45-47 Blanchard Rd

Drexel Hill, PA 19026

$250,000B+

4 bd · 3.6 ba · 2,550 sqft · Built 1925 · MultiFamily · Active Under Contract · 43 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,508/mo
• Mortgage (P&I): −$1,311
• Tax + insurance: −$417
• HOA: −$0
• Vac / Maint / Mgmt: −$737
• Net cashflow: $1,044/mo
• Annual: $12,524/yr
• Cap rate: 11.30%
• Cash-on-cash: 17.89%
• DSCR: 1.80
• 1% rule: 1.40%
• Cash to close: $70,000

Investor read

• This is a 1×2bd/1.8ba + 1×2bd/1.5ba units multifamily listed at $250k.
• At list price, monthly cash flow is $1k ($13k/yr) — positive. Per door: $522/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $250k).
• It's been on market 43 days — a 3% lower offer ($242k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $242k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 83/100 on livability (#115 in PA, #887 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: amenities F.
• Upper Darby SD (suburban): math 18% / reading 36% proficiency, ranked #453 of 539 in PA (top 84%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Garrettford El Sch (math 21% / reading 46%, grade F, #1,081 of 1,518 statewide, top 71%, 568 students, 100% FRL); Drexel Hill Ms (math 10% / reading 39%, grade F, #420 of 512 statewide, top 82%, 1,318 students, 100% FRL); Upper Darby Shs (math 46% / reading 47%, grade D-, #176 of 437 statewide, top 40%, 4,191 students, 95% FRL) — zoned schools average 98% FRL vs 52% district-wide (46 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+3.6%/yr); 108 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 299 units permitted in Delaware County in 2024 (5 in 5+ unit buildings).
• 4 sale attempts since 29y ago; this cycle's ask has dropped $65k (21%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $60k; list at $250k implies a 317% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.6% rent growth), your $70k cash investment doubles in ~7 years — after that, you're playing with house money.
• Cap rate 11.3% vs local median 3.0% in Drexel Hill — 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.
• At $3,508/mo this rent would consume 47% of the median local household income ($89k/yr) (locally 854% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 43 days. Have you received any prior offers? Is the seller open to a 3% 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 1925 — 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 B-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?
• 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.