931 Ramsey St

Wilkinsburg, PA 15221

$700,000D-

9 bd · 3.0 ba · 3,858 sqft · Built 2026 · MultiFamily · Active · 20 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,273/mo
• Mortgage (P&I): −$3,671
• Tax + insurance: −$571
• HOA: −$0
• Vac / Maint / Mgmt: −$1,107
• Net cashflow: $-76/mo
• Annual: $-916/yr
• Cap rate: 6.26%
• Cash-on-cash: -0.13%
• DSCR: 0.99
• 1% rule: 0.75%
• Cash to close: $196,000

Investor read

• This is a 3 × 4-bed/1.3-bath units multifamily listed at $700k.
• At list price, monthly cash flow is $-76 ($-916/yr) — negative. Per door: $-25/mo.
• To cash-flow at today's rent, offer at most $687k (1.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $527k (24.7% below list).
• It's been on market 20 days — a 2% lower offer ($690k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $527k (24.7% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $21k of value loss. Plan a longer hold.
• Location reads 76/100 on livability (#411 in PA, #3,754 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: schools D+, health & safety D+, crime F.
• Wilkinsburg Borough SD (suburban): math 14% / reading 23% proficiency, ranked #503 of 539 in PA (top 93%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 96% free/reduced lunch — lower-income household profile, screen leases tightly.
• Watch-outs: flood insurance adds $56/mo.
• Market conditions: Rents rising (+3.9%/yr); 118 active listings in the ZIP; 2,996 units permitted in Allegheny County in 2024 (1,588 in 5+ unit buildings).
• 2 sale attempts since 27y ago 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.
• Current owner paid $45k; list at $700k implies a 1456% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.3% vs local median 11.3% in Wilkinsburg — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.
• At $5,273/mo this rent would consume 115% of the median local household income ($55k/yr) (locally 1933% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• 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?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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?
• Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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?