104 Miller St

Latrobe, PA 15650

$50,460B

2 bd · 2.0 ba · 960 sqft · Built 1900 · Other · Active · 344 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $972/mo
• Mortgage (P&I): −$265
• Tax + insurance: −$86
• HOA: −$0
• Vac / Maint / Mgmt: −$204
• Net cashflow: $417/mo
• Annual: $5,009/yr
• Cap rate: 16.22%
• Cash-on-cash: 35.46%
• DSCR: 2.58
• 1% rule: 1.93%
• Cash to close: $14,129

Investor read

• This is a 2-bed/2.0-bath other listed at $50k.
• At list price, monthly cash flow is $417 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($972 rent vs $50k).
• It's been on market 344 days — a 12% lower offer ($44k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $44k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $349 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 81/100 on livability (#181 in PA, #1,511 nationally) — a professional / high-income tenant draw. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• Greater Latrobe SD (suburban): math 52% / reading 62% proficiency, ranked #94 of 539 in PA (top 17%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+6.2%/yr); 111 active listings in the ZIP; 415 units permitted in Westmoreland County in 2024 (10 in 5+ unit buildings).
• Westmoreland County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 11y ago; this cycle's ask has dropped $5k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 6.2% rent growth), your $14k cash investment doubles in ~4 years — after that, you're playing with house money.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 344 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• 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.
• Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.