656 Dow Ave · Carnegie, PA 15106

$334,900

6 bd · 3.0 ba · 2,306 sqft · MultiFamily public records · 21 Days on market

Built 1910 5,227 sqft lot

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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).

• Cash flow +24.6/30.0
• DSCR +8.0/10.0
• ARV discount +7.5/15.0
• 1% rule +7.1/10.0
• Livability +4.3/5.0
• Rent growth +3.9/5.0
• Schools +3.4/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

Welcome to 656 Dow Avenue! Fully occupied, recently renovated, cash-flowing triplex with separated utilities. 656 Dow offers an incredible chance for investors to secure a lucrative income stream while enjoying the benefits of hassle-free management. Each unit within this triplex has been recently renovated to offer both comfort, convenience, and low maintenance. The fully occupied status of the property ensures immediate returns on your investment and positive cash-flow. Investors seeking a turnkey investment property need look no further than 656 Dow Ave. With zero vacancy and separated utilities, this property offers the ideal opportunity to add to any investment portfolio . Don't miss out on this incredible chance to enhance your multi-family property holdings and secure your financial future. Schedule a showing today!

Key facts

• Separate utilities
• Recent updates
• Off-street parking

Tags

• RECENT UPDATES
• SEPARATE UTILITIES
• OFF-STREET PARKING
• EASY ACCESS TO DOWNTOWN
• MINUTES FROM CARNEGIE PARK

Property features AI

Finance

• Financial info: Gross income reported at $33,900; Insurance expense reported at $1,600

Exterior

• Parking: Off-street parking for 3 vehicles
• Utilities: Electricity available; Natural gas available; Public water available; Sewer available
• Home design: Multi-unit property with 3 total units
• Construction: Frame construction; Asphalt roof
• Exterior features: Lot dimensions approximately 129 x 39 x 13 x 41; Zoned R-3

Interior

• Bedrooms: One 1-bedroom unit; One 2-bedroom unit; One 4-bedroom unit
• Bathrooms: Each unit has 1 full bathroom (three total)
• Interior features: Basement present; Public transportation nearby

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1.0-bath units multifamily listed at $335k.

Deal economics

• At list price, monthly cash flow is $694 ($8k/yr) — positive. Per door: $231/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $335k).
• Recommended offer: $330k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.8% vs local median 5.1% in Carnegie — 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 86/100 on livability (#55 in PA, #344 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, cost of living A+; Watch: amenities D.
• Carlynton SD (suburban): math 29% / reading 52% proficiency, ranked #352 of 539 in PA (top 65%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+5.5%/yr); 67 active listings in the ZIP; solid renter incomes; 2,996 units permitted in Allegheny County in 2024 (1,588 in 5+ unit buildings).
• At $4,065/mo this rent would consume 63% of the median local household income ($77k/yr) (locally 410% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 5.5% rent growth), your $94k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($330k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 19y ago 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.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $329,876 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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 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.

Investment metrics

• 1% rule: 1.21% ✓
• Cap rate: 8.78%
• Cash-on-cash: 8.88%
• DSCR: 1.40
• GRM: 6.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.45% rent growth · sell at horizon

5-year hold

• IRR: 0.1%
• Equity multiple: 1.00×
• Total profit: $386
• Equity at exit: $49,935

10-year hold

• IRR: 12.3%
• Equity multiple: 2.09×
• Total profit: $102,304
• Equity at exit: $28,956

Cash invested: $93,772 (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 15106

• Home prices YoY: -31.9%
• Rents YoY: 5.5%
• Active inventory: 67
• Price-to-rent: 20.6×

Monthly cashflow live

• Estimated rent: $4,065 high
• Mortgage (P&I): −$1,756
• Tax from tax record: −$622 /mo · $7,458/yr
• Insurance: −$140
• HOA: −$0
• Vacancy / Maint / Mgmt: −$854
• Net cashflow: $694

Break-even live

Break-even rent $3,186

Max offer price $334,900

Occupancy floor 78%

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$4,065
Total (3 units)			$4,065

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: $83,725
• Closing costs: $10,047
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-18
   days on market $334,900 Active 21 DOM
2. 2026-06-17
   days on market $334,900 Active 20 DOM
3. 2026-06-16
   days on market $334,900 Active 19 DOM
4. 2026-06-15
   days on market $334,900 Active 18 DOM
5. 2026-06-13
   pricedays on market $334,900 Active 16 DOM
6. 2026-06-09
   days on market $339,900 Active 12 DOM
7. 2026-06-08
   days on market $339,900 Active 11 DOM
8. 2026-06-07
   days on market $339,900 Active 10 DOM
9. 2026-06-05
   days on market $339,900 Active 7 DOM
10. 2026-06-03
    days on market $339,900 Active 6 DOM
11. 2026-06-02
    days on market $339,900 Active 5 DOM
12. 2026-06-01
    days on market $339,900 Active 4 DOM
13. 2026-05-31
    days on market $339,900 Active 3 DOM
14. 2026-05-28
    listed $339,900 Active
15. 2023-07-24
    soldstatus $315,000
16. 2023-07-21
    soldstatus $315,000 Closed 834-char remark

    Show marketing remark (834 chars)

    Welcome to 656 Dow Avenue! Fully occupied, recently renovated, cash-flowing triplex with separated utilities. 656 Dow offers an incredible chance for investors to secure a lucrative income stream while enjoying the benefits of hassle-free management. Each unit within this triplex has been recently renovated to offer both comfort, convenience, and low maintenance. The fully occupied status of the property ensures immediate returns on your investment and positive cash-flow. Investors seeking a turnkey investment property need look no further than 656 Dow Ave. With zero vacancy and separated utilities, this property offers the ideal opportunity to add to any investment portfolio . Don't miss out on this incredible chance to enhance your multi-family property holdings and secure your financial future. Schedule a showing today!

17. 2023-07-14
    status Pending 834-char remark

    Show marketing remark (834 chars)

    Welcome to 656 Dow Avenue! Fully occupied, recently renovated, cash-flowing triplex with separated utilities. 656 Dow offers an incredible chance for investors to secure a lucrative income stream while enjoying the benefits of hassle-free management. Each unit within this triplex has been recently renovated to offer both comfort, convenience, and low maintenance. The fully occupied status of the property ensures immediate returns on your investment and positive cash-flow. Investors seeking a turnkey investment property need look no further than 656 Dow Ave. With zero vacancy and separated utilities, this property offers the ideal opportunity to add to any investment portfolio . Don't miss out on this incredible chance to enhance your multi-family property holdings and secure your financial future. Schedule a showing today!

18. 2023-06-05
    historical Contingent 834-char remark

    Show marketing remark (834 chars)

    Welcome to 656 Dow Avenue! Fully occupied, recently renovated, cash-flowing triplex with separated utilities. 656 Dow offers an incredible chance for investors to secure a lucrative income stream while enjoying the benefits of hassle-free management. Each unit within this triplex has been recently renovated to offer both comfort, convenience, and low maintenance. The fully occupied status of the property ensures immediate returns on your investment and positive cash-flow. Investors seeking a turnkey investment property need look no further than 656 Dow Ave. With zero vacancy and separated utilities, this property offers the ideal opportunity to add to any investment portfolio . Don't miss out on this incredible chance to enhance your multi-family property holdings and secure your financial future. Schedule a showing today!

19. 2023-05-30
    listed $299,900 Active 834-char remark

    Show marketing remark (834 chars)

    Welcome to 656 Dow Avenue! Fully occupied, recently renovated, cash-flowing triplex with separated utilities. 656 Dow offers an incredible chance for investors to secure a lucrative income stream while enjoying the benefits of hassle-free management. Each unit within this triplex has been recently renovated to offer both comfort, convenience, and low maintenance. The fully occupied status of the property ensures immediate returns on your investment and positive cash-flow. Investors seeking a turnkey investment property need look no further than 656 Dow Ave. With zero vacancy and separated utilities, this property offers the ideal opportunity to add to any investment portfolio . Don't miss out on this incredible chance to enhance your multi-family property holdings and secure your financial future. Schedule a showing today!

20. 2008-09-12
    soldstatus $41,500
21. 2008-08-20
    soldstatus $41,500 259-char remark

    Show marketing remark (259 chars)

    Investment opportunity! Or occupy and let tenants pay your mortgage. Needs some TLC. Each apartment has either deck or covered porch. Basement apt and 1st floor apt. are vacant. 2nd floor needs 24hrs. to show. Note that Income and expenses are only estimates.

22. 2007-09-09
    listed $69,000 259-char remark

    Show marketing remark (259 chars)

    Investment opportunity! Or occupy and let tenants pay your mortgage. Needs some TLC. Each apartment has either deck or covered porch. Basement apt and 1st floor apt. are vacant. 2nd floor needs 24hrs. to show. Note that Income and expenses are only estimates.

ⓘ 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: $7,458 · $622/mo
• Projected year-2 tax: $7,458 · $622/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 4/10 Moderate 7 d/yr ≥97°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $48,780
• − Mortgage interest: −$18,760
• − Property taxes: −$7,458
• − Insurance: −$1,674
• − Repairs & maintenance: −$3,902
• − Management: −$3,902
• − Depreciation: −$9,743
• Taxable income: $3,340
• Est. tax owed @ 24.0%: −$802
• After-tax cash flow: $7,527/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: Carlynton SD
• NCES district ID: 4205040
• Math proficiency: 29% ▼ -15.00%
• Reading proficiency: 52% ▼ -11.00%
• Median HH income: $46,249
• Composite: 34.46/100
• National rank: #5192
• State rank: #352 of 539 in PA

Livability — Carnegie

• Score: 86/100
• State rank: #55
• US rank: #344

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Carnegie, PA
• County: Allegheny County · 1,022,028 people
• City population: 19,244
• Metro: Pittsburgh, PA
• Population (ZIP): 19,244
• Household income: $77,247
• Rent vs Own: 32.9% rent · 67.1% own
• Severe rent burden: 410.0

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 (82%)
• Race & ethnicity: White 82% Black 8% Two or more races 6% Asian 2% Hispanic / Latino 2%
• Common ancestry: Romanian 11% Lithuanian 2% Subsaharan African 2%
• Foreign-born: 5%
• Languages at home: 94% English-only · Other Indo-European 2% Arabic 1% Russian/Polish/Slavic 1%

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: ▼ -119.52%
• Current HPI: 255.0295
• Rent YoY: ▲ 5.45%
• 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

+392.6% since first listed

9 events — show timeline

• 2026-05-28 Listed $339,900 West Penn MLS
• 2023-07-24 Sold (Public Records) $315,000 Public Records
• 2023-07-21 Sold (MLS) $315,000 West Penn MLS
• 2023-07-14 Pending — West Penn MLS
• 2023-06-05 Contingent — West Penn MLS
• 2023-05-30 Listed $299,900 West Penn MLS
• 2008-09-12 Sold (Public Records) $41,500 Public Records
• 2008-08-20 Sold (MLS) $41,500 West Penn MLS
• 2007-09-09 Listed $69,000 West Penn MLS

Property tax history

+6.1%/yr

Latest (2026): $7,458 · +1.2% YoY. Source: county tax records.