226 Joseph St · Baldwin, PA 15227

$275,000

4 bd · 3.5 ba · 2,796 sqft · MultiFamily public records · 96 Days on market

Built 1929 1.04 ac lot Est $208k · 32% over

---

Why this score? — see what drove the C+ 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
• DSCR +10.0/10.0
• 1% rule +9.2/10.0
• Schools +4.0/10.0
• Livability +4.0/5.0
• Rent growth +3.6/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

Well maintained 3 unit bldg. Never stays vacant for long. Quiet neighborhood, off street pkg, deer, turkey assorted critters in the bucolic setting of the back yard. Coin op laundry in bsmnt, oodles of storage, large walk in attic, All units separated Gas & Electr. LL pays Water/Sewage. Refinished hardwood flrs, humongous windows, newer kitchens & baths. Awesome tenants with track record. 125 amp services for ea unit. Tenants use window units for A/C. 6 come w/ bldg. NO LOCKBOX ALL UNITS OCCUPIED need minimum 36 1/2 hour notice to show. DO NOT USE SHOWING TIME. REPEAT. .. DO NOT USE SHOWING TIME. All units are huge, 2 bdrm unit has walk-in closets, dining rooms all can handle large table and china closet. Can pass Sect 8 inspect. .. just never needed to. Broker has interest in ownership here. This is a gem of an investment with positive cash flow and maintained and updated.

Key facts

• Humongous windows
• Coin op laundry
• Oodles of storage

Tags

• OFF STREET PKG
• COIN OP LAUNDRY
• OODLES OF STORAGE
• LARGE WALK IN ATTIC
• REFINISHED HARDWOOD FLRS
• HUMONGOUS WINDOWS

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1-bath units multifamily listed at $275k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive. Per door: $444/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $275k).
• Recommended offer: $250k (9.0% below list) — sets the bar for market timing.
• Cap rate 12.1% vs local median 3.4% in Baldwin — 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 81/100 on livability (#189 in PA, #1,596 nationally) — a professional / high-income tenant draw. Strengths: cost of living A+, housing A+, employment A; Watch: commute F.
• Baldwin-Whitehall SD (suburban): math 34% / reading 58% proficiency, ranked #246 of 539 in PA (top 46%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: J.E. Harrison Education Ctr (math 26% / reading 57%, grade F, #927 of 1,518 statewide, top 61%, 1,143 students, 58% FRL); Baldwin Shs (math 32% / reading 53%, grade F, #226 of 437 statewide, top 52%, 2,086 students, 42% FRL) — zoned schools average 50% FRL vs 32% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+4.3%/yr); 116 active listings in the ZIP; solid renter incomes; 2,996 units permitted in Allegheny County in 2024 (1,588 in 5+ unit buildings).
• At $3,913/mo this rent would consume 62% of the median local household income ($75k/yr) (locally 780% 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 $8k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 4.3% rent growth), your $77k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 96 days — a 9% lower offer ($250k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $58k; list at $275k implies a 370% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1929 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $250,250 (9.0% below list)

Questions for the listing agent

1. It's been on market 96 days. Have you received any prior offers? Is the seller open to a 9% 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 1929 — 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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 1.42% ✓
• Cap rate: 12.10%
• Cash-on-cash: 20.74%
• DSCR: 1.92
• GRM: 5.9

CMA / ARV

• ARV (median comp): $208,194
• List price: $275,000
• Delta: 32.09%
• Verdict: OVERPRICED
• Comps: 7 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 4.33% rent growth · sell at horizon

5-year hold

• IRR: 14.5%
• Equity multiple: 1.59×
• Total profit: $45,468
• Equity at exit: $41,003

10-year hold

• IRR: 24.2%
• Equity multiple: 3.22×
• Total profit: $170,985
• Equity at exit: $23,777

Cash invested: $77,000 (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 15227

• Home prices YoY: -27.5%
• Rents YoY: 4.3%
• Active inventory: 116
• Price-to-rent: 17.6×

Monthly cashflow live

• Estimated rent: $3,913 high
• Mortgage (P&I): −$1,442
• Tax from tax record: −$204 /mo · $2,447/yr
• Insurance: −$115
• HOA: −$0
• Vacancy / Maint / Mgmt: −$822
• Net cashflow: $1,331

Break-even live

Break-even rent $2,229

Max offer price $275,000

Occupancy floor 61%

Sensitivity live

Price	-10% $1,486	-5% $1,409	+0% $1,331	+5% $1,253	+10% $1,175
Rent	-10% $1,022	-5% $1,176	+0% $1,331	+5% $1,485	+10% $1,640
Rate	-1.0pp $1,469	-0.5pp $1,401	base $1,331	+0.5pp $1,259	+1.0pp $1,187

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$3,912
Total (3 units)			$3,913

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: $68,750
• Closing costs: $8,250
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-21
   days on market $275,000 Active 96 DOM
2. 2026-06-18
   days on market $275,000 Active 93 DOM
3. 2026-06-17
   days on market $275,000 Active 92 DOM
4. 2026-06-16
   days on market $275,000 Active 91 DOM
5. 2026-06-15
   days on market $275,000 Active 90 DOM
6. 2026-06-13
   days on market $275,000 Active 88 DOM
7. 2026-06-13
   days on market $275,000 Active 87 DOM
8. 2026-06-09
   days on market $275,000 Active 84 DOM
9. 2026-06-08
   days on market $275,000 Active 83 DOM
10. 2026-06-07
    days on market $275,000 Active 82 DOM
11. 2026-06-03
    days on market $275,000 Active 78 DOM
12. 2026-06-02
    days on market $275,000 Active 77 DOM
13. 2026-06-01
    days on market $275,000 Active 76 DOM
14. 2026-05-31
    days on market $275,000 Active 75 DOM
15. 2026-03-31
    status Active 898-char remark

    Show marketing remark (898 chars)

    Well maintained 3 unit bldg. Never stays vacant for long. Quiet neighborhood, off street pkg, deer, turkey assorted critters in the bucolic setting of the back yard. Coin op laundry in bsmnt, oodles of storage, large walk in attic, All units separated Gas & Electr. LL pays Water/Sewage. Refinished hardwood flrs, humongous windows, newer kitchens & baths. Awesome tenants with track record. 125 amp services for ea unit. Tenants use window units for A/C. 6 come w/ bldg. NO LOCKBOX ALL UNITS OCCUPIED need minimum 36 1/2 hour notice to show. DO NOT USE SHOWING TIME. REPEAT. .. DO NOT USE SHOWING TIME. All units are huge, 2 bdrm unit has walk-in closets, dining rooms all can handle large table and china closet. Can pass Sect 8 inspect. .. just never needed to. Broker has interest in ownership here. This is a gem of an investment with positive cash flow and maintained and updated.

16. 2026-03-20
    status Pending 898-char remark

    Show marketing remark (898 chars)

    Well maintained 3 unit bldg. Never stays vacant for long. Quiet neighborhood, off street pkg, deer, turkey assorted critters in the bucolic setting of the back yard. Coin op laundry in bsmnt, oodles of storage, large walk in attic, All units separated Gas & Electr. LL pays Water/Sewage. Refinished hardwood flrs, humongous windows, newer kitchens & baths. Awesome tenants with track record. 125 amp services for ea unit. Tenants use window units for A/C. 6 come w/ bldg. NO LOCKBOX ALL UNITS OCCUPIED need minimum 36 1/2 hour notice to show. DO NOT USE SHOWING TIME. REPEAT. .. DO NOT USE SHOWING TIME. All units are huge, 2 bdrm unit has walk-in closets, dining rooms all can handle large table and china closet. Can pass Sect 8 inspect. .. just never needed to. Broker has interest in ownership here. This is a gem of an investment with positive cash flow and maintained and updated.

17. 2026-03-06
    listed $275,000 Active 898-char remark

    Show marketing remark (898 chars)

    Well maintained 3 unit bldg. Never stays vacant for long. Quiet neighborhood, off street pkg, deer, turkey assorted critters in the bucolic setting of the back yard. Coin op laundry in bsmnt, oodles of storage, large walk in attic, All units separated Gas & Electr. LL pays Water/Sewage. Refinished hardwood flrs, humongous windows, newer kitchens & baths. Awesome tenants with track record. 125 amp services for ea unit. Tenants use window units for A/C. 6 come w/ bldg. NO LOCKBOX ALL UNITS OCCUPIED need minimum 36 1/2 hour notice to show. DO NOT USE SHOWING TIME. REPEAT. .. DO NOT USE SHOWING TIME. All units are huge, 2 bdrm unit has walk-in closets, dining rooms all can handle large table and china closet. Can pass Sect 8 inspect. .. just never needed to. Broker has interest in ownership here. This is a gem of an investment with positive cash flow and maintained and updated.

18. 1992-01-13
    soldstatus $58,500
19. 1988-12-30
    soldstatus $55,000

ⓘ 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: $2,447 · $204/mo
• Projected year-2 tax: $3,396 · $283/mo
• Expected delta: +$949/yr (+$79/mo · 38.8%)

ⓘ 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 3/10 Moderate 7 d/yr ≥96°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $46,956
• − Mortgage interest: −$15,404
• − Property taxes: −$2,447
• − Insurance: −$1,375
• − Repairs & maintenance: −$3,756
• − Management: −$3,756
• − Depreciation: −$8,000
• Taxable income: $12,217
• Est. tax owed @ 24.0%: −$2,932
• After-tax cash flow: $13,036/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: Baldwin-Whitehall SD
• NCES district ID: 4202970
• Math proficiency: 34% ▼ -20.00%
• Reading proficiency: 58% ▼ -14.00%
• Median HH income: $54,368
• Composite: 39.79/100
• National rank: #3880
• State rank: #246 of 539 in PA

Livability — Baldwin

• Score: 81/100
• State rank: #189
• US rank: #1596

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Baldwin, PA
• County: Allegheny County · 1,022,028 people
• Metro: Pittsburgh, PA
• Population (ZIP): 28,460
• Household income: $75,448
• Rent vs Own: 27.6% rent · 72.4% own
• Severe rent burden: 780.0

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: Predominantly White (80%)
• Race & ethnicity: White 80% Black 7% Asian 6% Two or more races 5% Hispanic / Latino 1%
• Common ancestry: Romanian 9% Scotch-Irish 2% Slovak 1%
• Foreign-born: 9% · India, Canada, China
• Languages at home: 89% English-only · Other Indo-European 6% Other Asian/Pacific 1% French/Haitian/Cajun 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: ▼ -92.53%
• Current HPI: 243.6383
• Rent YoY: ▲ 4.33%
• 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

+400.0% since first listed

5 events — show timeline

• 2026-03-31 Relisted — West Penn MLS
• 2026-03-20 Pending — West Penn MLS
• 2026-03-06 Listed $275,000 West Penn MLS
• 1992-01-13 Sold (Public Records) $58,500 Public Records
• 1988-12-30 Sold (Public Records) $55,000 Public Records

Property tax history

+2.5%/yr

Latest (2026): $2,447 · +0.0% YoY. Source: county tax records.