223 S 17th St · Allentown, PA 18104

$199,900

5 bd · 1.5 ba · 2,366 sqft · SingleFamily public records · 3 Days on market

Built 1910 2,100 sqft lot Est $388k · 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 +28.5/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.4/10.0
• Livability +4.0/5.0
• Rent growth +3.5/5.0
• Condition / age +2.5/5.0
• Schools +1.2/10.0
• Appreciation +0.0/10.0

Listing remarks

* * Highest and best by Saturday at 8 PM * * Welcome to 223 S 17th St, a residence that perfectly blends classic architectural charm with a modern, expansive layout. Situated in a prime Allentown location, this home offers three levels of finished living space, providing ample room for work, play, and relaxation! With original details such as hardwood flooring, stained glass windows, classic built-ins and more, this property has tremendous potential! It boasts gas heat, 5 bedrooms, 1.5 bathrooms, and a great location nested near dining and convenient shopping. This property will be sold AS IS.

Key facts

• Built 1910
• Listed 3 days

What this means for you Summary

Snapshot

• This is a 5-bed/1.5-bath single-family listed at $200k.

Deal economics

• At list price, monthly cash flow is $650 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $200k).
• Cap rate 10.2% 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: schools D+, 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.
• Market conditions: Rents rising fast (+4.1%/yr); 161 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 14d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 765 units permitted in Lehigh County in 2024 (286 in 5+ unit buildings).
• This rent runs 34% of the median local income ($95k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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.
• 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 + 4.1% rent growth), your $56k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1910 — 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 $199,900

Questions for the listing agent

1. Built in 1910 — 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. 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.
5. 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.
6. 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: 1.34% ✓
• Cap rate: 10.20%
• Cash-on-cash: 13.95%
• DSCR: 1.62
• GRM: 6.2

CMA / ARV

• ARV (on-the-fly): $388,024
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
308 S 16th St	0.11mi	4/2.5 (-1)	2,392 (+1%)	23mo	$315,000	$132	65
1835 Hamilton St	0.33mi	5/3.0	2,378 (+0%)	24mo	$390,000	$164	58
114 S 22nd St	0.62mi	5/2.5	2,669 (+13%)	2mo	$370,000	$139	44
215 S 22nd St	0.59mi	4/2.5 (-1)	2,539 (+7%)	9mo	$450,000	$177	44
2091 Greenwood Rd	0.68mi	4/3.0 (-1)	2,472 (+4%)	16mo	$360,000	$146	36
2301 W Fairview St	0.74mi	4/3.5 (-1)	2,392 (+1%)	22mo	$435,000	$182	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 · 4.07% rent growth · sell at horizon

5-year hold

• IRR: 5.5%
• Equity multiple: 1.22×
• Total profit: $12,050
• Equity at exit: $29,806

10-year hold

• IRR: 15.9%
• Equity multiple: 2.37×
• Total profit: $76,467
• Equity at exit: $17,284

Cash invested: $55,972 (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 18104

• Rents YoY: 4.1%
• Active inventory: 161
• Price-to-rent: 6.2×

Monthly cashflow live

• Estimated rent: $2,683 high
• Mortgage (P&I): −$1,048
• Tax from tax record: −$338 /mo · $4,052/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$563
• Net cashflow: $650

Break-even live

Break-even rent $1,860

Max offer price $199,900

Occupancy floor 71%

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
216 S 14th St Allentown, PA	4.0	1.5	1640	$2,300	$1.40	2d	1	0.32mi
138 S 14th St Allentown, PA	5.0	1.0	2300	$2,300	$1.00	14d	1	0.33mi
41 S Franklin St Allentown, PA	5.0	2.0	1897	$2,500	$1.32	14d	1	0.34mi
36 S Jefferson St Allentown, PA	5.0	1.5	2128	$2,500	$1.17	14d	1	0.53mi
1538 Chew St Allentown, PA	5.0	1.0	1874	$2,800	$1.49	18d	1	0.58mi
1341 Chew St Allentown, PA	5.0	1.5	2139	$2,500	$1.17	21d	1	0.69mi
1315 Chew St Allentown, PA	5.0	2.5	2811	$2,850	$1.01	43d	1	0.72mi
948 W Maple St Allentown, PA	4.0	1.0	1932	$2,300	$1.19	43d	1	0.84mi
626 N 11th St Allentown, PA	4.0	1.5	1642	$2,200	$1.34	2d	1	1.14mi
828 W Gordon St Allentown, PA	4.0	2.5	1628	$2,250	$1.38	2d	1	1.17mi
631 W Allen St Allentown, PA	5.0	1.5	1695	$2,100	$1.24	43d	1	1.46mi
622 Park St Allentown, PA	5.0	1.5	1638	$2,300	$1.40	2d	1	1.49mi

Listing history 4 events

1. 2026-05-12
   soldstatus $211,000
2. 2026-04-20
   status Pending
3. 2026-04-17
   listed $199,900 Active
4. 1978-09-22
   soldstatus $41,500

ⓘ 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: $4,052 · $338/mo
• Projected year-2 tax: $4,052 · $338/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥99°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: $32,198
• − Mortgage interest: −$11,198
• − Property taxes: −$4,052
• − Insurance: −$1,000
• − Repairs & maintenance: −$2,576
• − Management: −$2,576
• − Depreciation: −$5,815
• Taxable income: $4,982
• Est. tax owed @ 24.0%: −$1,196
• After-tax cash flow: $6,610/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): 48,683
• Household income: $94,601
• Rent vs Own: 29.0% rent · 71.0% own
• Severe rent burden: 1298.0

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 (68%)
• Race & ethnicity: White 68% Hispanic / Latino 14% Asian 8% Two or more races 8% Black 6%
• Hispanic origin (detail): Puerto Rican 5% Dominican 5%
• Common ancestry: Romanian 5% Polish 2% Lithuanian 2%
• Foreign-born: 15% · Canada, China, Jamaica
• Languages at home: 79% English-only · Spanish 10% Other Indo-European 4% Chinese 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: ▼ -294.71%
• Current HPI: 277.8639
• Rent YoY: ▲ 4.07%
• 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

+408.4% since first listed

4 events — show timeline

• 2026-05-12 Sold (Public Records) $211,000 Public Records
• 2026-04-20 Pending — GLVRMLS
• 2026-04-17 Listed $199,900 GLVRMLS
• 1978-09-22 Sold (Public Records) $41,500 Public Records

Property tax history

-2.0%/yr

Latest (2026): $4,052 · +0.7% YoY. Source: county tax records.