512-514 Carolyn Ave · Bellevue, PA 15202

$263,000

4 bd · 2.0 ba · — sqft · MultiFamily · 80 Days on market

Built 1905 Fair condition 5,802 sqft lot Est $403k · 35% under

---

Why this score? — see what drove the C 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 +18.9/30.0
• ARV discount +15.0/15.0
• DSCR +6.0/10.0
• 1% rule +5.0/10.0
• Livability +4.6/5.0
• Rent growth +3.8/5.0
• Schools +3.4/10.0
• Condition / age +2.2/5.0
• 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

OPEN HOUSE SUN 5/3 12-2 Welcome to 512–514 Carolyn Ave — a well-maintained duplex in the heart of Bellevue offering flexibility for both investors and owner-occupants. This two-unit property features a 1-bedroom, 1-bath unit on the main level (514) and a spacious 3-bedroom, 1-bath unit upstairs (512), making it an ideal house-hack or income-producing investment. Each unit offers a comfortable, updated interior with functional layouts and good natural light throughout. The property includes separate entrances for both units, along with access to a shared basement with laundry, providing convenience for tenants and added practicality for ownership. All utilities are fully separated -gas, electric, and water - helping keep operating expenses simple and tenant-friendly. Located on a quiet residential street with easy access to Bellevue’s shops, restaurants, and major routes, this property is well-positioned for strong rental demand. Whether you're looking to live in one unit while renting the other or add a solid duplex to your portfolio, 512–514 Carolyn Ave offers versatility, convenience, and long-term potential.

Key facts

• 5,802 sq ft lot
• Built 1905
• Listed 80 days

🏷️ Possibly a rental listed for sale. The $263,000 price doesn't fit this home's estimated sale value (~$402,954) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 1×2bd/1.0ba + 1×3bd/1.0ba units multifamily listed at $263k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $270 ($3k/yr) — positive. Per door: $135/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $263k).
• Recommended offer: $247k (6.0% below list) — sets the bar for market timing.
• Cap rate 7.5% vs local median 4.0% in Bellevue — 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 92/100 on livability (#9 in PA, #35 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+.
• Northgate SD (suburban): math 25% / reading 57% proficiency, ranked #354 of 539 in PA (top 66%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+5.2%/yr); 80 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 2,996 units permitted in Allegheny County in 2024 (1,588 in 5+ unit buildings).
• At $2,643/mo this rent would consume 46% of the median local household income ($68k/yr) (locally 952% 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 $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 80 days — a 6% lower offer ($247k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 5y ago; this cycle's ask is 20131% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $144k; list at $263k implies a 83% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1905 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $247,220 (6.0% below list)

Questions for the listing agent

1. It's been on market 80 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1905 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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.
10. 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.
11. 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: 1.00% ✓
• Cap rate: 7.53%
• Cash-on-cash: 4.41%
• DSCR: 1.20
• GRM: 8.3

CMA / ARV

• ARV (median comp): $402,954
• List price: $263,000
• Delta: -34.73%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
618 Tingley Ave	0.08mi	3/2.0 (-1)	—	7mo	$210,000	—	73
105 N Starr Ave	0.38mi	4/2.0	—	3mo	$285,000	—	67
317-319 N Balph Ave	0.27mi	5/2.0 (+1)	—	5mo	$249,165	—	66
900 Forest Ave	0.27mi	3/2.0 (-1)	—	5mo	$176,000	—	66
566 Orchard Ave	0.18mi	5/3.0 (+1)	—	8mo	$280,000	—	64
716 Klemont Ave	0.35mi	3/2.0 (-1)	—	3mo	$215,000	—	63
426 Hallett Pl	0.61mi	4/2.0	—	3mo	$150,000	—	56
17-19 N Bryant Ave	0.73mi	4/2.0	—	1mo	$285,000	—	53
29-31 S Harrison Ave	0.71mi	4/2.0	—	8mo	$132,660	—	48
243 S Chestnut St	0.71mi	3/2.0 (-1)	—	2mo	$150,000	—	48
723 Taylor Ave	0.67mi	5/3.0 (+1)	—	1mo	$289,000	—	46
21 S Harrison Ave	0.71mi	3/3.0 (-1)	—	8mo	$300,000	—	39

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 · 5.16% rent growth · sell at horizon

5-year hold

• IRR: -7.0%
• Equity multiple: 0.74×
• Total profit: $-19,486
• Equity at exit: $39,214

10-year hold

• IRR: 5.1%
• Equity multiple: 1.41×
• Total profit: $30,540
• Equity at exit: $22,739

Cash invested: $73,640 (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 15202

• Home prices YoY: -30.2%
• Rents YoY: 5.2%
• Active inventory: 80
• Price-to-rent: 17.9×

Monthly cashflow live

• Estimated rent: $2,643 high
• Mortgage (P&I): −$1,379
• Tax est. 1.5%: −$329 /mo · $3,945/yr
• Insurance: −$110
• HOA: −$0
• Vacancy / Maint / Mgmt: −$555
• Net cashflow: $270

Break-even live

Break-even rent $2,301

Max offer price $263,000

Occupancy floor 85%

Sensitivity live

Price	-10% $452	-5% $361	+0% $270	+5% $180	+10% $89
Rent	-10% $62	-5% $166	+0% $270	+5% $375	+10% $479
Rate	-1.0pp $403	-0.5pp $337	base $270	+0.5pp $202	+1.0pp $133

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

Units	Beds	Baths	Est. rent
1× unit	2	1	$1,221
1× unit	3	1	$1,422
Total (2 units)			$2,643

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: $65,750
• Closing costs: $7,890
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
516 Carolyn Ave Pittsburgh, PA	3.0	2.0	840	$1,850	$2.20	24d	1	0.02mi
189 N Balph Ave Pittsburgh, PA	3.0	1.0	1550	$1,850	$1.19	44d	1	0.21mi
555 Orchard Ave Bellevue, PA	3.0	1.0	1400	$1,295	$0.93	44d	1	0.22mi
514 Dawson Ave Apt 2 Pittsburgh, PA	3.0	1.0	—	$1,295	—	24d	1	0.31mi
70 N Sprague Ave Unit 2 Pittsburgh, PA	3.0	1.0	—	$1,575	—	24d	1	0.34mi
713 Clinton Pl Pittsburgh, PA	4.0	2.0	1760	$2,750	$1.56	2d	1	0.41mi
1003 California Ave Apt 2 Pittsburgh, PA	3.0	1.0	—	$1,295	—	44d	1	0.46mi
115 Meade Ave Pittsburgh, PA	4.0	1.0	1392	$1,600	$1.15	44d	1	0.70mi
129 Dunbar Ave Pittsburgh, PA	4.0	2.0	—	$2,145	—	21d	1	0.76mi
535 Marie Ave Pittsburgh, PA	5.0	4.0	—	$2,445	—	2d	1	0.78mi
421 N Ohio St Pittsburgh, PA	3.0	2.0	1747	$2,700	$1.55	2d	1	0.87mi
115 S Birmingham Ave Pittsburgh, PA	3.0	1.0	850	$1,145	$1.35	44d	1	0.88mi
115 S Birmingham Ave Pittsburgh, PA	3.0	1.0	850	$1,175	$1.38	4d	1	0.88mi
419 Florence Ave #2 Pittsburgh, PA	3.0	1.0	1116	$1,250	$1.12	13d	1	0.91mi
111 S Ohio St Unit 2 Pittsburgh, PA	3.0	1.0	—	$1,195	—	20d	1	0.95mi
200-222 Laurel Ave Unit 207 Pittsburgh, PA	3.0	1.0	—	$1,295	—	8d	1	0.98mi
225 Park Ave Apt 1 Bellevue, PA	3.0	1.0	—	$1,350	—	44d	1	1.20mi
5112 Towers Ter Unit 1386064P Pittsburgh, PA	4.0	1.0	—	$6,343	—	20d	1	1.41mi
434 Katherine St Pittsburgh, PA	3.0	1.5	1344	$1,295	$0.96	15d	1	1.47mi

Listing history 23 events

1. 2026-06-18
   days on market $263,000 Active 80 DOM
2. 2026-06-17
   days on market $263,000 Active 79 DOM
3. 2026-06-16
   days on market $263,000 Active 78 DOM
4. 2026-06-15
   days on market $263,000 Active 77 DOM
5. 2026-06-13
   days on market $263,000 Active 75 DOM
6. 2026-06-13
   days on market $263,000 Active 74 DOM
7. 2026-06-07
   days on market $263,000 Active 73 DOM
8. 2026-06-03
   days on market $263,000 Active 69 DOM
9. 2026-06-02
   days on market $263,000 Active 68 DOM
10. 2026-06-01
    days on market $263,000 Active 67 DOM
11. 2026-05-31
    days on market $263,000 Active 66 DOM
12. 2026-05-01
    price $263,000 1152-char remark

    Show marketing remark (1152 chars)

    OPEN HOUSE SUN 5/3 12-2 Welcome to 512–514 Carolyn Ave — a well-maintained duplex in the heart of Bellevue offering flexibility for both investors and owner-occupants. This two-unit property features a 1-bedroom, 1-bath unit on the main level (514) and a spacious 3-bedroom, 1-bath unit upstairs (512), making it an ideal house-hack or income-producing investment. Each unit offers a comfortable, updated interior with functional layouts and good natural light throughout. The property includes separate entrances for both units, along with access to a shared basement with laundry, providing convenience for tenants and added practicality for ownership. All utilities are fully separated -gas, electric, and water - helping keep operating expenses simple and tenant-friendly. Located on a quiet residential street with easy access to Bellevue’s shops, restaurants, and major routes, this property is well-positioned for strong rental demand. Whether you're looking to live in one unit while renting the other or add a solid duplex to your portfolio, 512–514 Carolyn Ave offers versatility, convenience, and long-term potential.

13. 2026-05-01
    listed $1,300

    Show marketing remark (1152 chars)

    OPEN HOUSE SUN 5/3 12-2 Welcome to 512–514 Carolyn Ave — a well-maintained duplex in the heart of Bellevue offering flexibility for both investors and owner-occupants. This two-unit property features a 1-bedroom, 1-bath unit on the main level (514) and a spacious 3-bedroom, 1-bath unit upstairs (512), making it an ideal house-hack or income-producing investment. Each unit offers a comfortable, updated interior with functional layouts and good natural light throughout. The property includes separate entrances for both units, along with access to a shared basement with laundry, providing convenience for tenants and added practicality for ownership. All utilities are fully separated -gas, electric, and water - helping keep operating expenses simple and tenant-friendly. Located on a quiet residential street with easy access to Bellevue’s shops, restaurants, and major routes, this property is well-positioned for strong rental demand. Whether you're looking to live in one unit while renting the other or add a solid duplex to your portfolio, 512–514 Carolyn Ave offers versatility, convenience, and long-term potential.

14. 2026-04-11
    historical $1,300
15. 2026-03-26
    listed $265,000 Active 1152-char remark

    Show marketing remark (1152 chars)

    OPEN HOUSE SUN 5/3 12-2 Welcome to 512–514 Carolyn Ave — a well-maintained duplex in the heart of Bellevue offering flexibility for both investors and owner-occupants. This two-unit property features a 1-bedroom, 1-bath unit on the main level (514) and a spacious 3-bedroom, 1-bath unit upstairs (512), making it an ideal house-hack or income-producing investment. Each unit offers a comfortable, updated interior with functional layouts and good natural light throughout. The property includes separate entrances for both units, along with access to a shared basement with laundry, providing convenience for tenants and added practicality for ownership. All utilities are fully separated -gas, electric, and water - helping keep operating expenses simple and tenant-friendly. Located on a quiet residential street with easy access to Bellevue’s shops, restaurants, and major routes, this property is well-positioned for strong rental demand. Whether you're looking to live in one unit while renting the other or add a solid duplex to your portfolio, 512–514 Carolyn Ave offers versatility, convenience, and long-term potential.

16. 2026-03-11
    listed $1,300
17. 2025-06-01
    historical $1,300
18. 2025-04-30
    listed $1,300
19. 2024-04-10
    historical $1,300
20. 2024-03-15
    listed $1,300
21. 2021-06-29
    soldstatus $143,500 Closed 670-char remark

    Show marketing remark (670 chars)

    Great location, easy access to I-279! Be in downtown Pittsburgh in minutes! Great floor plan on both units! First floor unit has Living Rm, Dining Rm, Kitchen, Bedroom and Full Bath. Access to covered front porch from both unit front doors. Second floor unit has Living Rm, Eat-In Kitchen, Bedroom and Full Bath. 2 Additional Bedrooms on 3rd floor! Or use one of the 3 Bedrooms as a home office! Hardwood floors throughout both units. Backyard goes back to Tingley Ave in rear where off street parking could be added if permit is obtained. Full basement with washer and dryer (included!) and available storage space. New windows 3 years ago, New roof approx 5 years ago!

22. 2021-05-10
    status Pending 670-char remark

    Show marketing remark (670 chars)

    Great location, easy access to I-279! Be in downtown Pittsburgh in minutes! Great floor plan on both units! First floor unit has Living Rm, Dining Rm, Kitchen, Bedroom and Full Bath. Access to covered front porch from both unit front doors. Second floor unit has Living Rm, Eat-In Kitchen, Bedroom and Full Bath. 2 Additional Bedrooms on 3rd floor! Or use one of the 3 Bedrooms as a home office! Hardwood floors throughout both units. Backyard goes back to Tingley Ave in rear where off street parking could be added if permit is obtained. Full basement with washer and dryer (included!) and available storage space. New windows 3 years ago, New roof approx 5 years ago!

23. 2021-05-05
    listed $139,900 Active 670-char remark

    Show marketing remark (670 chars)

    Great location, easy access to I-279! Be in downtown Pittsburgh in minutes! Great floor plan on both units! First floor unit has Living Rm, Dining Rm, Kitchen, Bedroom and Full Bath. Access to covered front porch from both unit front doors. Second floor unit has Living Rm, Eat-In Kitchen, Bedroom and Full Bath. 2 Additional Bedrooms on 3rd floor! Or use one of the 3 Bedrooms as a home office! Hardwood floors throughout both units. Backyard goes back to Tingley Ave in rear where off street parking could be added if permit is obtained. Full basement with washer and dryer (included!) and available storage space. New windows 3 years ago, New roof approx 5 years ago!

ⓘ 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 3/10 Moderate 7 d/yr ≥97°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $31,716
• − Mortgage interest: −$14,732
• − Property taxes: −$3,945
• − Insurance: −$1,315
• − Repairs & maintenance: −$2,537
• − Management: −$2,537
• − Depreciation: −$7,651
• Taxable loss: −$1,002
• Est. tax savings @ 24.0%: +$240
• After-tax cash flow: $3,486/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 · 1 photo

Fair 45/100 Moderate rehab

This multi-family property requires moderate rehabilitation, including landscaping and debris removal, to improve its curb appeal and overall condition. Updates to the kitchen and bathrooms would further enhance its resale and rental value.

Repairs flagged

• Major Overgrown vegetation — Needs trimming and clearing
• Major Debris — Needs removal

Value-add opportunities

• Both Landscaping and debris removal — Improves curb appeal and makes the property more attractive for both resale and rental
• Both Kitchen and bathroom updates — Modernizing these areas can significantly increase the property's value for both resale and rental

Renovation cost estimate screening

Repair item	Severity	Est. cost
Overgrown vegetation · Needs trimming and clearing	Major	$15,000–50,000
Debris · Needs removal	Major	$15,000–50,000
Total estimated repair cost · 2 items		$30,000–100,000

Value-add ROI direction

• Both Landscaping and debris removal — Improves curb appeal and makes the property more attractive for both resale and rental ↑
• Both Kitchen and bathroom updates — Modernizing these areas can significantly increase the property's value for both resale and rental ↑

ⓘ 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: Northgate SD
• NCES district ID: 4217770
• Math proficiency: 25% ▼ -12.00%
• Reading proficiency: 57% ▼ -5.00%
• Median HH income: $39,084
• Composite: 34.15/100
• National rank: #5279
• State rank: #354 of 539 in PA

Livability — Bellevue

• Score: 92/100
• State rank: #9
• US rank: #35

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bellevue, PA
• County: Allegheny County · 1,022,028 people
• Metro: Pittsburgh, PA
• Population (ZIP): 19,564
• Household income: $68,287
• Rent vs Own: 48.0% rent · 52.0% own
• Severe rent burden: 952.0

Population outlook (Allegheny County) Hauer SSP2

• Today (2025): 1,250,282 people
• By 2030: 1,256,482 · +0.5%
• By 2040: 1,256,318 · +0.5%
• By 2050: 1,244,169 · -0.5%
• By 2075: 1,197,693 · -4.2%
• By 2100: 1,093,187 · -12.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Black 9% Two or more races 5% Hispanic / Latino 2% Asian 1%
• Common ancestry: Romanian 6% Italian 2% Lithuanian 2%
• Foreign-born: 2% · Canada, China
• Languages at home: 96% English-only · Other Indo-European 1% Spanish 1% Chinese 1%

Political lean MEDSL · Allegheny

• 2024 margin: Strong D (+20.3) · D 59.7% · R 39.4%
• 2008→2024 swing: +4.8pp toward D · 2008: 15.5pp · 2024: 20.3pp
• All cycles: 2024: D+20.3 2020: D+20.4 2016: D+16.4 2012: D+14.4 2008: D+15.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -118.40%
• Current HPI: 274.1929
• Rent YoY: ▲ 5.16%
• Metro: Pittsburgh, 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

+88.0% since first listed

12 events — show timeline

• 2026-05-01 Price Changed $263,000 West Penn MLS
• 2026-05-01 Listed for Rent $1,300 TURBOTENANT
• 2026-04-11 Rental Removed $1,300 TURBOTENANT
• 2026-03-26 Listed $265,000 West Penn MLS
• 2026-03-11 Listed for Rent $1,300 TURBOTENANT
• 2025-06-01 Rental Removed $1,300 TURBOTENANT
• 2025-04-30 Listed for Rent $1,300 TURBOTENANT
• 2024-04-10 Rental Removed $1,300 TURBOTENANT
• 2024-03-15 Listed for Rent $1,300 TURBOTENANT
• 2021-06-29 Sold (MLS) $143,500 West Penn MLS
• 2021-05-10 Pending — West Penn MLS
• 2021-05-05 Listed $139,900 West Penn MLS