611 Calais Dr #4204

Franklin Park, PA 15237

$137,500D

1 bd · 1.0 ba · 767 sqft · Built 1975 · Condo · Pending · 4 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,528/mo
• Mortgage (P&I): −$721
• Tax + insurance: −$203
• HOA: −$337
• Vac / Maint / Mgmt: −$321
• Net cashflow: $-54/mo
• Annual: $-649/yr
• Cap rate: 5.82%
• Cash-on-cash: -1.68%
• DSCR: 0.93
• 1% rule: 1.11%
• Cash to close: $38,500

Investor read

• This is a 1-bed/1.0-bath condo listed at $138k.
• At list price, monthly cash flow is $-54 ($-649/yr) — negative.
• To cash-flow at today's rent, offer at most $128k (6.9% below list).
• Meets the 1% rule at list price ($2k rent vs $138k).
• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $128k (6.9% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $951 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 66/100 on livability (#1,070 in PA) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, cost of living F.
• North Allegheny SD (suburban): math 64% / reading 82% proficiency, ranked #14 of 539 in PA (top 3%) — strong family-tenant draw, lease renewals of 3-5y typical; only 4% free/reduced lunch — higher-income household profile.
• Zoned schools: Mcknight El Sch (math 61% / reading 74%, grade B+, #192 of 1,518 statewide, top 13%, 798 students, 16% FRL); Ingomar Ms (math 48% / reading 80%, grade B+, #26 of 512 statewide, top 5%, 572 students, 6% FRL); North Allegheny Hs (math 81%, 2,666 students, 8% FRL).
• Watch-outs: HOA is 22% of rent.
• Market conditions: Rents rising (+2.2%/yr); 107 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 4d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 2,996 units permitted in Allegheny County in 2024 (1,588 in 5+ unit buildings).
• Current owner paid $60k; list at $138k implies a 129% gain — meaningful room to come down on a strong offer.
• Cap rate 5.8% vs local median 2.4% in Franklin Park — 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.
• This rent is only 17% of the median local income ($110k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.