1824 Jefferson Ave, Washington, PA 15301 — 38.3% Cash-on-Cash

About this property

1824 Jefferson Ave is a 3-bedroom, 1-bath single-family property in Washington, PA 15301, listed at $117,000 and sold as-is.

The property's most durable asset is its bones: original hardwood floors, intact woodwork, and built-ins that would cost significantly more to replicate in new construction. A newer metal roof — one of the costlier capital expenditures for a property this age — is already in place, reducing near-term capex exposure for a buyer willing to handle cosmetic renovation themselves.

At 1,440 square feet across two stories, the layout is functional for the price point. A detached one-car garage adds utility as either storage or workshop space. The lot, at 4,356 square feet, includes a rear yard and two off-street parking spaces — practical features that matter for tenant retention.

The property has been on the market 119 days with no price reduction from the original listing. That's a long run without a cut, which either signals a seller anchored to a number or a buyer pool that's thin for as-is condition properties in this zip. The tax-assessed value sits at $96,900 against a $117,000 ask — a 20.7% premium over assessed, which is modest by current market standards. Non-owner-occupied status means no owner-occupant competition at the closing table.

The investment case

Rent covering 1.9 times the monthly payment is the headline, but the full financial picture at 1824 Jefferson Ave is just as compelling across every standard metric.

List Price

$117,000

Monthly Payment (PITI+HOA)

$809

Principal & Interest

$647

Property Tax

$123

Insurance

$39

HOA

$0

PMI

$0

Est. Monthly Rent

$1,556

Estimated rent based on automated valuation of comparable listings.

Cash-on-Cash Return

38.3%

Cap Rate

15.6%

Monthly Cash Flow

$747

Gross Rent Multiplier

6.3

DSCR

2.3

At a $117,000 purchase price with a 20% down payment, the all-in monthly obligation — principal, interest at 6.55%, taxes, and insurance — runs $809. Estimated monthly rent comes in at $1,556, producing $747 in monthly cash flow before vacancy and maintenance reserves. That's not a rounding error; it's structural margin.

The cash-on-cash return of 38.3% compares against a city average of -1.0%. Washington, PA as a whole does not cash-flow at scale — the tenth-best deal on the city leaderboard still clears 29.13%, which means this market's top performers are genuinely strong, not just the best of a bad field. At 38.3%, this property sits above even that elevated threshold.

The cap rate of 15.6% and net operating income of $1,517 per month reflect a gross rent multiplier of 6.3 — meaning the property pays for itself in gross rents in roughly six years. The debt service coverage ratio of 2.3 gives a lender and an investor meaningful cushion against vacancy or rent softness. A DSCR above 1.5 is typically considered strong; 2.3 is well into conservative underwriting territory.

Figures exclude depreciation tax benefits, which vary by individual tax situation.

The investment case here doesn't require optimistic assumptions — the numbers work at face value with standard financing.

Annual return outlook

The 5-year total ROI of 49.1% is driven primarily by cash flow, with appreciation and mortgage paydown as supporting contributors.

Cash flow does the heavy lifting: the 38.3% cash-on-cash component accounts for the majority of the 49.1% five-year total. Appreciation adds 3.8% annually — cited from market data — and mortgage paydown contributes 7.0% over the period as the loan balance declines against a fixed payment.

The appreciation figure is worth contextualizing. Washington, PA's projected annual rate of 3.8% applied to a $117,000 asset adds roughly $4,400 in year one, scaling modestly as the base value grows. It's a real number, but at this price point, appreciation is the smallest of the three return levers — not the thesis. An investor who bought this property for appreciation alone would be underutilizing the asset.

The mortgage paydown component at 7.0% reflects the equity accumulation from amortization at 6.55% over five years. Early in a 30-year amortization schedule, paydown is slow relative to later years, so 7.0% is a reasonable five-year figure rather than a compounding accelerator.

Stress-testing the outlook: if vacancy runs at 8% annually (roughly one month vacant per year), cash flow drops by approximately $125/month. The return profile remains positive, and the DSCR of 2.3 provides enough buffer that the property doesn't go cash-flow negative under moderate stress assumptions.

How it compares to nearby for-sale listings

Five active 3-bedroom listings in the 15301 zip code provide a clear picture of where 1824 Jefferson Ave sits in the local for-sale market.

At $117,000, this property is priced at $81.25 per square foot. The for-sale comp median lands at $255,000 — more than twice the ask. Even the most affordable comp in the set, at $169,900, comes in 45% higher. That gap isn't purely explained by condition; it reflects a deliberate as-is pricing strategy that has compressed the ask well below what renovated equivalents trade for in this zip.

Price per square foot across the comps ranges from roughly $120 (the $169,900 listing at 1,380 sqft) to $137 (the $210,000 listing at 1,320 sqft). At $81.25, 1824 Jefferson Ave is priced at a 35-40% discount to renovated comps on a per-square-foot basis. That spread represents the renovation budget an investor is implicitly receiving in the form of a lower purchase price — though actual renovation costs depend on scope and condition, which the as-is listing status flags clearly.

The two comps with zero days on market suggest demand exists at the $255,000-$285,000 price point for move-in-ready product. That's relevant context: a renovated version of this property, if brought to comparable condition, would compete in a market where buyers are active. The 119 days on market at 1824 Jefferson Ave reflects the smaller buyer pool for as-is, investor-grade inventory — not necessarily a problem with the underlying asset.

Rental demand in this zip

Rental comp data for 3-bedroom units in the 15301 zip is limited to one comparable, but the figure it produces is notable.

1 comparable rentals in ZIP 15301 — median $2,850/mo, range $2,850–$2,850/mo

The single rental comp in ZIP 15301 for 3-bedroom units comes in at $2,850 per month — nearly double the $1,556 estimated rent used in this analysis. That gap deserves direct attention. The investment case is modeled on the more conservative $1,556 figure; if achievable rents are anywhere near the comp's $2,850, the cash-flow numbers would be substantially higher than projected.

One comp is too thin a dataset to anchor a rent projection with confidence. The $2,850 figure could reflect a fully renovated, premium unit rather than a restored-but-modest property like this one. Treating $1,556 as the working rent estimate is the conservative approach, and the investment case is already strong at that number.

What the comp does confirm: the 15301 rental market isn't floored at $1,556. There's ceiling above the conservative estimate, and the actual achievable rent post-renovation likely falls somewhere between the two figures depending on finish level and condition. An investor who renovates to mid-market standard could reasonably test $1,800-$2,000 at lease-up without requiring the comp's full $2,850 to justify the deal.

Even at the conservative rent estimate, the cash-flow margin is wide; upside from the rental comp suggests the model may be understating income potential.

Who this property suits + risks to weigh

This property is built for a renovation-tolerant investor with cash or rehab financing — not a turnkey buyer expecting immediate stabilization.

Best fit

The ideal buyer here is a landlord who can self-manage or has a trusted local contractor network. The as-is sale, the 119-day market run, and the original-condition interior all point toward a property that needs hands-on attention before it reaches its rental potential. An investor with renovation experience who can bring the property to rentable condition at controlled cost will capture the spread between the $81/sqft purchase price and the $120-$137/sqft that renovated comps command.

The financial profile — 38.3% CoC, 15.6% cap rate, DSCR of 2.3 — suits a buy-and-hold strategy. This isn't a flip candidate at current comp prices unless renovation costs are tightly managed; it's a long-term rental asset where the cash flow compounds over time.

Risks to weigh

The as-is condition is the primary risk. "Original charm" in listing language often translates to deferred maintenance, and a single bathroom limits tenant appeal in a competitive rental market. Renovation cost overruns could erode the purchase-price discount faster than projected.

The 119 days on market without a price cut is a signal worth probing — extended market time on an as-is property in this price range suggests either condition concerns that buyers discovered on inspection or a seller unwilling to negotiate. Either way, a thorough inspection and contractor walk-through before closing is non-negotiable.

The rental comp dataset is thin at one unit. If the $1,556 rent estimate proves optimistic post-renovation, the cash-flow cushion narrows, though the DSCR of 2.3 provides meaningful downside buffer before the property goes cash-flow negative.