1502 Maple Ave

Turtle Creek, PA 15145

$155,000B-

4 bd · 2.0 ba · 2,260 sqft · Built 1930 · MultiFamily · Pending · 4 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,332/mo
• Mortgage (P&I): −$813
• Tax + insurance: −$367
• HOA: −$0
• Vac / Maint / Mgmt: −$490
• Net cashflow: $662/mo
• Annual: $7,949/yr
• Cap rate: 11.42%
• Cash-on-cash: 18.32%
• DSCR: 1.81
• 1% rule: 1.50%
• Cash to close: $43,400

Investor read

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $155k.
• At list price, monthly cash flow is $662 ($8k/yr) — positive. Per door: $331/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $155k).
• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 69/100 on livability (#807 in PA) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing B; Watch: health & safety D+, amenities F, commute 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 1930 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 28 active listings in the ZIP; 2,996 units permitted in Allegheny County in 2024 (1,588 in 5+ unit buildings).
• 2 sale attempts since 22y 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 $60k; list at $155k implies a 158% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $43k cash investment doubles in ~7 years — after that, you're playing with house money.
• At $2,332/mo this rent would consume 56% of the median local household income ($50k/yr) (locally 344% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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 1930 — 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.