623 Fallowfield Ave · Charleroi, PA 15022

$50,000

4 bd · 2.5 ba · — sqft · MultiFamily · 105 Days on market

Built 1918 Fair condition 2,221 sqft lot Est $58k · 14% under ↓ 38% since listing

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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
• ARV discount +13.8/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +4.1/10.0
• Livability +3.8/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Store front property with two upper level apartments. Situated on a highly visible main street on the bus line, the building offers two off-street parking spaces in the rear, and is adjacent to a large side public parking lot. Commercial unit is a "blank slate" and would be well-suited for a variety of purposes, whether office or retail. New Anderson windows throughout. Well built brick building with tons of potential.

Key facts

• New anderson windows
• Brick building
• 2,221 sq ft lot

Tags

• TWO UPPER LEVEL APARTMENTS
• OFF-STREET PARKING SPACES
• NEW ANDERSON WINDOWS
• BRICK BUILDING

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath multifamily listed at $50k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $50k).
• Recommended offer: $46k (9.0% below list) — sets the bar for market timing.
• Cap rate 33.4% vs local median 14.8% in Charleroi — 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 76/100 on livability (#382 in PA, #3,416 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: schools D+, employment F.
• Charleroi SD (rural): math 20% / reading 51% proficiency, ranked #421 of 539 in PA (top 78%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 87 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); 489 units permitted in Washington County in 2024 (30 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-1.8%/yr); year-one equity from $346 of loan paydown is wiped out by about $915 of value loss. Plan a longer hold.
• Washington County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-1.8% appreciation + 3.0% rent growth), your $14k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 105 days — a 9% lower offer ($46k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1918 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk; extreme-heat days projected 8→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $45,500 (9.0% below list)

Questions for the listing agent

1. It's been on market 105 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1918 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 3.73% ✓
• Cap rate: 33.38%
• Cash-on-cash: 96.74%
• DSCR: 5.30
• GRM: 2.2

CMA / ARV

• ARV (median comp): $58,075
• List price: $50,000
• Delta: -13.90%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
409 5th St	0.17mi	4/2.0	—	8mo	$55,000	—	71
404 5th St	0.15mi	4/2.0	—	11mo	$18,500	—	69
206 Lookout Ave	0.40mi	5/3.0 (+1)	—	2mo	$35,000	—	60
503 Meadow Ave	0.25mi	4/2.0	—	18mo	$48,000	—	58
15-16 3rd St	0.37mi	4/2.0	—	18mo	$96,000	—	53
209 Luella Ave	0.41mi	4/2.0	—	21mo	$27,600	—	49
429 Mckean Ave	0.18mi	5/6.0 (+1)	—	15mo	$199,900	—	47
219 Meadow Ave	0.41mi	5/3.0 (+1)	—	24mo	$75,000	—	42

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-1.83% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 92.4%
• Equity multiple: 5.44×
• Total profit: $62,110
• Equity at exit: $10,109

10-year hold

• IRR: 94.7%
• Equity multiple: 11.27×
• Total profit: $143,718
• Equity at exit: $9,023

Cash invested: $14,000 (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 15022

• Home prices YoY: -1.0%
• Active inventory: 87
• Price-to-rent: 4.5×

Monthly cashflow live

• Estimated rent: $1,866 high
• Mortgage (P&I): −$262
• Tax est. 1.5%: −$62 /mo · $750/yr
• Insurance: −$21
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$392
• Net cashflow: $1,062

Break-even live

Break-even rent $522

Max offer price $50,000

Occupancy floor 38%

Sensitivity live

Price	-10% $1,097	-5% $1,079	+0% $1,062	+5% $1,045	+10% $1,028
Rent	-10% $915	-5% $988	+0% $1,062	+5% $1,136	+10% $1,210
Rate	-1.0pp $1,087	-0.5pp $1,075	base $1,062	+0.5pp $1,049	+1.0pp $1,036

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$1,866
Total (2 units)			$1,866

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: $12,500
• Closing costs: $1,500
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1022 McKean Ave Charleroi, PA	3.0	3.0	1344	$1,450	$1.08	3d	1	0.36mi
1204 Lower Meadow Ave Charleroi, PA	3.0	1.0	1024	$1,150	$1.12	3d	1	0.49mi
1221 Graham Ave Monessen, PA	3.0	1.0	960	$1,300	$1.35	3d	1	0.67mi
1136 Reservoir Ave Monessen, PA	3.0	2.0	1550	$650	$0.42	3d	1	1.19mi

Listing history 6 events

1. 2026-06-02
   statusdays on market $50,000 Pending 105 DOM
2. 2026-06-01
   days on market $50,000 Active 104 DOM
3. 2026-05-31
   days on market $50,000 Active 103 DOM
4. 2026-05-12
   price $50,000 432-char remark

   Show marketing remark (432 chars)

   Store front property with two upper level apartments. Situated on a highly visible main street on the bus line, the building offers two off-street parking spaces in the rear, and is adjacent to a large side public parking lot. Commercial unit is a "blank slate" and would be well-suited for a variety of purposes, whether office or retail. New Anderson windows throughout. Well built brick building with tons of potential.

5. 2026-04-09
   price $70,000 432-char remark

   Show marketing remark (432 chars)

   Store front property with two upper level apartments. Situated on a highly visible main street on the bus line, the building offers two off-street parking spaces in the rear, and is adjacent to a large side public parking lot. Commercial unit is a "blank slate" and would be well-suited for a variety of purposes, whether office or retail. New Anderson windows throughout. Well built brick building with tons of potential.

6. 2026-02-17
   listed $80,000 Active 432-char remark

   Show marketing remark (432 chars)

   Store front property with two upper level apartments. Situated on a highly visible main street on the bus line, the building offers two off-street parking spaces in the rear, and is adjacent to a large side public parking lot. Commercial unit is a "blank slate" and would be well-suited for a variety of purposes, whether office or retail. New Anderson windows throughout. Well built brick building with tons of potential.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 8 d/yr ≥97°F today · 21 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,392
• − Mortgage interest: −$2,801
• − Property taxes: −$750
• − Insurance: −$1,048
• − Repairs & maintenance: −$1,791
• − Management: −$1,791
• − Depreciation: −$1,455
• Taxable income: $12,756
• Est. tax owed @ 24.0%: −$3,062
• After-tax cash flow: $9,684/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

Fair 45/100 Moderate rehab

This property requires significant repairs and updates to improve its condition and increase its value. The roof and exterior walls are in poor condition, and the interior needs a paint job and updates. The kitchen and bathrooms also need modernization. With proper renovations, this property has the potential to become a move-in-ready investment.

Repairs flagged

• Major roof — Visible damage and potential leaks
• Major exterior walls — Weathered brick, peeling paint
• Major flooring — Worn and uneven
• Major interior walls/paint — Paint peeling and uneven
• Major bathrooms — Needs updating, with dated fixtures
• Major kitchen — Needs updating, with dated fixtures
• Major HVAC/mechanicals — Not visible, but likely outdated

Value-add opportunities

• Both roof replacement — Critical to prevent water damage and improve overall appearance
• Both exterior paint job — Enhances curb appeal and property value
• Both flooring replacement — Improves functionality and aesthetics
• Both interior paint job — Enhances functionality and aesthetics
• Both bathroom updates — Modernizes and improves functionality
• Both kitchen updates — Modernizes and improves functionality
• Both HVAC upgrade — Improves comfort and energy efficiency

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · Visible damage and potential leaks	Major	$15,000–50,000
exterior walls · Weathered brick, peeling paint	Major	$15,000–50,000
flooring · Worn and uneven	Major	$15,000–50,000
interior walls/paint · Paint peeling and uneven	Major	$15,000–50,000
bathrooms · Needs updating, with dated fixtures	Major	$15,000–50,000
kitchen · Needs updating, with dated fixtures	Major	$15,000–50,000
HVAC/mechanicals · Not visible, but likely outdated	Major	$15,000–50,000
Total estimated repair cost · 7 items		$105,000–350,000

Value-add ROI direction

• Both roof replacement — Critical to prevent water damage and improve overall appearance ↑
• Both exterior paint job — Enhances curb appeal and property value ↑
• Both flooring replacement — Improves functionality and aesthetics ↑
• Both interior paint job — Enhances functionality and aesthetics ↑
• Both bathroom updates — Modernizes and improves functionality ↑
• Both kitchen updates — Modernizes and improves functionality ↑
• Both HVAC upgrade — Improves comfort and energy efficiency ↑

ⓘ 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: Charleroi SD
• NCES district ID: 4205640
• Math proficiency: 20% ▼ -19.00%
• Reading proficiency: 51% ▼ -11.00%
• Median HH income: $40,410
• Composite: 29.72/100
• National rank: #6450
• State rank: #421 of 539 in PA

Livability — Charleroi

• Score: 76/100
• State rank: #382
• US rank: #3416

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Charleroi, PA
• Population (ZIP): 10,044

Population outlook (Washington County) Hauer SSP2

• Today (2025): 208,060 people
• By 2030: 207,168 · -0.4%
• By 2040: 202,738 · -2.6%
• By 2050: 195,269 · -6.1%
• By 2075: 175,588 · -15.6%
• By 2100: 145,827 · -29.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Two or more races 6% Black 6%
• Common ancestry: Romanian 8% Lithuanian 3% Scotch-Irish 2%
• Foreign-born: 2% · Canada
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Washington

• 2024 margin: Strong R (+25.5) · D 36.9% · R 62.4%
• 2008→2024 swing: -20.8pp toward R · 2008: -4.7pp · 2024: -25.5pp
• All cycles: 2024: R+25.5 2020: R+22.8 2016: R+25.3 2012: R+13.3 2008: R+4.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -1.83%
• Current HPI: 174.218
• 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

-37.5% since first listed

3 events — show timeline

• 2026-05-12 Price Changed $50,000 West Penn MLS
• 2026-04-09 Price Changed $70,000 West Penn MLS
• 2026-02-17 Listed $80,000 West Penn MLS