12148 Harvard Dr

Penn Hills, PA 15235

$130,900C+

4 bd · 1.5 ba · 1,176 sqft · Built 1942 · SingleFamily · Pending · 103 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,599/mo
• Mortgage (P&I): −$686
• Tax + insurance: −$346
• HOA: −$0
• Vac / Maint / Mgmt: −$336
• Net cashflow: $231/mo
• Annual: $2,775/yr
• Cap rate: 8.41%
• Cash-on-cash: 7.57%
• DSCR: 1.34
• 1% rule: 1.22%
• Cash to close: $36,652

Investor read

• This is a 4-bed/1.5-bath single-family listed at $131k.
• At list price, monthly cash flow is $231 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $131k).
• It's been on market 103 days — a 9% lower offer ($119k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $119k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $905 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Penn Hills SD (suburban): math 13% / reading 24% proficiency, ranked #496 of 539 in PA (top 92%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Watch-outs: property tax is 2.7% of price; built in 1942 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+7.6%/yr); 129 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 2,996 units permitted in Allegheny County in 2024 (1,588 in 5+ unit buildings).
• Current owner paid $95k; 38% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 7.6% rent growth), your $37k cash investment doubles in ~8 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 103 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1942 — 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.
• 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.