123 Spring St · Nazareth, PA 18064

$209,900

3 bd · 1.0 ba · 1,224 sqft · SingleFamily public records · 110 Days on market

Built 1900 2,750 sqft lot $171/sqft · 13% below area Est $240k · 13% under ↓ 8% 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 +15.8/30.0
• ARV discount +13.2/15.0
• DSCR +4.9/10.0
• Schools +4.9/10.0
• Livability +4.2/5.0
• 1% rule +4.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

3-bedroom home in the heart of Nazareth now available! This single-family home offers 1,224 square feet of comfortable living space, featuring classic character with modern potential. The property sits in a neighborhood close to local shops, parks, and schools. Bring your vision to refresh this solid property into your ideal home sweet home. Convenient location with easy access to major routes. Don't miss this opportunity in charming Nazareth!

Key facts

• Built 1900
• Listed 109 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $210k.

Deal economics

• At list price, monthly cash flow is $96 ($1k/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 $188k (10.2% below list).
• Recommended offer: $188k (10.2% below list) — sets the bar for 1% rule.
• Cap rate 6.8% vs local median 2.8% in Nazareth — 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 85/100 on livability (#82 in PA, #597 nationally) — a professional / high-income tenant draw. Strengths: crime A+, cost of living A+, housing A+; Watch: commute D+, employment D.
• Nazareth Area SD (suburban): math 46% / reading 63% proficiency, ranked #92 of 539 in PA (top 17%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 12% free/reduced lunch — higher-income household profile.
• Market conditions: 115 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 567 units permitted in Northampton County in 2024 (151 in 5+ unit buildings).

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.

Negotiation context

• It's been on market 110 days — a 9% lower offer ($191k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $188,461 (10.2% below list)

Questions for the listing agent

1. It's been on market 110 days. Have you received any prior offers? Is the seller open to a 10% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
6. 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.
7. 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.
8. 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: 0.90% ✗
• Cap rate: 6.84%
• Cash-on-cash: 1.96%
• DSCR: 1.09
• GRM: 9.3

CMA / ARV

• ARV (median comp): $240,191
• List price: $209,900
• Delta: -12.61%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
702 W Locker St	0.32mi	3/1.5	1,179 (-4%)	3mo	$185,000	$157	75
559 Heckman Ave	0.19mi	3/2.0	1,326 (+8%)	15mo	$368,000	$278	61
106 N Main St	0.50mi	3/2.0	1,334 (+9%)	2mo	$344,000	$258	56
17 S Spruce St	0.50mi	3/1.0	1,236 (+1%)	23mo	$192,500	$156	56
243 E Prospect St	0.71mi	2/1.0 (-1)	1,276 (+4%)	1mo	$326,500	$256	54
30 Forest Dr	0.24mi	3/1.5	1,364 (+11%)	23mo	$365,000	$268	48
224 Greenwood Ave	0.51mi	3/1.0	1,327 (+8%)	22mo	$299,900	$226	44
114 High St	0.72mi	2/2.0 (-1)	1,356 (+11%)	9mo	$175,000	$129	32

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: -13.2%
• Equity multiple: 0.53×
• Total profit: $-27,898
• Equity at exit: $31,297

10-year hold

• IRR: -4.2%
• Equity multiple: 0.72×
• Total profit: $-16,440
• Equity at exit: $18,148

Cash invested: $58,772 (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 18064

• Active inventory: 115
• Price-to-rent: 9.3×

Monthly cashflow live

• Estimated rent: $1,885 high
• Mortgage (P&I): −$1,101
• Tax from tax record: −$205 /mo · $2,454/yr
• Insurance: −$87
• HOA: −$0
• Vacancy / Maint / Mgmt: −$396
• Net cashflow: $96

Break-even live

Break-even rent $1,763

Max offer price $209,900

Occupancy floor 90%

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: $52,475
• Closing costs: $6,297
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
122 S Spruce St Nazareth, PA	3.0	1.0	1216	$1,650	$1.36	23d	1	0.49mi
40 E Evergreen St Unit B Nazareth, PA	2.0	1.0	1200	$2,000	$1.67	23d	1	0.57mi
40 E Evergreen St Unit B Nazareth, PA	2.0	1.0	1200	$1,950	$1.62	14d	1	0.57mi
110 E Center St Unit 112 Nazareth, PA	2.0	1.0	900	$1,600	$1.78	21d	1	0.61mi
363 S Broad St Unit 3rd Floor Nazareth, PA	2.0	1.0	824	$1,550	$1.88	2d	1	0.65mi
135 N Cedar St Nazareth, PA	3.0	2.0	1296	$2,400	$1.85	2d	1	0.68mi
755 Nazareth Pike Nazareth, PA	2.0	1.0	792	$2,100	$2.65	43d	1	1.01mi
90 Gum St Unit 1N Nazareth, PA	2.0	1.0	900	$1,824	$2.03	2d	1	1.06mi

Listing history 18 events

1. 2026-06-18
   days on market $209,900 Active 110 DOM
2. 2026-06-17
   days on market $209,900 Active 109 DOM
3. 2026-06-16
   pricedays on market $209,900 Active 108 DOM
4. 2026-06-15
   days on market $229,900 Active 107 DOM
5. 2026-06-14
   days on market $229,900 Active 105 DOM
6. 2026-06-13
   days on market $229,900 Active 104 DOM
7. 2026-06-10
   days on market $229,900 Active 102 DOM
8. 2026-06-09
   days on market $229,900 Active 101 DOM
9. 2026-06-08
   days on market $229,900 Active 100 DOM
10. 2026-06-07
    days on market $229,900 Active 99 DOM
11. 2026-06-03
    days on market $229,900 Active 95 DOM
12. 2026-06-02
    days on market $229,900 Active 94 DOM
13. 2026-06-01
    days on market $229,900 Active 93 DOM
14. 2026-05-31
    days on market $229,900 Active 92 DOM
15. 2026-05-31
    days on market $229,900 Active 91 DOM
16. 2026-04-15
    price $229,900 447-char remark

    Show marketing remark (447 chars)

    3-bedroom home in the heart of Nazareth now available! This single-family home offers 1,224 square feet of comfortable living space, featuring classic character with modern potential. The property sits in a neighborhood close to local shops, parks, and schools. Bring your vision to refresh this solid property into your ideal home sweet home. Convenient location with easy access to major routes. Don't miss this opportunity in charming Nazareth!

17. 2026-04-06
    price $235,000 447-char remark

    Show marketing remark (447 chars)

    3-bedroom home in the heart of Nazareth now available! This single-family home offers 1,224 square feet of comfortable living space, featuring classic character with modern potential. The property sits in a neighborhood close to local shops, parks, and schools. Bring your vision to refresh this solid property into your ideal home sweet home. Convenient location with easy access to major routes. Don't miss this opportunity in charming Nazareth!

18. 2026-03-01
    listed $250,000 Active 447-char remark

    Show marketing remark (447 chars)

    3-bedroom home in the heart of Nazareth now available! This single-family home offers 1,224 square feet of comfortable living space, featuring classic character with modern potential. The property sits in a neighborhood close to local shops, parks, and schools. Bring your vision to refresh this solid property into your ideal home sweet home. Convenient location with easy access to major routes. Don't miss this opportunity in charming Nazareth!

ⓘ 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: $2,454 · $205/mo
• Projected year-2 tax: $2,885 · $240/mo
• Expected delta: +$431/yr (+$36/mo · 17.6%)

ⓘ 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 5/10 Major 7 d/yr ≥98°F today · 15 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 14% 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: $22,615
• − Mortgage interest: −$11,758
• − Property taxes: −$2,454
• − Insurance: −$1,050
• − Repairs & maintenance: −$1,809
• − Management: −$1,809
• − Depreciation: −$6,106
• Taxable loss: −$2,371
• Est. tax savings @ 24.0%: +$569
• After-tax cash flow: $1,722/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: Nazareth Area SD
• NCES district ID: 4216380
• Math proficiency: 46% ▼ -16.00%
• Reading proficiency: 63% ▼ -13.00%
• Median HH income: $75,914
• Composite: 48.92/100
• National rank: #2077
• State rank: #92 of 539 in PA

Livability — Nazareth

• Score: 85/100
• State rank: #82
• US rank: #597

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Nazareth, PA
• County: Northampton County · 236,814 people
• City population: 26,970
• Metro: Allentown-Bethlehem-Easton, PA-NJ
• Population (ZIP): 26,970
• Household income: $103,393
• Rent vs Own: 24.6% rent · 75.4% own
• Severe rent burden: 646.0

Population outlook (Northampton County) Hauer SSP2

• Today (2025): 312,227 people
• By 2030: 314,769 · +0.8%
• By 2040: 316,914 · +1.5%
• By 2050: 318,037 · +1.9%
• By 2075: 334,003 · +7.0%
• By 2100: 344,696 · +10.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Hispanic / Latino 5% Two or more races 4% Asian 3% Black 1%
• Common ancestry: Romanian 6% Polish 3% Iranian 2%
• Foreign-born: 6% · Canada, China, South Korea
• Languages at home: 92% English-only · Spanish 3% Other Indo-European 2% Chinese 1%

Political lean MEDSL · Northampton

• 2024 margin: Toss-up / Even · D 48.6% · R 50.4%
• 2008→2024 swing: -14.1pp toward R · 2008: 12.3pp · 2024: -1.8pp
• All cycles: 2024: R+1.8 2020: D+0.7 2016: R+3.8 2012: D+4.6 2008: D+12.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -325.05%
• Current HPI: 201.3535
• 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

-8.0% since first listed

3 events — show timeline

• 2026-04-15 Price Changed $229,900 GLVRMLS
• 2026-04-06 Price Changed $235,000 GLVRMLS
• 2026-03-01 Listed $250,000 GLVRMLS

Property tax history

+3.1%/yr

Latest (2026): $2,454 · +3.1% YoY. Source: county tax records.