1856 Main St · Sharpsburg, PA 15215

$275,000

25 bd · 12.5 ba · — sqft · MultiFamily · 58 Days on market

Built 1900 2,500 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
• Schools +6.9/10.0
• Livability +4.0/5.0
• Rent growth +3.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

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

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

5 unit apartment building in Sharpsburg. One unoccupied unit. All units are 1 bedroom/1bathroom apartments. All units have separate gas and electric. There is one water meter for the entire building. Coin operated shared laundry area on the ground floor. One empty apartment is in need of cosmetic updates. Located in Fox Chapel School District. Good value add property as rents are significantly under market rate. Underutilized court yard in the rear of the property.

Key facts

• Value add property
• One unoccupied unit
• 2,500 sq ft lot

Tags

• 5 UNIT APARTMENT BUILDING
• ONE UNOCCUPIED UNIT
• SEPARATE GAS AND ELECTRIC
• COIN OPERATED SHARED LAUNDRY
• VALUE ADD PROPERTY
• UNDERUTILIZED COURT YARD

What this means for you Summary

Snapshot

• This is a 5 × 1-bed/1-bath units multifamily listed at $275k.

Deal economics

• At list price, monthly cash flow is $3k ($38k/yr) — positive. Per door: $625/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $275k).
• Recommended offer: $267k (3.0% below list) — sets the bar for market timing.
• Cap rate 20.2% vs local median 9.5% in Sharpsburg — 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 79/100 on livability (#248 in PA, #2,145 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: amenities D, schools D-, employment D-.
• Fox Chapel Area SD (suburban): math 73% / reading 85% proficiency, ranked #7 of 539 in PA (top 1%) — strong family-tenant draw, lease renewals of 3-5y typical; only 16% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising fast (+5.2%/yr); 56 active listings in the ZIP; solid renter incomes; 2,996 units permitted in Allegheny County in 2024 (1,588 in 5+ unit buildings).
• At $6,406/mo this rent would consume 78% of the median local household income ($99k/yr) (locally 311% 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 + 5.2% rent growth), your $77k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 58 days — a 3% lower offer ($267k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 16y ago 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 $110k; list at $275k implies a 150% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $266,750 (3.0% below list)

Questions for the listing agent

1. It's been on market 58 days. Have you received any prior offers? Is the seller open to a 3% 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 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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: 2.33% ✓
• Cap rate: 20.18%
• Cash-on-cash: 49.58%
• DSCR: 3.21
• GRM: 3.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.24% rent growth · sell at horizon

5-year hold

• IRR: 48.8%
• Equity multiple: 3.20×
• Total profit: $169,400
• Equity at exit: $41,003

10-year hold

• IRR: 55.3%
• Equity multiple: 7.07×
• Total profit: $467,753
• 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 15215

• Rents YoY: 5.2%
• Active inventory: 56
• Price-to-rent: 17.9×

Monthly cashflow live

• Estimated rent: $6,406 high
• Mortgage (P&I): −$1,442
• Tax from tax record: −$323 /mo · $3,872/yr
• Insurance: −$115
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,345
• Net cashflow: $3,126

Break-even live

Break-even rent $2,449

Max offer price $275,000

Occupancy floor 46%

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

Units	Beds	Baths	Est. rent
▸ 5× units	1	1	$6,405
Total (5 units)			$6,406

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 17 events

1. 2026-06-18
   days on market $275,000 Active 58 DOM
2. 2026-06-17
   days on market $275,000 Active 57 DOM
3. 2026-06-16
   days on market $275,000 Active 56 DOM
4. 2026-06-15
   days on market $275,000 Active 55 DOM
5. 2026-06-13
   days on market $275,000 Active 53 DOM
6. 2026-06-09
   days on market $275,000 Active 49 DOM
7. 2026-06-08
   days on market $275,000 Active 48 DOM
8. 2026-06-07
   days on market $275,000 Active 47 DOM
9. 2026-06-03
   days on market $275,000 Active 43 DOM
10. 2026-06-02
    days on market $275,000 Active 42 DOM
11. 2026-06-01
    days on market $275,000 Active 41 DOM
12. 2026-05-31
    days on market $275,000 Active 40 DOM
13. 2026-04-21
    listed $275,000 Active 470-char remark

    Show marketing remark (470 chars)

    5 unit apartment building in Sharpsburg. One unoccupied unit. All units are 1 bedroom/1bathroom apartments. All units have separate gas and electric. There is one water meter for the entire building. Coin operated shared laundry area on the ground floor. One empty apartment is in need of cosmetic updates. Located in Fox Chapel School District. Good value add property as rents are significantly under market rate. Underutilized court yard in the rear of the property.

14. 2022-01-10
    listed $255,000 Active 485-char remark

    Show marketing remark (485 chars)

    1856 Main Street offers investors the opportunity to acquire 5 one bedroom units in the Borough of Sharpsburg. The building has onsite laundry and tenants pay gas and electric while the owner pays water, sewer and trash. Sharpsburg is a borough located 5 miles northeast of Downtown Pittsburgh along the Allegheny River. Even before the Riverfront 47 project, a 30 acre mixed-use brownfield redevelopment, Sharpsburg has been one of Western PA’s most up and coming neighborhoods.

15. 2010-09-10
    listed $120,000
16. 1993-02-12
    soldstatus $110,000
17. 1977-07-08
    soldstatus $7,500

ⓘ 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: $3,872 · $323/mo
• Projected year-2 tax: $4,109 · $342/mo
• Expected delta: +$236/yr (+$20/mo · 6.1%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 10/10 Extreme FEMA zone X (shaded) · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 8 d/yr ≥98°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $76,872
• − Mortgage interest: −$15,404
• − Property taxes: −$3,872
• − Insurance: −$2,042
• − Repairs & maintenance: −$6,150
• − Management: −$6,150
• − Depreciation: −$8,000
• Taxable income: $35,254
• Est. tax owed @ 24.0%: −$8,461
• After-tax cash flow: $29,049/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: Fox Chapel Area SD
• NCES district ID: 4210070
• Math proficiency: 73% ▼ -5.00%
• Reading proficiency: 85% ▼ -2.00%
• Median HH income: $73,326
• Composite: 69.02/100
• National rank: #324
• State rank: #7 of 539 in PA

Livability — Sharpsburg

• Score: 79/100
• State rank: #248
• US rank: #2145

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Sharpsburg, PA
• County: Allegheny County · 1,022,028 people
• Metro: Pittsburgh, PA
• Population (ZIP): 11,907
• Household income: $99,071
• Rent vs Own: 26.7% rent · 73.3% own
• Severe rent burden: 311.0

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 (86%)
• Race & ethnicity: White 86% Asian 5% Two or more races 4% Black 4% Hispanic / Latino 3%
• Common ancestry: Romanian 9% Lithuanian 3% Scotch-Irish 2%
• Foreign-born: 7% · China, South Korea, Canada
• Languages at home: 91% English-only · Spanish 2% Chinese 2% Other Indo-European 2%

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: ▼ -171.68%
• Current HPI: 284.7359
• Rent YoY: ▲ 5.24%
• 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

+3566.7% since first listed

5 events — show timeline

• 2026-04-21 Listed $275,000 West Penn MLS
• 2022-01-10 Listed $255,000 West Penn MLS
• 2010-09-10 Listed $120,000 West Penn MLS
• 1993-02-12 Sold (Public Records) $110,000 Public Records
• 1977-07-08 Sold (Public Records) $7,500 Public Records

Property tax history

+2.1%/yr

Latest (2026): $3,872 · +1.3% YoY. Source: county tax records.