2 Race · Catasauqua, PA 18032

$449,900

5 bd · 3.0 ba · 3,512 sqft · MultiFamily · 9 Days on market

Built 1835 Fair condition 0.32 ac lot Est $425k · 6% over · waterfront ↓ 10% since listing

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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 +26.6/30.0
• DSCR +9.1/10.0
• 1% rule +7.1/10.0
• ARV discount +4.9/15.0
• Livability +3.8/5.0
• Schools +2.8/10.0
• Rent growth +2.5/5.0
• 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

Iconic 1835 Biery House, a landmark stone property in the Biery’s Port National Historic District, offering rare mixed-use and income potential in a highly visible canal-side setting. Currently configured as three residential units, with a detached stone garage offering potential as a fourth unit commercial space. The Lehigh Canal and popular towpath run along the west side of the property, providing constant pedestrian and bicycle traffic and exceptional exposure. Rich historic character is showcased throughout, including original stained glass windows, yellow pine hardwood floors, decorative 1860s stenciling, deep window sills, ornate trim, new slate roof and period details rarely found today. The stone exterior, wraparound porch, and architectural presence make this a true statement property. Interior spaces feature high ceilings, fireplaces, and abundant natural light. Adjacent to historic preservation properties and located within a National Heritage Corridor tied to America’s Industrial Revolution, this is a unique opportunity to own a piece of local history with flexibility for residential, commercial, or mixed-use applications. Ideal for investors, owner-occupants, or those seeking a truly distinctive property.

Key facts

• Queen anne victorian
• Deep window sills
• Stone exterior

Tags

• QUEEN ANNE VICTORIAN
• STONE EXTERIOR
• WRAPAROUND PORCH
• ORIGINAL STAINED GLASS WINDOWS
• YELLOW PINE HARDWOOD FLOORS
• DEEP WINDOW SILLS

What this means for you Summary

Snapshot

• This is a 5-bed/3.0-bath multifamily listed at $450k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $450k).
• Cap rate 9.5% vs local median 4.9% in Catasauqua — 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 75/100 on livability (#443 in PA, #4,039 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools C-, amenities F, commute F.
• Catasauqua Area SD (suburban): math 23% / reading 41% proficiency, ranked #431 of 539 in PA (top 80%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 49 active listings in the ZIP; solid renter incomes; 765 units permitted in Lehigh County in 2024 (286 in 5+ unit buildings).
• At $5,463/mo this rent would consume 81% of the median local household income ($81k/yr) (locally 221% 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 $3k of loan paydown is wiped out by about $13k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $126k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts 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 1835 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $449,900

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. Built in 1835 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
5. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
6. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
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: 1.21% ✓
• Cap rate: 9.51%
• Cash-on-cash: 11.49%
• DSCR: 1.51
• GRM: 6.9

CMA / ARV

• ARV (on-the-fly): $424,952
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2 Race	0.00mi	5/3.0	3,512 (0%)	0mo	$415,000	$118	100
120 2Nd St	0.16mi	6/4.0 (+1)	3,300 (-6%)	18mo	$400,000	$121	58

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 0.8%
• Equity multiple: 1.03×
• Total profit: $4,029
• Equity at exit: $67,082

10-year hold

• IRR: 10.5%
• Equity multiple: 1.82×
• Total profit: $102,800
• Equity at exit: $38,899

Cash invested: $125,972 (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 18032

• Home prices YoY: -34.7%
• Active inventory: 49
• Price-to-rent: 20.6×

Monthly cashflow live

• Estimated rent: $5,463 high
• Mortgage (P&I): −$2,359
• Tax est. 1.5%: −$562 /mo · $6,748/yr
• Insurance: −$187
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,147
• Net cashflow: $1,207

Break-even live

Break-even rent $3,936

Max offer price $449,900

Occupancy floor 73%

Sensitivity live

Price	-10% $1,518	-5% $1,362	+0% $1,207	+5% $1,051	+10% $896
Rent	-10% $775	-5% $991	+0% $1,207	+5% $1,422	+10% $1,638
Rate	-1.0pp $1,433	-0.5pp $1,321	base $1,207	+0.5pp $1,090	+1.0pp $971

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$5,463
Total (3 units)			$5,463

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: $112,475
• Closing costs: $13,497
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-04-23
   status Pending

   Show marketing remark (1250 chars)

   Iconic 1835 Biery House, a landmark stone property in the Biery’s Port National Historic District, offering rare mixed-use and income potential in a highly visible canal-side setting. Currently configured as three residential units, with a detached stone garage offering potential as a fourth unit commercial space. The Lehigh Canal and popular towpath run along the west side of the property, providing constant pedestrian and bicycle traffic and exceptional exposure. Rich historic character is showcased throughout, including original stained glass windows, yellow pine hardwood floors, decorative 1860s stenciling, deep window sills, ornate trim, new slate roof and period details rarely found today. The stone exterior, wraparound porch, and architectural presence make this a true statement property. Interior spaces feature high ceilings, fireplaces, and abundant natural light. Adjacent to historic preservation properties and located within a National Heritage Corridor tied to America’s Industrial Revolution, this is a unique opportunity to own a piece of local history with flexibility for residential, commercial, or mixed-use applications. Ideal for investors, owner-occupants, or those seeking a truly distinctive property.

2. 2026-04-23
   status Pending 1250-char remark

   Show marketing remark (1250 chars)

   Iconic 1835 Biery House, a landmark stone property in the Biery’s Port National Historic District, offering rare mixed-use and income potential in a highly visible canal-side setting. Currently configured as three residential units, with a detached stone garage offering potential as a fourth unit commercial space. The Lehigh Canal and popular towpath run along the west side of the property, providing constant pedestrian and bicycle traffic and exceptional exposure. Rich historic character is showcased throughout, including original stained glass windows, yellow pine hardwood floors, decorative 1860s stenciling, deep window sills, ornate trim, new slate roof and period details rarely found today. The stone exterior, wraparound porch, and architectural presence make this a true statement property. Interior spaces feature high ceilings, fireplaces, and abundant natural light. Adjacent to historic preservation properties and located within a National Heritage Corridor tied to America’s Industrial Revolution, this is a unique opportunity to own a piece of local history with flexibility for residential, commercial, or mixed-use applications. Ideal for investors, owner-occupants, or those seeking a truly distinctive property.

3. 2026-04-14
   listed $449,900 Active
4. 2026-04-08
   status Active 1250-char remark

   Show marketing remark (1250 chars)

   Iconic 1835 Biery House, a landmark stone property in the Biery’s Port National Historic District, offering rare mixed-use and income potential in a highly visible canal-side setting. Currently configured as three residential units, with a detached stone garage offering potential as a fourth unit commercial space. The Lehigh Canal and popular towpath run along the west side of the property, providing constant pedestrian and bicycle traffic and exceptional exposure. Rich historic character is showcased throughout, including original stained glass windows, yellow pine hardwood floors, decorative 1860s stenciling, deep window sills, ornate trim, new slate roof and period details rarely found today. The stone exterior, wraparound porch, and architectural presence make this a true statement property. Interior spaces feature high ceilings, fireplaces, and abundant natural light. Adjacent to historic preservation properties and located within a National Heritage Corridor tied to America’s Industrial Revolution, this is a unique opportunity to own a piece of local history with flexibility for residential, commercial, or mixed-use applications. Ideal for investors, owner-occupants, or those seeking a truly distinctive property.

5. 2026-04-08
   price $449,900 1250-char remark

   Show marketing remark (1250 chars)

   Iconic 1835 Biery House, a landmark stone property in the Biery’s Port National Historic District, offering rare mixed-use and income potential in a highly visible canal-side setting. Currently configured as three residential units, with a detached stone garage offering potential as a fourth unit commercial space. The Lehigh Canal and popular towpath run along the west side of the property, providing constant pedestrian and bicycle traffic and exceptional exposure. Rich historic character is showcased throughout, including original stained glass windows, yellow pine hardwood floors, decorative 1860s stenciling, deep window sills, ornate trim, new slate roof and period details rarely found today. The stone exterior, wraparound porch, and architectural presence make this a true statement property. Interior spaces feature high ceilings, fireplaces, and abundant natural light. Adjacent to historic preservation properties and located within a National Heritage Corridor tied to America’s Industrial Revolution, this is a unique opportunity to own a piece of local history with flexibility for residential, commercial, or mixed-use applications. Ideal for investors, owner-occupants, or those seeking a truly distinctive property.

6. 2026-03-12
   status Pending 1250-char remark

   Show marketing remark (1250 chars)

   Iconic 1835 Biery House, a landmark stone property in the Biery’s Port National Historic District, offering rare mixed-use and income potential in a highly visible canal-side setting. Currently configured as three residential units, with a detached stone garage offering potential as a fourth unit commercial space. The Lehigh Canal and popular towpath run along the west side of the property, providing constant pedestrian and bicycle traffic and exceptional exposure. Rich historic character is showcased throughout, including original stained glass windows, yellow pine hardwood floors, decorative 1860s stenciling, deep window sills, ornate trim, new slate roof and period details rarely found today. The stone exterior, wraparound porch, and architectural presence make this a true statement property. Interior spaces feature high ceilings, fireplaces, and abundant natural light. Adjacent to historic preservation properties and located within a National Heritage Corridor tied to America’s Industrial Revolution, this is a unique opportunity to own a piece of local history with flexibility for residential, commercial, or mixed-use applications. Ideal for investors, owner-occupants, or those seeking a truly distinctive property.

7. 2026-02-25
   listed $499,900 Active 1250-char remark

   Show marketing remark (1250 chars)

   Iconic 1835 Biery House, a landmark stone property in the Biery’s Port National Historic District, offering rare mixed-use and income potential in a highly visible canal-side setting. Currently configured as three residential units, with a detached stone garage offering potential as a fourth unit commercial space. The Lehigh Canal and popular towpath run along the west side of the property, providing constant pedestrian and bicycle traffic and exceptional exposure. Rich historic character is showcased throughout, including original stained glass windows, yellow pine hardwood floors, decorative 1860s stenciling, deep window sills, ornate trim, new slate roof and period details rarely found today. The stone exterior, wraparound porch, and architectural presence make this a true statement property. Interior spaces feature high ceilings, fireplaces, and abundant natural light. Adjacent to historic preservation properties and located within a National Heritage Corridor tied to America’s Industrial Revolution, this is a unique opportunity to own a piece of local history with flexibility for residential, commercial, or mixed-use applications. Ideal for investors, owner-occupants, or those seeking a truly distinctive property.

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

Taxation est. · year 1

• Rental income: $65,556
• − Mortgage interest: −$25,201
• − Property taxes: −$6,748
• − Insurance: −$2,250
• − Repairs & maintenance: −$5,244
• − Management: −$5,244
• − Depreciation: −$13,088
• Taxable income: $7,780
• Est. tax owed @ 24.0%: −$1,867
• After-tax cash flow: $12,612/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 · 14 photos

Fair 45/100 Moderate rehab

This historic Victorian home requires extensive repairs and maintenance to improve its condition and increase its resale value.

Repairs flagged

• Major roof — The roof appears to be in poor condition, with visible wear and tear.
• Major exterior siding — The exterior siding and paint appear to be in poor condition, with visible wear and tear.
• Major flooring — The flooring in the interior appears to be in poor condition, with visible wear and tear.
• Major interior walls/paint — The interior walls and paint appear to be in poor condition, with visible wear and tear.
• Major bathrooms — The bathrooms appear to be in poor condition, with visible wear and tear.
• Major kitchen — The kitchen appears to be in poor condition, with visible wear and tear.
• Major landscaping — The landscaping and curb appeal appear to be in poor condition, with overgrown vegetation and a lack of maintenance.

Value-add opportunities

• Resale roof replacement — A new roof would significantly improve the home's appearance and increase its resale value.
• Resale exterior siding and paint — New siding and paint would significantly improve the home's appearance and increase its resale value.
• Resale flooring — New flooring would significantly improve the home's appearance and increase its resale value.
• Resale interior walls and paint — New interior walls and paint would significantly improve the home's appearance and increase its resale value.
• Resale bathrooms — New bathrooms would significantly improve the home's appearance and increase its resale value.
• Resale kitchen — A new kitchen would significantly improve the home's appearance and increase its resale value.
• Resale landscaping — New landscaping would significantly improve the home's appearance and increase its resale value.

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · The roof appears to be in poor condition, with visible wear and tear.	Major	$15,000–50,000
exterior siding · The exterior siding and paint appear to be in poor condition, with visible wear and tear.	Major	$15,000–50,000
flooring · The flooring in the interior appears to be in poor condition, with visible wear and tear.	Major	$15,000–50,000
interior walls/paint · The interior walls and paint appear to be in poor condition, with visible wear and tear.	Major	$15,000–50,000
bathrooms · The bathrooms appear to be in poor condition, with visible wear and tear.	Major	$15,000–50,000
kitchen · The kitchen appears to be in poor condition, with visible wear and tear.	Major	$15,000–50,000
landscaping · The landscaping and curb appeal appear to be in poor condition, with overgrown vegetation and a lack of maintenance.	Major	$15,000–50,000
Total estimated repair cost · 7 items		$105,000–350,000

Value-add ROI direction

• Resale roof replacement — A new roof would significantly improve the home's appearance and increase its resale value. ↑
• Resale exterior siding and paint — New siding and paint would significantly improve the home's appearance and increase its resale value. ↑
• Resale flooring — New flooring would significantly improve the home's appearance and increase its resale value. ↑
• Resale interior walls and paint — New interior walls and paint would significantly improve the home's appearance and increase its resale value. ↑
• Resale bathrooms — New bathrooms would significantly improve the home's appearance and increase its resale value. ↑
• Resale kitchen — A new kitchen would significantly improve the home's appearance and increase its resale value. ↑
• Resale landscaping — New landscaping would significantly improve the home's appearance and increase its resale 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: Catasauqua Area SD
• NCES district ID: 4205160
• Math proficiency: 23% ▼ -15.00%
• Reading proficiency: 41% ▼ -21.00%
• Median HH income: $53,073
• Composite: 28.09/100
• National rank: #6832
• State rank: #431 of 539 in PA

Livability — Catasauqua

• Score: 75/100
• State rank: #443
• US rank: #4039

Category grades

Amenities F Commute F Cost of living A+ 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: Catasauqua, PA
• County: Lehigh County · 333,019 people
• City population: 9,555
• Metro: Allentown-Bethlehem-Easton, PA-NJ
• Population (ZIP): 9,555
• Household income: $81,098
• Rent vs Own: 25.1% rent · 74.9% own
• Severe rent burden: 221.0

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 (79%)
• Race & ethnicity: White 79% Hispanic / Latino 15% Two or more races 12% Black 3%
• Hispanic origin (detail): Puerto Rican 10% Dominican 1%
• Common ancestry: Danish 4% Polish 3% Romanian 2%
• Foreign-born: 4% · Canada
• Languages at home: 91% English-only · Spanish 8%

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: ▼ -159.00%
• Current HPI: 299.4376
• Rent YoY: —
• 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

-10.0% since first listed

7 events — show timeline

• 2026-04-23 Pending — GLVRMLS
• 2026-04-23 Pending — GLVRMLS
• 2026-04-14 Listed $449,900 GLVRMLS
• 2026-04-08 Relisted — GLVRMLS
• 2026-04-08 Price Changed $449,900 GLVRMLS
• 2026-03-12 Pending — GLVRMLS
• 2026-02-25 Listed $499,900 GLVRMLS