202 S Market St · Carmichaels, PA 15320

$189,500

4 bd · 3.0 ba · 3,138 sqft · Other public records · 116 Days on market

Built 1900 7,405 sqft lot $60/sqft · 23% below area Est $246k · 23% under

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Why this score? — see what drove the D 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 +8.3/30.0
• Appreciation +6.7/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +2.3/10.0
• Schools +2.2/10.0
• 1% rule +1.9/10.0

Listing remarks MLS

Are you ready for an exciting opportunity to own a unique property in Carmichaels Borough? This two-story home comes with space for two commercial storefronts! Purchase the storefront of the former Pizza Italia and Josephine's Beauty Shop. Imagine the possibilities! You could turn one of these spaces into a large hair salon, or expand the Pizza shop to include booth style seating. This spacious back house features three bedrooms, a full bathroom, and a cozy living area. With separate electric meters and shared utilities, this property is not only practical but also offers flexibility. Don’t miss out on this chance to blend work and home in a vibrant community and own a SLICE of Carmichaels!

Key facts

• Spacious back house
• 7,405 sq ft lot
• Built 1900

Tags

• TWO COMMERCIAL STOREFRONTS
• SPACIOUS BACK HOUSE
• SEPARATE ELECTRIC METERS

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath other listed at $190k.

Deal economics

• At list price, monthly cash flow is $-172 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $159k (16.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $131k (30.6% below list).
• Recommended offer: $131k (30.6% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 62/100 on livability (#1,344 in PA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A-; Watch: employment D, amenities F, commute F.
• Carmichaels Area SD (rural): math 17% / reading 36% proficiency, ranked #465 of 539 in PA (top 86%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Carmichaels Area El Ctr (math 22% / reading 37%, grade F, #1,125 of 1,518 statewide, top 75%, 444 students, 61% FRL); Carmichaels Area Ms (math 5% / reading 35%, grade F, #438 of 512 statewide, top 86%, 227 students, 52% FRL); Carmichaels Area Hs (math 37%, 285 students, 26% FRL) — zoned schools at 46% FRL track the district average.
• Market conditions: 20 active listings in the ZIP; 30 units permitted in Greene County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $8k of equity ($1k loan paydown + $6k appreciation (3.4% local appreciation)).
• Greene County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 5, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 116 days — a 9% lower offer ($172k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 13y 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 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $131,492 (30.6% 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 116 days. Have you received any prior offers? Is the seller open to a 31% concession, seller financing, or rate buy-down credit?
3. Built in 1900 — 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.69% ✗
• Cap rate: 5.20%
• Cash-on-cash: -3.90%
• DSCR: 0.83
• GRM: 12.0

CMA / ARV

• ARV (median comp): $245,739
• List price: $189,500
• Delta: -22.89%
• Verdict: UNDERPRICED
• Comps: 7 within 1.0 mi

Projected returns pro-forma

3.42% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 5.1%
• Equity multiple: 1.30×
• Total profit: $16,018
• Equity at exit: $89,685

10-year hold

• IRR: 8.0%
• Equity multiple: 2.27×
• Total profit: $67,256
• Equity at exit: $141,802

Cash invested: $53,060 (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 15320

• Home prices YoY: 2.2%
• Active inventory: 20
• Price-to-rent: 12.0×

Monthly cashflow live

• Estimated rent: $1,315 medium
• Mortgage (P&I): −$994
• Tax from tax record: −$138 /mo · $1,661/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$276
• Net cashflow: $-172

Break-even live

Break-even rent $1,533

Max offer price $159,049

Occupancy floor —

Sensitivity live

Price	-10% $-65	-5% $-119	+0% $-172	+5% $-226	+10% $-280
Rent	-10% $-276	-5% $-224	+0% $-172	+5% $-120	+10% $-68
Rate	-1.0pp $-77	-0.5pp $-124	base $-172	+0.5pp $-221	+1.0pp $-271

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: $47,375
• Closing costs: $5,685
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-21
   days on market $189,500 Active 116 DOM
2. 2026-06-21
   days on market $189,500 Active 115 DOM
3. 2026-06-18
   days on market $189,500 Active 113 DOM
4. 2026-06-17
   days on market $189,500 Active 112 DOM
5. 2026-06-16
   days on market $189,500 Active 111 DOM
6. 2026-06-15
   days on market $189,500 Active 110 DOM
7. 2026-06-13
   days on market $189,500 Active 108 DOM
8. 2026-06-12
   days on market $189,500 Active 107 DOM
9. 2026-06-09
   days on market $189,500 Active 104 DOM
10. 2026-06-08
    days on market $189,500 Active 103 DOM
11. 2026-06-08
    days on market $189,500 Active 102 DOM
12. 2026-06-05
    days on market $189,500 Active 100 DOM
13. 2026-06-04
    days on market $189,500 Active 98 DOM
14. 2026-06-02
    days on market $189,500 Active 97 DOM
15. 2026-06-01
    days on market $189,500 Active 96 DOM
16. 2026-05-31
    days on market $189,500 Active 95 DOM
17. 2026-02-25
    listed $189,500 Active 705-char remark

    Show marketing remark (705 chars)

    Are you ready for an exciting opportunity to own a unique property in Carmichaels Borough? This two-story home comes with space for two commercial storefronts! Purchase the storefront of the former Pizza Italia and Josephine's Beauty Shop. Imagine the possibilities! You could turn one of these spaces into a large hair salon, or expand the Pizza shop to include booth style seating. This spacious back house features three bedrooms, a full bathroom, and a cozy living area. With separate electric meters and shared utilities, this property is not only practical but also offers flexibility. Don’t miss out on this chance to blend work and home in a vibrant community and own a SLICE of Carmichaels!

18. 2021-11-25
    listed $215,000 Active 909-char remark

    Show marketing remark (909 chars)

    The question is . . . Do you work from home OR live at work?! You can decide when you purchase this 2 story home which offers space for 2 commercial storefronts in the heart of Carmichaels Borough. Both units, one currently Pizza Italia and the other Josephine's Beauty Shop have been remodeled up to state standards and code in 2018 with new concrete ramps and sidewalks along with handicap entrances and bathrooms. Electric meters are separate for each unit and water, sewage and gas are all shared. An Electric heat pump with central air supplies cool air to the pizza shop. The back house portion is VERY large with a livingroom, diningroom, kitchen and full bathroom on the main floor, plus 3 bedrooms; one with a half bath upstairs. Will you combine the storefronts into one big hair salon and rent out the house? Or will you open a gift shop and live where you work? This is a unique property indeed!

19. 2020-12-31
    price $215,000
20. 2020-08-28
    price $225,000
21. 2020-06-15
    price $240,000
22. 2020-01-29
    listed $250,000 Active
23. 2013-07-10
    listed $154,500

ⓘ 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: $1,661 · $138/mo
• Projected year-2 tax: $2,328 · $194/mo
• Expected delta: +$666/yr (+$56/mo · 40.1%)

ⓘ 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 ≥98°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,779
• − Mortgage interest: −$10,615
• − Property taxes: −$1,661
• − Insurance: −$948
• − Repairs & maintenance: −$1,262
• − Management: −$1,262
• − Depreciation: −$5,513
• Taxable loss: −$5,482
• Est. tax savings @ 24.0%: +$1,316
• After-tax cash flow: $-753/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: Carmichaels Area SD
• NCES district ID: 4205070
• Math proficiency: 17% ▼ -19.00%
• Reading proficiency: 36% ▼ -20.00%
• Median HH income: $39,060
• Composite: 22.18/100
• National rank: #8164
• State rank: #465 of 539 in PA

Livability — Carmichaels

• Score: 62/100
• State rank: #1344
• US rank: #16667

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Carmichaels, PA
• Population (ZIP): 4,578

Population outlook (Greene County) Hauer SSP2

• Today (2025): 34,975 people
• By 2030: 33,554 · -4.1%
• By 2040: 30,615 · -12.5%
• By 2050: 27,819 · -20.5%
• By 2075: 21,678 · -38.0%
• By 2100: 16,318 · -53.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (98%)
• Race & ethnicity: White 98% Two or more races 2%
• Common ancestry: Romanian 11% Slovak 3% Serbian 2%
• Foreign-born: 1% · Canada
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Greene

• 2024 margin: Solid R (+44.8) · D 26.6% · R 71.5% · Other 1.9%
• 2008→2024 swing: -44.4pp toward R · 2008: -0.4pp · 2024: -44.8pp
• All cycles: 2024: R+44.8 2020: R+43.4 2016: R+41.7 2012: R+17.6 2008: R+0.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 3.42%
• Current HPI: 157.0795
• 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

+22.7% since first listed

7 events — show timeline

• 2026-02-25 Listed $189,500 West Penn MLS
• 2021-11-25 Listed $215,000 West Penn MLS
• 2020-12-31 Price Changed $215,000 West Penn MLS
• 2020-08-28 Price Changed $225,000 West Penn MLS
• 2020-06-15 Price Changed $240,000 West Penn MLS
• 2020-01-29 Listed $250,000 West Penn MLS
• 2013-07-10 Listed $154,500 West Penn MLS

Property tax history

+1.9%/yr

Latest (2025): $1,661 · +5.7% YoY. Source: county tax records.