15 Lenox Ave · Forest Hills, PA 15221

$348,000

24 bd · 20.0 ba · — sqft · MultiFamily · 364 Days on market

Built 1957 3,023 sqft lot

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +4.2/5.0
• Rent growth +3.5/5.0
• Condition / age +2.5/5.0
• Schools +1.8/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 units. 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

Fantastic 4-Unit Investment Opportunity in Forest Hills, PA. A Well-maintained 4-unit apartment building ideally situated in the quiet, residential community of Forest Hills. Don't miss this opportunity to own a solid income-producing property in a desirable and accessible location.

Key facts

• Accessible location
• 3,023 sq ft lot
• Built 1957

Tags

• 4 UNIT APARTMENT BUILDING
• INCOME PRODUCING PROPERTY
• ACCESSIBLE LOCATION

What this means for you Summary

Snapshot

• This is a 4 × 6-bed/5.0-bath units multifamily listed at $348k.

Deal economics

• At list price, monthly cash flow is $4k ($45k/yr) — positive. Per door: $947/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $348k).
• Recommended offer: $306k (12.0% below list) — sets the bar for market timing.
• Cap rate 19.4% vs local median 4.2% in Forest Hills — 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 83/100 on livability (#112 in PA, #873 nationally) — a professional / high-income tenant draw. Strengths: schools A+, crime A+, commute A+; Watch: amenities F.
• Woodland Hills SD (suburban): math 13% / reading 30% proficiency, ranked #486 of 539 in PA (top 90%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 69% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+3.9%/yr); 117 active listings in the ZIP; 2,996 units permitted in Allegheny County in 2024 (1,588 in 5+ unit buildings).
• At $7,952/mo this rent would consume 173% of the median local household income ($55k/yr) (locally 1933% 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 $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.9% rent growth), your $97k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 364 days — a 12% lower offer ($306k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 27y ago; this cycle's ask has dropped $52k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $132k; list at $348k implies a 164% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1957 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $306,240 (12.0% below list)

Questions for the listing agent

1. It's been on market 364 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1957 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 2.29% ✓
• Cap rate: 19.35%
• Cash-on-cash: 46.65%
• DSCR: 3.08
• GRM: 3.6

CMA / ARV

• ARV (median comp): $90,807
• List price: $348,000
• Delta: 283.23%
• Verdict: OVERPRICED
• Comps: 3 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.86% rent growth · sell at horizon

5-year hold

• IRR: 44.9%
• Equity multiple: 2.97×
• Total profit: $191,963
• Equity at exit: $51,888

10-year hold

• IRR: 51.2%
• Equity multiple: 6.21×
• Total profit: $507,481
• Equity at exit: $30,089

Cash invested: $97,440 (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 15221

• Home prices YoY: -32.3%
• Rents YoY: 3.9%
• Active inventory: 117
• Price-to-rent: 14.6×

Monthly cashflow live

• Estimated rent: $7,952 medium
• Mortgage (P&I): −$1,825
• Tax from tax record: −$524 /mo · $6,293/yr
• Insurance: −$145
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,670
• Net cashflow: $3,788

Break-even live

Break-even rent $3,157

Max offer price $348,000

Occupancy floor 47%

Sensitivity live

Price	-10% $3,985	-5% $3,886	+0% $3,788	+5% $3,689	+10% $3,591
Rent	-10% $3,159	-5% $3,474	+0% $3,788	+5% $4,102	+10% $4,416
Rate	-1.0pp $3,963	-0.5pp $3,876	base $3,788	+0.5pp $3,698	+1.0pp $3,606

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

Units	Beds	Baths	Est. rent
▸ 4× units	6	5	$7,952
Total (4 units)			$7,952

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: $87,000
• Closing costs: $10,440
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-01
   days on market $348,000 Active 364 DOM
2. 2026-05-31
   days on market $348,000 Active 363 DOM
3. 2026-05-05
   price $348,000 283-char remark

   Show marketing remark (283 chars)

   Fantastic 4-Unit Investment Opportunity in Forest Hills, PA. A Well-maintained 4-unit apartment building ideally situated in the quiet, residential community of Forest Hills. Don't miss this opportunity to own a solid income-producing property in a desirable and accessible location.

4. 2026-01-12
   price $365,000 283-char remark

   Show marketing remark (283 chars)

   Fantastic 4-Unit Investment Opportunity in Forest Hills, PA. A Well-maintained 4-unit apartment building ideally situated in the quiet, residential community of Forest Hills. Don't miss this opportunity to own a solid income-producing property in a desirable and accessible location.

5. 2025-11-17
   price $375,000 283-char remark

   Show marketing remark (283 chars)

   Fantastic 4-Unit Investment Opportunity in Forest Hills, PA. A Well-maintained 4-unit apartment building ideally situated in the quiet, residential community of Forest Hills. Don't miss this opportunity to own a solid income-producing property in a desirable and accessible location.

6. 2025-06-02
   listed $400,000 Active 283-char remark

   Show marketing remark (283 chars)

   Fantastic 4-Unit Investment Opportunity in Forest Hills, PA. A Well-maintained 4-unit apartment building ideally situated in the quiet, residential community of Forest Hills. Don't miss this opportunity to own a solid income-producing property in a desirable and accessible location.

7. 2006-07-12
   soldstatus $132,000 97-char remark

   Show marketing remark (97 chars)

   Clean units, must see. Great rental history. Tenants pay gas/electric. Close to parkway and City.

8. 2006-07-12
   soldstatus $132,000

   Show marketing remark (97 chars)

   Clean units, must see. Great rental history. Tenants pay gas/electric. Close to parkway and City.

9. 2006-04-17
   listed $130,000 97-char remark

   Show marketing remark (97 chars)

   Clean units, must see. Great rental history. Tenants pay gas/electric. Close to parkway and City.

10. 2003-09-18
    soldstatus $169,600
11. 2003-09-12
    soldstatus $169,900
12. 2003-04-01
    listed $170,344
13. 2000-01-19
    soldstatus $155,000
14. 2000-01-19
    soldstatus $155,000
15. 2000-01-18
    soldstatus $155,000
16. 1999-11-01
    listed $160,000
17. 1986-12-10
    soldstatus $95,000

ⓘ 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: $6,293 · $524/mo
• Projected year-2 tax: $6,293 · $524/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 4/10 Moderate 7 d/yr ≥97°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $95,424
• − Mortgage interest: −$19,493
• − Property taxes: −$6,293
• − Insurance: −$1,740
• − Repairs & maintenance: −$7,634
• − Management: −$7,634
• − Depreciation: −$10,124
• Taxable income: $42,506
• Est. tax owed @ 24.0%: −$10,201
• After-tax cash flow: $35,251/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: Woodland Hills SD
• NCES district ID: 4216500
• Math proficiency: 13% ▼ -13.00%
• Reading proficiency: 30% ▼ -10.00%
• Median HH income: $41,803
• Composite: 18.31/100
• National rank: #8954
• State rank: #486 of 539 in PA

Livability — Forest Hills

• Score: 83/100
• State rank: #112
• US rank: #873

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Forest Hills, PA
• County: Allegheny County · 1,022,028 people
• Metro: Pittsburgh, PA
• Population (ZIP): 29,374
• Household income: $55,028
• Rent vs Own: 55.3% rent · 44.7% own
• Severe rent burden: 1933.0

Population outlook (Allegheny County) Hauer SSP2

• Today (2025): 1,250,282 people
• By 2030: 1,256,482 · +0.5%
• By 2040: 1,256,318 · +0.5%
• By 2050: 1,244,169 · -0.5%
• By 2075: 1,197,693 · -4.2%
• By 2100: 1,093,187 · -12.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.60)
• Race & ethnicity: White 47% Black 43% Two or more races 7% Hispanic / Latino 4% Asian 1%
• Common ancestry: Romanian 4% Lithuanian 2% Serbian 1%
• Foreign-born: 4% · Canada, South Korea, China
• Languages at home: 93% English-only · Spanish 2% French/Haitian/Cajun 1% Other Indo-European 1%

Political lean MEDSL · Allegheny

• 2024 margin: Strong D (+20.3) · D 59.7% · R 39.4%
• 2008→2024 swing: +4.8pp toward D · 2008: 15.5pp · 2024: 20.3pp
• All cycles: 2024: D+20.3 2020: D+20.4 2016: D+16.4 2012: D+14.4 2008: D+15.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -109.77%
• Current HPI: 230.0486
• Rent YoY: ▲ 3.86%
• 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

+266.3% since first listed

15 events — show timeline

• 2026-05-05 Price Changed $348,000 West Penn MLS
• 2026-01-12 Price Changed $365,000 West Penn MLS
• 2025-11-17 Price Changed $375,000 West Penn MLS
• 2025-06-02 Listed $400,000 West Penn MLS
• 2006-07-12 Sold (Public Records) $132,000 Public Records
• 2006-07-12 Sold (MLS) $132,000 West Penn MLS
• 2006-04-17 Listed $130,000 West Penn MLS
• 2003-09-18 Sold (Public Records) $169,600 Public Records
• 2003-09-12 Sold (MLS) $169,900 West Penn MLS
• 2003-04-01 Listed $170,344 West Penn MLS
• 2000-01-19 Sold (Public Records) $155,000 Public Records
• 2000-01-19 Sold (Public Records) $155,000 Public Records
• 2000-01-18 Sold (MLS) $155,000 West Penn MLS
• 1999-11-01 Listed $160,000 West Penn MLS
• 1986-12-10 Sold (Public Records) $95,000 Public Records

Property tax history

+2.1%/yr

Latest (2026): $6,293 · +5.6% YoY. Source: county tax records.