327 3rd St

Leechburg, PA 15656

$24,000C

3 bd · 1.0 ba · 1,440 sqft · Built 1890 · SingleFamily · Active · 66 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,345/mo
• Mortgage (P&I): −$126
• Tax + insurance: −$40
• HOA: −$0
• Vac / Maint / Mgmt: −$282
• Net cashflow: $897/mo
• Annual: $10,761/yr
• Cap rate: 51.13%
• Cash-on-cash: 160.13%
• DSCR: 8.13
• 1% rule: 5.60%
• Cash to close: $6,720

Investor read

• This is a 3-bed/1.0-bath single-family listed at $24k.
• At list price, monthly cash flow is $897 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $24k).
• It's been on market 66 days — a 6% lower offer ($23k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $23k (6.0% below list) — sets the bar for market timing.
• In year one you build about $3k of equity ($166 loan paydown + $2k appreciation (10.0% local appreciation)).
• Location reads 78/100 on livability (#294 in PA, #2,608 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities D, employment D, commute F.
• Leechburg Area SD (suburban): math 33% / reading 53% proficiency, ranked #303 of 539 in PA (top 56%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: David Leech El Sch (math 37% / reading 62%, grade D, #654 of 1,518 statewide, top 47%, 300 students, 29% FRL); Leechburg Area Ms (math 22% / reading 47%, grade F, #328 of 512 statewide, top 65%, 152 students, 46% FRL); Leechburg Area Hs (math 64%, 186 students, 47% FRL).
• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 33 active listings in the ZIP; 58 units permitted in Armstrong County in 2024 (20 in 5+ unit buildings).
• Armstrong County population projected at -27% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 9 sale attempts since 15y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $14k; list at $24k implies a 67% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $7k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 10, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 66 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1890 — 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.