1037 Keene St

Springdale, PA 15144

$320,000C+

9 bd · 3.9 ba · — sqft · Built 1950 · MultiFamily · Active · 6 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,572/mo
• Mortgage (P&I): −$1,678
• Tax + insurance: −$432
• HOA: −$0
• Vac / Maint / Mgmt: −$750
• Net cashflow: $712/mo
• Annual: $8,543/yr
• Cap rate: 9.21%
• Cash-on-cash: 10.42%
• DSCR: 1.46
• 1% rule: 1.12%
• Cash to close: $89,600

Investor read

• This is a 3 × 3-bed/1.3-bath units multifamily listed at $320k.
• At list price, monthly cash flow is $712 ($9k/yr) — positive. Per door: $237/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $320k).
• Only 6 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 $10k of value loss. Plan a longer hold.
• Location reads 76/100 on livability (#407 in PA, #3,696 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D+, health & safety D, amenities F.
• Allegheny Valley SD (suburban): math 29% / reading 53% proficiency, ranked #341 of 539 in PA (top 63%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: flood insurance adds $66/mo; built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 15 active listings in the ZIP; 2,996 units permitted in Allegheny County in 2024 (1,588 in 5+ unit buildings).
• Current owner paid $92k; list at $320k implies a 248% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

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 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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.