124 Boulder Dr Unit 124 Boulder Drive · Hemlock Farms, PA 18428

$235,000

3 bd · 2.0 ba · 1,734 sqft · SingleFamily · 27 Days on market

Built 1978 Average condition 1.32 ac lot Est $347k · 32% under $250/mo HOA · 7% of rent

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Why this score? — see what drove the A 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
• Appreciation +10.0/10.0
• 1% rule +9.9/10.0
• Schools +4.2/10.0
• Livability +3.4/5.0
• Condition / age +2.8/5.0
• Rent growth +2.5/5.0

Listing remarks

Private Tree Top Setting - Immaculate Inside and OutThis inviting 3 bedroom, 2 bath home offer treetop views inside and out, features large decks for outdoor relaxation and entertaining. Open living space with lots of glass, 2 gas fireplaces. One in main living room and propane stove in family room. Nice shaded yard, storage shed, all nicely landscaped. Come see this home today!,

Key facts

• Gas fireplaces
• Tree top setting
• Shaded yard

Tags

• TREE TOP SETTING
• LARGE DECKS
• OUTDOOR RELAXATION
• OPEN LIVING SPACE
• GAS FIREPLACES
• SHADED YARD

Property features AI

Finance

• Other: Located in the Hemlock Farms community
• HOA & community: Homeowners association membership required; Annual association fee (approx.) $2,995; one-time fee listed $2,918; Association amenities include pool (indoor and outdoor), spa/hot tub, fitness center, clubhouse, tennis and basketball courts, trails, beach access, dog park, sauna, trash service, security, gated community

Exterior

• Parking: Driveway
• Security: 24-hour security; Gated community
• Utilities: 200+ amp electrical service; Septic tank
• Home design: Single family house; Two levels; Residential zoning
• Construction: Shingle roof; Slab foundation; Built as a house (structure type)
• Exterior features: Deck; Shed(s); Views; Wooded lot; Community lake access; Paved private road with private maintenance and road maintenance agreement

Interior

• Kitchen: Dishwasher; Electric range; Electric oven; Refrigerator
• Flooring: Carpet; Tile; Hardwood
• Bathrooms: 2 full bathrooms
• Heating & cooling: Baseboard heating; Electric heating; Propane heating; Ceiling fan cooling
• Interior features: Fireplace in family room and living room with stone masonry; 7 total rooms
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $235k. Condition is rated average.

Deal economics

• At list price, monthly cash flow is $888 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $235k).
• Recommended offer: $231k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.8% vs local median 7.1% in Hemlock Farms — 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 68/100 on livability (#884 in PA) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, health & safety A+; Watch: schools C-, amenities F, commute F.
• Wallenpaupack Area SD (rural): math 39% / reading 59% proficiency, ranked #192 of 539 in PA (top 36%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 371 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); 213 units permitted in Pike County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $25k of equity ($2k loan paydown + $24k appreciation (10.0% local appreciation)).
• Pike County population projected at -25% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $66k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$40k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 27 days — a 2% lower offer ($231k) is reasonable based on typical stale-listing flexibility.

Recommended offer $231,475 (1.5% below list)

Questions for the listing agent

1. Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.49% ✓
• Cap rate: 10.83%
• Cash-on-cash: 16.19%
• DSCR: 1.72
• GRM: 5.6

CMA / ARV

• ARV (on-the-fly): $346,800
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
809 Boulder Ct	0.20mi	3/2.0	1,536 (-11%)	3mo	$620,000	$404	69
101 Surrey Dr	0.17mi	3/2.0	1,566 (-10%)	10mo	$243,000	$155	67
137 Rodeo Dr	0.56mi	3/2.0	1,742 (+0%)	10mo	$351,500	$202	64
105 Longridge Dr	0.62mi	3/2.0	1,692 (-2%)	3mo	$340,000	$201	64
802 Rimrock Ct Unit 802 Rimrock Lane, Hawley, PA 18428	0.60mi	4/2.5 (+1)	1,728 (-0%)	1mo	$345,000	$200	64
119 Rodeo Dr	0.58mi	3/2.0	1,724 (-1%)	12mo	$290,000	$168	62
109 Bluestone Dr	0.43mi	3/2.0	1,500 (-14%)	3mo	$255,000	$170	55
120 Ridgeway Dr	0.75mi	3/2.0	1,641 (-5%)	10mo	$280,000	$171	48
220 Surrey Dr	0.67mi	3/1.5	1,820 (+5%)	13mo	$330,000	$181	47
800 Colt Ct	0.63mi	3/3.0	1,556 (-10%)	12mo	$295,000	$190	40
808 Mustang Ct	0.69mi	3/2.0	1,936 (+12%)	12mo	$468,000	$242	39
101 Tupelo Dr	0.74mi	3/2.0	1,536 (-11%)	11mo	$333,000	$217	37

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 36.3%
• Equity multiple: 3.81×
• Total profit: $184,744
• Equity at exit: $211,707

10-year hold

• IRR: 31.3%
• Equity multiple: 8.60×
• Total profit: $499,980
• Equity at exit: $456,553

Cash invested: $65,800 (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 18428

• Home prices YoY: 9.2%
• Active inventory: 371
• Price-to-rent: 5.6×

Monthly cashflow live

• Estimated rent: $3,496 high
• Mortgage (P&I): −$1,232
• Tax est. 1.5%: −$294 /mo · $3,525/yr
• Insurance: −$98
• HOA: −$250
• Vacancy / Maint / Mgmt: −$734
• Net cashflow: $888

Break-even live

Break-even rent $2,372

Max offer price $235,000

Occupancy floor 70%

Sensitivity live

Price	-10% $1,050	-5% $969	+0% $888	+5% $807	+10% $725
Rent	-10% $612	-5% $750	+0% $888	+5% $1,026	+10% $1,164
Rate	-1.0pp $1,006	-0.5pp $948	base $888	+0.5pp $827	+1.0pp $765

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: $58,750
• Closing costs: $7,050
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
131 Surrey Dr Hawley, PA	4.0	2.0	1952	$2,650	$1.36	44d	1	0.42mi
106 Corral Ln Hawley, PA	3.0	2.0	2150	$4,000	$1.86	4d	1	0.51mi
811 Hickory Ct Hawley, PA	3.0	2.0	1100	$2,500	$2.27	2d	1	0.85mi
313 Forest Dr Blooming Grove, PA	3.0	2.0	1200	$5,000	$4.17	2d	1	1.06mi
101 Pommel Dr Hawley, PA	3.0	2.0	1691	$4,400	$2.60	2d	1	1.17mi

HOA detail

• Monthly dues: $250 · $3,000/yr
• Likely covers: gas

Listing history 15 events

1. 2026-06-18
   days on market $235,000 Active 27 DOM
2. 2026-06-17
   days on market $235,000 Active 26 DOM
3. 2026-06-16
   days on market $235,000 Active 25 DOM
4. 2026-06-15
   days on market $235,000 Active 24 DOM
5. 2026-06-13
   days on market $235,000 Active 22 DOM
6. 2026-06-13
   days on market $235,000 Active 21 DOM
7. 2026-06-09
   days on market $235,000 Active 18 DOM
8. 2026-06-08
   days on market $235,000 Active 17 DOM
9. 2026-06-07
   days on market $235,000 Active 16 DOM
10. 2026-06-04
    days on market $235,000 Active 13 DOM
11. 2026-06-03
    days on market $235,000 Active 12 DOM
12. 2026-06-02
    days on market $235,000 Active 11 DOM
13. 2026-06-01
    days on market $235,000 Active 10 DOM
14. 2026-05-31
    days on market $235,000 Active 9 DOM
15. 2026-05-22
    listed $235,000 Active

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥91°F today · 15 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 6% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $41,953
• − Mortgage interest: −$13,164
• − Property taxes: −$3,525
• − Insurance: −$1,175
• − Repairs & maintenance: −$3,356
• − Management: −$3,356
• − HOA: −$3,000
• − Depreciation: −$6,836
• Taxable income: $7,541
• Est. tax owed @ 24.0%: −$1,810
• After-tax cash flow: $8,845/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 · 24 photos

Average 55/100 Moderate rehab

This home offers a private tree-top setting with large decks and gas fireplaces, but requires moderate repairs and updates to its kitchen and exterior to maximize its resale and rental value.

Repairs flagged

• Moderate kitchen cabinets — dated and worn
• Minor bathroom fixtures — basic and small
• Minor exterior siding — some discoloration

Value-add opportunities

• Both update kitchen cabinets and fixtures — modernizing kitchen would appeal to buyers and renters
• Both paint interior walls — fresh paint enhances curb appeal and interior aesthetics
• Both repair exterior siding — improves curb appeal and home value

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · dated and worn	Moderate	$3,000–15,000
bathroom fixtures · basic and small	Minor	$500–3,000
exterior siding · some discoloration	Minor	$500–3,000
Total estimated repair cost · 3 items		$4,000–21,000

Value-add ROI direction

• Both update kitchen cabinets and fixtures — modernizing kitchen would appeal to buyers and renters ↑
• Both paint interior walls — fresh paint enhances curb appeal and interior aesthetics ↑
• Both repair exterior siding — improves curb appeal and home 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: Wallenpaupack Area SD
• NCES district ID: 4224750
• Math proficiency: 39% ▼ -10.00%
• Reading proficiency: 59% ▼ -5.00%
• Median HH income: $51,027
• Composite: 41.97/100
• National rank: #3345
• State rank: #192 of 539 in PA

Livability — Hemlock Farms

• Score: 68/100
• State rank: #884
• US rank: #9421

Category grades

Amenities F Commute F Cost of living B+ 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: Hemlock Farms, PA
• Population (ZIP): 12,446

Population outlook (Pike County) Hauer SSP2

• Today (2025): 53,548 people
• By 2030: 51,622 · -3.6%
• By 2040: 46,490 · -13.2%
• By 2050: 40,372 · -24.6%
• By 2075: 31,951 · -40.3%
• By 2100: 26,821 · -49.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (85%)
• Race & ethnicity: White 85% Hispanic / Latino 8% Two or more races 6% Black 1% Asian 1%
• Hispanic origin (detail): Puerto Rican 5%
• Common ancestry: Romanian 5% Portuguese 3% Italian 2%
• Foreign-born: 5% · Canada
• Languages at home: 91% English-only · Spanish 5% Russian/Polish/Slavic 1% Other Asian/Pacific 1%

Political lean MEDSL · Pike

• 2024 margin: Strong R (+24.1) · D 37.6% · R 61.6%
• 2008→2024 swing: -19.8pp toward R · 2008: -4.2pp · 2024: -24.1pp
• All cycles: 2024: R+24.1 2020: R+19.0 2016: R+26.0 2012: R+11.0 2008: R+4.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 28.60%
• Current HPI: 340.8254
• Rent YoY: —
• Metro: —
• 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

1 event — show timeline

• 2026-05-22 Listed $235,000 PWMLS