437 N Courtland St

East Stroudsburg, PA 18301

$800,000C+

None bd · None ba · 5,214 sqft · Built 1902 · MultiFamily · Active · 41 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $9,187/mo
• Mortgage (P&I): −$4,195
• Tax + insurance: −$1,333
• HOA: −$0
• Vac / Maint / Mgmt: −$1,929
• Net cashflow: $1,729/mo
• Annual: $20,749/yr
• Cap rate: 8.89%
• Cash-on-cash: 9.26%
• DSCR: 1.41
• 1% rule: 1.15%
• Cash to close: $224,000

Investor read

• This is a 1×3bd/1ba + 2×2bd/1ba + 2×1bd/1ba units multifamily listed at $800k. Condition is rated fair.
• At list price, monthly cash flow is $2k ($21k/yr) — positive. Per door: $346/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($9k rent vs $800k).
• It's been on market 41 days — a 3% lower offer ($776k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $776k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $6k of loan paydown is wiped out by about $24k of value loss. Plan a longer hold.
• Location reads 84/100 on livability (#108 in PA, #833 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+.
• East Stroudsburg Area SD (rural): math 25% / reading 43% proficiency, ranked #413 of 539 in PA (top 77%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1902 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+10.4%/yr); 199 active listings in the ZIP; solid renter incomes; 278 units permitted in Monroe County in 2024 (52 in 5+ unit buildings).
• Monroe County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $224k cash investment doubles in ~8 years — after that, you're playing with house money.
• Cap rate 8.9% vs local median 3.6% in East Stroudsburg — 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.
• At $9,187/mo this rent would consume 122% of the median local household income ($91k/yr) (locally 672% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 41 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1902 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.

Repairs flagged (vision-AI assessment)

• Major: exterior siding — Significant wear and discoloration.
• Major: roof — Visible damage and lack of uniform appearance.
• Major: HVAC units — Old and may need replacement.
• Major: landscaping — Sparse and overgrown vegetation, low curb appeal.