1021-1023 Joseph St · Baldwin, PA 15227

$230,000

6 bd · 5.0 ba · — sqft · MultiFamily · 26 Days on market

Built 1890 Average condition 1.38 ac 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 +27.7/30.0
• DSCR +9.7/10.0
• 1% rule +7.6/10.0
• ARV discount +7.5/15.0
• Schools +4.0/10.0
• Livability +4.0/5.0
• Rent growth +3.6/5.0
• Condition / age +2.8/5.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks

Investment Opportunity – Updated 2-unit with Large Lot & Detached Garage! Baldwin Duplex offers a rare opportunity to live in one unit while generating rental income from the other. Situated on an expansive double lot, this well-maintained property combines strong income potential with comfortable owner-occupancy options. Each unit features private entrances, separate basements, individual gas and electric utilities, and dedicated laundry areas, providing privacy and convenience for both owner and tenants. One side is currently rented, while the vacant two-bedroom unit is move-in ready and ideal for immediate occupancy or new tenant placement. The vacant unit includes an updated

Key facts

• Large lot
• Private entrances
• Separate basements

Tags

• LARGE LOT
• DETACHED GARAGE
• PRIVATE ENTRANCES
• SEPARATE BASEMENTS
• DEDICATED LAUNDRY AREAS
• UPDATED KITCHEN

Property features AI

Finance

• Other: No additional financial details provided
• Financial info: Gross annual income reported: $23,216; One unit currently shows rent of $875; One unit listed as vacant
• HOA & community: No HOA details provided

Exterior

• Parking: Detached garage; Total of 4 parking spaces
• Security: No security details provided
• Utilities: Electricity available; Natural gas available; Public water available; Public sewer available
• Home design: Two-family property
• Construction: Frame construction; Asphalt roof
• Exterior features: Public transportation access; Zoned for two-family use

Interior

• Kitchen: No appliance details provided
• Bedrooms: Two 2-bedroom units and one 1-bedroom unit
• Flooring: No flooring details provided
• Bathrooms: Units include full and half bathroom configurations (some units have 1 full bath, others have 1 full and 1 half)
• Heating & cooling: No heating or cooling details provided
• Interior features: Full basement
• Laundry & utility: No laundry details provided

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.5-bath units multifamily listed at $230k. Condition is rated average.

Deal economics

• At list price, monthly cash flow is $636 ($8k/yr) — positive. Per door: $318/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $230k).
• Recommended offer: $227k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.9% 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 $2,887/mo this rent would consume 46% 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 $7k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 4.3% rent growth), your $64k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 26 days — a 2% lower offer ($227k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $226,550 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 1.26% ✓
• Cap rate: 9.90%
• Cash-on-cash: 12.88%
• DSCR: 1.57
• GRM: 6.6

CMA / ARV

No comps found within radius.

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
443 Spencer	0.70mi	5/4.0 (-1)	—	11mo	$224,900	—	36

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 2.9%
• Equity multiple: 1.11×
• Total profit: $7,211
• Equity at exit: $34,294

10-year hold

• IRR: 13.7%
• Equity multiple: 2.17×
• Total profit: $75,235
• Equity at exit: $19,886

Cash invested: $64,400 (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: 13.3×

Monthly cashflow live

• Estimated rent: $2,887 high
• Mortgage (P&I): −$1,206
• Tax est. 1.5%: −$288 /mo · $3,450/yr
• Insurance: −$96
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$606
• Net cashflow: $636

Break-even live

Break-even rent $2,082

Max offer price $230,000

Occupancy floor 73%

Sensitivity live

Price	-10% $795	-5% $715	+0% $636	+5% $556	+10% $477
Rent	-10% $408	-5% $522	+0% $636	+5% $750	+10% $864
Rate	-1.0pp $752	-0.5pp $694	base $636	+0.5pp $576	+1.0pp $515

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2.5	$2,886
Total (2 units)			$2,887

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: $57,500
• Closing costs: $6,900
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-21
   days on market $230,000 Active 26 DOM
2. 2026-06-18
   days on market $230,000 Active 23 DOM
3. 2026-06-17
   days on market $230,000 Active 22 DOM
4. 2026-06-16
   days on market $230,000 Active 21 DOM
5. 2026-06-15
   days on market $230,000 Active 20 DOM
6. 2026-06-13
   days on market $230,000 Active 18 DOM
7. 2026-06-13
   days on market $230,000 Active 17 DOM
8. 2026-06-09
   days on market $230,000 Active 14 DOM
9. 2026-06-08
   days on market $230,000 Active 13 DOM
10. 2026-06-07
    days on market $230,000 Active 12 DOM
11. 2026-06-03
    days on market $230,000 Active 8 DOM
12. 2026-06-02
    days on market $230,000 Active 7 DOM
13. 2026-06-01
    days on market $230,000 Active 6 DOM
14. 2026-05-31
    days on market $230,000 Active 5 DOM
15. 2026-05-26
    listed $230,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone X (unshaded) · 99% 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: $34,644
• − Mortgage interest: −$12,884
• − Property taxes: −$3,450
• − Insurance: −$1,816
• − Repairs & maintenance: −$2,772
• − Management: −$2,772
• − Depreciation: −$6,691
• Taxable income: $4,260
• Est. tax owed @ 24.0%: −$1,022
• After-tax cash flow: $6,606/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.

Condition & rehab AI · 30 photos

Average 55/100 Moderate rehab

This 2-unit property offers a moderate level of rehab with average condition across most areas. Updates to kitchen appliances, bathroom fixtures, exterior paint, and HVAC system would significantly increase its value for both resale and rental.

Repairs flagged

• Minor kitchen cabinets — existing cabinets show some wear
• Minor bathroom fixtures — existing fixtures show some wear
• Minor exterior siding — existing siding shows some wear
• Minor interior walls/paint — existing paint shows some wear
• Minor HVAC system — existing system shows some wear

Value-add opportunities

• Both kitchen appliances — new appliances would improve both resale and rental value
• Both bathroom fixtures — new fixtures would improve both resale and rental value
• Both exterior paint — new paint would improve both resale and rental value
• Both HVAC system — new HVAC system would improve both resale and rental value

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · existing cabinets show some wear	Minor	$500–3,000
bathroom fixtures · existing fixtures show some wear	Minor	$500–3,000
exterior siding · existing siding shows some wear	Minor	$500–3,000
interior walls/paint · existing paint shows some wear	Minor	$500–3,000
HVAC system · existing system shows some wear	Minor	$500–3,000
Total estimated repair cost · 5 items		$2,500–15,000

Value-add ROI direction

• Both kitchen appliances — new appliances would improve both resale and rental value ↑
• Both bathroom fixtures — new fixtures would improve both resale and rental value ↑
• Both exterior paint — new paint would improve both resale and rental value ↑
• Both HVAC system — new HVAC system would improve both resale and rental value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

1 event — show timeline

• 2026-05-26 Listed $230,000 West Penn MLS