904 Hansen St

Millvale, PA 15209

$125,000B

3 bd · 1.0 ba · 1,360 sqft · Built 1880 · Condo · Pending · 7 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,947/mo
• Mortgage (P&I): −$656
• Tax + insurance: −$652
• HOA: −$0
• Vac / Maint / Mgmt: −$409
• Net cashflow: $231/mo
• Annual: $2,767/yr
• Cap rate: 12.93%
• Cash-on-cash: 23.69%
• DSCR: 2.05
• 1% rule: 1.56%
• Cash to close: $35,000

Investor read

• This is a 3-bed/1.0-bath condo listed at $125k.
• At list price, monthly cash flow is $231 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $125k).
• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $864 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 85/100 on livability (#75 in PA, #544 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: employment C-.
• Shaler Area SD (suburban): math 36% / reading 59% proficiency, ranked #208 of 539 in PA (top 39%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: flood insurance adds $460/mo; built in 1880 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+5.3%/yr); 27 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 2,996 units permitted in Allegheny County in 2024 (1,588 in 5+ unit buildings).
• At projected returns (-3.0% appreciation + 5.3% rent growth), your $35k cash investment doubles in ~9 years — after that, you're playing with house money.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• 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?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• 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.