104 Boulder Dr · Hemlock Farms, PA 18428

$209,000

3 bd · 2.0 ba · 1,616 sqft · SingleFamily public records · 20 Days on market

Built 1983 0.60 ac lot Est $325k · 36% under $250/mo HOA · 7% of rent

---

Why this score? — see what drove the A 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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• Schools +4.2/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Located in Hemlock Farms Community this property is waiting for new owners to update and let the fun and new memories begin. The lower level has a large family room, 2 bedrooms and full bath. Upstairs is the open living area with living room, with fireplace, dining area and kitchen opening to screen porch and deck. Also on the upper level is a primary suite with a full bath. Located close to the front gate and not far from clubhouse and Elm Beach this is a very convenient location. Wallenpaupack Area School District See you in The Poconos!

Key facts

• Large family room
• Primary suite
• Open living area

Tags

• LARGE FAMILY ROOM
• OPEN LIVING AREA
• SCREEN PORCH
• DECK
• PRIMARY SUITE
• CONVENIENT LOCATION

Property features AI

Finance

• HOA & community: Part of Hemlock Farms community association; Association amenities include pool, indoor pool, tennis courts, basketball court, trails, playground, clubhouse, gated entrance, security, beach access and beach rights, pond; Annual association fee; One-time association fee

Exterior

• Security: Gated community with guard; Association security
• Utilities: Septic tank
• Home design: Single family residence; Two levels
• Exterior features: Deck; Screened porch; Porch; Community lake view; Association pool

Interior

• Kitchen: Range; Refrigerator
• Flooring: Carpet; Tile; Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Electric heating; Propane heating; Ceiling fan cooling; Wall unit cooling
• Interior features: Ceiling fans; Laminate counters; Living room fireplace
• Laundry & utility: Laundry room on lower level; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $209k.

Deal economics

• At list price, monthly cash flow is $986 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $209k).
• Recommended offer: $206k (1.5% below list) — sets the bar for market timing.
• Cap rate 12.0% vs local median 6.9% in Hemlock Farms — 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 68/100 on livability (#884 in PA) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, health & safety A+; Watch: schools C-, amenities F, commute F.
• Wallenpaupack Area SD (rural): math 39% / reading 59% proficiency, ranked #192 of 539 in PA (top 36%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 374 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); 213 units permitted in Pike County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $22k of equity ($1k loan paydown + $21k appreciation (10.0% local appreciation)).
• Pike County population projected at -25% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $59k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($206k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $115k; list at $209k implies a 82% gain — meaningful room to come down on a strong offer.

Recommended offer $205,865 (1.5% below list)

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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: 1.63% ✓
• Cap rate: 11.95%
• Cash-on-cash: 20.22%
• DSCR: 1.90
• GRM: 5.1

CMA / ARV

• ARV (on-the-fly): $324,816
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
809 Boulder Ct	0.19mi	3/2.0	1,536 (-5%)	3mo	$620,000	$404	80
101 Surrey Dr	0.35mi	3/2.0	1,566 (-3%)	10mo	$243,000	$155	70
109 Bluestone Dr	0.41mi	3/2.0	1,500 (-7%)	3mo	$255,000	$170	66
105 Longridge Dr	0.64mi	3/2.0	1,692 (+5%)	3mo	$340,000	$201	60
101 Tupelo Dr	0.50mi	3/2.0	1,536 (-5%)	11mo	$333,000	$217	59
137 Remuda Dr	0.70mi	3/2.5	1,664 (+3%)	5mo	$280,000	$168	57
103 Blue Shelf Ln	0.35mi	3/2.0	1,424 (-12%)	12mo	$311,000	$218	54
802 Rimrock Ct Unit 802 Rimrock Lane, Hawley, PA 18428	0.67mi	4/2.5 (+1)	1,728 (+7%)	1mo	$345,000	$200	50
101 Ridgeway Dr	0.63mi	3/2.0	1,420 (-12%)	6mo	$292,500	$206	46
106 Basswood Dr	0.71mi	3/2.0	1,800 (+11%)	10mo	$270,000	$150	39
106 Palomino Ln	0.74mi	4/2.0 (+1)	1,375 (-15%)	0mo	$294,000	$214	35
220 Surrey Dr	0.74mi	3/1.5	1,820 (+13%)	13mo	$330,000	$181	31

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

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 39.4%
• Equity multiple: 4.02×
• Total profit: $176,827
• Equity at exit: $188,284

10-year hold

• IRR: 34.0%
• Equity multiple: 9.06×
• Total profit: $471,760
• Equity at exit: $406,041

Cash invested: $58,520 (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 18428

• Home prices YoY: 9.2%
• Active inventory: 374
• Price-to-rent: 5.1×

Monthly cashflow live

• Estimated rent: $3,398 high
• Mortgage (P&I): −$1,096
• Tax from tax record: −$266 /mo · $3,186/yr
• Insurance: −$87
• HOA: −$250
• Vacancy / Maint / Mgmt: −$714
• Net cashflow: $986

Break-even live

Break-even rent $2,150

Max offer price $209,000

Occupancy floor 66%

Sensitivity live

Price	-10% $1,104	-5% $1,045	+0% $986	+5% $927	+10% $868
Rent	-10% $717	-5% $852	+0% $986	+5% $1,120	+10% $1,254
Rate	-1.0pp $1,091	-0.5pp $1,039	base $986	+0.5pp $932	+1.0pp $877

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: $52,250
• Closing costs: $6,270
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
131 Surrey Dr Hawley, PA	4.0	2.0	1952	$2,650	$1.36	45d	1	0.46mi
811 Hickory Ct Hawley, PA	3.0	2.0	1100	$2,500	$2.27	0d	1	0.70mi
106 Corral Ln Hawley, PA	3.0	2.0	2150	$4,000	$1.86	5d	1	0.75mi
313 Forest Dr Blooming Grove, PA	3.0	2.0	1200	$4,600	$3.83	0d	1	0.96mi
101 Pommel Dr Hawley, PA	3.0	2.0	1691	$4,400	$2.60	2d	1	1.40mi

HOA detail

• Monthly dues: $250 · $3,000/yr

Listing history 14 events

1. 2026-06-21
   days on market $209,000 Active 20 DOM
2. 2026-06-18
   days on market $209,000 Active 17 DOM
3. 2026-06-17
   days on market $209,000 Active 16 DOM
4. 2026-06-16
   days on market $209,000 Active 15 DOM
5. 2026-06-15
   days on market $209,000 Active 14 DOM
6. 2026-06-13
   days on market $209,000 Active 12 DOM
7. 2026-06-13
   days on market $209,000 Active 11 DOM
8. 2026-06-09
   days on market $209,000 Active 8 DOM
9. 2026-06-08
   days on market $209,000 Active 7 DOM
10. 2026-06-07
    days on market $209,000 Active 6 DOM
11. 2026-06-04
    days on market $209,000 Active 3 DOM
12. 2026-06-03
    days on market $209,000 Active 2 DOM
13. 2026-06-02
    remarks 545-char remark
14. 2026-06-02
    listed $209,000 Active 1 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: $3,186 · $266/mo
• Projected year-2 tax: $3,244 · $270/mo
• Expected delta: +$58/yr (+$5/mo · 1.8%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥91°F today · 15 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 5% 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: $40,778
• − Mortgage interest: −$11,707
• − Property taxes: −$3,186
• − Insurance: −$1,045
• − Repairs & maintenance: −$3,262
• − Management: −$3,262
• − HOA: −$3,000
• − Depreciation: −$6,080
• Taxable income: $9,235
• Est. tax owed @ 24.0%: −$2,216
• After-tax cash flow: $9,615/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: Wallenpaupack Area SD
• NCES district ID: 4224750
• Math proficiency: 39% ▼ -10.00%
• Reading proficiency: 59% ▼ -5.00%
• Median HH income: $51,027
• Composite: 41.97/100
• National rank: #3345
• State rank: #192 of 539 in PA

Livability — Hemlock Farms

• Score: 68/100
• State rank: #884
• US rank: #9421

Category grades

Amenities F Commute F Cost of living B+ 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: Hemlock Farms, PA
• Population (ZIP): 12,446

Population outlook (Pike County) Hauer SSP2

• Today (2025): 53,548 people
• By 2030: 51,622 · -3.6%
• By 2040: 46,490 · -13.2%
• By 2050: 40,372 · -24.6%
• By 2075: 31,951 · -40.3%
• By 2100: 26,821 · -49.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (85%)
• Race & ethnicity: White 85% Hispanic / Latino 8% Two or more races 6% Black 1% Asian 1%
• Hispanic origin (detail): Puerto Rican 5%
• Common ancestry: Romanian 5% Portuguese 3% Italian 2%
• Foreign-born: 5% · Canada
• Languages at home: 91% English-only · Spanish 5% Russian/Polish/Slavic 1% Other Asian/Pacific 1%

Political lean MEDSL · Pike

• 2024 margin: Strong R (+24.1) · D 37.6% · R 61.6%
• 2008→2024 swing: -19.8pp toward R · 2008: -4.2pp · 2024: -24.1pp
• All cycles: 2024: R+24.1 2020: R+19.0 2016: R+26.0 2012: R+11.0 2008: R+4.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 28.60%
• Current HPI: 340.8254
• 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

+81.7% since first listed

2 events — show timeline

• 2026-05-31 Listed $209,000 PWMLS
• 1996-09-09 Sold (Public Records) $115,000 Public Records

Property tax history

+2.8%/yr

Latest (2026): $3,186 · +3.0% YoY. Source: county tax records.