427 Market St

Belle Vernon, PA 15012

$179,500B

2 bd · 1.0 ba · 1,880 sqft · Built 1900 · MultiFamily · Active · 92 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,984/mo
• Mortgage (P&I): −$941
• Tax + insurance: −$191
• HOA: −$0
• Vac / Maint / Mgmt: −$417
• Net cashflow: $435/mo
• Annual: $5,223/yr
• Cap rate: 9.20%
• Cash-on-cash: 10.39%
• DSCR: 1.46
• 1% rule: 1.11%
• Cash to close: $50,260

Investor read

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $180k.
• At list price, monthly cash flow is $435 ($5k/yr) — positive. Per door: $218/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $180k).
• It's been on market 92 days — a 9% lower offer ($163k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $163k (9.0% below list) — sets the bar for market timing.
• In year one you build about $19k of equity ($1k loan paydown + $18k appreciation (10.0% local appreciation)).
• Location reads 68/100 on livability (#894 in PA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: commute D+, health & safety D+, amenities F.
• Belle Vernon Area SD (suburban): math 34% / reading 56% proficiency, ranked #267 of 539 in PA (top 50%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 93 active listings in the ZIP; 201 units permitted in Fayette County in 2024 (10 in 5+ unit buildings).
• Fayette County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $22k; list at $180k implies a 716% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $50k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 92 days. Have you received any prior offers? Is the seller open to a 9% 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?
• 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.
• 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.