323 31st St

McKeesport, PA 15132

$49,900B+

3 bd · 1.0 ba · 952 sqft · Built 1920 · SingleFamily · Active · 85 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,066/mo
• Mortgage (P&I): −$262
• Tax + insurance: −$171
• HOA: −$0
• Vac / Maint / Mgmt: −$224
• Net cashflow: $409/mo
• Annual: $4,913/yr
• Cap rate: 16.14%
• Cash-on-cash: 35.16%
• DSCR: 2.56
• 1% rule: 2.14%
• Cash to close: $13,972

Investor read

• This is a 3-bed/1.0-bath single-family listed at $50k. Condition is rated fair.
• At list price, monthly cash flow is $409 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $50k).
• It's been on market 85 days — a 6% lower offer ($47k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $47k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $345 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Location reads 66/100 on livability (#1,089 in PA) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: health & safety D, crime F, amenities F.
• Mckeesport Area SD (suburban): math 11% / reading 28% proficiency, ranked #499 of 539 in PA (top 93%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Founders Hall Middle Sch (math 2% / reading 26%, grade F, #480 of 512 statewide, top 94%, 695 students, 100% FRL); Mckeesport Area Shs (math 22% / reading 30%, grade F, #372 of 437 statewide, top 86%, 1,045 students, 78% FRL) — zoned schools average 89% FRL vs 66% district-wide (23 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: property tax is 3.6% of price; built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 150 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals lingering (median 73d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 92% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 2,996 units permitted in Allegheny County in 2024 (1,588 in 5+ unit buildings).
• 2 sale attempts since 13y ago; this cycle's ask has dropped $35k (41%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $38k; 30% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $14k cash investment doubles in ~4 years — after that, you're playing with house money.
• Cap rate 16.1% vs local median 10.9% in McKeesport — 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.
• This rent runs 36% of the median local income ($35k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 85 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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.
• 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?
• Crime grade is F 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?

Repairs flagged (vision-AI assessment)

• Major: roof — Signs of wear and potential leaks.
• Major: exterior siding — Weathered and faded paint.
• Major: landscaping — Overgrown and needs trimming.
• Minor: interior walls/paint — No visible damage, but paint is faded.
• Minor: HVAC/mechanicals — No photos of systems, but likely needs maintenance.