229 Bissell Ave

Oil City, PA 16301

$33,000A-

3 bd · 1.0 ba · 1,156 sqft · Built 1900 · SingleFamily · Active · 67 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,000/mo
• Mortgage (P&I): −$173
• Tax + insurance: −$159
• HOA: −$0
• Vac / Maint / Mgmt: −$210
• Net cashflow: $458/mo
• Annual: $5,496/yr
• Cap rate: 24.97%
• Cash-on-cash: 66.70%
• DSCR: 3.97
• 1% rule: 3.03%
• Cash to close: $9,240

Investor read

• This is a 3-bed/1.0-bath single-family listed at $33k.
• At list price, monthly cash flow is $458 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $33k).
• It's been on market 67 days — a 6% lower offer ($31k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $31k (6.0% below list) — sets the bar for market timing.
• In year one you build about $946 of equity ($228 loan paydown + $718 appreciation (2.2% local appreciation)).
• Location reads 71/100 on livability (#704 in PA) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, employment F.
• Oil City Area SD (town): math 20% / reading 46% proficiency, ranked #436 of 539 in PA (top 81%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Hasson Heights Sch (math 22% / reading 42%, grade F, #1,094 of 1,518 statewide, top 73%, 385 students, 100% FRL); Oil City Area Ms (math 11% / reading 46%, grade F, #395 of 512 statewide, top 78%, 582 students, 100% FRL); Oil City Shs (math 47% / reading 24%, grade F, #305 of 437 statewide, top 70%, 603 students, 74% FRL) — zoned schools average 92% FRL vs 52% district-wide (39 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: property tax is 3.3% of price; flood insurance adds $56/mo; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 52 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 42 units permitted in Venango County in 2024 (0 in 5+ unit buildings).
• Venango County population projected at -30% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (2.2% appreciation + 3.0% rent growth), your $9k cash investment doubles in ~2 years — after that, you're playing with house money.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 25.0% vs local median 9.5% in Oil City — 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 67 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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.
• 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.