607-609 1/2 Allegheny Ave

Glassport, PA 15045

$369,000C+

8 bd · 4.0 ba · — sqft · Built 1916 · MultiFamily · Active · 223 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,004/mo
• Mortgage (P&I): −$1,935
• Tax + insurance: −$671
• HOA: −$0
• Vac / Maint / Mgmt: −$841
• Net cashflow: $558/mo
• Annual: $6,691/yr
• Cap rate: 8.29%
• Cash-on-cash: 7.12%
• DSCR: 1.32
• 1% rule: 1.09%
• Cash to close: $103,320

Investor read

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $369k. Condition is rated good.
• At list price, monthly cash flow is $558 ($7k/yr) — positive. Per door: $139/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $369k).
• It's been on market 223 days — a 12% lower offer ($325k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $325k (12.0% below list) — sets the bar for market timing.
• In year one you build about $3k of equity ($3k loan paydown + $658 appreciation (0.2% local appreciation)).
• Location reads 71/100 on livability (#716 in PA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, commute A-; Watch: crime C-, employment D+, schools D-.
• South Allegheny SD (suburban): math 23% / reading 44% proficiency, ranked #430 of 539 in PA (top 80%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: flood insurance adds $56/mo; built in 1916 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 24 active listings in the ZIP; 2,996 units permitted in Allegheny County in 2024 (1,588 in 5+ unit buildings).
• 2 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.
• At projected returns (0.2% appreciation + 3.0% rent growth), your $103k cash investment doubles in ~8 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 223 days. Have you received any prior offers? Is the seller open to a 12% 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?
• Built in 1916 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?