1438-1440 Grandview Ave

North Braddock, PA 15104

$102,200B

None bd · None ba · 1,485 sqft · Built 1895 · MultiFamily · Active · 101 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,172/mo
• Mortgage (P&I): −$536
• Tax + insurance: −$170
• HOA: −$0
• Vac / Maint / Mgmt: −$456
• Net cashflow: $1,010/mo
• Annual: $12,115/yr
• Cap rate: 18.15%
• Cash-on-cash: 42.34%
• DSCR: 2.88
• 1% rule: 2.13%
• Cash to close: $28,616

Investor read

• This is a 1×3bd/1ba + 1×1bd/1ba units multifamily listed at $102k. Condition is rated poor.
• At list price, monthly cash flow is $1k ($12k/yr) — positive. Per door: $505/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $102k).
• It's been on market 101 days — a 9% lower offer ($93k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $93k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-1.6%/yr); year-one equity from $707 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 73/100 on livability (#550 in PA) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: amenities F, employment F.
• Woodland Hills SD (suburban): math 13% / reading 30% proficiency, ranked #486 of 539 in PA (top 90%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 69% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Wilkins El Steam Academy (math 8% / reading 17%, grade F, #1,362 of 1,518 statewide, top 92%, 416 students, 100% FRL); Dickson Prep Steam Academy (math 8% / reading 27%, grade F, #455 of 512 statewide, top 89%, 642 students, 100% FRL); Woodland Hills Hs (math 37% / reading 30%, grade F, #323 of 437 statewide, top 74%, 949 students, 89% FRL) — zoned schools average 96% FRL vs 69% district-wide (27 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1895 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 37 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 57% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 2,996 units permitted in Allegheny County in 2024 (1,588 in 5+ unit buildings).
• At projected returns (-1.6% appreciation + 3.0% rent growth), your $29k cash investment doubles in ~3 years — after that, you're playing with house money.
• At $2,172/mo this rent would consume 65% of the median local household income ($40k/yr) (locally 515% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 101 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• 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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1895 — 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.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?

Repairs flagged (vision-AI assessment)

• Major: siding — Significant wear and tear
• Major: landscaping — Overgrown vegetation