51 Erie St, Washington, PA 15301 — 39.1% Cash-on-Cash

About this property

51 Erie St is a five-bedroom, two-bathroom single-family property in Washington, PA, listed at $140,000 with 1,662 square feet of living space on a 6,969-square-foot lot.

The listing describes a recently renovated interior with contemporary upgrades throughout — move-in-ready condition that reduces the typical near-term capital expenditure risk a buyer would price into an older property. A spacious backyard adds functional outdoor space, which tends to support tenant retention in single-family rentals at this price point.

At 1,662 square feet across five bedrooms, the layout is dense by design — a configuration that typically commands a rent premium over comparable square footage with fewer rooms, because it opens the property to larger households or shared-living arrangements.

The property has been on the market 44 days, modestly above the pace of nearby listings. Public records show a tax-assessed value of $40,200 against a $140,000 ask — a wide gap that's common in southwestern Pennsylvania markets where assessed values lag transaction prices significantly, but worth flagging as a data point rather than a valuation anchor. No pre-foreclosure or auction status is recorded, and there's no HOA.

The investment case

Estimated monthly rent of $1,862 against a total monthly payment of $949 produces $913 in cash flow — rent covers the payment at a 2-to-1 ratio, which is the defining financial characteristic of this deal.

List Price

$140,000

Monthly Payment (PITI+HOA)

$949

Principal & Interest

$755

Property Tax

$147

Insurance

$47

HOA

$0

PMI

$0

Est. Monthly Rent

$1,862

Estimated rent based on automated valuation of comparable listings.

Cash-on-Cash Return

39.1%

Cap Rate

15.6%

Monthly Cash Flow

$913

Gross Rent Multiplier

6.3

DSCR

2.4

That 2.0x coverage ratio is the lead number here, and it's not common. The city average cash-on-cash return sits at negative 1.0%, meaning most Washington listings are cash-flow negative at standard financing terms. This property's 39.1% cash-on-cash return doesn't just beat that average — it clears the threshold of the tenth-best deal in the city's top-10 leaderboard, which sits at 29.13%. That's a meaningful margin, not a rounding error.

The cap rate of 15.6% and net operating income of $1,815 per month reflect what happens when a sub-$150,000 acquisition price pairs with a rent estimate near $1,900. The gross rent multiplier of 6.3 means the property's gross annual rent would theoretically pay off the purchase price in about six years — a ratio that value investors watch closely.

The debt service coverage ratio of 2.4 gives lenders and investors alike a wide buffer. At 6.55% on a 30-year fixed, the principal and interest payment is $755 per month. Add property tax at $147 and insurance at $47, and total carrying cost lands at $949. The spread between that figure and the rent estimate is what drives the unusually strong return profile.

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

The investment case here is straightforward: low acquisition price, renovated condition, and a rent-to-payment ratio that most Washington listings can't match.

Annual return outlook

The projected 49.1% total five-year ROI draws from three sources — cash flow carries the heaviest weight, with appreciation and mortgage paydown adding meaningful secondary contributions.

Cash flow accounts for 39.1 percentage points of the 49.1% total — it's doing almost all of the work. That's the structure of a cash-flow-led investment, not an appreciation play, which is the honest way to frame it.

Appreciation contributes 3.8 percentage points, based on a projected annual appreciation rate of 3.8% for the Washington, PA market. Mortgage paydown adds another 6.2 percentage points as principal reduces over the holding period at current rates.

The combination matters because it means this property doesn't require the local market to outperform in order to generate a return. If appreciation stalls, the cash flow component still anchors the ROI. That's a different risk profile than a deal where appreciation is the primary thesis — which describes most Washington listings given the city's negative average cash-on-cash.

Five-year projections carry inherent uncertainty: rent growth, vacancy, and maintenance costs can compress cash flow, and appreciation figures reflect market-level estimates rather than property-specific outcomes. The 3.8% annual appreciation rate is cited as a market-level data point; individual property performance will vary.

How it compares to nearby for-sale listings

Five active for-sale listings in the Washington, PA 15301 area provide a pricing reference, with a comp median of $194,900 against this property's $140,000 ask.

At $140,000, this property is priced 28% below the for-sale comp median of $194,900 — a gap that reflects both the smaller bedroom count relative to some comps and the positioning as an investment-grade acquisition rather than an owner-occupant purchase.

Price per square foot tells a more precise story. At 1,662 square feet and $140,000, this property prices at roughly $84 per square foot. The 2,322-square-foot comp at $124,900 on South Lincoln Street comes in near $54 per square foot — cheaper on that basis, though it's been on the market only one day so limited information is available. The 1,564-square-foot property on Harrison Street at $194,900 prices at about $125 per square foot, considerably above this listing.

The comp set skews toward four-bedroom properties, which limits direct comparability for a five-bedroom unit. Five-bedroom inventory in this zip is thin, which can cut both ways: fewer direct comps make pricing harder to benchmark, but limited supply of larger rental-ready units can support rent levels for an investor who secures one.

The 44 days on market for 51 Erie St is longer than the nearby comps, most of which listed within the past week. That extended DOM may reflect pricing negotiation room or simply a narrower buyer pool for investment-focused acquisitions at this configuration.

Rental demand in this zip

Rental comp data for five-bedroom units in the 15301 ZIP code is limited, which means the $1,862 monthly rent estimate carries more model uncertainty than a market with dense comparable activity.

Zero directly comparable five-bedroom rentals were identified in the 15301 ZIP code. That absence cuts two ways. On one hand, it means the $1,862 rent estimate can't be cross-checked against active market listings — a meaningful gap in confidence for a deal where cash flow is the primary return driver. On the other hand, thin supply of five-bedroom rentals in a market suggests limited direct competition for a landlord who can bring this unit to market.

The rent estimate of $1,862 per month is high relative to the property's price point. For context, the gross rent multiplier of 6.3 implies the market is pricing rent generously against acquisition cost — which is either a genuine opportunity or a signal that the rent estimate requires independent verification before underwriting at full value.

A conservative stress-test matters here: if actual achievable rent comes in at $1,500 — roughly 20% below estimate — monthly cash flow compresses to approximately $551, and cash-on-cash return drops accordingly. The deal remains cash-flow positive under that scenario, but the margin narrows. Investors should treat the rent figure as a starting point and seek local property management input on five-bedroom demand in this specific submarket before closing.

The cash-flow thesis is real, but the rent estimate's limited comp support means independent market validation is the most important pre-purchase step.

Who this property suits + risks to weigh

This property fits a cash-flow-focused investor comfortable with a smaller secondary market and willing to verify rent assumptions in a thin comp environment.

Best fit

The deal structure — low acquisition price, renovated condition, no HOA, strong rent-to-payment ratio — suits a buy-and-hold investor prioritizing immediate income over appreciation upside. The 39.1% cash-on-cash return and 2.4 debt service coverage ratio give meaningful buffer against vacancy or maintenance surprises. An investor adding this to a portfolio of similar properties in southwestern Pennsylvania would find the metrics consistent with the region's value-buy thesis: prices well below national medians, rents that hold relative to acquisition cost.

The five-bedroom configuration also opens a secondary strategy: house hacking or shared-living arrangements, where multiple tenants collectively pay rent that exceeds what a single-family tenant would. That optionality has value in a market where single-tenant demand for a five-bedroom unit may be narrower.

Risks to weigh

The tax-assessed value of $40,200 against a $140,000 purchase price is a wide gap. While common in Pennsylvania markets, it's worth understanding the reassessment cycle and whether a sale triggers a reassessment that could increase the property tax burden beyond the current $147 per month estimate.

Forty-four days on market is a mild flag. It doesn't indicate distress — no pre-foreclosure or auction status exists — but it warrants a direct question about why the property hasn't moved faster given the strong metrics on paper.

The listing description references three bedrooms and 1,400 square feet, while the formal listing data shows five bedrooms and 1,662 square feet. That discrepancy needs resolution before closing. It may reflect a description error, but it could also indicate unpermitted space — a material due-diligence item.