15 Lenox Ave

Forest Hills, PA 15221

$348,000B-

24 bd · 20.0 ba · — sqft · Built 1957 · MultiFamily · Active · 364 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $7,952/mo
• Mortgage (P&I): −$1,825
• Tax + insurance: −$669
• HOA: −$0
• Vac / Maint / Mgmt: −$1,670
• Net cashflow: $3,788/mo
• Annual: $45,452/yr
• Cap rate: 19.35%
• Cash-on-cash: 46.65%
• DSCR: 3.08
• 1% rule: 2.29%
• Cash to close: $97,440

Investor read

• This is a 4 × 6-bed/5.0-bath units multifamily listed at $348k.
• 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).
• It's been on market 364 days — a 12% lower offer ($306k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $306k (12.0% 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 $10k of value loss. Plan a longer hold.
• 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.
• Watch-outs: built in 1957 — expect roof / HVAC / electrical / plumbing capex.
• 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).
• 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.
• 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.
• 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.
• 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.

Questions for listing agent

• 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?
• 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 1957 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 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?
• 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.