314 Corey Ave

Braddock, PA 15104

$14,999D+

6 bd · 2.0 ba · 1,638 sqft · Built 1920 · MultiFamily · Pending · 43 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,362/mo
• Mortgage (P&I): −$79
• Tax + insurance: −$25
• HOA: −$0
• Vac / Maint / Mgmt: −$496
• Net cashflow: $1,762/mo
• Annual: $21,148/yr
• Cap rate: 147.29%
• Cash-on-cash: 503.56%
• DSCR: 23.41
• 1% rule: 15.75%
• Cash to close: $4,200

Investor read

• This is a 2 × 3-bed/?-bath units multifamily listed at $15k.
• At list price, monthly cash flow is $2k ($21k/yr) — positive. Per door: $881/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $15k).
• It's been on market 43 days — a 3% lower offer ($15k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $15k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-1.6%/yr); year-one equity from $103 of loan paydown is wiped out by about $243 of value loss. Plan a longer hold.
• Location reads 67/100 on livability (#963 in PA) — a middle-class / working-renter tenant base. Strengths: crime A+, commute A+, cost of living A+; Watch: schools F, amenities F, employment F.
• Woodland Hills SD (suburban): math 13% / reading 30% proficiency, ranked #486 of 539 in PA (top 90%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 69% free/reduced lunch — lower-income household profile, screen leases tightly.
• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 37 active listings in the ZIP; lower-income renter base — watch delinquency; 2,996 units permitted in Allegheny County in 2024 (1,588 in 5+ unit buildings).
• At projected returns (-1.6% appreciation + 3.0% rent growth), your $4k cash investment doubles in ~1 year — after that, you're playing with house money.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.
• At $2,362/mo this rent would consume 71% of the median local household income ($40k/yr) (locally 515% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 43 days. Have you received any prior offers? Is the seller open to a 3% 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 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-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.