46 N Front St

New Buffalo, PA 17020

$189,000B

3 bd · 2.0 ba · 1,977 sqft · Built 1900 · MultiFamily · Active · 230 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,453/mo
• Mortgage (P&I): −$991
• Tax + insurance: −$381
• HOA: −$0
• Vac / Maint / Mgmt: −$515
• Net cashflow: $565/mo
• Annual: $6,783/yr
• Cap rate: 10.30%
• Cash-on-cash: 14.33%
• DSCR: 1.64
• 1% rule: 1.30%
• Cash to close: $52,920

Investor read

• This is a 3-bed/2.0-bath multifamily listed at $189k. Condition is rated fair.
• At list price, monthly cash flow is $565 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $189k).
• It's been on market 230 days — a 12% lower offer ($166k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $166k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 46/100 on livability (#1,718 in PA) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, crime A; Watch: housing C-, amenities F, commute F.
• Susquenita SD (rural): math 34% / reading 53% proficiency, ranked #275 of 539 in PA (top 51%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Susquenita El Sch (math 43% / reading 59%, grade C-, #636 of 1,518 statewide, top 42%, 694 students, 44% FRL); Susquenita Ms (math 26% / reading 50%, grade F, #283 of 512 statewide, top 57%, 569 students, 38% FRL); Susquenita Hs (math 64%, 503 students, 31% FRL).
• Watch-outs: flood insurance adds $66/mo; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 26 active listings in the ZIP; 107 units permitted in Perry County in 2024 (0 in 5+ unit buildings).
• Perry County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $53k cash investment doubles in ~9 years — after that, you're playing with house money.
• Climate carrying-cost: severe flood risk; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 230 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1900 — 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.

Repairs flagged (vision-AI assessment)

• Moderate: kitchen cabinets — dated and worn
• Moderate: bathroom fixtures — outdated and cluttered
• Moderate: roof shingles — visible wear
• Moderate: exterior siding — weathered and aged
• Moderate: HVAC components — visible wear