401 Euclid Ave

Glassport, PA 15045

$13,500D+

4 bd · 2.0 ba · 1,964 sqft · Built 1923 · MultiFamily · Active · 356 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,367/mo
• Mortgage (P&I): −$71
• Tax + insurance: −$22
• HOA: −$0
• Vac / Maint / Mgmt: −$287
• Net cashflow: $987/mo
• Annual: $11,843/yr
• Cap rate: 94.02%
• Cash-on-cash: 313.31%
• DSCR: 14.94
• 1% rule: 10.13%
• Cash to close: $3,780

Investor read

• This is a 4-bed/2.0-bath multifamily listed at $14k.
• At list price, monthly cash flow is $987 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $14k).
• It's been on market 356 days — a 12% lower offer ($12k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $12k (12.0% below list) — sets the bar for market timing.
• In year one you build about $117 of equity ($93 loan paydown + $24 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: built in 1923 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 24 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 2,996 units permitted in Allegheny County in 2024 (1,588 in 5+ unit buildings).
• At projected returns (0.2% appreciation + 3.0% rent growth), your $4k cash investment doubles in ~1 year — after that, you're playing with house money.
• Cap rate 94.0% vs local median 8.4% in Glassport — 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

• It's been on market 356 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1923 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.