510 Radcliffe St

Bristol, PA 19007

$699,900B-

16 bd · 5.0 ba · 3,104 sqft · Built 1880 · MultiFamily · Coming Soon · 5 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $8,887/mo
• Mortgage (P&I): −$3,670
• Tax + insurance: −$982
• HOA: −$0
• Vac / Maint / Mgmt: −$1,866
• Net cashflow: $2,369/mo
• Annual: $28,423/yr
• Cap rate: 10.45%
• Cash-on-cash: 14.84%
• DSCR: 1.66
• 1% rule: 1.27%
• Cash to close: $195,972

Investor read

• This is a 4 × 3-bed/1.5-bath units multifamily listed at $700k.
• At list price, monthly cash flow is $2k ($28k/yr) — positive. Per door: $592/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($9k rent vs $700k).
• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $21k of value loss. Plan a longer hold.
• Location reads 73/100 on livability (#546 in PA) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: commute C-, amenities F, health & safety F.
• Bristol Borough SD (suburban): math 24% / reading 40% proficiency, ranked #435 of 539 in PA (top 81%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: flood insurance adds $56/mo; built in 1880 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 133 active listings in the ZIP; 663 units permitted in Bucks County in 2024 (106 in 5+ unit buildings).
• Bucks County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• Current owner paid $183k; list at $700k implies a 282% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $196k cash investment doubles in ~9 years — after that, you're playing with house money.
• Climate carrying-cost: major flood risk; major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 10.4% vs local median 3.4% in Bristol — 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 $8,887/mo this rent would consume 163% of the median local household income ($66k/yr) (locally 808% 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 1880 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.