1615 Montier St

Wilkinsburg, PA 15221

$20,000D

3 bd · 2.0 ba · 1,472 sqft · Built 1930 · SingleFamily · Active · 66 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,554/mo
• Mortgage (P&I): −$105
• Tax + insurance: −$127
• HOA: −$0
• Vac / Maint / Mgmt: −$326
• Net cashflow: $996/mo
• Annual: $11,950/yr
• Cap rate: 69.38%
• Cash-on-cash: 225.30%
• DSCR: 11.02
• 1% rule: 7.77%
• Cash to close: $5,600

Investor read

• This is a 3-bed/2.0-bath single-family listed at $20k.
• At list price, monthly cash flow is $996 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $20k).
• It's been on market 66 days — a 6% lower offer ($19k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $19k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $138 of loan paydown is wiped out by about $600 of value loss. Plan a longer hold.
• Location reads 76/100 on livability (#411 in PA, #3,754 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: schools D+, health & safety D+, crime F.
• Wilkinsburg Borough SD (suburban): math 14% / reading 23% proficiency, ranked #503 of 539 in PA (top 93%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 96% free/reduced lunch — lower-income household profile, screen leases tightly.
• Watch-outs: property tax is 3.8% of price; flood insurance adds $56/mo; built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+3.9%/yr); 118 active listings in the ZIP; 24 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); 2,996 units permitted in Allegheny County in 2024 (1,588 in 5+ unit buildings).
• 2 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 (-3.0% appreciation + 3.9% rent growth), your $6k cash investment doubles in ~1 year — after that, you're playing with house money.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 69.4% vs local median 11.3% in Wilkinsburg — 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.
• This rent runs 34% of the median local income ($55k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 66 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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?
• Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?