516 3rd St · California, PA 15419

$269,900

4 bd · 5.0 ba · — sqft · MultiFamily · 19 Days on market

Built 1847 Good condition 5,000 sqft lot

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Why this score? — see what drove the C- 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).

• Cash flow +18.1/30.0
• ARV discount +7.5/15.0
• DSCR +5.7/10.0
• 1% rule +4.9/10.0
• Appreciation +4.7/10.0
• Condition / age +3.8/5.0
• Schools +3.7/10.0
• Livability +2.8/5.0
• Rent growth +2.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Positioned in the heart of California, PA, 516 3rd Street offers an exceptional investment opportunity just steps from the campus of PennWest University California. Students can easily walk to classes, campus events, restaurants, and local amenities, making this property highly desirable for student housing. The property's central location and strong rental appeal create an excellent opportunity for investors seeking consistent occupancy and long term income potential. The building is situated in a highly walkable area near the university and downtown district.

Key facts

• Central location
• Steps from campus
• Highly walkable area

Tags

• STEPS FROM CAMPUS
• CENTRAL LOCATION
• HIGHLY WALKABLE AREA
• NEAR UNIVERSITY
• NEAR DOWNTOWN DISTRICT

Property features AI

Exterior

• Parking: Off-street parking for 5 vehicles
• Utilities: Electricity available; Natural gas available; Public sewer available; Public water available
• Home design: Multi-family property (4 units)
• Construction: Brick construction; Asphalt roof
• Exterior features: Residential zoning; Public transportation access nearby

Interior

• Bedrooms: Three units with 1 bedroom each; One unit with 1 bedroom (unit also listed with 2 total bathrooms)
• Bathrooms: Three units with 1 full bathroom each; One unit with 2 full bathrooms
• Interior features: Four separate residential units in the building

What this means for you Summary

Snapshot

• This is a 4-bed/5.0-bath multifamily listed at $270k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $183 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $266k (1.3% below list).
• Recommended offer: $266k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 56/100 on livability (#1,648 in PA) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A-; Watch: crime C-, amenities F, commute F.
• California Area SD (rural): math 31% / reading 58% proficiency, ranked #295 of 539 in PA (top 55%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: California Area El Sch (math 32% / reading 62%, grade D-, #737 of 1,518 statewide, top 52%, 490 students, 60% FRL); California Area Ms (math 27% / reading 67%, grade D+, #163 of 512 statewide, top 33%, 138 students, 62% FRL); California Area Shs (math 74%, 286 students, 36% FRL).
• Market conditions: 18 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 489 units permitted in Washington County in 2024 (30 in 5+ unit buildings).

Forward outlook

• In year one you build about $365 of equity ($2k loan paydown + $-2k appreciation (-0.6% local appreciation)).
• Washington County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($266k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1847 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $265,851 (1.5% below list)

Questions for the listing agent

1. Built in 1847 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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.

Investment metrics

• 1% rule: 0.99% ✗
• Cap rate: 7.35%
• Cash-on-cash: 3.79%
• DSCR: 1.17
• GRM: 8.4

CMA / ARV

No comps found within radius.

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
508 5th St	0.14mi	4/2.0	—	5mo	$135,000	—	65
84 2nd St	0.33mi	4/2.0	—	3mo	$50,000	—	58
800 Green St	0.42mi	4/2.0	—	21mo	$105,000	—	38

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-0.56% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -0.9%
• Equity multiple: 0.96×
• Total profit: $-3,144
• Equity at exit: $70,946

10-year hold

• IRR: 5.3%
• Equity multiple: 1.53×
• Total profit: $40,293
• Equity at exit: $79,561

Cash invested: $75,572 (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 15419

• Home prices YoY: -0.3%
• Active inventory: 18
• Price-to-rent: 25.3×

Monthly cashflow live

• Estimated rent: $2,663 high
• Mortgage (P&I): −$1,415
• Tax est. 1.5%: −$337 /mo · $4,048/yr
• Insurance: −$112
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$559
• Net cashflow: $183

Break-even live

Break-even rent $2,431

Max offer price $269,900

Occupancy floor 88%

Sensitivity live

Price	-10% $370	-5% $276	+0% $183	+5% $90	+10% $-4
Rent	-10% $-27	-5% $78	+0% $183	+5% $288	+10% $393
Rate	-1.0pp $319	-0.5pp $252	base $183	+0.5pp $113	+1.0pp $42

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$2,664
Total (3 units)			$2,663

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: $67,475
• Closing costs: $8,097
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
456 Second St Unit 1 California, PA	4.0	2.0	1451	$1,500	$1.03	45d	1	0.11mi
128 Wood St California, PA	3.0	1.0	—	$1,100	—	3d	1	0.15mi
319 5th St California, PA	4.0	2.0	1369	$1,395	$1.02	25d	1	0.20mi
214 3rd St California, PA	4.0	2.0	1650	$1,650	$1.00	23d	1	0.24mi
115 1st St Unit 1 California, PA	3.0	1.0	1200	$950	$0.79	45d	1	0.34mi
72 Second St Unit 6 California, PA	3.0	2.0	1004	$1,250	$1.25	25d	1	0.36mi
54 Temperance Way Unit 7 California, PA	3.0	2.0	1300	$1,095	$0.84	16d	1	0.38mi
55 Temperance Way Unit 2 California, PA	3.0	2.0	—	$1,325	—	9d	1	0.39mi
988 Cross St California, PA	2.0–3.0	1.0	—	$1,150	—	3d	1	0.61mi

Listing history 13 events

1. 2026-06-21
   days on market $269,900 Active 19 DOM
2. 2026-06-21
   days on market $269,900 Active 18 DOM
3. 2026-06-18
   days on market $269,900 Active 16 DOM
4. 2026-06-17
   days on market $269,900 Active 15 DOM
5. 2026-06-16
   days on market $269,900 Active 14 DOM
6. 2026-06-15
   days on market $269,900 Active 13 DOM
7. 2026-06-13
   days on market $269,900 Active 11 DOM
8. 2026-06-12
   days on market $269,900 Active 10 DOM
9. 2026-06-09
   days on market $269,900 Active 7 DOM
10. 2026-06-08
    days on market $269,900 Active 6 DOM
11. 2026-06-08
    days on market $269,900 Active 5 DOM
12. 2026-06-03
    remarks 567-char remark
13. 2026-06-03
    listed $269,900 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 10/10 Extreme FEMA zone X (shaded) · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 8 d/yr ≥98°F today · 20 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: $31,956
• − Mortgage interest: −$15,119
• − Property taxes: −$4,048
• − Insurance: −$2,016
• − Repairs & maintenance: −$2,556
• − Management: −$2,556
• − Depreciation: −$7,852
• Taxable loss: −$2,192
• Est. tax savings @ 24.0%: +$526
• After-tax cash flow: $2,722/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.

Condition & rehab AI · 13 photos

Good 75/100 Cosmetic rehab

This multi-family property in California, PA is in good condition with a good condition score of 75. It offers a great investment opportunity for student housing with a central location near PennWest University California. The property is in need of some exterior painting and landscaping improvements to enhance its curb appeal and resale value.

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and resale value.
• Both Landscaping improvements — Improves curb appeal and rental value.
• Resale Replace outdated appliances — Modernizes the kitchen and appeals to buyers.
• Resale Paint interior walls — Fresh paint enhances the home's appeal and value.
• Resale Replace outdated fixtures — Modernizes the bathrooms and enhances the home's appeal.
• Resale Replace flooring — Hardwood floors are in good condition but could be replaced for a more modern look and higher value.

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior — Enhances curb appeal and resale value. ↑
• Both Landscaping improvements — Improves curb appeal and rental value. ↑
• Resale Replace outdated appliances — Modernizes the kitchen and appeals to buyers. ↑
• Resale Paint interior walls — Fresh paint enhances the home's appeal and value. ↑
• Resale Replace outdated fixtures — Modernizes the bathrooms and enhances the home's appeal. ↑
• Resale Replace flooring — Hardwood floors are in good condition but could be replaced for a more modern look and higher value. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: California Area SD
• NCES district ID: 4204710
• Math proficiency: 31% ▼ -19.00%
• Reading proficiency: 58% ▼ -9.00%
• Median HH income: $40,621
• Composite: 37.22/100
• National rank: #4466
• State rank: #295 of 539 in PA

Livability — California

• Score: 56/100
• State rank: #1648
• US rank: #22817

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: California, PA
• City population: 5,469
• Population (ZIP): 3,527

Population outlook (Washington County) Hauer SSP2

• Today (2025): 208,060 people
• By 2030: 207,168 · -0.4%
• By 2040: 202,738 · -2.6%
• By 2050: 195,269 · -6.1%
• By 2075: 175,588 · -15.6%
• By 2100: 145,827 · -29.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (74%)
• Race & ethnicity: White 74% Black 12% Two or more races 10% Hispanic / Latino 2% Asian 1%
• Common ancestry: Romanian 6% Slovak 3% Scotch-Irish 2%
• Foreign-born: 3% · Canada, China
• Languages at home: 97% English-only · Spanish 1% French/Haitian/Cajun 1% Other Indo-European 1%

Political lean MEDSL · Washington

• 2024 margin: Strong R (+25.5) · D 36.9% · R 62.4%
• 2008→2024 swing: -20.8pp toward R · 2008: -4.7pp · 2024: -25.5pp
• All cycles: 2024: R+25.5 2020: R+22.8 2016: R+25.3 2012: R+13.3 2008: R+4.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -0.56%
• Current HPI: 160.7366
• 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

1 event — show timeline

• 2026-06-01 Listed $269,900 West Penn MLS