346 Mercer St · Butler, PA 16001

$189,000

7 bd · 3.0 ba · 1,872 sqft · MultiFamily public records · 174 Days on market

Built 1910 3,049 sqft lot Est $156k · 21% over

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Why this score? — see what drove the B- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +5.0/5.0
• Schools +4.3/10.0
• Livability +3.6/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

346 Mercer St. is a fully occupied triplex located in Butler. The property is 100% occupied and consistently leased, generating $6,900 in quarterly rental income, or $27,600.00 annually. With a strong and reliable income stream, the triplex produces an approximate Net Operating Income (NOI) of $24,053.04 per year. Its central location and stable tenancy make this a solid investment opportunity with dependable cash flow.

Key facts

• 3,049 sq ft lot
• Built 1910
• Listed 173 days

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/1-bath units multifamily listed at $189k.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive. Per door: $464/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $189k).
• Recommended offer: $166k (12.0% below list) — sets the bar for market timing.
• Cap rate 15.1% vs local median 6.3% in Butler — 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.

Location & tenants

• Location reads 71/100 on livability (#705 in PA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, schools A-; Watch: crime D-, amenities F, commute F.
• Butler Area SD (town): math 41% / reading 59% proficiency, ranked #181 of 539 in PA (top 34%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+20.4%/yr); 206 active listings in the ZIP; 987 units permitted in Butler County in 2024 (0 in 5+ unit buildings).
• At $3,349/mo this rent would consume 63% of the median local household income ($64k/yr) (locally 1441% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Butler County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $53k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 174 days — a 12% lower offer ($166k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $103k; list at $189k implies a 83% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $166,320 (12.0% below list)

Questions for the listing agent

1. It's been on market 174 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are A-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?
8. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
9. 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.
10. 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.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.77% ✓
• Cap rate: 15.12%
• Cash-on-cash: 31.53%
• DSCR: 2.40
• GRM: 4.7

CMA / ARV

• ARV (median comp): $155,844
• List price: $189,000
• Delta: 21.28%
• Verdict: OVERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 31.9%
• Equity multiple: 2.43×
• Total profit: $75,664
• Equity at exit: $28,181

10-year hold

• IRR: 41.6%
• Equity multiple: 5.92×
• Total profit: $260,570
• Equity at exit: $16,341

Cash invested: $52,920 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 62 Landlord-Friendly
• State Pennsylvania: 62 Landlord-Friendly · EVEN
• County: — inherits STATE
• City: — inherits STATE

10-day notice; Philadelphia has eviction-court diversion + some protections; otherwise moderate.

Methodology + full state rankings →

ZIP-level market 16001

• Home prices YoY: -31.7%
• Rents YoY: 20.4%
• Active inventory: 206
• Price-to-rent: 14.1×

Monthly cashflow live

• Estimated rent: $3,349 medium
• Mortgage (P&I): −$991
• Tax from tax record: −$185 /mo · $2,222/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$703
• Net cashflow: $1,391

Break-even live

Break-even rent $1,589

Max offer price $189,000

Occupancy floor 53%

Sensitivity live

Price	-10% $1,498	-5% $1,444	+0% $1,391	+5% $1,337	+10% $1,284
Rent	-10% $1,126	-5% $1,258	+0% $1,391	+5% $1,523	+10% $1,655
Rate	-1.0pp $1,486	-0.5pp $1,439	base $1,391	+0.5pp $1,342	+1.0pp $1,292

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	3	1	$3,348
Total (3 units)			$3,349

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $47,250
• Closing costs: $5,670
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-21
   days on market $189,000 Active 174 DOM
2. 2026-06-18
   days on market $189,000 Active 171 DOM
3. 2026-06-17
   days on market $189,000 Active 170 DOM
4. 2026-06-16
   days on market $189,000 Active 169 DOM
5. 2026-06-15
   days on market $189,000 Active 168 DOM
6. 2026-06-13
   days on market $189,000 Active 166 DOM
7. 2026-06-13
   days on market $189,000 Active 165 DOM
8. 2026-06-09
   days on market $189,000 Active 162 DOM
9. 2026-06-08
   days on market $189,000 Active 161 DOM
10. 2026-06-07
    days on market $189,000 Active 160 DOM
11. 2026-06-03
    days on market $189,000 Active 156 DOM
12. 2026-06-02
    days on market $189,000 Active 155 DOM
13. 2026-06-01
    days on market $189,000 Active 154 DOM
14. 2026-05-31
    days on market $189,000 Active 153 DOM
15. 2026-03-18
    price $189,000 423-char remark

    Show marketing remark (423 chars)

    346 Mercer St. is a fully occupied triplex located in Butler. The property is 100% occupied and consistently leased, generating $6,900 in quarterly rental income, or $27,600.00 annually. With a strong and reliable income stream, the triplex produces an approximate Net Operating Income (NOI) of $24,053.04 per year. Its central location and stable tenancy make this a solid investment opportunity with dependable cash flow.

16. 2025-12-28
    listed $210,000 Active 423-char remark

    Show marketing remark (423 chars)

    346 Mercer St. is a fully occupied triplex located in Butler. The property is 100% occupied and consistently leased, generating $6,900 in quarterly rental income, or $27,600.00 annually. With a strong and reliable income stream, the triplex produces an approximate Net Operating Income (NOI) of $24,053.04 per year. Its central location and stable tenancy make this a solid investment opportunity with dependable cash flow.

17. 2019-10-31
    soldstatus $103,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast PA · Partial reset (capped growth)

• Current annual tax: $2,222 · $185/mo
• Projected year-2 tax: $2,604 · $217/mo
• Expected delta: +$382/yr (+$32/mo · 17.2%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥95°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $40,188
• − Mortgage interest: −$10,587
• − Property taxes: −$2,222
• − Insurance: −$945
• − Repairs & maintenance: −$3,215
• − Management: −$3,215
• − Depreciation: −$5,498
• Taxable income: $14,506
• Est. tax owed @ 24.0%: −$3,481
• After-tax cash flow: $13,207/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Butler Area SD
• NCES district ID: 4204590
• Math proficiency: 41% ▼ -11.00%
• Reading proficiency: 59% ▼ -10.00%
• Median HH income: $49,348
• Composite: 42.65/100
• National rank: #3180
• State rank: #181 of 539 in PA

Livability — Butler

• Score: 71/100
• State rank: #705
• US rank: #6951

Category grades

Amenities F Commute F Cost of living A+ Crime D- Employment F Housing A- Health & safety A+ User ratings B-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Butler, PA
• County: Butler County · 73,107 people
• City population: 39,234
• Metro: Pittsburgh, PA
• Population (ZIP): 39,234
• Household income: $63,635
• Rent vs Own: 31.6% rent · 68.4% own
• Severe rent burden: 1441.0

Population outlook (Butler County) Hauer SSP2

• Today (2025): 190,777 people
• By 2030: 191,476 · +0.4%
• By 2040: 189,474 · -0.7%
• By 2050: 182,050 · -4.6%
• By 2075: 159,526 · -16.4%
• By 2100: 129,028 · -32.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 4% Hispanic / Latino 2% Black 1%
• Common ancestry: Romanian 8% Serbian 4% Slovak 2%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Butler

• 2024 margin: Solid R (+32.2) · D 33.5% · R 65.7%
• 2008→2024 swing: -4.8pp toward R · 2008: -27.4pp · 2024: -32.2pp
• All cycles: 2024: R+32.2 2020: R+32.5 2016: R+37.5 2012: R+34.9 2008: R+27.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -103.40%
• Current HPI: 222.4445
• Rent YoY: ▲ 20.36%
• Metro: Pittsburgh, PA
• State GDP YoY: ▲ 1.68%
• F500 in state: 34

Industry mix (Fortune 500 HQ in PA)

Industry	F500 HQs	Revenue
▸Healthcare	2	$309B
▸Insurance	2	$27B
▸Telecommunications / Media	1	$124B
▸Industrial Distribution	1	$22B
▸Financial Services	1	$20B
▸Chemicals / Materials	1	$18B

Price history

+83.5% since first listed

3 events — show timeline

• 2026-03-18 Price Changed $189,000 West Penn MLS
• 2025-12-28 Listed $210,000 West Penn MLS
• 2019-10-31 Sold (Public Records) $103,000 Public Records

Property tax history

+0.8%/yr

Latest (2026): $2,222 · -6.3% YoY. Source: county tax records.