15 East Hill Road Rd

Putnam, PA 16917

$185,000B+

4 bd · 3.0 ba · 2,662 sqft · Built 1901 · MultiFamily · Active · 252 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,383/mo
• Mortgage (P&I): −$970
• Tax + insurance: −$143
• HOA: −$0
• Vac / Maint / Mgmt: −$920
• Net cashflow: $2,350/mo
• Annual: $28,196/yr
• Cap rate: 21.53%
• Cash-on-cash: 54.43%
• DSCR: 3.42
• 1% rule: 2.37%
• Cash to close: $51,800

Investor read

• This is a 1×3bd/1ba + 2×1bd/1ba units multifamily listed at $185k.
• At list price, monthly cash flow is $2k ($28k/yr) — positive. Per door: $783/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $185k).
• It's been on market 252 days — a 12% lower offer ($163k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $163k (12.0% below list) — sets the bar for market timing.
• In year one you build about $11k of equity ($1k loan paydown + $10k appreciation (5.5% local appreciation)).
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Southern Tioga SD (rural): math 25% / reading 45% proficiency, ranked #421 of 539 in PA (top 78%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1901 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 5 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 32 units permitted in Tioga County in 2024 (0 in 5+ unit buildings).
• Tioga County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 9 sale attempts since 5y ago; this cycle's ask is 24567% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• At projected returns (5.5% appreciation + 3.0% rent growth), your $52k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$39k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 252 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1901 — 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.