817 Elizabeth St

Forest Hills, PA 15221

$129,900D

2 bd · 1.5 ba · 816 sqft · Built 1947 · SingleFamily · Pending · 42 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,166/mo
• Mortgage (P&I): −$681
• Tax + insurance: −$293
• HOA: −$0
• Vac / Maint / Mgmt: −$245
• Net cashflow: $-53/mo
• Annual: $-633/yr
• Cap rate: 5.81%
• Cash-on-cash: -1.74%
• DSCR: 0.92
• 1% rule: 0.90%
• Cash to close: $36,372

Investor read

• This is a 2-bed/1.5-bath single-family listed at $130k.
• At list price, monthly cash flow is $-53 ($-633/yr) — negative.
• To cash-flow at today's rent, offer at most $121k (7.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $117k (10.2% below list).
• It's been on market 42 days — a 3% lower offer ($126k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $117k (10.2% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $898 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 83/100 on livability (#112 in PA, #873 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, cost of living A+; Watch: amenities 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.
• Zoned schools: Wilkins El Steam Academy (math 8% / reading 17%, grade F, #1,362 of 1,518 statewide, top 92%, 416 students, 100% FRL); Dickson Prep Steam Academy (math 8% / reading 27%, grade F, #455 of 512 statewide, top 89%, 642 students, 100% FRL); Woodland Hills Hs (math 37% / reading 30%, grade F, #323 of 437 statewide, top 74%, 949 students, 89% FRL) — zoned schools average 96% FRL vs 69% district-wide (27 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1947 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+3.9%/yr); 117 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 2,996 units permitted in Allegheny County in 2024 (1,588 in 5+ unit buildings).
• 8 sale attempts since 26y 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 $80k; list at $130k implies a 62% gain — meaningful room to come down on a strong offer.
• Cap rate 5.8% vs local median 4.2% in Forest Hills — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

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?
• It's been on market 42 days. Have you received any prior offers? Is the seller open to a 10% concession, seller financing, or rate buy-down credit?
• Built in 1947 — 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 A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.
• 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.