604 Spang Ave · Leechburg, PA 15656

$92,500

2 bd · 1.0 ba · 1,168 sqft · SingleFamily public records · 225 Days on market

Built 1908 6,011 sqft lot $79/sqft · 24% below area Est $121k · 24% under

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Why this score? — see what drove the C 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).

• ARV discount +15.0/15.0
• Cash flow +10.7/30.0
• Appreciation +10.0/10.0
• 1% rule +4.2/10.0
• Livability +3.9/5.0
• Schools +3.7/10.0
• DSCR +3.1/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Welcome home to this charming 2-bedroom, 1-bath house located in the Leechburg School District. This cozy home features many new updates, including new carpet. A new kitchen counter is perfect for your cooking needs, and the fresh new paint brightens each room. Additionally, there are all new gutters ensuring good drainage and care for the house. To keep you comfortable all year, the home is equipped with new split AC and heating units in every room, so you can stay warm in the winter and cool in the summer. Outside, there is a shed in the backyard where you can store extra items. This house is perfect as a starter home, or as an income producing investment property. Come see this lovely home and discover all it has to offer!

Key facts

• New carpet
• Shed in the backyard
• New gutters

Tags

• NEW KITCHEN COUNTER
• NEW CARPET
• NEW GUTTERS
• NEW SPLIT AC AND HEATING UNITS
• SHED IN THE BACKYARD

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $92k.

Deal economics

• At list price, monthly cash flow is $-44 ($-525/yr) — negative.
• To cash-flow at today's rent, offer at most $85k (8.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $85k (8.1% below list).
• Recommended offer: $81k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 78/100 on livability (#294 in PA, #2,608 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities D, employment D, commute F.
• Leechburg Area SD (suburban): math 33% / reading 53% proficiency, ranked #303 of 539 in PA (top 56%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 31 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 58 units permitted in Armstrong County in 2024 (20 in 5+ unit buildings).

Forward outlook

• In year one you build about $10k of equity ($640 loan paydown + $9k appreciation (10.0% local appreciation)).
• Armstrong County population projected at -27% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $26k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 225 days — a 12% lower offer ($81k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 12y ago; this cycle's ask has dropped $7k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $23k; list at $92k implies a 302% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1908 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $81,400 (12.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 225 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. Built in 1908 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
7. 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.
8. 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.
9. 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: 0.92% ✗
• Cap rate: 5.73%
• Cash-on-cash: -2.03%
• DSCR: 0.91
• GRM: 9.1

CMA / ARV

• ARV (median comp): $121,496
• List price: $92,500
• Delta: -23.87%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
322 Beale Ave	0.15mi	2/1.0	1,200 (+3%)	5mo	$134,900	$112	84
208 Beale Ave	0.25mi	3/1.5 (+1)	1,242 (+6%)	10mo	$159,000	$128	62
401 2nd Ave	0.50mi	2/1.5	1,104 (-6%)	13mo	$137,300	$124	55
434 2nd St	0.34mi	3/2.0 (+1)	1,296 (+11%)	8mo	$180,000	$139	50

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 22.9%
• Equity multiple: 2.84×
• Total profit: $47,653
• Equity at exit: $83,331

10-year hold

• IRR: 20.4%
• Equity multiple: 6.51×
• Total profit: $142,638
• Equity at exit: $179,707

Cash invested: $25,900 (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 15656

• Home prices YoY: 9.1%
• Active inventory: 31
• Price-to-rent: 9.1×

Monthly cashflow live

• Estimated rent: $850 medium
• Mortgage (P&I): −$485
• Tax from tax record: −$192 /mo · $2,299/yr
• Insurance: −$39
• HOA: −$0
• Vacancy / Maint / Mgmt: −$178
• Net cashflow: $-44

Break-even live

Break-even rent $905

Max offer price $84,777

Occupancy floor —

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: $23,125
• Closing costs: $2,775
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
474 Spang Ave Leechburg, PA	2.0	1.0	798	$850	$1.07	23d	1	0.16mi
470 Spang Ave Unit 474 Leechburg, PA	2.0	1.0	798	$850	$1.07	23d	1	0.16mi

Listing history 24 events

1. 2026-06-18
   days on market $92,500 Active 225 DOM
2. 2026-06-17
   days on market $92,500 Active 224 DOM
3. 2026-06-16
   days on market $92,500 Active 223 DOM
4. 2026-06-15
   days on market $92,500 Active 222 DOM
5. 2026-06-13
   days on market $92,500 Active 220 DOM
6. 2026-06-12
   days on market $92,500 Active 219 DOM
7. 2026-06-09
   days on market $92,500 Active 216 DOM
8. 2026-06-08
   days on market $92,500 Active 215 DOM
9. 2026-06-08
   days on market $92,500 Active 214 DOM
10. 2026-06-05
    statusdays on market $92,500 Active 212 DOM
11. 2026-06-04
    days on market $92,500 Contingent 210 DOM
12. 2026-06-02
    days on market $92,500 Contingent 209 DOM
13. 2026-06-01
    days on market $92,500 Contingent 208 DOM
14. 2026-05-31
    days on market $92,500 Contingent 207 DOM
15. 2026-03-11
    price $92,500 735-char remark

    Show marketing remark (735 chars)

    Welcome home to this charming 2-bedroom, 1-bath house located in the Leechburg School District. This cozy home features many new updates, including new carpet. A new kitchen counter is perfect for your cooking needs, and the fresh new paint brightens each room. Additionally, there are all new gutters ensuring good drainage and care for the house. To keep you comfortable all year, the home is equipped with new split AC and heating units in every room, so you can stay warm in the winter and cool in the summer. Outside, there is a shed in the backyard where you can store extra items. This house is perfect as a starter home, or as an income producing investment property. Come see this lovely home and discover all it has to offer!

16. 2025-11-05
    listed $99,500 Active 735-char remark

    Show marketing remark (735 chars)

    Welcome home to this charming 2-bedroom, 1-bath house located in the Leechburg School District. This cozy home features many new updates, including new carpet. A new kitchen counter is perfect for your cooking needs, and the fresh new paint brightens each room. Additionally, there are all new gutters ensuring good drainage and care for the house. To keep you comfortable all year, the home is equipped with new split AC and heating units in every room, so you can stay warm in the winter and cool in the summer. Outside, there is a shed in the backyard where you can store extra items. This house is perfect as a starter home, or as an income producing investment property. Come see this lovely home and discover all it has to offer!

17. 2016-03-18
    soldstatus $23,000
18. 2016-03-02
    price $23,000 301-char remark

    Show marketing remark (301 chars)

    Move right into this two-story home conveniently located to schools, shopping and recreation. Brand new furnace, newer H20 tank, newer roof, updated electrical. Spacious kitchen. Formal dining room. Carport plus outdoor storage area. Cute home that is just waiting for the new owner to come home. .. .

19. 2016-03-02
    soldstatus $23,000 Sold 301-char remark

    Show marketing remark (301 chars)

    Move right into this two-story home conveniently located to schools, shopping and recreation. Brand new furnace, newer H20 tank, newer roof, updated electrical. Spacious kitchen. Formal dining room. Carport plus outdoor storage area. Cute home that is just waiting for the new owner to come home. .. .

20. 2016-01-19
    status Under Contract 301-char remark

    Show marketing remark (301 chars)

    Move right into this two-story home conveniently located to schools, shopping and recreation. Brand new furnace, newer H20 tank, newer roof, updated electrical. Spacious kitchen. Formal dining room. Carport plus outdoor storage area. Cute home that is just waiting for the new owner to come home. .. .

21. 2016-01-19
    price $25,000 301-char remark

    Show marketing remark (301 chars)

    Move right into this two-story home conveniently located to schools, shopping and recreation. Brand new furnace, newer H20 tank, newer roof, updated electrical. Spacious kitchen. Formal dining room. Carport plus outdoor storage area. Cute home that is just waiting for the new owner to come home. .. .

22. 2015-07-07
    price $25,000 301-char remark

    Show marketing remark (301 chars)

    Move right into this two-story home conveniently located to schools, shopping and recreation. Brand new furnace, newer H20 tank, newer roof, updated electrical. Spacious kitchen. Formal dining room. Carport plus outdoor storage area. Cute home that is just waiting for the new owner to come home. .. .

23. 2015-05-19
    listed $27,500 Active 301-char remark

    Show marketing remark (301 chars)

    Move right into this two-story home conveniently located to schools, shopping and recreation. Brand new furnace, newer H20 tank, newer roof, updated electrical. Spacious kitchen. Formal dining room. Carport plus outdoor storage area. Cute home that is just waiting for the new owner to come home. .. .

24. 2014-03-13
    listed $29,900

ⓘ 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: $2,299 · $192/mo
• Projected year-2 tax: $2,299 · $192/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥97°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $10,200
• − Mortgage interest: −$5,181
• − Property taxes: −$2,299
• − Insurance: −$462
• − Repairs & maintenance: −$816
• − Management: −$816
• − Depreciation: −$2,691
• Taxable loss: −$2,066
• Est. tax savings @ 24.0%: +$496
• After-tax cash flow: $-29/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: Leechburg Area SD
• NCES district ID: 4213470
• Math proficiency: 33% ▼ -13.00%
• Reading proficiency: 53% ▼ -12.00%
• Median HH income: $47,241
• Composite: 36.64/100
• National rank: #4618
• State rank: #303 of 539 in PA

Livability — Leechburg

• Score: 78/100
• State rank: #294
• US rank: #2608

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Leechburg, PA
• Population (ZIP): 9,766

Population outlook (Armstrong County) Hauer SSP2

• Today (2025): 62,513 people
• By 2030: 59,579 · -4.7%
• By 2040: 52,890 · -15.4%
• By 2050: 45,904 · -26.6%
• By 2075: 32,023 · -48.8%
• By 2100: 20,415 · -67.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 3% Black 2%
• Common ancestry: Romanian 11% Serbian 2% Lithuanian 1%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Other Indo-European 1% Spanish 1%

Political lean MEDSL · Armstrong

• 2024 margin: Solid R (+53.2) · D 23.0% · R 76.2%
• 2008→2024 swing: -28.6pp toward R · 2008: -24.6pp · 2024: -53.2pp
• All cycles: 2024: R+53.2 2020: R+52.3 2016: R+52.0 2012: R+37.2 2008: R+24.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 21.11%
• Current HPI: 252.6103
• Rent YoY: —
• Metro: —
• 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

+209.4% since first listed

10 events — show timeline

• 2026-03-11 Price Changed $92,500 West Penn MLS
• 2025-11-05 Listed $99,500 West Penn MLS
• 2016-03-18 Sold (Public Records) $23,000 Public Records
• 2016-03-02 Price Changed $23,000 West Penn MLS
• 2016-03-02 Sold (MLS) $23,000 West Penn MLS
• 2016-01-19 Pending — West Penn MLS
• 2016-01-19 Price Changed $25,000 West Penn MLS
• 2015-07-07 Price Changed $25,000 West Penn MLS
• 2015-05-19 Listed $27,500 West Penn MLS
• 2014-03-13 Listed $29,900 West Penn MLS

Property tax history

+1.5%/yr

Latest (2026): $2,299 · +1.0% YoY. Source: county tax records.