404 E Locust St · Butler, PA 16001

$135,000

15 bd · 4.0 ba · 3,893 sqft · MultiFamily public records · 171 Days on market

Built 1880 4,356 sqft lot Est $156k · 13% under ↓ 25% since listing

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Why this score? — see what drove the B+ 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 +30.0/30.0
• ARV discount +13.5/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +5.0/5.0
• Schools +4.3/10.0
• Livability +3.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

404 E. Locust St. is a four-unit (quad) property in Butler that has been gutted to the studs and is ready for a rebuild. Following a prior fire, the structure now offers new owners a clean slate to redesign and finish the property to their vision, creating a high-quality rental asset. With other rental properties in the surrounding area proving to be profitable and income-generating, this quad presents a strong value-add opportunity. In its current state, the property has significant upside potential for investors willing to complete the renovation and bring it back as a desirable, cash-flowing rental in the Butler market.

Key facts

• Gutted to the studs
• Four-unit property
• 4,356 sq ft lot

Tags

• FOUR-UNIT PROPERTY
• GUTTED TO THE STUDS
• STRONG VALUE-ADD OPPORTUNITY

What this means for you Summary

Snapshot

• This is a 15-bed/4.0-bath multifamily listed at $135k.

Deal economics

• At list price, monthly cash flow is $2k ($22k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $135k).
• Recommended offer: $119k (12.0% below list) — sets the bar for market timing.
• Cap rate 22.5% vs local median 3.8% in Butler — 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.

Location & tenants

• Location reads 71/100 on livability (#705 in PA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, schools A-; Watch: crime D-, amenities F, commute F.
• Butler Area SD (town): math 41% / reading 59% proficiency, ranked #181 of 539 in PA (top 34%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+20.4%/yr); 206 active listings in the ZIP; 987 units permitted in Butler County in 2024 (0 in 5+ unit buildings).
• At $3,336/mo this rent would consume 63% of the median local household income ($64k/yr) (locally 1441% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $933 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Butler County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $38k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 171 days — a 12% lower offer ($119k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $118,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 171 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1880 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
6. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
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 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: 2.47% ✓
• Cap rate: 22.49%
• Cash-on-cash: 57.84%
• DSCR: 3.57
• GRM: 3.4

CMA / ARV

• ARV (median comp): $155,844
• List price: $135,000
• Delta: -13.37%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 61.7%
• Equity multiple: 3.96×
• Total profit: $111,765
• Equity at exit: $20,129

10-year hold

• IRR: 67.9%
• Equity multiple: 9.65×
• Total profit: $326,882
• Equity at exit: $11,672

Cash invested: $37,800 (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 16001

• Home prices YoY: -31.7%
• Rents YoY: 20.4%
• Active inventory: 206
• Price-to-rent: 13.5×

Monthly cashflow live

• Estimated rent: $3,336 high
• Mortgage (P&I): −$708
• Tax from tax record: −$49 /mo · $593/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$701
• Net cashflow: $1,822

Break-even live

Break-even rent $1,030

Max offer price $135,000

Occupancy floor 40%

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

Units	Beds	Baths	Est. rent
▸ 4× units	1	1	$3,336
Total (4 units)			$3,336

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: $33,750
• Closing costs: $4,050
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-18
   days on market $135,000 Active 171 DOM
2. 2026-06-17
   days on market $135,000 Active 170 DOM
3. 2026-06-16
   days on market $135,000 Active 169 DOM
4. 2026-06-15
   days on market $135,000 Active 168 DOM
5. 2026-06-13
   days on market $135,000 Active 166 DOM
6. 2026-06-13
   days on market $135,000 Active 165 DOM
7. 2026-06-09
   days on market $135,000 Active 162 DOM
8. 2026-06-08
   days on market $135,000 Active 161 DOM
9. 2026-06-07
   days on market $135,000 Active 160 DOM
10. 2026-06-03
    days on market $135,000 Active 156 DOM
11. 2026-06-02
    days on market $135,000 Active 155 DOM
12. 2026-06-01
    days on market $135,000 Active 154 DOM
13. 2026-05-31
    days on market $135,000 Active 153 DOM
14. 2026-03-18
    price $135,000 630-char remark

    Show marketing remark (630 chars)

    404 E. Locust St. is a four-unit (quad) property in Butler that has been gutted to the studs and is ready for a rebuild. Following a prior fire, the structure now offers new owners a clean slate to redesign and finish the property to their vision, creating a high-quality rental asset. With other rental properties in the surrounding area proving to be profitable and income-generating, this quad presents a strong value-add opportunity. In its current state, the property has significant upside potential for investors willing to complete the renovation and bring it back as a desirable, cash-flowing rental in the Butler market.

15. 2025-12-28
    listed $150,000 Active 630-char remark

    Show marketing remark (630 chars)

    404 E. Locust St. is a four-unit (quad) property in Butler that has been gutted to the studs and is ready for a rebuild. Following a prior fire, the structure now offers new owners a clean slate to redesign and finish the property to their vision, creating a high-quality rental asset. With other rental properties in the surrounding area proving to be profitable and income-generating, this quad presents a strong value-add opportunity. In its current state, the property has significant upside potential for investors willing to complete the renovation and bring it back as a desirable, cash-flowing rental in the Butler market.

16. 2008-04-25
    soldstatus $180,000

ⓘ 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: $593 · $49/mo
• Projected year-2 tax: $1,363 · $114/mo
• Expected delta: +$770/yr (+$64/mo · 129.9%)

ⓘ 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 3/10 Moderate 7 d/yr ≥95°F today · 18 d/yr by 30 yrs out
• 💨 Wind 1/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $40,032
• − Mortgage interest: −$7,562
• − Property taxes: −$593
• − Insurance: −$675
• − Repairs & maintenance: −$3,203
• − Management: −$3,203
• − Depreciation: −$3,927
• Taxable income: $20,870
• Est. tax owed @ 24.0%: −$5,009
• After-tax cash flow: $16,853/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: Butler Area SD
• NCES district ID: 4204590
• Math proficiency: 41% ▼ -11.00%
• Reading proficiency: 59% ▼ -10.00%
• Median HH income: $49,348
• Composite: 42.65/100
• National rank: #3180
• State rank: #181 of 539 in PA

Livability — Butler

• Score: 71/100
• State rank: #705
• US rank: #6951

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Butler, PA
• County: Butler County · 73,107 people
• City population: 39,234
• Metro: Pittsburgh, PA
• Population (ZIP): 39,234
• Household income: $63,635
• Rent vs Own: 31.6% rent · 68.4% own
• Severe rent burden: 1441.0

Population outlook (Butler County) Hauer SSP2

• Today (2025): 190,777 people
• By 2030: 191,476 · +0.4%
• By 2040: 189,474 · -0.7%
• By 2050: 182,050 · -4.6%
• By 2075: 159,526 · -16.4%
• By 2100: 129,028 · -32.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 4% Hispanic / Latino 2% Black 1%
• Common ancestry: Romanian 8% Serbian 4% Slovak 2%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Butler

• 2024 margin: Solid R (+32.2) · D 33.5% · R 65.7%
• 2008→2024 swing: -4.8pp toward R · 2008: -27.4pp · 2024: -32.2pp
• All cycles: 2024: R+32.2 2020: R+32.5 2016: R+37.5 2012: R+34.9 2008: R+27.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -103.40%
• Current HPI: 222.4445
• Rent YoY: ▲ 20.36%
• Metro: Pittsburgh, PA
• 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

-25.0% since first listed

3 events — show timeline

• 2026-03-18 Price Changed $135,000 West Penn MLS
• 2025-12-28 Listed $150,000 West Penn MLS
• 2008-04-25 Sold (Public Records) $180,000 Public Records

Property tax history

-11.9%/yr

Latest (2026): $593 · -6.3% YoY. Source: county tax records.