67 Owen Ave

Lansdowne, PA 19050

$409,000B-

15 bd · 9.0 ba · 3,087 sqft · Built 1900 · MultiFamily · Active · 71 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $6,261/mo
• Mortgage (P&I): −$2,145
• Tax + insurance: −$682
• HOA: −$0
• Vac / Maint / Mgmt: −$1,315
• Net cashflow: $2,120/mo
• Annual: $25,436/yr
• Cap rate: 12.51%
• Cash-on-cash: 22.21%
• DSCR: 1.99
• 1% rule: 1.53%
• Cash to close: $114,520

Investor read

• This is a 3 × 5-bed/3.0-bath units multifamily listed at $409k. Condition is rated fair.
• At list price, monthly cash flow is $2k ($25k/yr) — positive. Per door: $707/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $409k).
• It's been on market 71 days — a 6% lower offer ($384k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $384k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• Location reads 83/100 on livability (#128 in PA, #1,005 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+.
• William Penn SD (suburban): math 11% / reading 28% proficiency, ranked #491 of 539 in PA (top 91%) — 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 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+8.9%/yr); 94 active listings in the ZIP; 299 units permitted in Delaware County in 2024 (5 in 5+ unit buildings).
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $115k cash investment doubles in ~5 years — after that, you're playing with house money.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 12.5% vs local median 3.6% in Lansdowne — 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 $6,261/mo this rent would consume 123% of the median local household income ($61k/yr) (locally 1738% 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 71 days. Have you received any prior offers? Is the seller open to a 6% 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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1900 — 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.
• 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.

Repairs flagged (vision-AI assessment)

• Major: kitchen appliances — Old and worn, likely not functioning properly.
• Minor: kitchen countertops — Need cleaning and possibly replacement due to stains.
• Minor: paint — Chipping in some areas, needs touch-up or repainting.
• Minor: landscaping — Overgrown and needs trimming for better curb appeal.