330 Iowa Ave

Glassport, PA 15045

$17,900D+

4 bd · 2.0 ba · 938 sqft · Built 1926 · SingleFamily · Pending · 42 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,150/mo
• Mortgage (P&I): −$94
• Tax + insurance: −$30
• HOA: −$0
• Vac / Maint / Mgmt: −$242
• Net cashflow: $785/mo
• Annual: $9,418/yr
• Cap rate: 58.91%
• Cash-on-cash: 187.90%
• DSCR: 9.36
• 1% rule: 6.42%
• Cash to close: $5,012

Investor read

• This is a 4-bed/2.0-bath single-family listed at $18k.
• At list price, monthly cash flow is $785 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $18k).
• It's been on market 42 days — a 3% lower offer ($17k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $17k (3.0% below list) — sets the bar for market timing.
• In year one you build about $156 of equity ($124 loan paydown + $32 appreciation (0.2% local appreciation)).
• Location reads 71/100 on livability (#716 in PA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, commute A-; Watch: crime C-, employment D+, amenities F.
• South Allegheny SD (suburban): math 23% / reading 44% proficiency, ranked #430 of 539 in PA (top 80%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: South Allegheny El Sch (math 27% / reading 47%, grade F, #1,004 of 1,518 statewide, top 68%, 578 students, 100% FRL); South Allegheny Ms (math 8% / reading 42%, grade F, #418 of 512 statewide, top 82%, 313 students, 100% FRL); South Allegheny Hs (math 37% / reading 24%, grade F, #344 of 437 statewide, top 79%, 484 students, 84% FRL) — zoned schools average 94% FRL vs 47% district-wide (48 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1926 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 24 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 2,996 units permitted in Allegheny County in 2024 (1,588 in 5+ unit buildings).
• 2 sale attempts; this cycle's ask has dropped $7k (28%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $10k; list at $18k implies a 79% gain — meaningful room to come down on a strong offer.
• At projected returns (0.2% appreciation + 3.0% rent growth), your $5k cash investment doubles in ~1 year — after that, you're playing with house money.
• Cap rate 58.9% vs local median 9.2% in Glassport — 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.

Questions for listing agent

• It's been on market 42 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1926 — 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.