1802 Main St · Sharpsburg, PA 15215

$90,000

None bd · None ba · — sqft · MultiFamily · 362 Days on market

Built 1900 Poor condition 1,698 sqft lot ↓ 14% 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +6.9/10.0
• Livability +4.0/5.0
• Rent growth +3.8/5.0
• Condition / age +1.0/5.0
• Appreciation +0.0/10.0

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

Empty shell of brick building completely gutted and ready for rehab.

Key facts

• Ready for rehab
• Completely gutted
• Brick building

Tags

• BRICK BUILDING
• COMPLETELY GUTTED
• READY FOR REHAB

What this means for you Summary

Snapshot

• This is a multifamily listed at $90k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $486 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $90k).
• Recommended offer: $79k (12.0% below list) — sets the bar for market timing.
• Cap rate 12.8% vs local median 9.5% in Sharpsburg — 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 79/100 on livability (#248 in PA, #2,145 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: amenities D, schools D-, employment D-.
• Fox Chapel Area SD (suburban): math 73% / reading 85% proficiency, ranked #7 of 539 in PA (top 1%) — strong family-tenant draw, lease renewals of 3-5y typical; only 16% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising fast (+5.2%/yr); 56 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 2,996 units permitted in Allegheny County in 2024 (1,588 in 5+ unit buildings).
• This rent is only 17% of the median local income ($99k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $622 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 5.2% rent growth), your $25k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 362 days — a 12% lower offer ($79k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $79,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 362 days. Have you received any prior offers? Is the seller open to a 12% 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 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
7. 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.
8. 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.
9. 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: 1.56% ✓
• Cap rate: 12.77%
• Cash-on-cash: 23.13%
• DSCR: 2.03
• GRM: 5.3

CMA / ARV

No comps found within radius.

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
118 21st St	0.32mi	4/3.0	—	1mo	$202,000	—	72
1205 Penn St	0.47mi	13/15.5	—	3mo	$79,000	—	63
1416 Main St	0.28mi	2/2.0	—	20mo	$140,000	—	58
218 Clifton	0.38mi	4/2.0	—	21mo	$245,000	—	52
1215 N Canal St	0.46mi	2/2.0	—	23mo	$301,668	—	47
212 Church St	0.61mi	4/4.0	—	17mo	$376,300	—	44
907-909 Penn St	0.64mi	4/3.5	—	17mo	$273,000	—	44
318 9th	0.65mi	7/3.0	—	21mo	$240,000	—	40
220 8th St	0.69mi	7/4.0	—	23mo	$278,000	—	36

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

Projected returns pro-forma

-3.0% appreciation · 5.24% rent growth · sell at horizon

5-year hold

• IRR: 18.7%
• Equity multiple: 1.78×
• Total profit: $19,606
• Equity at exit: $13,419

10-year hold

• IRR: 28.6%
• Equity multiple: 3.81×
• Total profit: $70,876
• Equity at exit: $7,782

Cash invested: $25,200 (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 15215

• Rents YoY: 5.2%
• Active inventory: 56
• Price-to-rent: 5.3×

Monthly cashflow live

• Estimated rent: $1,402 high
• Mortgage (P&I): −$472
• Tax est. 1.5%: −$112 /mo · $1,350/yr
• Insurance: −$38
• HOA: −$0
• Vacancy / Maint / Mgmt: −$294
• Net cashflow: $486

Break-even live

Break-even rent $787

Max offer price $90,000

Occupancy floor 60%

Sensitivity live

Price	-10% $548	-5% $517	+0% $486	+5% $455	+10% $424
Rent	-10% $375	-5% $430	+0% $486	+5% $541	+10% $597
Rate	-1.0pp $531	-0.5pp $509	base $486	+0.5pp $462	+1.0pp $439

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: $22,500
• Closing costs: $2,700
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1732 Middle St Pittsburgh, PA	2.0	1.5	3644	$1,550	$0.43	13d	1	0.06mi
207 Mary St Sharpsburg, PA	3.0	1.0	1100	$1,395	$1.27	24d	1	0.27mi
209 Mary St Sharpsburg, PA	3.0	1.0	1100	$1,395	$1.27	24d	1	0.27mi
14 Mary St Pittsburgh, PA	3.0	1.0	—	$2,000	—	5d	1	0.45mi
223 13th St Unit 1 Pittsburgh, PA	1.0	1.0	—	$1,050	—	44d	1	0.47mi
300 Linden Ave Unit 3A Pittsburgh, PA	1.0	1.0	—	$950	—	44d	1	0.57mi
212 Church St Apt 3 Pittsburgh, PA	1.0	1.0	800	$850	$1.06	5d	1	0.64mi
212 Church St Apt 3 Pittsburgh, PA	1.0	1.0	800	$850	$1.06	8d	1	0.64mi
910 Penn St Pittsburgh, PA	2.0	1.0	—	$1,085	—	24d	1	0.65mi
120 1st St Unit 2 Aspinwall, PA	2.0	1.0	—	$1,100	—	44d	1	0.82mi
112 5th St Unit 2 Aspinwall, PA	2.0	1.0	700	$950	$1.36	24d	1	0.82mi
222 N Main St Unit 1 Pittsburgh, PA	1.0	1.0	—	$995	—	44d	1	0.83mi
124 1st St Unit 2 Aspinwall, PA	1.0	1.0	750	$950	$1.27	44d	1	0.83mi
133 2nd St #2 Aspinwall, PA	1.0	1.0	—	$900	—	44d	1	0.85mi
133 2nd St Unit 1 Aspinwall, PA	2.0	1.0	875	$1,300	$1.49	44d	1	0.85mi
304 Pilgrim Way Unit 306 Pittsburgh, PA	2.0	1.0	—	$1,025	—	44d	1	0.87mi
131 5th St Unit Na Pittsburgh, PA	2.0	1.5	1840	$1,800	$0.98	44d	1	0.88mi
231 5th St Unit 2 Aspinwall, PA	2.0	1.0	—	$1,500	—	24d	1	0.99mi
233 5th St Unit 11 Aspinwall, PA	2.0	1.0	—	$1,500	—	18d	1	1.01mi
304 3rd St Aspinwall, PA	2.0	1.0	—	$1,650	—	24d	1	1.01mi
514 Guyasuta Rd Unit 2 Pittsburgh, PA	2.0	1.0	875	$1,050	$1.20	24d	1	1.02mi
514 Guyasuta Rd Apt 7 Pittsburgh, PA	2.0	2.0	1400	$2,000	$1.43	24d	1	1.02mi
553 Foundry St Pittsburgh, PA	2.0	2.0	1025	$1,650	$1.61	22d	1	1.05mi
307 Highland Ter Pittsburgh, PA	3.0	2.0	1450	$4,000	$2.76	5d	1	1.06mi
5700 Bunkerhill St Pittsburgh, PA	1.0–3.0	1.0–2.0	1258	$2,608	$2.07	2d	17	1.09mi
115 Emerson Ave Pittsburgh, PA	2.0	1.0	—	$1,650	—	44d	1	1.15mi
32 Cherry St Pittsburgh, PA	2.0	1.5	—	$1,300	—	24d	1	1.16mi
61 Sycamore St Etna, PA	3.0	1.0	—	$1,350	—	5d	1	1.16mi
14 Bethany Dr Unit A Pittsburgh, PA	2.0	1.5	1032	$1,650	$1.60	44d	1	1.17mi
416 Virginia Ave Pittsburgh, PA	2.0	2.5	1360	$2,500	$1.84	44d	1	1.19mi
342 Butler St Pittsburgh, PA	2.0	1.0	—	$1,450	—	18d	1	1.23mi
6026 Sawyer St Unit NA Pittsburgh, PA	3.0	2.0	2231	$2,500	$1.12	19d	1	1.26mi
115 Delafield Rd Unit 1L Pittsburgh, PA	2.0	1.0	—	$1,350	—	24d	1	1.30mi
115 Delafield Rd Pittsburgh, PA	2.0	1.0	—	$1,350	—	3d	1	1.30mi
115 Delafield Rd Unit 3L Pittsburgh, PA	2.0	1.0	—	$1,350	—	5d	1	1.30mi
21 Hickory St Pittsburgh, PA	1.0	1.0	500	$1,254	$2.51	44d	1	1.32mi
38 Walnut St Etna, PA	1.0	1.0	874	$1,075	$1.23	5d	1	1.33mi
1115 N Negley Ave Pittsburgh, PA	1.0–2.0	1.0–2.0	968	$2,390	$2.47	2d	2	1.33mi
39 Prospect St Pittsburgh, PA	2.0	1.0	1056	$1,200	$1.14	8d	1	1.34mi
225 Butler St Apt 4 Etna, PA	1.0	1.0	—	$1,100	—	44d	1	1.37mi

Listing history 6 events

1. 2026-06-03
   days on market $90,000 Active 362 DOM
2. 2026-06-02
   days on market $90,000 Active 361 DOM
3. 2026-06-01
   days on market $90,000 Active 360 DOM
4. 2026-05-31
   days on market $90,000 Active 359 DOM
5. 2025-12-20
   price $90,000 68-char remark

   Show marketing remark (68 chars)

   Empty shell of brick building completely gutted and ready for rehab.

6. 2025-06-06
   listed $105,000 Active 68-char remark

   Show marketing remark (68 chars)

   Empty shell of brick building completely gutted and ready for rehab.

ⓘ 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: $16,826
• − Mortgage interest: −$5,041
• − Property taxes: −$1,350
• − Insurance: −$450
• − Repairs & maintenance: −$1,346
• − Management: −$1,346
• − Depreciation: −$2,618
• Taxable income: $4,674
• Est. tax owed @ 24.0%: −$1,122
• After-tax cash flow: $4,707/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 · 3 photos

Poor 20/100 Gut rehab

This property is a completely gutted brick building with no visible interior or exterior features, requiring extensive repairs and a complete gut renovation to be move-in ready.

Repairs flagged

• Major Boarded-up exterior — The building is completely gutted and requires extensive repairs to the exterior.
• Major Interior gutting — The interior is completely gutted, requiring extensive repairs to the structure and systems.

Value-add opportunities

• Both Complete gut renovation — A complete gut renovation would significantly increase the property's value for both resale and rental due to the lack of existing structure and systems.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Boarded-up exterior · The building is completely gutted and requires extensive repairs to the exterior.	Major	$15,000–50,000
Interior gutting · The interior is completely gutted, requiring extensive repairs to the structure and systems.	Major	$15,000–50,000
Total estimated repair cost · 2 items		$30,000–100,000

Value-add ROI direction

• Both Complete gut renovation — A complete gut renovation would significantly increase the property's value for both resale and rental due to the lack of existing structure and systems. ↑

ⓘ 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: Fox Chapel Area SD
• NCES district ID: 4210070
• Math proficiency: 73% ▼ -5.00%
• Reading proficiency: 85% ▼ -2.00%
• Median HH income: $73,326
• Composite: 69.02/100
• National rank: #324
• State rank: #7 of 539 in PA

Livability — Sharpsburg

• Score: 79/100
• State rank: #248
• US rank: #2145

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Sharpsburg, PA
• County: Allegheny County · 1,022,028 people
• Metro: Pittsburgh, PA
• Population (ZIP): 11,907
• Household income: $99,071
• Rent vs Own: 26.7% rent · 73.3% own
• Severe rent burden: 311.0

Population outlook (Allegheny County) Hauer SSP2

• Today (2025): 1,250,282 people
• By 2030: 1,256,482 · +0.5%
• By 2040: 1,256,318 · +0.5%
• By 2050: 1,244,169 · -0.5%
• By 2075: 1,197,693 · -4.2%
• By 2100: 1,093,187 · -12.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Asian 5% Two or more races 4% Black 4% Hispanic / Latino 3%
• Common ancestry: Romanian 9% Lithuanian 3% Scotch-Irish 2%
• Foreign-born: 7% · China, South Korea, Canada
• Languages at home: 91% English-only · Spanish 2% Chinese 2% Other Indo-European 2%

Political lean MEDSL · Allegheny

• 2024 margin: Strong D (+20.3) · D 59.7% · R 39.4%
• 2008→2024 swing: +4.8pp toward D · 2008: 15.5pp · 2024: 20.3pp
• All cycles: 2024: D+20.3 2020: D+20.4 2016: D+16.4 2012: D+14.4 2008: D+15.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -171.68%
• Current HPI: 284.7359
• Rent YoY: ▲ 5.24%
• Metro: Pittsburgh, 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

-14.3% since first listed

2 events — show timeline

• 2025-12-20 Price Changed $90,000 West Penn MLS
• 2025-06-06 Listed $105,000 West Penn MLS