822 Windermere Ave

Upper Darby, PA 19026

$274,900C-

2 bd · 2.0 ba · 1,458 sqft · Built 1944 · MultiFamily · Active · 2 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,113/mo
• Mortgage (P&I): −$1,442
• Tax + insurance: −$652
• HOA: −$0
• Vac / Maint / Mgmt: −$654
• Net cashflow: $366/mo
• Annual: $4,391/yr
• Cap rate: 7.89%
• Cash-on-cash: 5.70%
• DSCR: 1.25
• 1% rule: 1.13%
• Cash to close: $76,972

Investor read

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $275k.
• At list price, monthly cash flow is $366 ($4k/yr) — positive. Per door: $183/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $275k).
• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Upper Darby SD (suburban): math 18% / reading 36% proficiency, ranked #453 of 539 in PA (top 84%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Hillcrest El Sch (math 22% / reading 46%, grade F, #1,076 of 1,518 statewide, top 71%, 592 students, 100% FRL); Drexel Hill Ms (math 10% / reading 39%, grade F, #420 of 512 statewide, top 82%, 1,318 students, 100% FRL); Upper Darby Shs (math 46% / reading 47%, grade D-, #176 of 437 statewide, top 40%, 4,191 students, 95% FRL) — zoned schools average 98% FRL vs 52% district-wide (46 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1944 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+3.6%/yr); 108 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 299 units permitted in Delaware County in 2024 (5 in 5+ unit buildings).
• 2 sale attempts since 27y ago; this cycle's ask is 120% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $125k; list at $275k implies a 120% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• This rent runs 42% of the median local income ($89k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• 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 1944 — 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.
• 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.
• 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.