190 Belmont St

Carbondale, PA 18407

$79,000B-

3 bd · 2.0 ba · 1,776 sqft · Built 1900 · SingleFamily · Pending · 31 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,325/mo
• Mortgage (P&I): −$414
• Tax + insurance: −$132
• HOA: −$0
• Vac / Maint / Mgmt: −$278
• Net cashflow: $501/mo
• Annual: $6,013/yr
• Cap rate: 13.90%
• Cash-on-cash: 27.18%
• DSCR: 2.21
• 1% rule: 1.68%
• Cash to close: $22,120

Investor read

• This is a 3-bed/2.0-bath single-family listed at $79k.
• At list price, monthly cash flow is $501 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $79k).
• It's been on market 31 days — a 3% lower offer ($77k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $77k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $546 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 72/100 on livability (#648 in PA) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities D+, schools D, employment D.
• Carbondale Area SD (suburban): math 15% / reading 33% proficiency, ranked #480 of 539 in PA (top 89%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 110 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 251 units permitted in Lackawanna County in 2024 (0 in 5+ unit buildings).
• Lackawanna County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 7 sale attempts since 22y ago; this cycle's ask has dropped $60k (43%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $54k; 46% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~5 years — after that, you're playing with house money.
• Cap rate 13.9% vs local median 4.8% in Carbondale — 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.

Questions for listing agent

• It's been on market 31 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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 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.