500-502 Tingley Ave

Bellevue, PA 15202

$250,000C+

4 bd · 2.0 ba · — sqft · Built 1904 · MultiFamily · Active · 62 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,645/mo
• Mortgage (P&I): −$1,311
• Tax + insurance: −$417
• HOA: −$0
• Vac / Maint / Mgmt: −$555
• Net cashflow: $362/mo
• Annual: $4,342/yr
• Cap rate: 8.03%
• Cash-on-cash: 6.20%
• DSCR: 1.28
• 1% rule: 1.06%
• Cash to close: $70,000

Investor read

• This is a 1×2bd/1.0ba + 1×3bd/1.0ba units multifamily listed at $250k. Condition is rated fair.
• At list price, monthly cash flow is $362 ($4k/yr) — positive. Per door: $181/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $250k).
• It's been on market 62 days — a 6% lower offer ($235k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $235k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 92/100 on livability (#9 in PA, #35 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+.
• Northgate SD (suburban): math 25% / reading 57% proficiency, ranked #354 of 539 in PA (top 66%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Bellevue El Sch (math 22% / reading 62%, grade F, #883 of 1,518 statewide, top 61%, 317 students, 100% FRL); Northgate Mshs (math 27% / reading 47%, grade F, #289 of 437 statewide, top 67%, 456 students, 85% FRL) — zoned schools average 92% FRL vs 43% district-wide (50 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1904 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+5.2%/yr); 79 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 2,996 units permitted in Allegheny County in 2024 (1,588 in 5+ unit buildings).
• 4 sale attempts since 3y ago; this cycle's ask has dropped $15k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Cap rate 8.0% vs local median 4.0% in Bellevue — 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.
• At $2,645/mo this rent would consume 46% of the median local household income ($68k/yr) (locally 952% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 62 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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1904 — 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?

Repairs flagged (vision-AI assessment)

• Major: roof — The roof appears to be in poor condition and may need replacement.
• Major: exterior siding — The exterior siding is peeling and in need of repainting.
• Major: fencing — The fencing is in poor condition and may need replacement or repair.
• Major: landscaping — The landscaping appears unkempt and may need trimming and planting.