221-227 Spring St

Harwick, PA 15049

$295,000B

8 bd · 4.4 ba · — sqft · Built 1930 · MultiFamily · Active · 156 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,113/mo
• Mortgage (P&I): −$1,547
• Tax + insurance: −$492
• HOA: −$0
• Vac / Maint / Mgmt: −$1,074
• Net cashflow: $2,001/mo
• Annual: $24,007/yr
• Cap rate: 14.43%
• Cash-on-cash: 29.06%
• DSCR: 2.29
• 1% rule: 1.73%
• Cash to close: $82,600

Investor read

• This is a 4 × 3-bed/1.1-bath units multifamily listed at $295k.
• At list price, monthly cash flow is $2k ($24k/yr) — positive. Per door: $500/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $295k).
• It's been on market 156 days — a 12% lower offer ($260k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $260k (12.0% below list) — sets the bar for market timing.
• In year one you build about $384 of equity ($2k loan paydown + $-2k appreciation (-0.6% local appreciation)).
• Location reads 66/100 on livability (#1,052 in PA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment C-, health & safety D, schools D-.
• Allegheny Valley SD (suburban): math 29% / reading 53% proficiency, ranked #341 of 539 in PA (top 63%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 4 active listings in the ZIP; 2,996 units permitted in Allegheny County in 2024 (1,588 in 5+ unit buildings).
• 3 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• At projected returns (-0.6% appreciation + 3.0% rent growth), your $83k cash investment doubles in ~4 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 156 days. Have you received any prior offers? Is the seller open to a 12% 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?
• Built in 1930 — 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 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?
• 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.