3801 Hilpert St

Brentwood, PA 15227

$1,345,000D+

240 bd · 120.0 ba · — sqft · Built 1976 · MultiFamily · Pending · 18 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $13,337/mo
• Mortgage (P&I): −$7,053
• Tax + insurance: −$2,505
• HOA: −$0
• Vac / Maint / Mgmt: −$2,801
• Net cashflow: $978/mo
• Annual: $11,739/yr
• Cap rate: 7.17%
• Cash-on-cash: 3.12%
• DSCR: 1.14
• 1% rule: 0.99%
• Cash to close: $376,600

Investor read

• This is a 12 × 2-bed/1-bath units multifamily listed at $1.34M.
• At list price, monthly cash flow is $978 ($12k/yr) — positive. Per door: $82/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.33M (0.8% below list).
• It's been on market 18 days — a 2% lower offer ($1.32M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $1.32M (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $9k of loan paydown is wiped out by about $40k of value loss. Plan a longer hold.
• Location reads 81/100 on livability (#178 in PA, #1,479 nationally) — a professional / high-income tenant draw. Strengths: cost of living A+, housing A+, employment A; Watch: amenities C-.
• Brentwood Borough SD (suburban): math 29% / reading 50% proficiency, ranked #357 of 539 in PA (top 66%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Moore Sch (math 37% / reading 62%, grade D, #654 of 1,518 statewide, top 47%, 207 students, 63% FRL); Brentwood Ms (math 14% / reading 47%, grade F, #376 of 512 statewide, top 74%, 271 students, 62% FRL); Brentwood Shs (math 57%, 356 students, 44% FRL) — zoned schools average 57% FRL vs 40% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+4.3%/yr); 116 active listings in the ZIP; solid renter incomes; 2,996 units permitted in Allegheny County in 2024 (1,588 in 5+ unit buildings).
• Cap rate 7.2% vs local median 4.3% in Brentwood — 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.
• At $13,337/mo this rent would consume 212% of the median local household income ($75k/yr) (locally 780% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1976 — 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 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?
• 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.