415 North Ave

Midland, PA 15342

$140,000B+

3 bd · 2.0 ba · 1,742 sqft · Built 1937 · SingleFamily · Active · 237 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,972/mo
• Mortgage (P&I): −$734
• Tax + insurance: −$177
• HOA: −$0
• Vac / Maint / Mgmt: −$414
• Net cashflow: $647/mo
• Annual: $7,761/yr
• Cap rate: 11.84%
• Cash-on-cash: 19.80%
• DSCR: 1.88
• 1% rule: 1.41%
• Cash to close: $39,200

Investor read

• This is a 3-bed/2.0-bath single-family listed at $140k.
• At list price, monthly cash flow is $647 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• It's been on market 237 days — a 12% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $123k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $968 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 70/100 on livability (#770 in PA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, crime A, housing A; Watch: health & safety C-, employment D+, amenities F.
• Chartiers-Houston SD (suburban): math 40% / reading 68% proficiency, ranked #125 of 539 in PA (top 23%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1937 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 27 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 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.
• 3 sale attempts; this cycle's ask is 4% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $39k cash investment doubles in ~7 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 237 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1937 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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 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.