337 N 2nd St · Allentown, PA 18102

$229,900

4 bd · 1.0 ba · 1,660 sqft · Townhouse public records · 18 Days on market

Built 1875 1,908 sqft lot Est $234k · at est.

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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 +16.5/30.0
• ARV discount +8.3/15.0
• DSCR +5.1/10.0
• Livability +4.0/5.0
• Rent growth +3.9/5.0
• 1% rule +3.7/10.0
• Condition / age +2.5/5.0
• Schools +1.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

* * MULTIPLE OFFERS RECEIVED. ALL OFFERS DUE BY 2/2/26 8PM * * DIAMOND IN THE ROUGH WITH INCREDIBLE POTENTIAL – PRIME ALLENTOWN OPPORTUNITY Bring your vision to 337 1/2 N 2nd Street, Allentown, ideally located near the highly anticipated Allentown Waterfront project. With limited inventory in the area, opportunities like this are increasingly rare. This estate sale is being offered AS-IS and is perfect for investors or buyers ready to add value. The 3-bedroom, 1-bath home sits on a large lot and offers a spacious layout, classic charm, and a welcoming front porch. The rear yard provides potential for off-street parking, subject to city approval. Ideal for a fix-and-rent, fix-and-flip, or fix-and-live-in strategy, this property offers strong upside in a rapidly growing and revitalizing community. A true diamond in the rough, ready to be restored into a lasting gem. CASH ONLY. DISCLAIMER: Some images have been virtually enhanced to show potential if renovated and are labeled accordingly.

Key facts

• New furnace
• New bath
• New kitchen

Tags

• PRIME LOCATION
• NEW HOT WATER HEATER
• NEW FURNACE
• NEW KITCHEN
• NEW BATH
• NEW FLOORING

Property features AI

Exterior

• Parking: No garage; On-street parking
• Utilities: Public water; Public sewer; Circuit breaker electrical
• Home design: 3 stories; Medium-high density zoning (R-Mh)
• Construction: Vinyl siding; Wood siding; Asphalt/fiberglass roof
• Exterior features: Fenced yard; Flat lot; Has view

Interior

• Kitchen: Gas oven; Microwave
• Flooring: Carpet; Luxury vinyl; Luxury vinyl plank
• Bathrooms: 1 full bathroom
• Heating & cooling: Gas heating
• Interior features: Dining area; Separate/formal dining room; Eat-in kitchen; Mud room; Utility room; Full basement
• Laundry & utility: Laundry on lower level; Gas water heater

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath townhouse listed at $230k.

Deal economics

• At list price, monthly cash flow is $134 ($2k/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 $200k (13.1% below list).
• Recommended offer: $200k (13.1% below list) — sets the bar for 1% rule.
• Cap rate 7.0% vs local median 5.3% in Allentown — 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 81/100 on livability (#171 in PA, #1,440 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: employment D.
• Allentown City SD (urban): math 10% / reading 20% proficiency, ranked #513 of 539 in PA (top 95%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 73% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Sheridan El Sch (math 2%, 560 students, 100% FRL); Harrison-Morton Ms (math 3% / reading 30%, grade F, #463 of 512 statewide, top 91%, 733 students, 100% FRL); Louis E Dieruff Hs (math 32% / reading 10%, grade F, #385 of 437 statewide, top 88%, 1,915 students, 89% FRL) — zoned schools average 96% FRL vs 73% district-wide (23 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+5.5%/yr); 170 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 765 units permitted in Lehigh County in 2024 (286 in 5+ unit buildings).
• At $1,997/mo this rent would consume 56% of the median local household income ($43k/yr) (locally 4313% 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 $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

• It's been on market 18 days — a 2% lower offer ($226k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 7y 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 $118k; list at $230k implies a 94% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1875 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $199,745 (13.1% below list)

Questions for the listing agent

1. Built in 1875 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. 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?
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: 0.87% ✗
• Cap rate: 6.99%
• Cash-on-cash: 2.50%
• DSCR: 1.11
• GRM: 9.6

CMA / ARV

• ARV (on-the-fly): $234,060
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
213 Chew St	0.07mi	5/1.0 (+1)	1,725 (+4%)	3mo	$243,000	$141	83
423 N Railroad St	0.19mi	3/1.5 (-1)	1,600 (-4%)	1mo	$180,000	$113	78
389 W Gordon St	0.28mi	5/1.5 (+1)	1,668 (+0%)	2mo	$215,000	$129	78
622 Park St	0.68mi	5/1.5 (+1)	1,638 (-1%)	1mo	$210,000	$128	58
407 W Gordon St	0.35mi	5/1.5 (+1)	1,850 (+11%)	1mo	$260,000	$141	57
623 Park St	0.67mi	5/2.0 (+1)	1,746 (+5%)	1mo	$182,000	$104	51
534 W Cedar St	0.72mi	5/1.5 (+1)	1,578 (-5%)	2mo	$255,000	$162	50
613 W Allen St	0.65mi	4/1.5	1,480 (-11%)	1mo	$220,000	$149	49
619 N 5th St	0.52mi	4/1.5	1,893 (+14%)	2mo	$260,000	$137	48
518 W Washington St	0.66mi	5/1.5 (+1)	1,799 (+8%)	1mo	$275,000	$153	48
622 N Law St	0.59mi	5/2.0 (+1)	1,834 (+10%)	1mo	$270,000	$147	46
526 N 6 St	0.61mi	5/2.0 (+1)	1,850 (+11%)	3mo	$285,000	$154	41

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 · 5.48% rent growth · sell at horizon

5-year hold

• IRR: -9.8%
• Equity multiple: 0.63×
• Total profit: $-23,648
• Equity at exit: $34,279

10-year hold

• IRR: 2.4%
• Equity multiple: 1.19×
• Total profit: $12,238
• Equity at exit: $19,878

Cash invested: $64,372 (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 18102

• Rents YoY: 5.5%
• Active inventory: 170
• Price-to-rent: 9.6×

Monthly cashflow live

• Estimated rent: $1,997 high
• Mortgage (P&I): −$1,206
• Tax from tax record: −$142 /mo · $1,707/yr
• Insurance: −$96
• HOA: −$0
• Vacancy / Maint / Mgmt: −$419
• Net cashflow: $134

Break-even live

Break-even rent $1,827

Max offer price $229,900

Occupancy floor 88%

Sensitivity live

Price	-10% $264	-5% $199	+0% $134	+5% $69	+10% $4
Rent	-10% $-23	-5% $55	+0% $134	+5% $213	+10% $292
Rate	-1.0pp $250	-0.5pp $193	base $134	+0.5pp $75	+1.0pp $14

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: $57,475
• Closing costs: $6,897
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
213 Chew St Allentown, PA	5.0	1.0	1725	$2,100	$1.22	45d	1	0.09mi
132 Chew St Allentown, PA	3.0	1.0	1160	$1,995	$1.72	16d	1	0.16mi
208 Ridge Ave Allentown, PA	4.0	1.0	1396	$1,600	$1.15	4d	1	0.19mi
208 Ridge Ave Allentown, PA	4.0	1.0	1396	$1,700	$1.22	25d	1	0.19mi
111 Ridge Ave Allentown, PA	4.0	1.0	1658	$1,650	$1.00	45d	1	0.28mi
164 W Tilghman St Allentown, PA	5.0	2.0	1801	$2,250	$1.25	25d	1	0.30mi
177 W Tilghman St Allentown, PA	3.0	1.5	1800	$1,650	$0.92	4d	1	0.32mi
407 N 4th St Allentown, PA	3.0	1.5	1321	$1,550	$1.17	25d	1	0.33mi
389 W Turner St Allentown, PA	4.0	1.5	2144	$2,400	$1.12	4d	1	0.33mi
517 Elliger St Allentown, PA	3.0	1.5	1235	$1,700	$1.38	25d	1	0.33mi
630 N Front St Allentown, PA	4.0	1.0	1912	$1,900	$0.99	25d	1	0.34mi
395 W Allen St Allentown, PA	3.0	1.0	1344	$1,800	$1.34	25d	1	0.39mi
432 N Law St Allentown, PA	4.0	1.0	1328	$1,500	$1.13	16d	1	0.54mi
528 N 6th St Allentown, PA	3.0	1.0	1934	$1,800	$0.93	45d	1	0.62mi
535 Tilghman St Unit 2ND Allentown, PA	4.0	2.0	1500	$1,750	$1.17	4d	1	0.63mi
622 W Chew St Unit 2 Allentown, PA	3.0	1.0	1161	$1,600	$1.38	21d	1	0.63mi
626 Oak St Allentown, PA	3.0	1.0	1396	$1,900	$1.36	45d	1	0.64mi
347 N 7th St Apt 3 Allentown, PA	3.0	1.0	1200	$1,500	$1.25	45d	1	0.67mi
854 N Penn St Allentown, PA	3.0	1.5	1502	$1,850	$1.23	16d	1	0.68mi
622 Park St Allentown, PA	5.0	1.5	1638	$2,300	$1.40	4d	1	0.69mi
631 W Allen St Allentown, PA	5.0	1.5	1695	$2,100	$1.24	45d	1	0.69mi
450 Hanover Ave Allentown, PA	5.0	1.0	1692	$2,200	$1.30	25d	1	0.75mi
452 Hanover Ave Allentown, PA	3.0	1.0	1917	$2,350	$1.23	21d	1	0.76mi
1111 Fullerton Ave Allentown, PA	5.0	1.5	1670	$2,200	$1.32	45d	1	0.76mi
1304 N 4th St Allentown, PA	5.0	2.0	1891	$2,900	$1.53	45d	1	0.79mi
209 N Eighth St Apt 2 Allentown, PA	3.0	1.0	1430	$1,550	$1.08	45d	1	0.80mi
913 N 6th St Allentown, PA	4.0	1.0	1476	$1,698	$1.15	16d	1	0.81mi
828 W Gordon St Allentown, PA	4.0	2.5	1628	$2,250	$1.38	4d	1	0.85mi
551 Sumner Ct Allentown, PA	3.0	1.0	1270	$1,700	$1.34	4d	1	0.85mi
230 E Fairview St Allentown, PA	3.0	2.0	1414	$2,300	$1.63	25d	1	0.86mi
635 N Lumber St Allentown, PA	3.0	1.5	1117	$1,750	$1.57	4d	1	0.88mi
314 Barber St Lot 35 Allentown, PA	3.0	2.5	1525	$2,450	$1.61	21d	1	0.89mi
832 Chestnut St Allentown, PA	3.0	1.0	1124	$2,100	$1.87	25d	1	0.90mi
738 W Cedar St Allentown, PA	5.0	1.5	1900	$2,500	$1.32	45d	1	0.90mi
814 Washington St #2 Allentown, PA	4.0	1.0	1200	$1,600	$1.33	4d	1	0.93mi
823 W Washington St Allentown, PA	4.0	1.0	1400	$1,950	$1.39	16d	1	0.96mi
856 N 8th St Allentown, PA	5.0	1.5	1499	$1,975	$1.32	21d	1	0.96mi
915 Tilghman St Apt 4 Allentown, PA	3.0	1.0	1250	$1,750	$1.40	25d	1	0.98mi
944 W Gordon St Allentown, PA	3.0	1.5	1146	$1,750	$1.53	25d	1	0.98mi
948 W Maple St Allentown, PA	4.0	1.0	1932	$2,300	$1.19	45d	1	1.10mi

Listing history 13 events

1. 2026-06-22
   days on market $229,900 Active 18 DOM
2. 2026-06-18
   days on market $229,900 Active 15 DOM
3. 2026-06-17
   days on market $229,900 Active 14 DOM
4. 2026-06-16
   days on market $229,900 Active 13 DOM
5. 2026-06-15
   price $229,900 Active 12 DOM
6. 2026-06-15
   days on market $234,900 Active 12 DOM
7. 2026-06-14
   days on market $234,900 Active 10 DOM
8. 2026-06-10
   days on market $234,900 Active 7 DOM
9. 2026-06-09
   days on market $234,900 Active 6 DOM
10. 2026-06-08
    days on market $234,900 Active 5 DOM
11. 2026-06-07
    days on market $234,900 Active 4 DOM
12. 2026-06-03
    remarks 699-char remark
13. 2026-06-03
    listed $234,900 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: $1,707 · $142/mo
• Projected year-2 tax: $2,670 · $222/mo
• Expected delta: +$963/yr (+$80/mo · 56.4%)

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

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 24% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥100°F today · 15 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 15% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,969
• − Mortgage interest: −$12,878
• − Property taxes: −$1,707
• − Insurance: −$1,150
• − Repairs & maintenance: −$1,918
• − Management: −$1,918
• − Depreciation: −$6,688
• Taxable loss: −$2,288
• Est. tax savings @ 24.0%: +$549
• After-tax cash flow: $2,161/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: Allentown City SD
• NCES district ID: 4202280
• Math proficiency: 10% ▼ -10.00%
• Reading proficiency: 20% ▼ -15.00%
• Median HH income: $36,337
• Composite: 12.43/100
• National rank: #9630
• State rank: #513 of 539 in PA

Livability — Allentown

• Score: 81/100
• State rank: #171
• US rank: #1440

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Allentown, PA
• County: Lehigh County · 333,019 people
• City population: 172,996
• Metro: Allentown-Bethlehem-Easton, PA-NJ
• Population (ZIP): 51,001
• Household income: $43,085
• Rent vs Own: 67.9% rent · 32.1% own
• Severe rent burden: 4313.0

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 Hispanic (69%)
• Race & ethnicity: Hispanic / Latino 69% Two or more races 28% White 18% Black 10%
• Hispanic origin (detail): Mexican 3% Puerto Rican 38% Dominican 22%
• Common ancestry: Polish 1% Romanian 1% Hispanic 1%
• Foreign-born: 22% · Canada, Jamaica
• Languages at home: 45% English-only · Spanish 52% Arabic 2%

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: ▼ -227.01%
• Current HPI: 404.834
• Rent YoY: ▲ 5.48%
• 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

+738.9% since first listed

9 events — show timeline

• 2026-06-03 Listed $234,900 GLVRMLS
• 2026-03-06 Sold (MLS) $118,500 GLVRMLS
• 2026-02-04 Pending — GLVRMLS
• 2026-01-30 Listed $100,000 GLVRMLS
• 2019-11-14 Sold (Public Records) $102,500 Public Records
• 2019-11-13 Sold (MLS) $103,000 GLVRMLS
• 2019-10-25 Pending — GLVRMLS
• 2019-10-15 Listed $104,900 GLVRMLS
• 2001-07-12 Sold (Public Records) $28,000 Public Records

Property tax history

-1.8%/yr

Latest (2026): $1,707 · +0.8% YoY. Source: county tax records.