308-310 3rd St

California, PA 15419

$245,000C+

4 bd · 2.0 ba · — sqft · Built — · MultiFamily · Active · 39 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,720/mo
• Mortgage (P&I): −$1,285
• Tax + insurance: −$408
• HOA: −$0
• Vac / Maint / Mgmt: −$571
• Net cashflow: $456/mo
• Annual: $5,468/yr
• Cap rate: 8.52%
• Cash-on-cash: 7.97%
• DSCR: 1.35
• 1% rule: 1.11%
• Cash to close: $68,600

Investor read

• This is a 4-bed/2.0-bath multifamily listed at $245k. Condition is rated good.
• At list price, monthly cash flow is $456 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $245k).
• It's been on market 39 days — a 3% lower offer ($238k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $238k (3.0% below list) — sets the bar for market timing.
• In year one you build about $331 of equity ($2k loan paydown + $-1k appreciation (-0.6% local appreciation)).
• Location reads 56/100 on livability (#1,648 in PA) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A-; Watch: crime C-, schools D, amenities F.
• California Area SD (rural): math 31% / reading 58% proficiency, ranked #295 of 539 in PA (top 55%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 18 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 489 units permitted in Washington County in 2024 (30 in 5+ unit buildings).
• Washington County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-0.6% appreciation + 3.0% rent growth), your $69k cash investment doubles in ~8 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 39 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• 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?
• 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 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.