565-567 Highland Ave · Johnstown, PA 15902

$49,900

6 bd · 6.0 ba · 3,200 sqft · MultiFamily · 6 Days on market

Poor condition 4,792 sqft lot Est $99k · 50% under

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Schools +1.3/10.0
• Condition / age +1.0/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 2 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Solid brick apartment building in the City of Johnstown! This 3 story complex features 5 rental units with a potential for a 6th unit, ready for new ownership. The 565 half of the property features 2 units, both currently vacant. The 567 half features 3 units, all currently rented out. Each unit has electric baseboard heat controlled by tenants. Separate basement on each side, and off street parking for 2 cars in the rear.

Key facts

• 5 rental units
• Separate basement
• 6th unit potential

Tags

• 5 RENTAL UNITS
• 6TH UNIT POTENTIAL
• 2 UNITS CURRENTLY VACANT
• 3 UNITS CURRENTLY RENTED
• ELECTRIC BASEBOARD HEAT
• SEPARATE BASEMENT

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/?-bath units multifamily listed at $50k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $624/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $50k).
• Cap rate 36.3% 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; lower-income renter base — watch delinquency; 64 units permitted in Cambria County in 2024 (0 in 5+ unit buildings).
• At $2,015/mo this rent would consume 55% of the median local household income ($44k/yr) (locally 266% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $345 of loan paydown is wiped out by about $1k 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 6 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $49,900

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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 4.04% ✓
• Cap rate: 36.28%
• Cash-on-cash: 107.10%
• DSCR: 5.77
• GRM: 2.1

CMA / ARV

• ARV (on-the-fly): $99,200
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
525 - 527 Cypress Ave	0.10mi	6/2.0	2,868 (-10%)	18mo	$57,000	$20	47
984-986 Linton St	0.67mi	7/2.0 (+1)	3,216 (+0%)	6mo	$85,000	$26	43
161-163 Frederick St	0.41mi	6/2.0	2,816 (-12%)	6mo	$49,000	$17	40
522-524 Vickroy Ave	0.68mi	7/3.0 (+1)	3,375 (+6%)	6mo	$105,000	$31	37
806-808 Ferndale Ave	0.66mi	6/2.0	3,160 (-1%)	21mo	$163,000	$52	34
94-96 Rose St	0.63mi	5/4.0 (-1)	2,924 (-9%)	16mo	$154,900	$53	30
530-532 Ferndale Ave	0.62mi	6/2.0	2,944 (-8%)	17mo	$135,500	$46	28

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: —
• Equity multiple: 6.11×
• Total profit: $71,367
• Equity at exit: $7,440

10-year hold

• IRR: —
• Equity multiple: 12.78×
• Total profit: $164,537
• Equity at exit: $4,314

Cash invested: $13,972 (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: 4.1×

Monthly cashflow live

• Estimated rent: $2,015 high
• Mortgage (P&I): −$262
• Tax est. 1.5%: −$62 /mo · $748/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$423
• Net cashflow: $1,247

Break-even live

Break-even rent $437

Max offer price $49,900

Occupancy floor 33%

Sensitivity live

Price	-10% $1,281	-5% $1,264	+0% $1,247	+5% $1,230	+10% $1,213
Rent	-10% $1,088	-5% $1,167	+0% $1,247	+5% $1,327	+10% $1,406
Rate	-1.0pp $1,272	-0.5pp $1,260	base $1,247	+0.5pp $1,234	+1.0pp $1,221

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	—	$2,014
Total (2 units)			$2,015

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: $12,475
• Closing costs: $1,497
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-03-12
   status Pending
2. 2026-03-05
   listed $49,900 Active

ⓘ 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 1/10 Low FEMA zone X (unshaded) · 0% 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: $24,180
• − Mortgage interest: −$2,795
• − Property taxes: −$748
• − Insurance: −$250
• − Repairs & maintenance: −$1,934
• − Management: −$1,934
• − Depreciation: −$1,452
• Taxable income: $15,066
• Est. tax owed @ 24.0%: −$3,616
• After-tax cash flow: $11,348/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 · 13 photos

Poor 20/100 Extensive rehab

This multi-family property requires extensive renovations and repairs to improve its condition and increase its resale and rental value.

Repairs flagged

• Major roof — visible wear and tear
• Major exterior siding — damaged and peeling
• Major interior walls/paint — chipped and worn
• Major windows — damaged
• Major HVAC/mechanicals — dated and possibly inefficient
• Major landscaping — overgrown and unkempt

Value-add opportunities

• Both renovate kitchen and bathrooms — modernizing these areas would significantly increase both resale and rental value
• Both repair and replace roof — a new roof would improve the home's appearance and increase its value
• Both repair and replace exterior siding — new siding would improve the home's curb appeal and increase its value
• Both paint interior walls and replace windows — fresh paint and new windows would improve the home's appearance and increase its value
• Both replace HVAC system — a new, energy-efficient HVAC system would improve comfort and increase the home's value
• Both landscape and improve curb appeal — a well-maintained yard and landscaping would increase the home's curb appeal and value

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · visible wear and tear	Major	$15,000–50,000
exterior siding · damaged and peeling	Major	$15,000–50,000
interior walls/paint · chipped and worn	Major	$15,000–50,000
windows · damaged	Major	$15,000–50,000
HVAC/mechanicals · dated and possibly inefficient	Major	$15,000–50,000
landscaping · overgrown and unkempt	Major	$15,000–50,000
Total estimated repair cost · 6 items		$90,000–300,000

Value-add ROI direction

• Both renovate kitchen and bathrooms — modernizing these areas would significantly increase both resale and rental value ↑
• Both repair and replace roof — a new roof would improve the home's appearance and increase its value ↑
• Both repair and replace exterior siding — new siding would improve the home's curb appeal and increase its value ↑
• Both paint interior walls and replace windows — fresh paint and new windows would improve the home's appearance and increase its value ↑
• Both replace HVAC system — a new, energy-efficient HVAC system would improve comfort and increase the home's value ↑
• Both landscape and improve curb appeal — a well-maintained yard and landscaping would increase the home's curb appeal and value ↑

ⓘ 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

2 events — show timeline

• 2026-03-12 Pending — CSMLS
• 2026-03-05 Listed $49,900 CSMLS