237 E Bishop St · Bellefonte, PA 16823

$129,000

3 bd · 2.0 ba · 1,968 sqft · Other public records · 232 Days on market

Built 1910 2,178 sqft lot $66/sqft · 48% below area Est $248k · 48% under

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Why this score? — see what drove the B+ 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
• DSCR +10.0/10.0
• 1% rule +9.1/10.0
• Livability +4.6/5.0
• Schools +4.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Prime Investment Opportunity in Bellefonte! This property includes an active rental permit and offers a sought after location near Downtown Bellefonte, Talleyrand Park and a close commute to State College. With a brand new roof, siding, windows, and furnace, the major exterior and mechanical updates are already complete. Inside, you have the chance to add your personal touches and increase value. The main level features a charming kitchen area, full bathroom, dining space, and an enclosed porch for added versatility. Upstairs, you’ll find three bedrooms and another full bathroom, offering strong rental potential. Outdoors, enjoy a patio area for extra space and relaxing outside. Don’t miss your chance to secure this investment opportunity in the heart of Bellefonte—schedule your showing today!

Key facts

• Brand new roof
• Active rental permit
• Brand new siding

Tags

• ACTIVE RENTAL PERMIT
• BRAND NEW ROOF
• BRAND NEW SIDING
• BRAND NEW WINDOWS
• BRAND NEW FURNACE
• CHARMING KITCHEN AREA

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath other listed at $129k.

Deal economics

• At list price, monthly cash flow is $473 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $129k).
• Recommended offer: $114k (12.0% below list) — sets the bar for market timing.
• Cap rate 11.2% vs local median 2.6% in Bellefonte — 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 92/100 on livability (#10 in PA, #37 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, cost of living A+; Watch: amenities D+.
• Bellefonte Area SD (town): math 48% / reading 57% proficiency, ranked #140 of 539 in PA (top 26%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 198 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 399 units permitted in Centre County in 2024 (44 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $892 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Centre County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $36k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 232 days — a 12% lower offer ($114k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 25y ago; this cycle's ask has dropped $31k (19%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $13k; list at $129k implies a 892% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $113,520 (12.0% below list)

Questions for the listing agent

1. It's been on market 232 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are A-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?
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 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: 1.41% ✓
• Cap rate: 11.21%
• Cash-on-cash: 17.55%
• DSCR: 1.78
• GRM: 5.9

CMA / ARV

• ARV (median comp): $248,138
• List price: $129,000
• Delta: -48.01%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 6.6%
• Equity multiple: 1.26×
• Total profit: $9,278
• Equity at exit: $19,234

10-year hold

• IRR: 16.0%
• Equity multiple: 2.31×
• Total profit: $47,146
• Equity at exit: $11,154

Cash invested: $36,120 (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 16823

• Active inventory: 198
• Price-to-rent: 5.9×

Monthly cashflow live

• Estimated rent: $1,822 medium
• Mortgage (P&I): −$676
• Tax from tax record: −$181 /mo · $2,172/yr
• Insurance: −$54
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$383
• Net cashflow: $473

Break-even live

Break-even rent $1,224

Max offer price $129,000

Occupancy floor 69%

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: $32,250
• Closing costs: $3,870
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
227 E Lamb St Bellefonte, PA	3.0	1.5	1756	$2,700	$1.54	43d	1	0.34mi

Listing history 28 events

1. 2026-06-19
   days on market $129,000 Active 232 DOM
2. 2026-06-18
   days on market $129,000 Active 231 DOM
3. 2026-06-17
   days on market $129,000 Active 230 DOM
4. 2026-06-16
   days on market $129,000 Active 229 DOM
5. 2026-06-15
   days on market $129,000 Active 228 DOM
6. 2026-06-14
   days on market $129,000 Active 226 DOM
7. 2026-06-13
   days on market $129,000 Active 225 DOM
8. 2026-06-10
   days on market $129,000 Active 223 DOM
9. 2026-06-09
   days on market $129,000 Active 222 DOM
10. 2026-06-08
    days on market $129,000 Active 221 DOM
11. 2026-06-07
    days on market $129,000 Active 220 DOM
12. 2026-06-05
    days on market $129,000 Active 217 DOM
13. 2026-06-03
    days on market $129,000 Active 216 DOM
14. 2026-06-02
    days on market $129,000 Active 215 DOM
15. 2026-05-31
    days on market $129,000 Active 214 DOM
16. 2026-05-30
    days on market $129,000 Active 213 DOM
17. 2026-04-23
    price $129,000 822-char remark

    Show marketing remark (822 chars)

    Prime Investment Opportunity in Bellefonte! This property includes an active rental permit and offers a sought after location near Downtown Bellefonte, Talleyrand Park and a close commute to State College. With a brand new roof, siding, windows, and furnace, the major exterior and mechanical updates are already complete. Inside, you have the chance to add your personal touches and increase value. The main level features a charming kitchen area, full bathroom, dining space, and an enclosed porch for added versatility. Upstairs, you’ll find three bedrooms and another full bathroom, offering strong rental potential. Outdoors, enjoy a patio area for extra space and relaxing outside. Don’t miss your chance to secure this investment opportunity in the heart of Bellefonte—schedule your showing today!

18. 2026-03-02
    price $139,900 822-char remark

    Show marketing remark (822 chars)

    Prime Investment Opportunity in Bellefonte! This property includes an active rental permit and offers a sought after location near Downtown Bellefonte, Talleyrand Park and a close commute to State College. With a brand new roof, siding, windows, and furnace, the major exterior and mechanical updates are already complete. Inside, you have the chance to add your personal touches and increase value. The main level features a charming kitchen area, full bathroom, dining space, and an enclosed porch for added versatility. Upstairs, you’ll find three bedrooms and another full bathroom, offering strong rental potential. Outdoors, enjoy a patio area for extra space and relaxing outside. Don’t miss your chance to secure this investment opportunity in the heart of Bellefonte—schedule your showing today!

19. 2026-03-02
    status Active 822-char remark

    Show marketing remark (822 chars)

    Prime Investment Opportunity in Bellefonte! This property includes an active rental permit and offers a sought after location near Downtown Bellefonte, Talleyrand Park and a close commute to State College. With a brand new roof, siding, windows, and furnace, the major exterior and mechanical updates are already complete. Inside, you have the chance to add your personal touches and increase value. The main level features a charming kitchen area, full bathroom, dining space, and an enclosed porch for added versatility. Upstairs, you’ll find three bedrooms and another full bathroom, offering strong rental potential. Outdoors, enjoy a patio area for extra space and relaxing outside. Don’t miss your chance to secure this investment opportunity in the heart of Bellefonte—schedule your showing today!

20. 2026-02-28
    historical 822-char remark

    Show marketing remark (822 chars)

    Prime Investment Opportunity in Bellefonte! This property includes an active rental permit and offers a sought after location near Downtown Bellefonte, Talleyrand Park and a close commute to State College. With a brand new roof, siding, windows, and furnace, the major exterior and mechanical updates are already complete. Inside, you have the chance to add your personal touches and increase value. The main level features a charming kitchen area, full bathroom, dining space, and an enclosed porch for added versatility. Upstairs, you’ll find three bedrooms and another full bathroom, offering strong rental potential. Outdoors, enjoy a patio area for extra space and relaxing outside. Don’t miss your chance to secure this investment opportunity in the heart of Bellefonte—schedule your showing today!

21. 2026-01-27
    status Active 822-char remark

    Show marketing remark (822 chars)

    Prime Investment Opportunity in Bellefonte! This property includes an active rental permit and offers a sought after location near Downtown Bellefonte, Talleyrand Park and a close commute to State College. With a brand new roof, siding, windows, and furnace, the major exterior and mechanical updates are already complete. Inside, you have the chance to add your personal touches and increase value. The main level features a charming kitchen area, full bathroom, dining space, and an enclosed porch for added versatility. Upstairs, you’ll find three bedrooms and another full bathroom, offering strong rental potential. Outdoors, enjoy a patio area for extra space and relaxing outside. Don’t miss your chance to secure this investment opportunity in the heart of Bellefonte—schedule your showing today!

22. 2026-01-16
    status Pending 822-char remark

    Show marketing remark (822 chars)

    Prime Investment Opportunity in Bellefonte! This property includes an active rental permit and offers a sought after location near Downtown Bellefonte, Talleyrand Park and a close commute to State College. With a brand new roof, siding, windows, and furnace, the major exterior and mechanical updates are already complete. Inside, you have the chance to add your personal touches and increase value. The main level features a charming kitchen area, full bathroom, dining space, and an enclosed porch for added versatility. Upstairs, you’ll find three bedrooms and another full bathroom, offering strong rental potential. Outdoors, enjoy a patio area for extra space and relaxing outside. Don’t miss your chance to secure this investment opportunity in the heart of Bellefonte—schedule your showing today!

23. 2025-10-17
    status Active 822-char remark

    Show marketing remark (822 chars)

    Prime Investment Opportunity in Bellefonte! This property includes an active rental permit and offers a sought after location near Downtown Bellefonte, Talleyrand Park and a close commute to State College. With a brand new roof, siding, windows, and furnace, the major exterior and mechanical updates are already complete. Inside, you have the chance to add your personal touches and increase value. The main level features a charming kitchen area, full bathroom, dining space, and an enclosed porch for added versatility. Upstairs, you’ll find three bedrooms and another full bathroom, offering strong rental potential. Outdoors, enjoy a patio area for extra space and relaxing outside. Don’t miss your chance to secure this investment opportunity in the heart of Bellefonte—schedule your showing today!

24. 2025-10-06
    status Pending 822-char remark

    Show marketing remark (822 chars)

    Prime Investment Opportunity in Bellefonte! This property includes an active rental permit and offers a sought after location near Downtown Bellefonte, Talleyrand Park and a close commute to State College. With a brand new roof, siding, windows, and furnace, the major exterior and mechanical updates are already complete. Inside, you have the chance to add your personal touches and increase value. The main level features a charming kitchen area, full bathroom, dining space, and an enclosed porch for added versatility. Upstairs, you’ll find three bedrooms and another full bathroom, offering strong rental potential. Outdoors, enjoy a patio area for extra space and relaxing outside. Don’t miss your chance to secure this investment opportunity in the heart of Bellefonte—schedule your showing today!

25. 2025-10-02
    listed $159,900 Active 822-char remark

    Show marketing remark (822 chars)

    Prime Investment Opportunity in Bellefonte! This property includes an active rental permit and offers a sought after location near Downtown Bellefonte, Talleyrand Park and a close commute to State College. With a brand new roof, siding, windows, and furnace, the major exterior and mechanical updates are already complete. Inside, you have the chance to add your personal touches and increase value. The main level features a charming kitchen area, full bathroom, dining space, and an enclosed porch for added versatility. Upstairs, you’ll find three bedrooms and another full bathroom, offering strong rental potential. Outdoors, enjoy a patio area for extra space and relaxing outside. Don’t miss your chance to secure this investment opportunity in the heart of Bellefonte—schedule your showing today!

26. 2001-02-13
    listed $89,500
27. 2001-02-13
    historical
28. 1985-01-16
    soldstatus $13,000

ⓘ 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: $2,172 · $181/mo
• Projected year-2 tax: $2,172 · $181/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥95°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,865
• − Mortgage interest: −$7,226
• − Property taxes: −$2,172
• − Insurance: −$1,312
• − Repairs & maintenance: −$1,749
• − Management: −$1,749
• − Depreciation: −$3,753
• Taxable income: $3,905
• Est. tax owed @ 24.0%: −$937
• After-tax cash flow: $4,735/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: Bellefonte Area SD
• NCES district ID: 4203240
• Math proficiency: 48% ▼ -3.00%
• Reading proficiency: 57% ▼ -8.00%
• Median HH income: $54,460
• Composite: 45.25/100
• National rank: #2662
• State rank: #140 of 539 in PA

Livability — Bellefonte

• Score: 92/100
• State rank: #10
• US rank: #37

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bellefonte, PA
• County: Centre County · 99,000 people
• City population: 29,126
• Metro: State College, PA
• Population (ZIP): 29,126
• Household income: $76,245
• Rent vs Own: 29.5% rent · 70.5% own
• Severe rent burden: 855.0

Population outlook (Centre County) Hauer SSP2

• Today (2025): 177,113 people
• By 2030: 185,138 · +4.5%
• By 2040: 196,009 · +10.7%
• By 2050: 205,070 · +15.8%
• By 2075: 217,575 · +22.8%
• By 2100: 230,649 · +30.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Black 8% Two or more races 4% Hispanic / Latino 3%
• Common ancestry: Romanian 4% Slovak 3% Serbian 2%
• Foreign-born: 3% · China, Canada
• Languages at home: 94% English-only · Spanish 2% German/W. Germanic 1%

Political lean MEDSL · Centre

• 2024 margin: Toss-up / Even · D 50.9% · R 48.1% · Other 1.0%
• 2008→2024 swing: -9.0pp toward R · 2008: 11.8pp · 2024: 2.8pp
• All cycles: 2024: D+2.8 2020: D+4.8 2016: D+1.9 2012: R+0.0 2008: D+11.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -142.54%
• Current HPI: 202.598
• Rent YoY: —
• Metro: State College, PA
• 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

+892.3% since first listed

12 events — show timeline

• 2026-04-23 Price Changed $129,000 BRIGHT MLS
• 2026-03-02 Price Changed $139,900 BRIGHT MLS
• 2026-03-02 Relisted — BRIGHT MLS
• 2026-02-28 Listing Removed — BRIGHT MLS
• 2026-01-27 Relisted — BRIGHT MLS
• 2026-01-16 Pending — BRIGHT MLS
• 2025-10-17 Relisted — BRIGHT MLS
• 2025-10-06 Pending — BRIGHT MLS
• 2025-10-02 Listed $159,900 BRIGHT MLS
• 2001-02-13 Listing Removed — BRIGHT MLS
• 2001-02-13 Listed $89,500 BRIGHT MLS
• 1985-01-16 Sold (Public Records) $13,000 Public Records

Property tax history

+1.6%/yr

Latest (2026): $2,172 · +1.8% YoY. Source: county tax records.