421-423 Forest Ave · Johnstown, PA 15902

$51,500

None bd · None ba · — sqft · MultiFamily · 4 Days on market

Built 1925 Fair condition 4,800 sqft lot

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Why this score? — see what drove the B- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Sold AS IS and has great potential for rental income Email [email protected] to get a list of all renovations made by seller. Sewer needs completed. 4-unit apartment building with new steps for new steps leading up to the second level. Each apartment has a sperate bedroom and eat-in kitchen/dining room and living room. Unit 4 is 70% complete. All new plumbing, new bathtub, new vanity, new toilet, and flooring. The apartment is wired with new electric panel and circuit breakers, boxes, and outlets. Original built in cabinets in the kitchen and the kitchen just needs a 36” base cabinet and sink. The remaining three apartments need new bathtubs, vanity, toilet, and flooring. The other 3 apartments need a 36” base cabinet and sink. The single-family home has a large covered front porch and needs new kitchen base cabinet/sink, and bathroom vanity, bathtub, and toilet. We are converting the heat in all the apartments to electric. This apartment is the template for all of the apartments. Licensed electrician who gave estimates for rewiring each apartment including the cost of electrical radiators. The other 3 apartments will cost $5000 each to rewire, and the single-family home is also $5000 to rewire. Three of the four apartments have new upgraded electric panels with breakers. All 4 apartments have a large, covered porch. The single-family home has upgraded electric panel and circuit breakers. All of the electric has been inspected and approved. The potential monthly rental income for both buildings is $3500-$3800 The after-repair value is between $175,000 and $185,000. Both buildings have basements that are completely dry with no water damage. The 4-unit apartment building has a basement that is large enough to add 2 more 1-bedroom apartments

Key facts

• 4,800 sq ft lot
• Built 1925
• Listed 3 days

Property features AI

Exterior

• Parking: On-street parking
• Utilities: Electricity available; Natural gas available; Public sewer available; Public water available
• Home design: Zoned residential
• Construction: Frame construction; Built-up roof
• Exterior features: On-street parking

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/?-bath units multifamily listed at $52k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $944 ($11k/yr) — positive. Per door: $472/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $52k).
• Cap rate 28.3% vs local median 15.0% in Johnstown — 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.

Location & tenants

• Location reads 77/100 on livability (#363 in PA, #3,168 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, cost of living A+; Watch: schools D+, crime F, employment F.
• Greater Johnstown SD (urban): math 9% / reading 25% proficiency, ranked #509 of 539 in PA (top 94%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 80% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 64 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 94% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 64 units permitted in Cambria County in 2024 (0 in 5+ unit buildings).
• This rent runs 45% of the median local income ($44k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $356 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Cambria County population projected at -28% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $14k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts 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.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $51,500

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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.

Investment metrics

• 1% rule: 3.19% ✓
• Cap rate: 28.28%
• Cash-on-cash: 78.53%
• DSCR: 4.49
• GRM: 2.6

CMA / ARV

No comps found within radius.

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
346-348 Linden Ave	0.11mi	6/2.0	2,432	1mo	$86,500	$36	82
R311;305-311 + Forest & Ohio St	0.13mi	—/—	12,905	2mo	$285,000	$22	80
243 Lunen St	0.14mi	3/2.0	1,389	2mo	$56,250	$40	79
534-536 Highland Ave	0.19mi	6/—	2,408	0mo	$66,000	$27	78
569/571 212/214 Highland Ave. & Village St. Respectively Ave	0.21mi	8/5.0	3,176	2mo	$119,900	$38	76
613-615 Highland Ave	0.29mi	6/3.5	—	1mo	$38,500	—	73
564-566 Russell Ave	0.18mi	—/—	2,896	10mo	$60,000	$21	71
620 - 622 Highland Ave	0.28mi	4/2.0	2,048	8mo	$60,000	$29	68
809-811 Grove Ave	0.59mi	6/2.0	2,688	8mo	$40,000	$15	54
922-924 Von Lunen Rd	0.67mi	5/—	2,590	4mo	$25,800	$10	53
161-163 Frederick St	0.65mi	6/2.0	2,816	6mo	$49,000	$17	52
984-986 Linton St	0.74mi	7/2.0	3,216	6mo	$85,000	$26	48

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 78.6%
• Equity multiple: 4.59×
• Total profit: $51,781
• Equity at exit: $7,679

10-year hold

• IRR: 82.1%
• Equity multiple: 9.50×
• Total profit: $122,581
• Equity at exit: $4,453

Cash invested: $14,420 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 62 Landlord-Friendly
• State Pennsylvania: 62 Landlord-Friendly · EVEN
• County: — inherits STATE
• City: — inherits STATE

10-day notice; Philadelphia has eviction-court diversion + some protections; otherwise moderate.

Methodology + full state rankings →

ZIP-level market 15902

• Home prices YoY: -28.8%
• Active inventory: 64
• Price-to-rent: 5.2×

Monthly cashflow live

• Estimated rent: $1,645 high
• Mortgage (P&I): −$270
• Tax est. 1.5%: −$64 /mo · $772/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$345
• Net cashflow: $944

Break-even live

Break-even rent $451

Max offer price $51,500

Occupancy floor 38%

Sensitivity live

Price	-10% $979	-5% $961	+0% $944	+5% $926	+10% $908
Rent	-10% $814	-5% $879	+0% $944	+5% $1,009	+10% $1,074
Rate	-1.0pp $970	-0.5pp $957	base $944	+0.5pp $930	+1.0pp $917

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	—	$1,644
Total (2 units)			$1,645

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $12,875
• Closing costs: $1,545
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
536 Russell Ave Johnstown, PA	3.0	1.0	—	$850	—	44d	1	0.13mi
343 Linden Ave Unit 2 Johnstown, PA	1.0	1.0	850	$675	$0.79	44d	1	0.15mi
619 Grove Ave Johnstown, PA	2.0	2.0	1100	$1,050	$0.95	44d	1	0.41mi
1201 Heeney Ave Johnstown, PA	1.0–3.0	1.0	750	$950	$1.27	5d	1	0.43mi
704 Cypress Ave Unit 706 Johnstown, PA	3.0	1.0	2496	$950	$0.38	44d	1	0.44mi
Ash St Johnstown, PA	3.0	1.0	—	$750	—	44d	1	0.47mi
645 Coleman Ave Unit 1 Johnstown, PA	2.0	1.0	—	$800	—	44d	1	0.53mi
739 Park Ave Johnstown, PA	2.0	1.0	—	$775	—	44d	1	0.57mi
906 Lemon St Johnstown, PA	3.0	1.0	1128	$750	$0.66	44d	1	0.87mi
550 Ferndale Ave Johnstown, PA	3.0	1.0	1300	$1,100	$0.85	44d	1	0.87mi
553 Vickroy Ave #555 Johnstown, PA	3.0	1.0	1300	$985	$0.76	44d	1	0.90mi
611 Messenger St Unit 4 Johnstown, PA	1.0	1.0	500	$750	$1.50	44d	1	0.92mi
522 Vickroy Ave Johnstown, PA	3.0	1.0	1125	$850	$0.76	44d	1	0.94mi
520 Vickroy Ave Johnstown, PA	1.0	1.0	1125	$500	$0.44	44d	1	0.94mi
541 Ash St Johnstown, PA	3.0	1.0	—	$925	—	44d	1	1.03mi
129-131 Plainfield Ave Johnstown, PA	3.0	1.0	1300	$850	$0.65	44d	1	1.03mi
1454 Franklin St Johnstown, PA	2.0	1.0	—	$700	—	44d	1	1.10mi
412 Oak St Unit 1 Johnstown, PA	2.0	1.0	1100	$900	$0.82	44d	1	1.20mi

Listing history 5 events

1. 2026-06-19
   days on market $51,500 Active 4 DOM
2. 2026-06-18
   days on market $51,500 Active 3 DOM
3. 2026-06-17
   days on market $51,500 Active 2 DOM
4. 2026-06-16
   remarks 315-char remark
5. 2026-06-16
   listed $51,500 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 74% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥93°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,740
• − Mortgage interest: −$2,885
• − Property taxes: −$772
• − Insurance: −$258
• − Repairs & maintenance: −$1,579
• − Management: −$1,579
• − Depreciation: −$1,498
• Taxable income: $11,169
• Est. tax owed @ 24.0%: −$2,680
• After-tax cash flow: $8,643/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 11 photos

Fair 45/100 Moderate rehab

This property requires moderate renovations to improve its condition and increase its value. Key areas for improvement include the kitchen, bathrooms, exterior, and landscaping.

Repairs flagged

• Major Kitchen appliances — Old and worn
• Major Bathroom fixtures — Missing and incomplete
• Moderate Exterior siding — Weathered and in need of repainting
• Minor Landscaping — Overgrown lawn

Value-add opportunities

• Resale New kitchen appliances — Modern appliances improve appeal
• Resale Complete bathroom renovations — Complete fixtures and fixtures improve functionality
• Resale Paint exterior siding — Fresh paint enhances curb appeal
• Rental Landscaping improvements — Neat and well-maintained lawn attracts tenants

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen appliances · Old and worn	Major	$15,000–50,000
Bathroom fixtures · Missing and incomplete	Major	$15,000–50,000
Exterior siding · Weathered and in need of repainting	Moderate	$3,000–15,000
Landscaping · Overgrown lawn	Minor	$500–3,000
Total estimated repair cost · 4 items		$33,500–118,000

Value-add ROI direction

• Resale New kitchen appliances — Modern appliances improve appeal ↑
• Resale Complete bathroom renovations — Complete fixtures and fixtures improve functionality ↑
• Resale Paint exterior siding — Fresh paint enhances curb appeal ↑
• Rental Landscaping improvements — Neat and well-maintained lawn attracts tenants ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Greater Johnstown SD
• NCES district ID: 4210950
• Math proficiency: 9% ▼ -6.00%
• Reading proficiency: 25% ▼ -6.00%
• Median HH income: $27,890
• Composite: 13.25/100
• National rank: #9550
• State rank: #509 of 539 in PA

Livability — Johnstown

• Score: 77/100
• State rank: #363
• US rank: #3168

Category grades

Amenities A+ Commute A+ Cost of living A+ Crime F Employment F Housing B Health & safety A+ User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Johnstown, PA
• County: Cambria County · 30,791 people
• City population: 30,791
• Metro: Johnstown, PA
• Population (ZIP): 11,462
• Household income: $44,215
• Rent vs Own: 35.7% rent · 64.3% own
• Severe rent burden: 266.0

Population outlook (Cambria County) Hauer SSP2

• Today (2025): 122,754 people
• By 2030: 115,827 · -5.6%
• By 2040: 101,309 · -17.5%
• By 2050: 88,379 · -28.0%
• By 2075: 65,237 · -46.9%
• By 2100: 46,909 · -61.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (75%)
• Race & ethnicity: White 75% Two or more races 14% Black 8% Hispanic / Latino 3%
• Common ancestry: Romanian 7% Slovak 2% Hungarian 2%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 2%

Political lean MEDSL · Cambria

• 2024 margin: Solid R (+39.7) · D 29.8% · R 69.5%
• 2008→2024 swing: -40.4pp toward R · 2008: 0.7pp · 2024: -39.7pp
• All cycles: 2024: R+39.7 2020: R+37.3 2016: R+37.8 2012: R+17.8 2008: D+0.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -43.86%
• Current HPI: 108.2198
• Rent YoY: —
• Metro: Johnstown, PA
• State GDP YoY: ▲ 1.68%
• F500 in state: 34

Industry mix (Fortune 500 HQ in PA)

Industry	F500 HQs	Revenue
▸Healthcare	2	$309B
▸Insurance	2	$27B
▸Telecommunications / Media	1	$124B
▸Industrial Distribution	1	$22B
▸Financial Services	1	$20B
▸Chemicals / Materials	1	$18B

Price history

+0.0% since first listed

2 events — show timeline

• 2026-06-15 Listed $51,500 CSMLS
• 2026-06-15 Listed $51,500 West Penn MLS