140 N Main St #138 · Butler, PA 16001

$165,000

5 bd · 3.0 ba · — sqft · MultiFamily · 71 Days on market

Built 1900 Fair condition 3,484 sqft lot Est $156k · 6% over

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Why this score? — see what drove the B- 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +5.0/5.0
• ARV discount +4.9/15.0
• Schools +4.3/10.0
• Livability +3.6/5.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

Opportunity meets versatility in this expansive 3,520 sq. ft. mixed-use property, perfectly positioned in the heart of downtown Butler. Offering the rare combination of commercial and residential potential, the main level provides an ideal retail or business space ready to bring your vision to life. Above, three income-producing apartments open the door to steady cash flow, while the option to live on-site creates the ultimate work-from-home convenience. A one-stall garage adds practical value, and the location truly sets this property apart—situated directly across from the iconic Penn Theater, with a popular coffee shop just steps away, drawing consistent foot traffic. With an impressive daily traffic count of approximately 12,000 cars, your business will benefit from outstanding visibility and exposure. Whether you're an entrepreneur seeking a prime storefront, an investor looking to expand your portfolio, or someone dreaming of blending lifestyle and income, this dynamic property offers endless possibilities in a thriving downtown setting.

Key facts

• 3,484 sq ft lot
• Garage
• Built 1900

What this means for you Summary

Snapshot

• This is a 5-bed/3.0-bath multifamily listed at $165k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $2k ($20k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $165k).
• Recommended offer: $155k (6.0% below list) — sets the bar for market timing.
• Cap rate 18.3% vs local median 3.8% in Butler — 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 71/100 on livability (#705 in PA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, schools A-; Watch: crime D-, amenities F, commute F.
• Butler Area SD (town): math 41% / reading 59% proficiency, ranked #181 of 539 in PA (top 34%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+20.4%/yr); 206 active listings in the ZIP; 987 units permitted in Butler County in 2024 (0 in 5+ unit buildings).
• At $3,530/mo this rent would consume 67% of the median local household income ($64k/yr) (locally 1441% 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 $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Butler County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $46k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 71 days — a 6% lower offer ($155k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $155,100 (6.0% below list)

Questions for the listing agent

1. It's been on market 71 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are A-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?
7. Crime grade is D 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?
8. 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.
9. 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.
10. 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: 2.14% ✓
• Cap rate: 18.28%
• Cash-on-cash: 42.82%
• DSCR: 2.91
• GRM: 3.9

CMA / ARV

• ARV (median comp): $155,844
• List price: $165,000
• Delta: 5.88%
• Verdict: FAIR
• Comps: 1 within 2.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
218 W Brady St	0.17mi	4/3.0 (-1)	—	10mo	$113,500	—	67
401 N Mckean St	0.25mi	5/2.0	—	7mo	$145,000	—	66
236 W Brady St	0.20mi	4/2.0 (-1)	—	6mo	$111,000	—	64
332 S Main St	0.28mi	4/3.0 (-1)	—	7mo	$189,900	—	63
400 W New Castle St	0.27mi	4/4.0 (-1)	—	10mo	$125,000	—	58
198 W Pearl St	0.35mi	4/2.0 (-1)	—	10mo	$40,000	—	54
207/209 South Monroe St	0.49mi	4/2.0 (-1)	—	8mo	$150,000	—	49
201 2nd St	0.64mi	4/2.0 (-1)	—	2mo	$58,000	—	47
313 Mercer St	0.68mi	4/2.0 (-1)	—	1mo	$146,000	—	46
621/623 W Penn St	0.57mi	4/2.0 (-1)	—	8mo	$90,500	—	45
221 Brown Ave	0.66mi	4/2.0 (-1)	—	6mo	$144,900	—	43
208 Spang Ave	0.66mi	4/2.0 (-1)	—	10mo	$120,000	—	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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 45.2%
• Equity multiple: 3.10×
• Total profit: $96,960
• Equity at exit: $24,602

10-year hold

• IRR: 53.3%
• Equity multiple: 7.60×
• Total profit: $304,745
• Equity at exit: $14,266

Cash invested: $46,200 (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 16001

• Home prices YoY: -31.7%
• Rents YoY: 20.4%
• Active inventory: 206
• Price-to-rent: 15.6×

Monthly cashflow live

• Estimated rent: $3,530 high
• Mortgage (P&I): −$865
• Tax est. 1.5%: −$206 /mo · $2,475/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$741
• Net cashflow: $1,648

Break-even live

Break-even rent $1,443

Max offer price $165,000

Occupancy floor 48%

Sensitivity live

Price	-10% $1,762	-5% $1,705	+0% $1,648	+5% $1,591	+10% $1,534
Rent	-10% $1,370	-5% $1,509	+0% $1,648	+5% $1,788	+10% $1,927
Rate	-1.0pp $1,732	-0.5pp $1,690	base $1,648	+0.5pp $1,606	+1.0pp $1,562

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

Units	Beds	Baths	Est. rent
▸ 4× units	1	1	$3,532
Total (4 units)			$3,530

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: $41,250
• Closing costs: $4,950
• Reserves months: —
• Total cash needed: —

Listing history 14 events

1. 2026-06-18
   days on market $165,000 Active 71 DOM
2. 2026-06-17
   days on market $165,000 Active 70 DOM
3. 2026-06-16
   days on market $165,000 Active 69 DOM
4. 2026-06-15
   days on market $165,000 Active 68 DOM
5. 2026-06-13
   days on market $165,000 Active 66 DOM
6. 2026-06-13
   days on market $165,000 Active 65 DOM
7. 2026-06-09
   days on market $165,000 Active 62 DOM
8. 2026-06-08
   days on market $165,000 Active 61 DOM
9. 2026-06-07
   days on market $165,000 Active 60 DOM
10. 2026-06-03
    days on market $165,000 Active 56 DOM
11. 2026-06-02
    days on market $165,000 Active 55 DOM
12. 2026-06-01
    days on market $165,000 Active 54 DOM
13. 2026-05-31
    days on market $165,000 Active 53 DOM
14. 2026-04-08
    listed $165,000 Active 1065-char remark

    Show marketing remark (1065 chars)

    Opportunity meets versatility in this expansive 3,520 sq. ft. mixed-use property, perfectly positioned in the heart of downtown Butler. Offering the rare combination of commercial and residential potential, the main level provides an ideal retail or business space ready to bring your vision to life. Above, three income-producing apartments open the door to steady cash flow, while the option to live on-site creates the ultimate work-from-home convenience. A one-stall garage adds practical value, and the location truly sets this property apart—situated directly across from the iconic Penn Theater, with a popular coffee shop just steps away, drawing consistent foot traffic. With an impressive daily traffic count of approximately 12,000 cars, your business will benefit from outstanding visibility and exposure. Whether you're an entrepreneur seeking a prime storefront, an investor looking to expand your portfolio, or someone dreaming of blending lifestyle and income, this dynamic property offers endless possibilities in a thriving downtown setting.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $42,360
• − Mortgage interest: −$9,243
• − Property taxes: −$2,475
• − Insurance: −$825
• − Repairs & maintenance: −$3,389
• − Management: −$3,389
• − Depreciation: −$4,800
• Taxable income: $18,240
• Est. tax owed @ 24.0%: −$4,378
• After-tax cash flow: $15,404/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 · 12 photos

Fair 45/100 Extensive rehab

This property presents significant opportunities for extensive renovations, with potential for substantial value increase through exterior updates and interior improvements.

Repairs flagged

• Major exterior siding — Peeling paint and exposed brick
• Major flooring — Worn wood and checkered tile
• Major interior walls — Worn paint and exposed brick
• Minor kitchen cabinets — No visible damage

Value-add opportunities

• Both exterior siding — Improves curb appeal and value
• Both flooring — Enhances interior aesthetics and value
• Both interior walls — Updates interior and enhances value
• Rental kitchen cabinets — Modernizes kitchen and enhances rental appeal

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · Peeling paint and exposed brick	Major	$15,000–50,000
flooring · Worn wood and checkered tile	Major	$15,000–50,000
interior walls · Worn paint and exposed brick	Major	$15,000–50,000
kitchen cabinets · No visible damage	Minor	$500–3,000
Total estimated repair cost · 4 items		$45,500–153,000

Value-add ROI direction

• Both exterior siding — Improves curb appeal and value ↑
• Both flooring — Enhances interior aesthetics and value ↑
• Both interior walls — Updates interior and enhances value ↑
• Rental kitchen cabinets — Modernizes kitchen and enhances rental appeal ↑

ⓘ 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: Butler Area SD
• NCES district ID: 4204590
• Math proficiency: 41% ▼ -11.00%
• Reading proficiency: 59% ▼ -10.00%
• Median HH income: $49,348
• Composite: 42.65/100
• National rank: #3180
• State rank: #181 of 539 in PA

Livability — Butler

• Score: 71/100
• State rank: #705
• US rank: #6951

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Butler, PA
• County: Butler County · 73,107 people
• City population: 39,234
• Metro: Pittsburgh, PA
• Population (ZIP): 39,234
• Household income: $63,635
• Rent vs Own: 31.6% rent · 68.4% own
• Severe rent burden: 1441.0

Population outlook (Butler County) Hauer SSP2

• Today (2025): 190,777 people
• By 2030: 191,476 · +0.4%
• By 2040: 189,474 · -0.7%
• By 2050: 182,050 · -4.6%
• By 2075: 159,526 · -16.4%
• By 2100: 129,028 · -32.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 4% Hispanic / Latino 2% Black 1%
• Common ancestry: Romanian 8% Serbian 4% Slovak 2%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Butler

• 2024 margin: Solid R (+32.2) · D 33.5% · R 65.7%
• 2008→2024 swing: -4.8pp toward R · 2008: -27.4pp · 2024: -32.2pp
• All cycles: 2024: R+32.2 2020: R+32.5 2016: R+37.5 2012: R+34.9 2008: R+27.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -103.40%
• Current HPI: 222.4445
• Rent YoY: ▲ 20.36%
• 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

1 event — show timeline

• 2026-04-08 Listed $165,000 West Penn MLS