1106 Court St · Honesdale, PA 18431

$225,000

4 bd · 2.0 ba · 1,784 sqft · MultiFamily public records · 24 Days on market

Built 1864 2,614 sqft lot Est $216k · at est.

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Why this score? — see what drove the B+ 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• ARV discount +5.6/15.0
• Schools +4.7/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 2 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

HONESDALE - TWO FAMILY - Invest in your future! Downstairs apartment is vacant so you could purchase and move right in. .. Or, get a 2nd tenant and take control of your financial future! Upstairs is a 2 bedroom apartment and the first floor is a 1 bedroom. Also includes ownership of a shared garage (1 bay). Make arrangements to see this one! By appointment only.

Key facts

• 2,614 sq ft lot
• Garage
• Built 1864

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $225k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $645/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $225k).
• Recommended offer: $222k (1.5% below list) — sets the bar for market timing.
• Cap rate 13.2% vs local median 5.1% in Honesdale — 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 64/100 on livability (#1,220 in PA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A, crime A-; Watch: amenities F, commute F, employment F.
• Wayne Highlands SD (town): math 48% / reading 64% proficiency, ranked #115 of 539 in PA (top 21%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 66 active listings in the ZIP; 177 units permitted in Wayne County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $24k of equity ($2k loan paydown + $22k appreciation (10.0% local appreciation)).
• Wayne County population projected at -17% 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 $63k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$39k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 24 days — a 2% lower offer ($222k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $44k; list at $225k implies a 411% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1864 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $221,625 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1864 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.60% ✓
• Cap rate: 13.18%
• Cash-on-cash: 24.58%
• DSCR: 2.09
• GRM: 5.2

CMA / ARV

• ARV (on-the-fly): $215,864
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1414 Westside Ave	0.38mi	5/2.0 (+1)	1,776 (-0%)	18mo	$195,000	$110	62
259 Terrace St	0.71mi	4/2.0	1,784 (0%)	13mo	$215,935	$121	56
247 B Terrace St	0.68mi	4/2.0	1,584 (-11%)	12mo	$205,000	$129	40

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: 42.8%
• Equity multiple: 4.25×
• Total profit: $204,795
• Equity at exit: $202,698

10-year hold

• IRR: 37.0%
• Equity multiple: 9.55×
• Total profit: $538,552
• Equity at exit: $437,126

Cash invested: $63,000 (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 18431

• Home prices YoY: 10.6%
• Active inventory: 66
• Price-to-rent: 10.4×

Monthly cashflow live

• Estimated rent: $3,600 medium
• Mortgage (P&I): −$1,180
• Tax from tax record: −$280 /mo · $3,356/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$756
• Net cashflow: $1,291

Break-even live

Break-even rent $1,966

Max offer price $225,000

Occupancy floor 59%

Sensitivity live

Price	-10% $1,418	-5% $1,354	+0% $1,291	+5% $1,227	+10% $1,163
Rent	-10% $1,006	-5% $1,148	+0% $1,291	+5% $1,433	+10% $1,575
Rate	-1.0pp $1,404	-0.5pp $1,348	base $1,291	+0.5pp $1,232	+1.0pp $1,173

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$3,600
Total (2 units)			$3,600

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-03-24
   status Pending
2. 2026-02-26
   listed $225,000 Active
3. 1986-05-22
   soldstatus $44,000

ⓘ 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: $3,356 · $280/mo
• Projected year-2 tax: $3,456 · $288/mo
• Expected delta: +$99/yr (+$8/mo · 3.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $43,200
• − Mortgage interest: −$12,603
• − Property taxes: −$3,356
• − Insurance: −$1,125
• − Repairs & maintenance: −$3,456
• − Management: −$3,456
• − Depreciation: −$6,545
• Taxable income: $12,658
• Est. tax owed @ 24.0%: −$3,038
• After-tax cash flow: $12,450/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: Wayne Highlands SD
• NCES district ID: 4224970
• Math proficiency: 48% ▼ -12.00%
• Reading proficiency: 64% ▼ -10.00%
• Median HH income: $46,476
• Composite: 47.36/100
• National rank: #2292
• State rank: #115 of 539 in PA

Livability — Honesdale

• Score: 64/100
• State rank: #1220
• US rank: #14488

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Honesdale, PA
• Population (ZIP): 12,576

Population outlook (Wayne County) Hauer SSP2

• Today (2025): 47,924 people
• By 2030: 46,191 · -3.6%
• By 2040: 42,815 · -10.7%
• By 2050: 39,873 · -16.8%
• By 2075: 34,556 · -27.9%
• By 2100: 28,358 · -40.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 4% Hispanic / Latino 3%
• Common ancestry: Romanian 7% Lithuanian 2% Subsaharan African 2%
• Foreign-born: 3%
• Languages at home: 97% English-only · Spanish 1%

Political lean MEDSL · Wayne

• 2024 margin: Solid R (+37.1) · D 31.1% · R 68.2%
• 2008→2024 swing: -24.8pp toward R · 2008: -12.3pp · 2024: -37.1pp
• All cycles: 2024: R+37.1 2020: R+33.6 2016: R+39.7 2012: R+20.9 2008: R+12.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 30.12%
• Current HPI: 313.5221
• 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

+411.4% since first listed

3 events — show timeline

• 2026-03-24 Pending — PWMLS
• 2026-02-26 Listed $225,000 PWMLS
• 1986-05-22 Sold (Public Records) $44,000 Public Records

Property tax history

+2.0%/yr

Latest (2026): $3,356 · +1.9% YoY. Source: county tax records.