524 W Pike St

Meadowlands, PA 15347

$260,000A-

6 bd · 3.0 ba · — sqft · Built 1898 · MultiFamily · Active · 59 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,728/mo
• Mortgage (P&I): −$1,363
• Tax + insurance: −$433
• HOA: −$0
• Vac / Maint / Mgmt: −$993
• Net cashflow: $1,938/mo
• Annual: $23,260/yr
• Cap rate: 15.24%
• Cash-on-cash: 31.95%
• DSCR: 2.42
• 1% rule: 1.82%
• Cash to close: $72,800

Investor read

• This is a 3 × 2-bed/1.0-bath units multifamily listed at $260k. Condition is rated fair.
• At list price, monthly cash flow is $2k ($23k/yr) — positive. Per door: $646/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $260k).
• It's been on market 59 days — a 3% lower offer ($252k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $252k (3.0% below list) — sets the bar for market timing.
• In year one you build about $8k of equity ($2k loan paydown + $6k appreciation (2.3% local appreciation)).
• Location reads 63/100 on livability (#1,243 in PA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: amenities F, employment F, health & safety F.
• Chartiers-Houston SD (suburban): math 40% / reading 68% proficiency, ranked #125 of 539 in PA (top 23%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Allison Park El Sch (math 43% / reading 72%, grade C+, #439 of 1,518 statewide, top 29%, 667 students, 25% FRL); Chartiers-Houston Jshs (math 37% / reading 62%, grade D, #138 of 437 statewide, top 34%, 508 students, 27% FRL) — zoned schools at 26% FRL track the district average.
• Watch-outs: built in 1898 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 6 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 (2.3% appreciation + 3.0% rent growth), your $73k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 15.2% vs local median 2.9% in Meadowlands — 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.

Questions for listing agent

• It's been on market 59 days. Have you received any prior offers? Is the seller open to a 3% 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 1898 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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.

Repairs flagged (vision-AI assessment)

• Major: roof — The roof appears to be in poor condition, with visible wear and tear and potential leaks.
• Major: exterior siding — The exterior siding is peeling and in need of repainting or replacement.
• Major: flooring — The flooring in the visible areas appears to be in poor condition, with visible wear and tear.
• Major: interior walls — The interior walls appear to be in poor condition, with visible wear and tear and potential water damage.
• Major: HVAC system — The HVAC system appears to be in poor condition, with visible rust and potential leaks.