906 Dekalb St · Norristown, PA 19401

$625,000

5 bd · 4.0 ba · 3,724 sqft · MultiFamily public records · 6 Days on market

Built 1899 4,356 sqft lot Est $469k · 33% over

---

Why this score? — see what drove the D+ 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 +22.3/30.0
• DSCR +7.1/10.0
• 1% rule +4.8/10.0
• Livability +4.2/5.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks MLS

A very rare property. Three, 3 bedroom units under 1 roof. Live in 1 unit of this triplex and rent out the other 2.. . or lease out all 3 and generate maximum income. 3,788 total sq. ft: Unit 1) 3 Bedroom, 2 Bath (1,288 sq. ft. ) Unit 2) 3 bedroom 1 Bath (1,250 sq. ft) Unit 3) 3 Bedroom 1 Bath (1,250 sq. ft. All units have central air conditioning, gas furnace forced hot air, washer and dryer hook-ups, large bedrooms, spacious closets, and many windows/ skylights. There are separate utilities for electric and gas (water bill combined). Large grassy yard with shade trees. Huge front porch perfect for enjoying warm summer evenings. This triplex has been meticulously maintained and needs NOTHING, no repairs or outstanding maintenance needed. Newer heaters, and hot water heaters. New maintenance free roof with 20- year warranty installed earlier this year. All units have been renovated in the last few years and are in excellent condition. The property is in a prime location. Just a 2-block walk to the bus stop, grocery store and CVS. A short walk to Elmwood Park, the Norristown Zoo, Montgomery County Courthouse, train station (to Philadelphia) and the Norristown Public Library. Five-minute drive to King of Prussia, 20 minutes to Philadelphia. This is a rare opportunity to own 3 large apartments under one roof. The rental demand in this area is strong. Montgomery County Housing Authority reimbursement for a 3-bedroom unit in this area is now up to $2,500 per month (per unit). If you haven't recently visited, you may not have seen all the improvements that have occurred in Norristown from streetscapes, the cultural district, and major transportation improvement projects to thriving neighborhoods - commercial growth in Norristown is on the rise. Norristown is home to many new businesses - and existing businesses are expanding. The Recreation Department provides programs for children and adults throughout the year. The Thomas Barone Memorial Complex offers 3 athletic fields, one with lights, for youth baseball and softball programs. Latshaw Field is host to the Chestnut Hill University Baseball Team. Elmwood Park offers: Bocce Ball, picnic areas, a brand new impressive 3 story playground, as well as outdoor concerts on Sundays and volleyball. The property along the Norristown riverfront is readied for redevelopment and the path forward for a thriving riverfront in place. Schuylkill River Trail and Norristown Transportation Center development has been completed. The 70-acre parcel that was the former site of the State Hospital was deeded to Norristown borough from the state last year. Plans for the re-development of this site are nearing completion. ​

Key facts

• Separate utilities
• Washer dryer hookups
• Gas forced air heat

Tags

• THREE STORY BRICK TRIPLEX
• SEPARATE UTILITIES
• CENTRAL AIR CONDITIONING
• GAS FORCED AIR HEAT
• WASHER DRYER HOOKUPS

Property features AI

Finance

• Financial info: Three total units, all currently leased; Units not furnished; No rent control

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer
• Home design: Semi-detached building; Fee simple ownership; Estimated year built
• Construction: Brick construction; Stone foundation; Above-grade and below-grade structures
• Exterior features: No tidal water nearby

Interior

• Bedrooms: Three 3-bedroom units
• Heating & cooling: Forced air heating; Central air conditioning (electric); Natural gas hot water
• Interior features: No basement; Assessor-reported living area

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/1.3-bath units multifamily listed at $625k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive. Per door: $344/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $614k (1.8% below list).
• Recommended offer: $614k (1.8% below list) — sets the bar for 1% rule.
• 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; 1,936 units permitted in Montgomery County in 2024 (530 in 5+ unit buildings).
• At $6,137/mo this rent would consume 105% of the median local household income ($70k/yr) (locally 2725% 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 $4k of loan paydown is wiped out by about $19k 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

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 21y 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.

Risks & watch-outs

• Watch-outs: built in 1899 — 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 $613,700 (1.8% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1899 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.98% ✗
• Cap rate: 8.27%
• Cash-on-cash: 7.07%
• DSCR: 1.31
• GRM: 8.5

CMA / ARV

• ARV (on-the-fly): $469,224
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
204 Jacoby St	0.07mi	6/2.0 (+1)	3,858 (+4%)	10mo	$375,000	$97	70
1201 Willow St	0.21mi	6/6.0 (+1)	3,660 (-2%)	12mo	$460,000	$126	64

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: -7.3%
• Equity multiple: 0.74×
• Total profit: $-46,240
• Equity at exit: $93,190

10-year hold

• IRR: 0.2%
• Equity multiple: 1.01×
• Total profit: $2,211
• Equity at exit: $54,039

Cash invested: $175,000 (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: 25.5×

Monthly cashflow live

• Estimated rent: $6,137 high
• Mortgage (P&I): −$3,278
• Tax from tax record: −$280 /mo · $3,356/yr
• Insurance: −$260
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,289
• Net cashflow: $1,031

Break-even live

Break-even rent $4,833

Max offer price $625,000

Occupancy floor 78%

Sensitivity live

Price	-10% $1,384	-5% $1,207	+0% $1,031	+5% $854	+10% $677
Rent	-10% $546	-5% $788	+0% $1,031	+5% $1,273	+10% $1,515
Rate	-1.0pp $1,345	-0.5pp $1,190	base $1,031	+0.5pp $869	+1.0pp $704

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	1.3	$6,138
Total (3 units)			$6,137

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: $156,250
• Closing costs: $18,750
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-06-21
   days on market $625,000 Active 6 DOM
2. 2026-06-18
   days on market $625,000 Active 3 DOM
3. 2026-06-17
   days on market $625,000 Active 2 DOM
4. 2026-06-15
   remarks 419-char remark
5. 2026-06-15
   listed $625,000 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: $3,356 · $280/mo
• Projected year-2 tax: $6,616 · $551/mo
• Expected delta: +$3,259/yr (+$272/mo · 97.1%)

ⓘ 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: $73,644
• − Mortgage interest: −$35,010
• − Property taxes: −$3,356
• − Insurance: −$3,125
• − Repairs & maintenance: −$5,892
• − Management: −$5,892
• − Depreciation: −$18,182
• Taxable income: $2,188
• Est. tax owed @ 24.0%: −$525
• After-tax cash flow: $11,841/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

+145.1% since first listed

20 events — show timeline

• 2026-06-15 Listed $625,000 BRIGHT MLS
• 2025-02-28 Rental Removed $1,500 BRIGHTMLS
• 2025-02-05 Price Changed $1,500 BRIGHTMLS
• 2024-10-27 Price Changed $1,700 BRIGHTMLS
• 2024-09-12 Listed for Rent $1,800 BRIGHTMLS
• 2024-09-05 Sold (Public Records) $597,000 Public Records
• 2024-09-04 Sold (MLS) $597,000 BRIGHT MLS
• 2024-07-17 Contingent — BRIGHT MLS
• 2024-07-01 Listed $595,000 BRIGHT MLS
• 2024-06-28 Coming Soon $595,000 BRIGHT MLS
• 2008-12-31 Sold (Public Records) $220,000 Public Records
• 2008-12-19 Sold (MLS) $220,000 BRIGHT MLS
• 2008-11-01 Listing Removed — BRIGHT MLS
• 2008-08-18 Listed $239,000 BRIGHT MLS
• 2006-05-12 Listing Removed — BRIGHT MLS
• 2006-02-12 Listed $279,900 BRIGHT MLS
• 2005-10-26 Sold (Public Records) $255,000 Public Records
• 2005-07-08 Sold (MLS) $255,000 BRIGHT MLS
• 2005-06-12 Listing Removed — BRIGHT MLS
• 2005-05-05 Listed $255,000 BRIGHT MLS

Property tax history

+3.3%/yr

Latest (2026): $3,356 · +2.3% YoY. Source: county tax records.