202 S Market St

Carmichaels, PA 15320

$179,500D+

4 bd · 3.0 ba · 3,138 sqft · Built 1900 · Other · Active · 117 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,315/mo
• Mortgage (P&I): −$941
• Tax + insurance: −$213
• HOA: −$0
• Vac / Maint / Mgmt: −$276
• Net cashflow: $-116/mo
• Annual: $-1,389/yr
• Cap rate: 5.52%
• Cash-on-cash: -2.76%
• DSCR: 0.88
• 1% rule: 0.73%
• Cash to close: $50,260

Investor read

• This is a 4-bed/3.0-bath other listed at $180k.
• At list price, monthly cash flow is $-116 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $159k (11.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $131k (26.7% below list).
• It's been on market 117 days — a 9% lower offer ($163k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $131k (26.7% below list) — sets the bar for 1% rule.
• In year one you build about $7k of equity ($1k loan paydown + $6k appreciation (3.4% local appreciation)).
• 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.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 20 active listings in the ZIP; 30 units permitted in Greene County in 2024 (0 in 5+ unit buildings).
• Greene County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts since 13y ago; this cycle's ask has dropped $10k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• By year 5, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• 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?
• It's been on market 117 days. Have you received any prior offers? Is the seller open to a 27% concession, seller financing, or rate buy-down credit?
• Built in 1900 — 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.
• 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?
• 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.