ideally located within a short distance to Shawnee Ski Resort / Golf, NJ border and the neighborhood general store. Situated in nature this property features 2 spacious units each offering 3 bedrooms and 1 full bathroom, potential income generating. The classic character paired with practical features including a front and rear porch for relaxing and off-street parking for added convenience, close to year-around recreation, public sewer & water, this property presents an outstanding opportunity. This is a Fannie Mae homepath property.

6. 2021-11-15
   soldstatus $200,000 71-char remark

   Show marketing remark (71 chars)

   Great Income! Great Location! Public Water & Sewer! A Must See!

7. 2020-08-27
   listed $239,900 71-char remark

   Show marketing remark (71 chars)

   Great Income! Great Location! Public Water & Sewer! A Must See!

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

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥96°F today · 16 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 11% 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: $55,164
• − Mortgage interest: −$10,363
• − Property taxes: −$2,775
• − Insurance: −$1,722
• − Repairs & maintenance: −$4,413
• − Management: −$4,413
• − Depreciation: −$5,382
• Taxable income: $26,096
• Est. tax owed @ 24.0%: −$6,263
• After-tax cash flow: $21,177/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 · 10 photos

Fair 45/100 Moderate rehab

This multi-family property requires moderate renovations to improve its condition and increase its value. Key areas for improvement include painting, updating the kitchen and bathrooms, replacing worn flooring, and upgrading the HVAC system.

Repairs flagged

• Major Kitchen — No photos of kitchen
• Major Bathroom — Outdated fixtures and yellow walls
• Major Flooring — Worn hardwood floors
• Major Paint — Painted walls in various colors, some peeling

Value-add opportunities

• Both Painting and updating the kitchen and bathrooms — Improves aesthetics and functionality
• Both Replacing flooring — Enhances comfort and value
• Both Upgrading HVAC system — Improves comfort and energy efficiency
• Both Landscaping and curb appeal — Enhances curb appeal and property value

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen · No photos of kitchen	Major	$15,000–50,000
Bathroom · Outdated fixtures and yellow walls	Major	$15,000–50,000
Flooring · Worn hardwood floors	Major	$15,000–50,000
Paint · Painted walls in various colors, some peeling	Major	$15,000–50,000
Total estimated repair cost · 4 items		$60,000–200,000

Value-add ROI direction

• Both Painting and updating the kitchen and bathrooms — Improves aesthetics and functionality ↑
• Both Replacing flooring — Enhances comfort and value ↑
• Both Upgrading HVAC system — Improves comfort and energy efficiency ↑
• Both Landscaping and curb appeal — Enhances 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: East Stroudsburg Area SD
• NCES district ID: 4208670
• Math proficiency: 25% ▼ -11.00%
• Reading proficiency: 43% ▼ -18.00%
• Median HH income: $57,142
• Composite: 30.13/100
• National rank: #6332
• State rank: #413 of 539 in PA

Livability — Delaware Water Gap

• Score: 73/100
• State rank: #585
• US rank: #5612

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Monroe County · 59,057 people
• City population: 590
• Metro: East Stroudsburg, PA
• Population (ZIP): 28,977
• Household income: $90,522
• Rent vs Own: 26.0% rent · 74.0% own
• Severe rent burden: 672.0

Population outlook (Monroe County) Hauer SSP2

• Today (2025): 164,099 people
• By 2030: 161,412 · -1.6%
• By 2040: 154,616 · -5.8%
• By 2050: 146,710 · -10.6%
• By 2075: 140,830 · -14.2%
• By 2100: 138,472 · -15.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.64)
• Race & ethnicity: White 53% Black 21% Hispanic / Latino 18% Two or more races 10% Asian 2%
• Hispanic origin (detail): Puerto Rican 8% Dominican 3%
• Common ancestry: Romanian 6% Lithuanian 3% Portuguese 1%
• Foreign-born: 12% · Canada, China, Jamaica
• Languages at home: 82% English-only · Spanish 9% Russian/Polish/Slavic 2% Other Indo-European 2%

Political lean MEDSL · Monroe

• 2024 margin: Toss-up / Even · D 49.1% · R 49.9%
• 2008→2024 swing: -17.1pp toward R · 2008: 16.3pp · 2024: -0.8pp
• All cycles: 2024: R+0.8 2020: D+6.4 2016: D+0.3 2012: D+14.0 2008: D+16.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -109.90%
• Current HPI: 154.4762
• Rent YoY: ▲ 10.44%
• Metro: East Stroudsburg, PA
• 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

-22.9% since first listed

7 events — show timeline

• 2026-05-05 Price Changed $185,000 PMAR
• 2026-04-05 Price Changed $195,000 PMAR
• 2026-03-26 Relisted — PMAR
• 2026-03-14 Pending — PMAR
• 2026-02-03 Listed $199,900 PMAR
• 2021-11-15 Sold (MLS) $200,000 PMAR
• 2020-08-27 Listed $239,900 PMAR