3400 Francis St

Wesleyville, PA 16510

$899,900B-

144 bd · 144.0 ba · 4,560 sqft · Built 1979 · MultiFamily · Pending · 80 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $11,533/mo
• Mortgage (P&I): −$4,719
• Tax + insurance: −$1,090
• HOA: −$0
• Vac / Maint / Mgmt: −$2,422
• Net cashflow: $3,302/mo
• Annual: $39,619/yr
• Cap rate: 10.70%
• Cash-on-cash: 15.72%
• DSCR: 1.70
• 1% rule: 1.28%
• Cash to close: $251,972

Investor read

• This is a 12 × 1-bed/1-bath units multifamily listed at $900k.
• At list price, monthly cash flow is $3k ($40k/yr) — positive. Per door: $275/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($12k rent vs $900k).
• It's been on market 80 days — a 6% lower offer ($846k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $846k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $6k of loan paydown is wiped out by about $27k of value loss. Plan a longer hold.
• Location reads 80/100 on livability (#195 in PA, #1,671 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, health & safety A+; Watch: schools D+, crime D+, employment D.
• Iroquois SD (suburban): math 39% / reading 55% proficiency, ranked #236 of 539 in PA (top 44%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 76 active listings in the ZIP; 364 units permitted in Erie County in 2024 (188 in 5+ unit buildings).
• Erie County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $252k cash investment doubles in ~8 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 80 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?
• Built in 1979 — 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?
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?