515 Indiana Ave

Glassport, PA 15045

$69,900A-

3 bd · 1.5 ba · 1,931 sqft · Built 1920 · SingleFamily · Active · 147 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,371/mo
• Mortgage (P&I): −$367
• Tax + insurance: −$139
• HOA: −$0
• Vac / Maint / Mgmt: −$288
• Net cashflow: $578/mo
• Annual: $6,935/yr
• Cap rate: 16.21%
• Cash-on-cash: 35.43%
• DSCR: 2.58
• 1% rule: 1.96%
• Cash to close: $19,572

Investor read

• This is a 3-bed/1.5-bath single-family listed at $70k.
• At list price, monthly cash flow is $578 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $70k).
• It's been on market 147 days — a 12% lower offer ($62k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $62k (12.0% below list) — sets the bar for market timing.
• In year one you build about $608 of equity ($483 loan paydown + $125 appreciation (0.2% local appreciation)).
• Location reads 71/100 on livability (#716 in PA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, commute A-; Watch: crime C-, employment D+, schools D-.
• South Allegheny SD (suburban): math 23% / reading 44% proficiency, ranked #430 of 539 in PA (top 80%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 24 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 2,996 units permitted in Allegheny County in 2024 (1,588 in 5+ unit buildings).
• 4 sale attempts since 11y ago; this cycle's ask has dropped $10k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $14k; list at $70k implies a 399% gain — meaningful room to come down on a strong offer.
• At projected returns (0.2% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~3 years — after that, you're playing with house money.
• Cap rate 16.2% vs local median 8.4% in Glassport — 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.

Questions for listing agent

• It's been on market 147 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1920 — 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 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?
• 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.
• 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.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.