3284 Rainbow Run Rd

Wickerham Manor-Fisher, PA 15063

$24,900D

3 bd · 1.5 ba · 1,552 sqft · Built 1920 · SingleFamily · Active · 94 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,329/mo
• Mortgage (P&I): −$131
• Tax + insurance: −$97
• HOA: −$0
• Vac / Maint / Mgmt: −$279
• Net cashflow: $822/mo
• Annual: $9,866/yr
• Cap rate: 48.59%
• Cash-on-cash: 151.07%
• DSCR: 7.72
• 1% rule: 5.34%
• Cash to close: $6,972

Investor read

• This is a 3-bed/1.5-bath single-family listed at $25k.
• At list price, monthly cash flow is $822 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $25k).
• It's been on market 94 days — a 9% lower offer ($23k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $23k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $172 of loan paydown is wiped out by about $747 of value loss. Plan a longer hold.
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Elizabeth Forward SD (suburban): math 41% / reading 65% proficiency, ranked #136 of 539 in PA (top 25%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: William Penn El Sch (math 42% / reading 67%, grade C, #504 of 1,518 statewide, top 37%, 341 students, 53% FRL); Elizabeth Forward Ms (math 28% / reading 63%, grade D+, #184 of 512 statewide, top 36%, 550 students, 44% FRL); Elizabeth Forward Shs (math 57%, 749 students, 33% FRL).
• Watch-outs: flood insurance adds $56/mo; built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 67 active listings in the ZIP; 2,996 units permitted in Allegheny County in 2024 (1,588 in 5+ unit buildings).
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $7k cash investment doubles in ~1 year — after that, you're playing with house money.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 94 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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.