102 W Midland Ave

Midland, PA 15059

$38,000A-

3 bd · 1.0 ba · — sqft · Built 1916 · MultiFamily · Active · 123 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,006/mo
• Mortgage (P&I): −$199
• Tax + insurance: −$63
• HOA: −$0
• Vac / Maint / Mgmt: −$211
• Net cashflow: $532/mo
• Annual: $6,383/yr
• Cap rate: 23.09%
• Cash-on-cash: 59.99%
• DSCR: 3.67
• 1% rule: 2.65%
• Cash to close: $10,640

Investor read

• This is a 3-bed/1.0-bath multifamily listed at $38k. Condition is rated poor.
• At list price, monthly cash flow is $532 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $38k).
• It's been on market 123 days — a 12% lower offer ($33k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $33k (12.0% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($263 loan paydown + $2k appreciation (4.3% local appreciation)).
• Location reads 70/100 on livability (#770 in PA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, crime A, housing A; Watch: health & safety C-, employment D+, amenities F.
• Midland Borough SD (town): math 40% / reading 65% proficiency, ranked #400 of 658 in PA (top 61%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; 61% free/reduced lunch — lower-income household profile, screen leases tightly.
• Watch-outs: built in 1916 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 15 active listings in the ZIP; 20 comparable units currently listed for rent nearby; rentals leasing fast (median 12d on market — plan ~1-2 weeks tenant-placement turnaround); 272 units permitted in Beaver County in 2024 (80 in 5+ unit buildings).
• Beaver County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 5 sale attempts since 4y ago; this cycle's ask has dropped $9k (19%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $25k; list at $38k implies a 52% gain — meaningful room to come down on a strong offer.
• At projected returns (4.3% appreciation + 3.0% rent growth), your $11k cash investment doubles in ~2 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 123 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1916 — 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.
• 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.

Repairs flagged (vision-AI assessment)

• Major: exterior siding — Severe weathering and peeling
• Major: kitchen cabinets — Outdated and worn
• Major: bathroom fixtures — Old and worn
• Major: flooring — Worn and outdated
• Major: interior walls — Peeling paint and outdated wallpaper
• Major: HVAC units — Older units, likely inefficient