347 Grove St

East McKeesport, PA 15035

$83,500B-

2 bd · 1.0 ba · 1,064 sqft · Built 1940 · SingleFamily · Active · 58 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $998/mo
• Mortgage (P&I): −$438
• Tax + insurance: −$171
• HOA: −$0
• Vac / Maint / Mgmt: −$210
• Net cashflow: $179/mo
• Annual: $2,148/yr
• Cap rate: 8.87%
• Cash-on-cash: 9.19%
• DSCR: 1.41
• 1% rule: 1.20%
• Cash to close: $23,380

Investor read

• This is a 2-bed/1.0-bath single-family listed at $84k.
• At list price, monthly cash flow is $179 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($998 rent vs $84k).
• It's been on market 58 days — a 3% lower offer ($81k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $81k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $577 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 70/100 on livability (#752 in PA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B; Watch: employment D+, amenities F, commute F.
• East Allegheny SD (suburban): math 14% / reading 30% proficiency, ranked #485 of 539 in PA (top 90%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 20 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); 2,996 units permitted in Allegheny County in 2024 (1,588 in 5+ unit buildings).
• 8 sale attempts since 28y ago; this cycle's ask has dropped $11k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $22k; list at $84k implies a 280% gain — meaningful room to come down on a strong offer.

Questions for listing agent

• It's been on market 58 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1940 — 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.
• 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.