309 Phillips St · New Castle, PA 16101

$69,900

4 bd · 3.0 ba · 2,145 sqft · Other public records · 17 Days on market

Built 1920 7,405 sqft lot

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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
• ARV discount +7.5/15.0
• Rent growth +5.0/5.0
• Livability +4.1/5.0
• Condition / age +2.5/5.0
• Schools +1.1/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Calling all investors! This FULLY rented brick triplex would be a great addition to your portfolio. 1st floor unit is 1 bed/1 bath, 2nd floor unit is 2 bed/1 bath. The 3rd floor is an efficiency with new flooring and countertops and all utilities included for the tenant. There is a detached garage, that could be emptied and used for additional rental income. Gas and Electric are separated between all units. 2 lots included in the sale. Property management in place with Berkshire Hathaway.

Key facts

• Large lot
• All brick triplex
• Conveniently located

Tags

• ALL BRICK TRIPLEX
• LARGE LOT
• DETACHED GARAGE
• INCOME PRODUCING POTENTIAL
• CONVENIENTLY LOCATED

Property features AI

Finance

• Other: Property contains 3 total units; All units are furnished; Two units currently vacant; Ground rent paid annually

Exterior

• Parking: Detached garage with 5 spaces (total 5 garage/parking spaces)
• Utilities: Public water; Public sewer; Electric cooling fuel; Natural gas heating and hot water
• Home design: Detached structure; Fee simple ownership
• Construction: Brick construction; Foundation: brick/mortar, block, and slab; Estimated year built
• Exterior features: Above-grade other structures

Interior

• Bedrooms: Two 1-bedroom units; One 2-bedroom unit
• Heating & cooling: Forced air heating; Central heating; Natural gas heating and hot water; Window air conditioning units (electric)
• Interior features: Plaster walls; Unfinished basement

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath other listed at $70k.

Deal economics

• At list price, monthly cash flow is $731 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $70k).
• Recommended offer: $69k (1.5% below list) — sets the bar for market timing.
• Cap rate 18.8% vs local median 8.7% in New Castle — 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 82/100 on livability (#137 in PA, #1,120 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, cost of living A+; Watch: amenities F, employment F.
• New Castle Area SD (town): math 9% / reading 19% proficiency, ranked #519 of 539 in PA (top 96%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+20.1%/yr); 118 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 51 units permitted in Lawrence County in 2024 (0 in 5+ unit buildings).
• This rent runs 36% of the median local income ($51k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $483 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Lawrence County population projected at -25% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $20k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($69k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 24y ago; this cycle's ask has dropped $10k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $68,851 (1.5% below list)

Questions for the listing agent

1. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 2.20% ✓
• Cap rate: 18.84%
• Cash-on-cash: 44.83%
• DSCR: 2.99
• GRM: 3.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 47.5%
• Equity multiple: 3.22×
• Total profit: $43,374
• Equity at exit: $10,422

10-year hold

• IRR: 55.3%
• Equity multiple: 7.88×
• Total profit: $134,740
• Equity at exit: $6,044

Cash invested: $19,572 (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 16101

• Home prices YoY: -26.3%
• Rents YoY: 20.1%
• Active inventory: 118
• Price-to-rent: 3.8×

Monthly cashflow live

• Estimated rent: $1,535 medium
• Mortgage (P&I): −$367
• Tax from tax record: −$86 /mo · $1,028/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$322
• Net cashflow: $731

Break-even live

Break-even rent $609

Max offer price $69,900

Occupancy floor 47%

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: $17,475
• Closing costs: $2,097
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1605 S Jefferson St New Castle, PA	3.0	1.0	1500	$1,500	$1.00	43d	1	0.54mi
1708 Moravia St New Castle, PA	3.0	2.0	1500	$1,500	$1.00	43d	1	0.73mi
932 Morton St New Castle, PA	3.0	1.0	1440	$1,375	$0.95	43d	1	0.75mi
1510 Huron Ave New Castle, PA	3.0	1.0	1560	$1,475	$0.95	43d	1	0.92mi

Listing history 13 events

1. 2026-06-19
   days on market $69,900 Active 17 DOM
2. 2026-06-18
   days on market $69,900 Active 16 DOM
3. 2026-06-17
   days on market $69,900 Active 15 DOM
4. 2026-06-17
   price $69,900 Active 14 DOM
5. 2026-06-16
   pricedays on market $74,900 Active 14 DOM
6. 2026-06-15
   days on market $79,900 Active 13 DOM
7. 2026-06-14
   days on market $79,900 Active 11 DOM
8. 2026-06-12
   days on market $79,900 Active 10 DOM
9. 2026-06-09
   days on market $79,900 Active 7 DOM
10. 2026-06-08
    days on market $79,900 Active 6 DOM
11. 2026-06-07
    days on market $79,900 Active 5 DOM
12. 2026-06-03
    remarks 693-char remark
13. 2026-06-03
    listed $79,900 Active 1 DOM

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

Tax reassessment forecast PA · Partial reset (capped growth)

• Current annual tax: $1,028 · $86/mo
• Projected year-2 tax: $1,066 · $89/mo
• Expected delta: +$38/yr (+$3/mo · 3.7%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥96°F today · 18 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,418
• − Mortgage interest: −$3,915
• − Property taxes: −$1,028
• − Insurance: −$350
• − Repairs & maintenance: −$1,473
• − Management: −$1,473
• − Depreciation: −$2,033
• Taxable income: $8,145
• Est. tax owed @ 24.0%: −$1,955
• After-tax cash flow: $6,819/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.

Schools (NCES district)

• District: New Castle Area SD
• NCES district ID: 4216620
• Math proficiency: 9% ▼ -13.00%
• Reading proficiency: 19% ▼ -23.00%
• Median HH income: $30,967
• Composite: 11.08/100
• National rank: #9736
• State rank: #519 of 539 in PA

Livability — New Castle

• Score: 82/100
• State rank: #137
• US rank: #1120

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: New Castle, PA
• County: Lawrence County · 30,767 people
• City population: 30,767
• Metro: New Castle, PA
• Population (ZIP): 30,767
• Household income: $51,128
• Rent vs Own: 30.6% rent · 69.4% own
• Severe rent burden: 1047.0

Population outlook (Lawrence County) Hauer SSP2

• Today (2025): 81,781 people
• By 2030: 77,978 · -4.7%
• By 2040: 69,522 · -15.0%
• By 2050: 61,344 · -25.0%
• By 2075: 45,027 · -44.9%
• By 2100: 31,305 · -61.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (82%)
• Race & ethnicity: White 82% Two or more races 8% Black 7% Hispanic / Latino 3%
• Common ancestry: Romanian 7% Serbian 3% Iranian 1%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 2% Other Indo-European 1%

Political lean MEDSL · Lawrence

• 2024 margin: Solid R (+33.8) · D 32.8% · R 66.5%
• 2008→2024 swing: -28.7pp toward R · 2008: -5.1pp · 2024: -33.8pp
• All cycles: 2024: R+33.8 2020: R+29.6 2016: R+28.1 2012: R+9.0 2008: R+5.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -56.77%
• Current HPI: 159.3091
• Rent YoY: ▲ 20.05%
• Metro: New Castle, 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

+263.2% since first listed

15 events — show timeline

• 2026-06-02 Listed $79,900 BRIGHT MLS
• 2025-01-05 Price Changed $95,000 West Penn MLS
• 2024-10-31 Listed $99,500 West Penn MLS
• 2021-06-16 Sold (Public Records) $73,000 Public Records
• 2021-06-11 Sold (MLS) $73,000 West Penn MLS
• 2021-05-29 Pending — West Penn MLS
• 2021-05-07 Contingent — West Penn MLS
• 2021-05-01 Listed $75,000 West Penn MLS
• 2018-01-26 Sold (Public Records) $25,000 Public Records
• 2013-05-07 Sold (Public Records) $40,500 Public Records
• 2006-10-13 Sold (Public Records) $19,000 Public Records
• 2006-10-13 Sold (Public Records) $19,000 Public Records
• 2003-02-06 Sold (Public Records) $15,000 Public Records
• 2003-02-06 Sold (MLS) $15,000 West Penn MLS
• 2002-09-26 Listed $22,000 West Penn MLS

Property tax history

+9.9%/yr

Latest (2026): $1,028 · +2.0% YoY. Source: county tax records.