307 & 311 Walnut St · Meadville, PA 16335

$224,900

8 bd · 9.0 ba · 5,092 sqft · MultiFamily · 305 Days on market

Average condition 7,405 sqft lot $44/sqft · 40% above area Est $161k · 40% over ↓ 24% 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 +25.3/30.0
• DSCR +8.3/10.0
• 1% rule +6.6/10.0
• Livability +4.2/5.0
• Schools +3.3/10.0
• Condition / age +2.8/5.0
• Rent growth +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

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 MLS

Currently occupied by long term established law office 1st floor. 4 apartments on the 2nd floor. Courthouse view on the diamond, directly west of Meadville Library parking lot (Do Not park in library lot). Excellent location to county offices, Etc. This property offers a 3 bedroom unit, 2 bedroom unit, 1 bedroom unit, and a 1 bedroom studio unit! Law office taking up the entire 1st floor (Approximately 2546 Sqft. ). The 2 bedroom apartment was completely gutted and rebuilt after a fire approx. 2008. The 3 bedroom apartment was fully remodeled in 2017. Mill Run borders rear lot. A new metal roof was just installed!

Key facts

• Courthouse view
• New metal roof
• Fully remodeled

Tags

• COURTHOUSE VIEW
• EXCELLENT LOCATION
• NEW METAL ROOF
• COMPLETELY GUTTED AND REBUILT
• FULLY REMODELED

What this means for you Summary

Snapshot

• This is a 2 × 4-bed/?-bath units multifamily listed at $225k. Condition is rated average.

Deal economics

• At list price, monthly cash flow is $510 ($6k/yr) — positive. Per door: $255/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $225k).
• Recommended offer: $198k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.0% vs local median 4.9% in Meadville — 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 85/100 on livability (#72 in PA, #502 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: crime C-, employment F.
• Crawford Central SD (town): math 28% / reading 51% proficiency, ranked #367 of 539 in PA (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 133 active listings in the ZIP; 83 units permitted in Crawford County in 2024 (0 in 5+ unit buildings).
• At $2,613/mo this rent would consume 54% of the median local household income ($58k/yr) (locally 953% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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.
• Crawford County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 305 days — a 12% lower offer ($198k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 2y ago; this cycle's ask has dropped $24k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $197,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 305 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.16% ✓
• Cap rate: 9.01%
• Cash-on-cash: 9.72%
• DSCR: 1.43
• GRM: 7.2

CMA / ARV

• ARV (median comp): $160,893
• List price: $224,900
• Delta: 39.78%
• Verdict: OVERPRICED
• Comps: 6 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -1.6%
• Equity multiple: 0.94×
• Total profit: $-3,920
• Equity at exit: $33,533

10-year hold

• IRR: 8.1%
• Equity multiple: 1.61×
• Total profit: $38,576
• Equity at exit: $19,445

Cash invested: $62,972 (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 16335

• Home prices YoY: -9.0%
• Active inventory: 133
• Price-to-rent: 14.3×

Monthly cashflow live

• Estimated rent: $2,613 medium
• Mortgage (P&I): −$1,179
• Tax est. 1.5%: −$281 /mo · $3,374/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$549
• Net cashflow: $510

Break-even live

Break-even rent $1,967

Max offer price $224,900

Occupancy floor 75%

Sensitivity live

Price	-10% $665	-5% $588	+0% $510	+5% $432	+10% $355
Rent	-10% $304	-5% $407	+0% $510	+5% $613	+10% $716
Rate	-1.0pp $623	-0.5pp $567	base $510	+0.5pp $452	+1.0pp $392

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

Units	Beds	Baths	Est. rent
▸ 2× units	4	—	$2,614
Total (2 units)			$2,613

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: $56,225
• Closing costs: $6,747
• Reserves months: —
• Total cash needed: —

Listing history 27 events

1. 2026-06-19
   days on market $224,900 Active 305 DOM
2. 2026-06-18
   days on market $224,900 Active 304 DOM
3. 2026-06-17
   days on market $224,900 Active 303 DOM
4. 2026-06-16
   days on market $224,900 Active 302 DOM
5. 2026-06-15
   days on market $224,900 Active 301 DOM
6. 2026-06-14
   days on market $224,900 Active 299 DOM
7. 2026-06-12
   days on market $224,900 Active 298 DOM
8. 2026-06-09
   days on market $224,900 Active 295 DOM
9. 2026-06-08
   days on market $224,900 Active 294 DOM
10. 2026-06-07
    days on market $224,900 Active 293 DOM
11. 2026-06-07
    days on market $224,900 Active 292 DOM
12. 2026-06-02
    days on market $224,900 Active 288 DOM
13. 2026-06-01
    days on market $224,900 Active 287 DOM
14. 2026-05-31
    days on market $224,900 Active 286 DOM
15. 2026-05-30
    days on market $224,900 Active 285 DOM
16. 2026-04-22
    status Active 621-char remark

    Show marketing remark (621 chars)

    Currently occupied by long term established law office 1st floor. 4 apartments on the 2nd floor. Courthouse view on the diamond, directly west of Meadville Library parking lot (Do Not park in library lot). Excellent location to county offices, Etc. This property offers a 3 bedroom unit, 2 bedroom unit, 1 bedroom unit, and a 1 bedroom studio unit! Law office taking up the entire 1st floor (Approximately 2546 Sqft. ). The 2 bedroom apartment was completely gutted and rebuilt after a fire approx. 2008. The 3 bedroom apartment was fully remodeled in 2017. Mill Run borders rear lot. A new metal roof was just installed!

17. 2026-03-10
    status Pending 621-char remark

    Show marketing remark (621 chars)

    Currently occupied by long term established law office 1st floor. 4 apartments on the 2nd floor. Courthouse view on the diamond, directly west of Meadville Library parking lot (Do Not park in library lot). Excellent location to county offices, Etc. This property offers a 3 bedroom unit, 2 bedroom unit, 1 bedroom unit, and a 1 bedroom studio unit! Law office taking up the entire 1st floor (Approximately 2546 Sqft. ). The 2 bedroom apartment was completely gutted and rebuilt after a fire approx. 2008. The 3 bedroom apartment was fully remodeled in 2017. Mill Run borders rear lot. A new metal roof was just installed!

18. 2026-01-19
    status Active 621-char remark

    Show marketing remark (621 chars)

    Currently occupied by long term established law office 1st floor. 4 apartments on the 2nd floor. Courthouse view on the diamond, directly west of Meadville Library parking lot (Do Not park in library lot). Excellent location to county offices, Etc. This property offers a 3 bedroom unit, 2 bedroom unit, 1 bedroom unit, and a 1 bedroom studio unit! Law office taking up the entire 1st floor (Approximately 2546 Sqft. ). The 2 bedroom apartment was completely gutted and rebuilt after a fire approx. 2008. The 3 bedroom apartment was fully remodeled in 2017. Mill Run borders rear lot. A new metal roof was just installed!

19. 2025-10-21
    status Pending 621-char remark

    Show marketing remark (621 chars)

    Currently occupied by long term established law office 1st floor. 4 apartments on the 2nd floor. Courthouse view on the diamond, directly west of Meadville Library parking lot (Do Not park in library lot). Excellent location to county offices, Etc. This property offers a 3 bedroom unit, 2 bedroom unit, 1 bedroom unit, and a 1 bedroom studio unit! Law office taking up the entire 1st floor (Approximately 2546 Sqft. ). The 2 bedroom apartment was completely gutted and rebuilt after a fire approx. 2008. The 3 bedroom apartment was fully remodeled in 2017. Mill Run borders rear lot. A new metal roof was just installed!

20. 2025-09-17
    price $224,900 621-char remark

    Show marketing remark (621 chars)

    Currently occupied by long term established law office 1st floor. 4 apartments on the 2nd floor. Courthouse view on the diamond, directly west of Meadville Library parking lot (Do Not park in library lot). Excellent location to county offices, Etc. This property offers a 3 bedroom unit, 2 bedroom unit, 1 bedroom unit, and a 1 bedroom studio unit! Law office taking up the entire 1st floor (Approximately 2546 Sqft. ). The 2 bedroom apartment was completely gutted and rebuilt after a fire approx. 2008. The 3 bedroom apartment was fully remodeled in 2017. Mill Run borders rear lot. A new metal roof was just installed!

21. 2025-09-17
    price $224,900 621-char remark

    Show marketing remark (621 chars)

    Currently occupied by long term established law office 1st floor. 4 apartments on the 2nd floor. Courthouse view on the diamond, directly west of Meadville Library parking lot (Do Not park in library lot). Excellent location to county offices, Etc. This property offers a 3 bedroom unit, 2 bedroom unit, 1 bedroom unit, and a 1 bedroom studio unit! Law office taking up the entire 1st floor (Approximately 2546 Sqft. ). The 2 bedroom apartment was completely gutted and rebuilt after a fire approx. 2008. The 3 bedroom apartment was fully remodeled in 2017. Mill Run borders rear lot. A new metal roof was just installed!

22. 2025-04-08
    listed $249,000 Active 621-char remark

    Show marketing remark (621 chars)

    Currently occupied by long term established law office 1st floor. 4 apartments on the 2nd floor. Courthouse view on the diamond, directly west of Meadville Library parking lot (Do Not park in library lot). Excellent location to county offices, Etc. This property offers a 3 bedroom unit, 2 bedroom unit, 1 bedroom unit, and a 1 bedroom studio unit! Law office taking up the entire 1st floor (Approximately 2546 Sqft. ). The 2 bedroom apartment was completely gutted and rebuilt after a fire approx. 2008. The 3 bedroom apartment was fully remodeled in 2017. Mill Run borders rear lot. A new metal roof was just installed!

23. 2025-04-08
    listed $249,000 Active 621-char remark

    Show marketing remark (621 chars)

    Currently occupied by long term established law office 1st floor. 4 apartments on the 2nd floor. Courthouse view on the diamond, directly west of Meadville Library parking lot (Do Not park in library lot). Excellent location to county offices, Etc. This property offers a 3 bedroom unit, 2 bedroom unit, 1 bedroom unit, and a 1 bedroom studio unit! Law office taking up the entire 1st floor (Approximately 2546 Sqft. ). The 2 bedroom apartment was completely gutted and rebuilt after a fire approx. 2008. The 3 bedroom apartment was fully remodeled in 2017. Mill Run borders rear lot. A new metal roof was just installed!

24. 2024-09-18
    price $249,000
25. 2024-09-18
    price $249,000
26. 2024-01-16
    listed $295,000 Active
27. 2024-01-16
    listed $295,000 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: $31,356
• − Mortgage interest: −$12,598
• − Property taxes: −$3,374
• − Insurance: −$1,124
• − Repairs & maintenance: −$2,508
• − Management: −$2,508
• − Depreciation: −$6,543
• Taxable income: $2,701
• Est. tax owed @ 24.0%: −$648
• After-tax cash flow: $5,472/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.

Condition & rehab AI · 12 photos

Average 55/100 Moderate rehab

A multi-family property with moderate rehab needs, offering a good starting point for investors looking to improve and increase value.

Repairs flagged

• Moderate Kitchen cabinets — Worn condition
• Minor Bathroom fixtures — Functional but dated

Value-add opportunities

• Both Paint exterior siding — Enhances curb appeal and value
• Both Replace carpet — Improves living space and rental appeal
• Both Replace kitchen cabinets — Modernizes kitchen and increases resale value

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen cabinets · Worn condition	Moderate	$3,000–15,000
Bathroom fixtures · Functional but dated	Minor	$500–3,000
Total estimated repair cost · 2 items		$3,500–18,000

Value-add ROI direction

• Both Paint exterior siding — Enhances curb appeal and value ↑
• Both Replace carpet — Improves living space and rental appeal ↑
• Both Replace kitchen cabinets — Modernizes kitchen and increases resale value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Crawford Central SD
• NCES district ID: 4207080
• Math proficiency: 28% ▼ -11.00%
• Reading proficiency: 51% ▼ -9.00%
• Median HH income: $41,837
• Composite: 33.21/100
• National rank: #5530
• State rank: #367 of 539 in PA

Livability — Meadville

• Score: 85/100
• State rank: #72
• US rank: #502

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Meadville, PA
• County: Crawford County · 27,175 people
• City population: 27,175
• Metro: Meadville, PA
• Population (ZIP): 27,175
• Household income: $57,591
• Rent vs Own: 37.1% rent · 62.9% own
• Severe rent burden: 953.0

Population outlook (Crawford County) Hauer SSP2

• Today (2025): 81,399 people
• By 2030: 77,977 · -4.2%
• By 2040: 70,659 · -13.2%
• By 2050: 63,841 · -21.6%
• By 2075: 50,198 · -38.3%
• By 2100: 37,898 · -53.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 4% Black 3% Hispanic / Latino 1%
• Common ancestry: Romanian 3% Lithuanian 2% Serbian 2%
• Foreign-born: 2% · Canada, China
• Languages at home: 97% English-only · Spanish 1%

Political lean MEDSL · Crawford

• 2024 margin: Solid R (+39.2) · D 30.0% · R 69.2%
• 2008→2024 swing: -28.8pp toward R · 2008: -10.4pp · 2024: -39.2pp
• All cycles: 2024: R+39.2 2020: R+37.2 2016: R+38.5 2012: R+19.6 2008: R+10.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -26.80%
• Current HPI: 272.4095
• Rent YoY: —
• Metro: Meadville, PA
• 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

-23.8% since first listed

12 events — show timeline

• 2026-04-22 Relisted — GEBOR
• 2026-03-10 Pending — GEBOR
• 2026-01-19 Relisted — GEBOR
• 2025-10-21 Pending — GEBOR
• 2025-09-17 Price Changed $224,900 GEBOR
• 2025-09-17 Price Changed $224,900 AVBREALTORS
• 2025-04-08 Listed $249,000 GEBOR
• 2025-04-08 Listed $249,000 AVBREALTORS
• 2024-09-18 Price Changed $249,000 AVBREALTORS
• 2024-09-18 Price Changed $249,000 GEBOR
• 2024-01-16 Listed $295,000 GEBOR
• 2024-01-16 Listed $295,000 AVBREALTORS