508 Riegel St · Bethlehem, PA 18018

$219,900

2 bd · 1.0 ba · 1,080 sqft · SingleFamily public records · 25 Days on market

Built 1920 1,375 sqft lot Est $259k · 15% under

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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 +15.5/30.0
• ARV discount +14.3/15.0
• DSCR +4.8/10.0
• Livability +4.1/5.0
• Schools +3.5/10.0
• 1% rule +3.4/10.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Located just a short walk from Main St and everything that Downtown Bethlehem has to offer, this updated home offers more space and flexibility than it appears from the outside. Featuring 3 bedrooms, 1 bathroom, and 1,080 sq ft, this property is a great fit for anyone looking for a move-in ready home in a prime location. Step inside to an open-concept living and dining area with brand new LVP flooring that flows into the updated kitchen, featuring brand new white shaker cabinets and granite countertops. The first-floor full bathroom has also been renovated with a new vanity and shower. Off the kitchen is a laundry room leading to the spacious first-floor bedroom, complete with a vaulted cei

Key facts

• 1,375 sq ft lot
• Built 1920
• Listed 25 days

Property features AI

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer
• Home design: 2-story; Above-grade finished area 1,080
• Construction: Vinyl siding; Wood siding; Asphalt, fiberglass, and rubber roofing
• Exterior features: Public water; Public sewer

Interior

• Kitchen: Electric cooktop; Electric oven; Refrigerator
• Flooring: Carpet; Luxury vinyl; Luxury vinyl plank
• Bathrooms: 1 full bathroom
• Heating & cooling: Electric baseboard heating
• Interior features: Dining area; Separate/formal dining room; Eat-in kitchen
• Laundry & utility: Washer hookup; Dryer hookup; Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $220k.

Deal economics

• At list price, monthly cash flow is $88 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $185k (16.1% below list).
• Recommended offer: $185k (16.1% below list) — sets the bar for 1% rule.
• Cap rate 6.8% vs local median 4.3% in Bethlehem — 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 82/100 on livability (#138 in PA, #1,122 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, cost of living A+, housing A+; Watch: commute F.
• Bethlehem Area SD (urban): math 31% / reading 49% proficiency, ranked #342 of 539 in PA (top 64%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: James Buchanan El Sch (math 24% / reading 54%, grade F, #947 of 1,518 statewide, top 65%, 263 students, 61% FRL); Nitschmann Ms (math 20% / reading 44%, grade F, #362 of 512 statewide, top 71%, 781 students, 48% FRL); Liberty Hs (math 36% / reading 10%, grade F, #382 of 437 statewide, top 87%, 2,640 students, 50% FRL).
• Market conditions: Rents flat; 105 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 16d 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k 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.

Negotiation context

• It's been on market 25 days — a 2% lower offer ($217k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $145k; list at $220k implies a 52% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $184,538 (16.1% below list)

Questions for the listing agent

1. Built in 1920 — 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 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?
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: 0.84% ✗
• Cap rate: 6.77%
• Cash-on-cash: 1.71%
• DSCR: 1.08
• GRM: 9.9

CMA / ARV

• ARV (on-the-fly): $259,200
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
318 W Garrison St	0.25mi	3/1.5 (+1)	1,088 (+1%)	8mo	$209,900	$193	73
345 Liberty St	0.27mi	2/1.0	1,220 (+13%)	8mo	$290,000	$238	60
320 8th Ave	0.43mi	2/1.0	988 (-8%)	8mo	$330,000	$334	59
820-WALTON ST Walton St	0.50mi	2/1.5	1,174 (+9%)	5mo	$255,000	$217	56
712 Prospect Ave	0.30mi	2/2.0	984 (-9%)	23mo	$355,000	$361	48
913 Masslich St	0.51mi	2/1.0	920 (-15%)	8mo	$161,000	$175	45
241 8Th Ave	0.51mi	2/1.5	960 (-11%)	20mo	$250,000	$260	39
539 Brighton St	0.58mi	3/2.0 (+1)	1,228 (+14%)	12mo	$295,000	$240	31

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 · 0.85% rent growth · sell at horizon

5-year hold

• IRR: -15.8%
• Equity multiple: 0.45×
• Total profit: $-34,029
• Equity at exit: $32,788

10-year hold

• IRR: -11.3%
• Equity multiple: 0.38×
• Total profit: $-38,071
• Equity at exit: $19,013

Cash invested: $61,572 (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 18018

• Rents YoY: 0.8%
• Active inventory: 105
• Price-to-rent: 9.9×

Monthly cashflow live

• Estimated rent: $1,845 high
• Mortgage (P&I): −$1,153
• Tax from tax record: −$125 /mo · $1,506/yr
• Insurance: −$92
• HOA: −$0
• Vacancy / Maint / Mgmt: −$388
• Net cashflow: $88

Break-even live

Break-even rent $1,735

Max offer price $219,900

Occupancy floor 90%

Sensitivity live

Price	-10% $212	-5% $150	+0% $88	+5% $25	+10% $-37
Rent	-10% $-58	-5% $15	+0% $88	+5% $160	+10% $233
Rate	-1.0pp $198	-0.5pp $143	base $88	+0.5pp $31	+1.0pp $-27

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: $54,975
• Closing costs: $6,597
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
540 2nd Ave Unit 4 Bethlehem, PA	2.0	1.0	800	$1,550	$1.94	16d	1	0.07mi
320 2nd Ave Bethlehem, PA	3.0	1.0	1024	$1,950	$1.90	4d	1	0.18mi
511 Prospect Ave Unit 7 Bethlehem, PA	2.0	2.0	800	$1,995	$2.49	4d	1	0.18mi
517 Schaffer St Bethlehem, PA	2.0	1.0	1200	$1,900	$1.58	4d	1	0.19mi
606 W Broad St Unit F Bethlehem, PA	1.0	1.0	752	$1,400	$1.86	45d	1	0.26mi
124 W Union Blvd Unit 103 Bethlehem, PA	1.0	1.0	800	$1,500	$1.88	4d	1	0.37mi
124 W Union Blvd Unit 214 Bethlehem, PA	2.0	2.0	1000	$2,120	$2.12	25d	1	0.37mi
801 W Broad St Unit 3 Bethlehem, PA	1.0	1.0	700	$1,699	$2.43	16d	1	0.38mi
810 Monocacy St Unit 102 Bethlehem, PA	1.0	1.0	810	$1,950	$2.41	45d	1	0.38mi
56 W North St Bethlehem, PA	2.0	2.0	1486	$2,400	$1.62	16d	1	0.39mi
565 W Lehigh St Bethlehem, PA	1.0–2.0	1.0–2.0	875	$1,950	$2.23	45d	1	0.39mi
30 W Broad St Bethlehem, PA	1.0–2.0	1.0–2.0	660	$2,620	$3.97	4d	20	0.40mi
30 W Broad St Bethlehem, PA	1.0–2.0	1.0–2.0	648	$2,490	$3.84	16d	14	0.40mi
50 W Garrison St Unit 1 Bethlehem, PA	2.0	1.0	900	$1,395	$1.55	4d	1	0.43mi
47 W Goepp St Bethlehem, PA	3.0	1.5	1184	$1,995	$1.68	4d	1	0.51mi
30 E Market St Bethlehem, PA	2.0	1.0	800	$1,650	$2.06	25d	1	0.51mi
30 E Market St Apt 1 Bethlehem, PA	2.0	1.0	1200	$1,950	$1.62	45d	1	0.51mi
62 E Garrison St Bethlehem, PA	2.0	2.0	800	$1,450	$1.81	45d	1	0.61mi
11 W 2nd St Bethlehem, PA	2.0	2.0	1620	$2,550	$1.57	25d	4	0.64mi
228 W 3rd St Bethlehem, PA	2.0	1.0	750	$1,595	$2.13	45d	1	0.68mi
69 E Goepp St Bethlehem, PA	3.0	1.0	1100	$2,150	$1.95	4d	1	0.70mi
414 Cherokee St Unit 414 2nd Fl Bethlehem, PA	2.0	1.0	800	$1,800	$2.25	16d	1	0.72mi
530 High St Unit 32 Bethlehem, PA	2.0	1.0	800	$1,595	$1.99	16d	1	0.74mi
122 E Goepp St Unit 1 Bethlehem, PA	3.0	1.0	1137	$1,895	$1.67	4d	1	0.75mi
1136 N New St Bethlehem, PA	3.0	1.0	1296	$2,300	$1.77	4d	1	0.78mi
417 Wyandotte St Unit 2 Bethlehem, PA	1.0	1.0	700	$1,500	$2.14	16d	1	0.79mi
517 Seneca St Unit 3 Bethlehem, PA	2.0	1.0	750	$1,600	$2.13	45d	1	0.80mi
517 Seneca St Unit 1 Bethlehem, PA	2.0	1.5	1500	$2,200	$1.47	45d	1	0.80mi
210 E Goepp St Bethlehem, PA	1.0	1.0	870	$1,600	$1.84	4d	1	0.82mi
229 E Union Blvd Unit 2nd Floor Bethlehem, PA	2.0	1.0	982	$1,595	$1.62	4d	1	0.84mi
229 E Union Blvd Unit 1st Floor Bethlehem, PA	2.0	1.0	1000	$1,675	$1.68	4d	1	0.84mi
540 Seneca St Apt 2 Bethlehem, PA	2.0	1.0	950	$1,520	$1.60	4d	1	0.86mi
311 E 3rd St Bethlehem, PA	2.0	2.0	1189	$2,330	$1.96	4d	3	0.90mi
708 Linden St Unit 2 Bethlehem, PA	2.0	1.0	800	$1,500	$1.88	16d	1	0.90mi
708 Cherokee St Bethlehem, PA	3.0	1.5	1200	$2,500	$2.08	45d	1	0.90mi
1320 Chelsea Ave Bethlehem, PA	3.0	2.0	1373	$2,349	$1.71	16d	1	0.90mi
1320 Chelsea Ave Bethlehem, PA	3.0	2.0	1373	$2,395	$1.74	4d	1	0.90mi
55 E Elizabeth Ave Unit 1 Bethlehem, PA	2.0	2.0	1184	$2,250	$1.90	46d	1	0.90mi
521 Hess St Bethlehem, PA	3.0	1.0	1120	$1,500	$1.34	23d	1	0.91mi
746 Linden St Unit 2 Bethlehem, PA	3.0	1.0	1008	$1,975	$1.96	45d	1	0.92mi

Listing history 17 events

1. 2026-06-22
   days on market $219,900 Active 25 DOM
2. 2026-06-18
   days on market $219,900 Active 22 DOM
3. 2026-06-17
   days on market $219,900 Active 21 DOM
4. 2026-06-16
   days on market $219,900 Active 20 DOM
5. 2026-06-15
   days on market $219,900 Active 19 DOM
6. 2026-06-14
   days on market $219,900 Active 17 DOM
7. 2026-06-10
   days on market $219,900 Active 14 DOM
8. 2026-06-09
   days on market $219,900 Active 13 DOM
9. 2026-06-08
   days on market $219,900 Active 12 DOM
10. 2026-06-07
    days on market $219,900 Active 11 DOM
11. 2026-06-03
    days on market $219,900 Active 7 DOM
12. 2026-06-02
    days on market $219,900 Active 6 DOM
13. 2026-06-01
    days on market $219,900 Active 5 DOM
14. 2026-05-31
    days on market $219,900 Active 4 DOM
15. 2026-05-31
    days on market $219,900 Active 3 DOM
16. 2026-05-27
    listed $219,900 Active
17. 2026-04-23
    soldstatus $145,000

ⓘ 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: $1,506 · $125/mo
• Projected year-2 tax: $2,490 · $208/mo
• Expected delta: +$984/yr (+$82/mo · 65.4%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥99°F today · 16 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 19% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 3 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,145
• − Mortgage interest: −$12,318
• − Property taxes: −$1,506
• − Insurance: −$1,100
• − Repairs & maintenance: −$1,772
• − Management: −$1,772
• − Depreciation: −$6,397
• Taxable loss: −$2,719
• Est. tax savings @ 24.0%: +$653
• After-tax cash flow: $1,703/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: Bethlehem Area SD
• NCES district ID: 4203570
• Math proficiency: 31% ▼ -2.00%
• Reading proficiency: 49% ▼ -6.00%
• Median HH income: $55,124
• Composite: 34.92/100
• National rank: #5068
• State rank: #342 of 539 in PA

Livability — Bethlehem

• Score: 82/100
• State rank: #138
• US rank: #1122

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bethlehem, PA
• County: Lehigh County · 333,019 people
• City population: 129,661
• Metro: Allentown-Bethlehem-Easton, PA-NJ
• Population (ZIP): 32,965
• Household income: $75,417
• Rent vs Own: 46.8% rent · 53.2% own
• Severe rent burden: 1361.0

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: Majority White (65%)
• Race & ethnicity: White 65% Hispanic / Latino 24% Two or more races 10% Black 6% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 14% Dominican 3%
• Common ancestry: Romanian 4% Italian 2% Polish 2%
• Foreign-born: 9% · Canada, Jamaica, China
• Languages at home: 81% English-only · Spanish 15% Other Indo-European 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: ▼ -211.46%
• Current HPI: 301.1699
• Rent YoY: ▲ 0.85%
• 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

+51.7% since first listed

2 events — show timeline

• 2026-05-27 Listed $219,900 GLVRMLS
• 2026-04-23 Sold (Public Records) $145,000 Public Records

Property tax history

+1.6%/yr

Latest (2026): $1,506 · +2.4% YoY. Source: county tax records.