47 W Main St

Millville, PA 17846

$480,000B-

5 bd · 3.5 ba · 8,407 sqft · Built 1904 · MultiFamily · Active · 29 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,224/mo
• Mortgage (P&I): −$2,517
• Tax + insurance: −$800
• HOA: −$0
• Vac / Maint / Mgmt: −$1,097
• Net cashflow: $810/mo
• Annual: $9,717/yr
• Cap rate: 8.32%
• Cash-on-cash: 7.23%
• DSCR: 1.32
• 1% rule: 1.09%
• Cash to close: $134,400

Investor read

• This is a 5-bed/3.5-bath multifamily listed at $480k. Condition is rated fair.
• At list price, monthly cash flow is $810 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $480k).
• It's been on market 29 days — a 2% lower offer ($473k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $473k (1.5% below list) — sets the bar for market timing.
• In year one you build about $51k of equity ($3k loan paydown + $48k appreciation (10.0% local appreciation)).
• Location reads 64/100 on livability (#1,232 in PA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety D, amenities F, commute F.
• Millville Area SD (rural): math 32% / reading 62% proficiency, ranked #243 of 539 in PA (top 45%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1904 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 7 active listings in the ZIP; 82 units permitted in Columbia County in 2024 (0 in 5+ unit buildings).
• Columbia County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 5y 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 $320k; list at $480k implies a 50% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $134k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$82k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1904 — 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 B-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?
• 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.

Repairs flagged (vision-AI assessment)

• Major: kitchen cabinets — severely outdated and in poor condition
• Major: bathroom fixtures — outdated and in poor condition
• Major: flooring — worn-out and in poor condition
• Major: paint — dated and in poor condition