Centre #430 · Norristown, PA 19403

$129,000

2 bd · 1.5 ba · 1,152 sqft · Condo · 86 Days on market

Built 1973 $472/mo HOA · 26% of rent ↓ 13% 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 +16.6/30.0
• 1% rule +9.1/10.0
• ARV discount +7.5/15.0
• DSCR +5.1/10.0
• Livability +4.2/5.0
• Rent growth +3.6/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• Appreciation +0.0/10.0

Listing remarks

2 Story, 2 Bedrooms, 1 full bath and a powder room + back yard makes this a homey, comfortable home for either a new home owner or someone who wishes to downsize. Not far from King of Prussia and The Main Line, it is your chance to smell the roses. Condominium Rules - This property cannot be purchased for a rental use.

Key facts

• Near king of prussia
• Near the main line
• Back yard feature

Tags

• BACK YARD FEATURE
• NEAR KING OF PRUSSIA
• NEAR THE MAIN LINE

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath condo listed at $129k.

Deal economics

• At list price, monthly cash flow is $77 ($923/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: $121k (6.0% below list) — sets the bar for market timing.
• Cap rate 7.0% vs local median 4.5% in Norristown — 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 84/100 on livability (#100 in PA, #720 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: schools C-, crime D-.
• Norristown Area SD (suburban): math 18% / reading 31% proficiency, ranked #466 of 539 in PA (top 86%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 70% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+4.3%/yr); 148 active listings in the ZIP; 34 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,936 units permitted in Montgomery County in 2024 (530 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.
• Montgomery County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 86 days — a 6% lower offer ($121k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y ago; this cycle's ask has dropped $20k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: HOA is 26% of rent.

Recommended offer $121,260 (6.0% below list)

Questions for the listing agent

1. It's been on market 86 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
8. 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.
9. 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.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.41% ✓
• Cap rate: 7.01%
• Cash-on-cash: 2.55%
• DSCR: 1.11
• GRM: 5.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.27% rent growth · sell at horizon

5-year hold

• IRR: -9.9%
• Equity multiple: 0.63×
• Total profit: $-13,330
• Equity at exit: $19,234

10-year hold

• IRR: 2.1%
• Equity multiple: 1.16×
• Total profit: $5,923
• 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 19403

• Rents YoY: 4.3%
• Active inventory: 148
• Price-to-rent: 5.9×

Monthly cashflow live

• Estimated rent: $1,823 high
• Mortgage (P&I): −$676
• Tax est. 1.5%: −$161 /mo · $1,935/yr
• Insurance: −$54
• HOA: −$472
• Vacancy / Maint / Mgmt: −$383
• Net cashflow: $77

Break-even live

Break-even rent $1,726

Max offer price $129,000

Occupancy floor 91%

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 34 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
421 Wendover Dr Eagleville, PA	2.0	1.0	903	$1,940	$2.15	5d	1	0.26mi
718 Selma St Norristown, PA	1.0	1.0	1440	$1,500	$1.04	44d	1	0.32mi
449 Hamilton St Norristown, PA	2.0	1.0	582	$1,519	$2.61	1d	5	0.34mi
1 Meadow Ln Jeffersonville, PA	1.0	1.0	950	$1,597	$1.68	3d	1	0.35mi
1 Meadow Ln Jeffersonville, PA	1.0	1.0	775	$1,597	$2.06	4d	1	0.35mi
1 Meadow Ln Jeffersonville, PA	2.0	1.0	975	$1,597	$1.64	44d	1	0.35mi
1 Meadow Ln Jeffersonville, PA	2.0	1.0	975	$1,847	$1.89	11d	1	0.35mi
1115 W Main St Unit 2 Norristown, PA	3.0	1.5	1050	$2,010	$1.91	44d	1	0.38mi
502 Buttonwood St Norristown, PA	3.0	1.0	1330	$2,100	$1.58	24d	1	0.41mi
1029 Northridge Dr Unit 82B Norristown, PA	2.0	1.0	903	$1,950	$2.16	44d	1	0.42mi
1029 W Main St Unit 1R Norristown, PA	1.0	1.0	700	$1,295	$1.85	24d	1	0.44mi
1020 W Main St Unit 3 Norristown, PA	1.0	1.0	800	$1,500	$1.88	4d	1	0.47mi
542 Stanbridge St #1 Norristown, PA	3.0	1.0	1400	$2,200	$1.57	24d	1	0.55mi
822 Stanbridge St Norristown, PA	1.0–2.0	1.0	775	$1,695	$2.19	44d	1	0.63mi
124 Knox St Norristown, PA	3.0	1.0	1170	$2,043	$1.75	18d	1	0.68mi
712 George St Unit 1 Norristown, PA	1.0	1.0	700	$1,500	$2.14	44d	1	0.77mi
206 Chain St Norristown, PA	3.0	1.0	1440	$2,200	$1.53	44d	1	0.84mi
119 Pearl St Unit 1 Norristown, PA	3.0	1.5	1428	$1,750	$1.23	18d	1	0.88mi
119 Pearl St Norristown, PA	3.0	2.0	1428	$1,750	$1.23	18d	1	0.88mi
54 Jefferson Ave West Norriton, PA	2.0	1.0	952	$1,950	$2.05	24d	1	0.95mi
1009 Markley St Unit 1009 1R Norristown, PA	1.0	1.0	750	$1,295	$1.73	44d	1	0.99mi
221 W Main St Unit 7 Norristown, PA	1.0	1.0	740	$1,450	$1.96	24d	1	1.03mi
215 W Lafayette St Unit 1 Norristown, PA	1.0	1.0	800	$1,500	$1.88	44d	1	1.05mi
515 Cherry St Norristown, PA	3.0	3.0	1100	$1,995	$1.81	24d	1	1.11mi
158 Woodstream Dr Unit 158 Norristown, PA	3.0	2.0	1450	$1,975	$1.36	17d	1	1.12mi
801 Laura Ln Norristown, PA	1.0–2.0	1.0	787	$1,695	$2.15	24d	1	1.14mi
309 W Poplar St Norristown, PA	1.0–2.0	1.0	712	$1,745	$2.45	44d	1	1.14mi
18 Westover Club Dr Norristown, PA	3.0	1.0–2.0	911	$1,985	$2.18	1d	19	1.23mi
423 DeKalb St Norristown, PA	2.0	1.0	795	$1,350	$1.70	24d	1	1.31mi
117 Hamlet Dr King of Prussia, PA	3.0	2.5	1440	$3,000	$2.08	1d	1	1.32mi
244 Minor St Norristown, PA	2.0	1.0	1098	$1,700	$1.55	44d	1	1.42mi
250 E Chestnut St Norristown, PA	3.0	1.0	1216	$2,724	$2.24	44d	1	1.44mi
1201 Arch St Unit 2nd Floor Norristown, PA	2.0	1.0	1200	$1,725	$1.44	24d	1	1.49mi
331 W Logan St Norristown, PA	1.0–2.0	1.0	750	$1,545	$2.06	3d	18	1.49mi

HOA detail condo

• Monthly dues: $472 · $5,664/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 5 events

1. 2024-07-30
   status Pending
2. 2024-07-23
   status Active
3. 2024-06-28
   status Pending
4. 2024-05-03
   price $129,000
5. 2024-04-10
   listed $149,000 Active

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

Taxation est. · year 1

• Rental income: $21,879
• − Mortgage interest: −$7,226
• − Property taxes: −$1,935
• − Insurance: −$645
• − Repairs & maintenance: −$1,750
• − Management: −$1,750
• − HOA: −$5,664
• − Depreciation: −$3,753
• Taxable loss: −$844
• Est. tax savings @ 24.0%: +$203
• After-tax cash flow: $1,125/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: Norristown Area SD
• NCES district ID: 4216980
• Math proficiency: 18% ▼ -11.00%
• Reading proficiency: 31% ▼ -14.00%
• Median HH income: $56,024
• Composite: 22.17/100
• National rank: #8166
• State rank: #466 of 539 in PA

Livability — Norristown

• Score: 84/100
• State rank: #100
• US rank: #720

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Montgomery County · 712,331 people
• City population: 87,376
• Metro: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
• Population (ZIP): 44,017
• Household income: $104,071
• Rent vs Own: 26.4% rent · 73.6% own
• Severe rent burden: 1088.0

Population outlook (Montgomery County) Hauer SSP2

• Today (2025): 856,074 people
• By 2030: 870,887 · +1.7%
• By 2040: 891,195 · +4.1%
• By 2050: 896,417 · +4.7%
• By 2075: 903,212 · +5.5%
• By 2100: 843,240 · -1.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (75%)
• Race & ethnicity: White 75% Asian 9% Black 8% Hispanic / Latino 6% Two or more races 4%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2%
• Common ancestry: Romanian 6% Slovak 2% Subsaharan African 1%
• Foreign-born: 13% · Canada, China, South Korea
• Languages at home: 85% English-only · Spanish 4% Other Indo-European 3% Other Asian/Pacific 3%

Political lean MEDSL · Montgomery

• 2024 margin: Strong D (+22.8) · D 60.9% · R 38.1% · Other 1.1%
• 2008→2024 swing: +2.0pp toward D · 2008: 20.8pp · 2024: 22.8pp
• All cycles: 2024: D+22.8 2020: D+26.3 2016: D+21.1 2012: D+14.3 2008: D+20.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -245.63%
• Current HPI: 290.0201
• Rent YoY: ▲ 4.27%
• Metro: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
• 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

-13.4% since first listed

5 events — show timeline

• 2024-07-30 Pending — BRIGHT MLS
• 2024-07-23 Relisted — BRIGHT MLS
• 2024-06-28 Pending — BRIGHT MLS
• 2024-05-03 Price Changed $129,000 BRIGHT MLS
• 2024-04-10 Listed $149,000 BRIGHT MLS