344-346 3rd St

California, PA 15419

$190,000B

8 bd · 5.6 ba · — sqft · Built 1910 · MultiFamily · Active · 283 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,623/mo
• Mortgage (P&I): −$996
• Tax + insurance: −$317
• HOA: −$0
• Vac / Maint / Mgmt: −$551
• Net cashflow: $759/mo
• Annual: $9,109/yr
• Cap rate: 11.09%
• Cash-on-cash: 17.12%
• DSCR: 1.76
• 1% rule: 1.38%
• Cash to close: $53,200

Investor read

• This is a 2 × 4-bed/?-bath units multifamily listed at $190k. Condition is rated poor.
• At list price, monthly cash flow is $759 ($9k/yr) — positive. Per door: $380/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $190k).
• It's been on market 283 days — a 12% lower offer ($167k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $167k (12.0% below list) — sets the bar for market timing.
• In year one you build about $257 of equity ($1k loan paydown + $-1k appreciation (-0.6% local appreciation)).
• Location reads 56/100 on livability (#1,648 in PA) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A-; Watch: crime C-, schools D, amenities F.
• California Area SD (rural): math 31% / reading 58% proficiency, ranked #295 of 539 in PA (top 55%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 18 active listings in the ZIP; 489 units permitted in Washington County in 2024 (30 in 5+ unit buildings).
• Washington County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-0.6% appreciation + 3.0% rent growth), your $53k cash investment doubles in ~5 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 283 days. Have you received any prior offers? Is the seller open to a 12% 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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1910 — 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?

Repairs flagged (vision-AI assessment)

• Major: kitchen flooring — worn-out, needs replacement
• Major: bathroom fixtures — outdated, needs replacement
• Major: roof — visible damage, needs repair
• Major: exterior siding — weathered, needs repainting
• Major: HVAC system — visible wear, needs replacement