an owner-occupied cute brick 1950s cape cod with an ARV of $135k for $49k?! Yep!
- 3BR; 1,217 sq.Ft +finished basement/gameroom
- “cute” residential street
- South Allegheny SD
- parking via driveway/slab
- rare 2½ baths
- sits right in-between Mon & Yough rivers
- no rear neighbors
- covered front & rear porch
subject to your level of repair/updates:
- CAP: 13 → 16+ % || ARV: 135k
- with all those bathroom & some parking you’re looking at $1,200++/month in rent
- (*~possible 4th BR in basement = even higher)
Somewhat walkable! St. Joseph Regional Catholic, a market, bar, coffee, restaurant, bank.
comps
-this similar one sold for $139,900; while it has a garage, it’s extra-vanilla: 1305 Washington Boulevard (7 houses away)
-another around the same price and sold before the property values shot up: 906 Washington Boulevard
-[FS@$160k: 1014]
Needs:
- at least 1 bathroom finished
- carpet/paint
- a general tightening-up / handywork
- could make the gameroom nicer
- kitchen decent for rental; would want to re-update if buying for resale
there is sloping in the kitchen due to mine subsidence. sounds like a big deal but really might not be plus it’s old news, especially it being DEP-insured; see this section below for simple info on it.
*might be able to get away with a 4th BR since the basement is partially above ground w/windows:
(b) Apartment units that are located partially below ground level with windows that are at least as large as other windows in the building are permitted.
info:
-property IS insured for this yet no claim has ever put in because the sloping has not moved / has ceased when owner-occupants purchased it over 8 years ago; so yes it is likely insurable w/the same coverage; also paragraph #2 here. (& since no further damage in ownership, last sentence here.)
-it’s $105/year for $195k of coverage
-PA is one of the 3 states that offers (& encourages!!) Mine Subsidence Insurance with the Department of Environmental Protection (DEP): http://www.depgis.state.pa.us/pamsi/index.html
Examples of what DEP repairs; this is nowhere near any of those!
- Taxes: $1,416
- Electric: Updated
- Plumbing: Updated
- Kitchen: OK
- Bath: (1) demo’d; (1) in cellar; (½) remodeled
- Roof: 2½ yrs old
- Furnace: boiler; replaced sometime in the ’80s
- Hot Water Tank: 2 yrs old
- Windows: Double-paned
- Floors: 1.5 / CapeCod
- Parking: Driveway/slab
- Rental Potential: $1,250/mo