311 Barnes St

Wilkinsburg, PA 15221

$325,000C+

3 bd · 3.0 ba · 2,241 sqft · Built 1920 · MultiFamily · Active · 15 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,751/mo
• Mortgage (P&I): −$1,704
• Tax + insurance: −$501
• HOA: −$0
• Vac / Maint / Mgmt: −$998
• Net cashflow: $1,547/mo
• Annual: $18,570/yr
• Cap rate: 12.01%
• Cash-on-cash: 20.41%
• DSCR: 1.91
• 1% rule: 1.46%
• Cash to close: $91,000

Investor read

• This is a 3 × 4-bed/3.0-bath units multifamily listed at $325k.
• At list price, monthly cash flow is $2k ($19k/yr) — positive. Per door: $516/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $325k).
• It's been on market 15 days — a 2% lower offer ($320k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $320k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Location reads 76/100 on livability (#411 in PA, #3,754 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: schools D+, health & safety D+, crime F.
• Wilkinsburg Borough SD (suburban): math 14% / reading 23% proficiency, ranked #503 of 539 in PA (top 93%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 96% free/reduced lunch — lower-income household profile, screen leases tightly.
• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+3.9%/yr); 118 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); 42% of comp listings sitting > 30 days — soft ceiling on asking rent; 2,996 units permitted in Allegheny County in 2024 (1,588 in 5+ unit buildings).
• Current owner paid $78k; list at $325k implies a 319% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.9% rent growth), your $91k cash investment doubles in ~6 years — after that, you're playing with house money.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.
• At $4,751/mo this rent would consume 104% of the median local household income ($55k/yr) (locally 1933% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1920 — 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 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?
• 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?
• 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.