204 10th St

Berwick, PA 18603

$147,100C-

10 bd · 4.0 ba · 3,904 sqft · Built 1900 · MultiFamily · Active · 10 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,559/mo
• Mortgage (P&I): −$771
• Tax + insurance: −$245
• HOA: −$0
• Vac / Maint / Mgmt: −$327
• Net cashflow: $215/mo
• Annual: $2,582/yr
• Cap rate: 8.05%
• Cash-on-cash: 6.27%
• DSCR: 1.28
• 1% rule: 1.06%
• Cash to close: $41,188

Investor read

• This is a 10-bed/4.0-bath multifamily listed at $147k. Condition is rated poor.
• At list price, monthly cash flow is $215 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $147k).
• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 76/100 on livability (#412 in PA, #3,762 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, employment F.
• Berwick Area SD (other): math 32% / reading 57% proficiency, ranked #291 of 539 in PA (top 54%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Salem El Sch (math 57% / reading 67%, grade B, #313 of 1,518 statewide, top 24%, 396 students, 100% FRL); Berwick Area Ms (math 19% / reading 54%, grade F, #307 of 512 statewide, top 61%, 844 students, 100% FRL); Berwick Area Hs (math 57% / reading 70%, grade B-, #69 of 437 statewide, top 16%, 782 students, 100% FRL) — zoned schools average 100% FRL vs 46% district-wide (54 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 86 active listings in the ZIP; 82 units permitted in Columbia County in 2024 (0 in 5+ unit buildings).
• Columbia County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Cap rate 8.0% vs local median 5.4% in Berwick — 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.

Questions for listing agent

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1900 — 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.
• 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.
• 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.

Repairs flagged (vision-AI assessment)

• Major: Boarded-up windows and doors — Structural damage
• Major: Exterior siding — Significant damage