1881 Noble St · Sharpsburg, PA 15215

$39,900

2 bd · 1.0 ba · 832 sqft · SingleFamily public records · 23 Days on market

Built 1900 8,001 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
• Schools +6.9/10.0
• Livability +4.0/5.0
• Rent growth +3.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This house needs some TLC. Large yard and detached garage. Great opportunity for someone who wants a fixer upper or rental property.

Key facts

• Nice size yard
• Great location
• Full rehab

Tags

• INVESTMENT OPPORTUNITY
• GREAT LOCATION
• NICE SIZE YARD
• ADDITIONAL STORAGE SHED
• FULL REHAB

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $40k.

Deal economics

• At list price, monthly cash flow is $681 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $40k).
• Recommended offer: $39k (1.5% below list) — sets the bar for market timing.
• Cap rate 26.8% vs local median 9.5% in Sharpsburg — 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 79/100 on livability (#248 in PA, #2,145 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: amenities D, schools D-, employment D-.
• Fox Chapel Area SD (suburban): math 73% / reading 85% proficiency, ranked #7 of 539 in PA (top 1%) — strong family-tenant draw, lease renewals of 3-5y typical; only 16% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising fast (+5.2%/yr); 56 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 2,996 units permitted in Allegheny County in 2024 (1,588 in 5+ unit buildings).
• This rent is only 16% of the median local income ($99k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $276 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 5.2% rent growth), your $11k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 23 days — a 2% lower offer ($39k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 22y ago; this cycle's ask has dropped $10k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $12k; list at $40k implies a 233% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 4.2% of price; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $39,301 (1.5% below list)

Questions for the listing agent

1. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 3.32% ✓
• Cap rate: 26.77%
• Cash-on-cash: 73.14%
• DSCR: 4.25
• GRM: 2.5

CMA / ARV

• ARV (on-the-fly): $233,792
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1815 S Canal St	0.16mi	2/1.0	868 (+4%)	24mo	$160,000	$184	66
242 Kittanning Pike	0.70mi	2/2.0	871 (+5%)	2mo	$245,000	$281	53

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 · 5.24% rent growth · sell at horizon

5-year hold

• IRR: 75.7%
• Equity multiple: 4.58×
• Total profit: $40,028
• Equity at exit: $5,949

10-year hold

• IRR: 80.1%
• Equity multiple: 10.32×
• Total profit: $104,114
• Equity at exit: $3,450

Cash invested: $11,172 (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 15215

• Rents YoY: 5.2%
• Active inventory: 56
• Price-to-rent: 2.5×

Monthly cashflow live

• Estimated rent: $1,325 high
• Mortgage (P&I): −$209
• Tax from tax record: −$140 /mo · $1,676/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$278
• Net cashflow: $681

Break-even live

Break-even rent $463

Max offer price $39,900

Occupancy floor 44%

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: $9,975
• Closing costs: $1,197
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
209 Mary St Sharpsburg, PA	3.0	1.0	1100	$1,395	$1.27	23d	1	0.44mi
207 Mary St Sharpsburg, PA	3.0	1.0	1100	$1,395	$1.27	23d	1	0.44mi
112 5th St Unit 2 Aspinwall, PA	2.0	1.0	700	$950	$1.36	23d	1	0.70mi
124 1st St Unit 2 Aspinwall, PA	1.0	1.0	750	$950	$1.27	43d	1	0.75mi
133 2nd St Unit 1 Aspinwall, PA	2.0	1.0	875	$1,300	$1.49	43d	1	0.76mi
212 Church St Apt 3 Pittsburgh, PA	1.0	1.0	800	$850	$1.06	7d	1	0.80mi
212 Church St Apt 3 Pittsburgh, PA	1.0	1.0	800	$850	$1.06	4d	1	0.80mi
514 Guyasuta Rd Unit 2 Pittsburgh, PA	2.0	1.0	875	$1,050	$1.20	23d	1	0.84mi
553 Foundry St Pittsburgh, PA	2.0	2.0	1025	$1,650	$1.61	21d	1	1.12mi
14 Bethany Dr Unit A Pittsburgh, PA	2.0	1.5	1032	$1,650	$1.60	43d	1	1.22mi
5700 Bunkerhill St Pittsburgh, PA	1.0–3.0	1.0–2.0	1258	$2,608	$2.07	1d	17	1.23mi
38 Walnut St Etna, PA	1.0	1.0	874	$1,075	$1.23	4d	1	1.48mi
1115 N Negley Ave Pittsburgh, PA	1.0–2.0	1.0–2.0	968	$2,390	$2.47	1d	2	1.49mi
39 Prospect St Pittsburgh, PA	2.0	1.0	1056	$1,200	$1.14	7d	1	1.50mi

Listing history 14 events

1. 2026-04-15
   status Pending
2. 2026-03-30
   price $39,900
3. 2026-03-30
   price $40,000
4. 2026-03-23
   listed $49,999 Active
5. 2023-07-10
   price $13,000
6. 2023-06-26
   price $19,000
7. 2023-06-10
   price $29,000
8. 2023-06-06
   listed $34,000 Active
9. 2015-06-16
   historical 132-char remark

   Show marketing remark (132 chars)

   This house needs some TLC. Large yard and detached garage. Great opportunity for someone who wants a fixer upper or rental property.

10. 2015-04-10
    listed $19,500 Active 132-char remark

    Show marketing remark (132 chars)

    This house needs some TLC. Large yard and detached garage. Great opportunity for someone who wants a fixer upper or rental property.

11. 2013-12-08
    listed $22,500
12. 2004-12-03
    soldstatus $12,000
13. 2004-11-29
    soldstatus $12,000
14. 2004-06-29
    listed $23,000

ⓘ 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: $1,676 · $140/mo
• Projected year-2 tax: $1,676 · $140/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 27% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥98°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,896
• − Mortgage interest: −$2,235
• − Property taxes: −$1,676
• − Insurance: −$200
• − Repairs & maintenance: −$1,272
• − Management: −$1,272
• − Depreciation: −$1,161
• Taxable income: $8,081
• Est. tax owed @ 24.0%: −$1,939
• After-tax cash flow: $6,231/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: Fox Chapel Area SD
• NCES district ID: 4210070
• Math proficiency: 73% ▼ -5.00%
• Reading proficiency: 85% ▼ -2.00%
• Median HH income: $73,326
• Composite: 69.02/100
• National rank: #324
• State rank: #7 of 539 in PA

Livability — Sharpsburg

• Score: 79/100
• State rank: #248
• US rank: #2145

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Sharpsburg, PA
• County: Allegheny County · 1,022,028 people
• Metro: Pittsburgh, PA
• Population (ZIP): 11,907
• Household income: $99,071
• Rent vs Own: 26.7% rent · 73.3% own
• Severe rent burden: 311.0

Population outlook (Allegheny County) Hauer SSP2

• Today (2025): 1,250,282 people
• By 2030: 1,256,482 · +0.5%
• By 2040: 1,256,318 · +0.5%
• By 2050: 1,244,169 · -0.5%
• By 2075: 1,197,693 · -4.2%
• By 2100: 1,093,187 · -12.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Asian 5% Two or more races 4% Black 4% Hispanic / Latino 3%
• Common ancestry: Romanian 9% Lithuanian 3% Scotch-Irish 2%
• Foreign-born: 7% · China, South Korea, Canada
• Languages at home: 91% English-only · Spanish 2% Chinese 2% Other Indo-European 2%

Political lean MEDSL · Allegheny

• 2024 margin: Strong D (+20.3) · D 59.7% · R 39.4%
• 2008→2024 swing: +4.8pp toward D · 2008: 15.5pp · 2024: 20.3pp
• All cycles: 2024: D+20.3 2020: D+20.4 2016: D+16.4 2012: D+14.4 2008: D+15.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -171.68%
• Current HPI: 284.7359
• Rent YoY: ▲ 5.24%
• 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

+73.5% since first listed

14 events — show timeline

• 2026-04-15 Pending — West Penn MLS
• 2026-03-30 Price Changed $39,900 West Penn MLS
• 2026-03-30 Price Changed $40,000 West Penn MLS
• 2026-03-23 Listed $49,999 West Penn MLS
• 2023-07-10 Price Changed $13,000 West Penn MLS
• 2023-06-26 Price Changed $19,000 West Penn MLS
• 2023-06-10 Price Changed $29,000 West Penn MLS
• 2023-06-06 Listed $34,000 West Penn MLS
• 2015-06-16 Delisted — West Penn MLS
• 2015-04-10 Listed $19,500 West Penn MLS
• 2013-12-08 Listed $22,500 West Penn MLS
• 2004-12-03 Sold (Public Records) $12,000 Public Records
• 2004-11-29 Sold (MLS) $12,000 West Penn MLS
• 2004-06-29 Listed $23,000 West Penn MLS

Property tax history

+2.1%/yr

Latest (2026): $1,676 · +1.3% YoY. Source: county tax records.