82 S Wade Ave, Washington, PA 15301 — 32.2% Cash-on-Cash

About this property

82 S Wade Ave is a 4-bedroom, 2-bath single-family property in Washington, PA, notable for including a separate two-bedroom cottage on the same lot.

The main house runs 3,776 square feet and carries the kind of period detail that's expensive to replicate: hardwood floors, multiple fireplaces, built-ins, and oversized windows that define older construction in this part of Pennsylvania. A pellet stove in the living room and a walk-up attic with full basement add practical storage and utility that newer builds rarely offer at this price point.

What separates this listing from a standard single-family deal is the cottage at 81 Hemlock Way — a fully separate residence with its own living room, kitchen, two bedrooms, full bathroom, and laundry. That second structure is the financial engine here, and it's already configured for independent occupancy.

The lot measures 10,798 square feet. Public records show a tax-assessed value of $124,100 against a listing price of $239,900 — a gap worth noting, though assessed values in Pennsylvania frequently lag market pricing. The property has been on the market 49 days and has seen a $10,100 price reduction from its original ask, signaling some seller flexibility. It is non-owner occupied, which typically means a faster close with no occupancy contingency to negotiate around.

The investment case

Rent covers 1.8 times the total monthly payment here — an unusual margin that makes the cash-flow case straightforward even before accounting for appreciation or mortgage paydown.

List Price

$239,900

Monthly Payment (PITI+HOA)

$1,577

Principal & Interest

$1,245

Property Tax

$252

Insurance

$80

HOA

$0

PMI

$0

Est. Monthly Rent

$2,864

Estimated rent based on automated valuation of comparable listings.

Cash-on-Cash Return

32.2%

Cap Rate

13.9%

Monthly Cash Flow

$1,287

Gross Rent Multiplier

7.0

DSCR

2.2

At a $239,900 purchase price with 20% down and a 6.55% 30-year fixed rate, the total monthly payment lands at $1,577 (principal, interest, taxes, and insurance). Estimated monthly rent of $2,864 leaves $1,287 in monthly cash flow. That's not a rounding-error surplus — it's a structural cushion that survives a vacancy month or an unexpected repair without turning negative.

The cap rate of 13.9% and net operating income of $2,784/month reflect the two-unit nature of the property. A single-family rental at this price in most mid-sized Pennsylvania markets would produce a cap rate in the 5-7% range. The gross rent multiplier of 7.0 confirms the pricing is disciplined relative to income.

The debt service coverage ratio of 2.2 is the figure a lender cares most about, and it's well above the 1.25 threshold most commercial and investor-loan underwriters require. That ratio means the property generates more than twice what's needed to service the debt.

The city average cash-on-cash return is -1.0%. This property's 32.2% CoC doesn't just beat that average — it inverts it. The tenth-best deal in Washington's current leaderboard sits at 29.13% CoC, meaning this property ranks inside the city's top ten by that metric. Figures exclude depreciation tax benefits, which vary by individual tax situation.

The financial structure here is unusually clean: strong coverage, strong yield, and a price that's already been reduced once.

Annual return outlook

The 5-year total ROI of 40.9% is driven primarily by cash flow, with appreciation and mortgage paydown adding meaningful secondary contributions.

Breaking the 40.9% five-year return into its components: cash flow accounts for 32.2 percentage points, appreciation contributes 3.8 points, and mortgage paydown adds 4.9 points. Cash flow is doing the heavy lifting — which is the right structure for a property in a mid-sized market where appreciation is real but not the primary thesis.

Washington, PA projects 3.8% annual appreciation. That figure is a market-rate estimate, not a guarantee, but it's consistent with the broader southwestern Pennsylvania pattern of steady, unspectacular price growth. At that rate, a $239,900 purchase appreciates to roughly $287,000 over five years — a gain that compounds quietly behind the cash flow story.

Mortgage paydown at 4.9% over five years reflects equity accumulation through normal amortization at a 6.55% rate. It's the least glamorous component but it's guaranteed as long as the loan performs.

The takeaway is that this deal doesn't depend on appreciation to work. If prices stay flat, the cash flow and paydown still produce a return that most single-family rentals in this city can't match. Appreciation is upside, not the load-bearing wall.

How it compares to nearby for-sale listings

Five active 4-bedroom listings in the 15301 zip code provide context for how 82 S Wade Ave is priced relative to the local market.

82 S Wade Ave is priced at $239,900 — roughly $50,000 below the for-sale comp median of $289,999. On a price-per-square-foot basis, the gap is even wider: at 3,776 square feet, this property comes in well under $64/sqft, while comparable listings with 2,300-2,400 square feet are asking $120-$125/sqft. The square footage advantage is substantial, and it doesn't account for the cottage.

The comp set spans a wide range, from $124,900 to $479,990. The $124,900 listing at 2,322 square feet went under contract in one day, which signals active buyer demand at the lower end of the price band. The $194,900 and $289,999 listings both moved within a week. By contrast, 82 S Wade Ave has been listed 49 days — longer than any active comp. The price reduction of $10,100 suggests the market hasn't immediately validated the original ask, though 49 days is not alarming for a property with an unusual two-structure configuration that requires a more specific buyer.

Buyers evaluating this property on price-per-square-foot alone will find it competitive. Buyers who factor in the income-producing cottage will find it difficult to replicate anywhere in the comp set.

Rental demand in this zip

Rental comp data for 4-bedroom properties in the 15301 zip is thin — one comparable rental at $1,600/month — which creates a meaningful gap to analyze.

1 comparable rentals in ZIP 15301 — median $1,600/mo, range $1,600–$1,600/mo

The single rental comp in ZIP 15301 for 4-bedroom properties sits at $1,600/month. The estimated rent for 82 S Wade Ave is $2,864/month — nearly 79% above that figure. That gap demands scrutiny before treating the cash-flow projection as settled.

The explanation lies in the property's structure. A single-family rental at $1,600 is a reasonable market rate for a standard 4-bedroom in this zip. But 82 S Wade Ave includes a separate two-bedroom cottage that can be rented independently. The $2,864 estimate likely reflects combined income from both units — the main house and the cottage — rather than a single-tenant lease on the whole property. Investors should underwrite both units separately: a 4-bedroom main house at or near the $1,600 comp rate, and the cottage at a market rate for a 2-bedroom unit in Washington, PA.

With only one rental comp available, the confidence interval on the $2,864 figure is wide. Conservative underwriting would stress-test the projection by assuming the cottage sits vacant for two to three months per year. Even at $1,600 for the main house alone, the monthly payment of $1,577 is covered — which is the floor case. The upside case, with both units rented, produces the metrics shown in the investment table.

Who this property suits + risks to weigh

This property fits an investor who wants cash flow over appreciation and is comfortable managing a two-unit property with period construction.

Best fit

The investor this deal is built for has experience managing older residential properties and understands that a 3,776-square-foot historic home with multiple fireplaces and original hardwood floors comes with maintenance requirements that a 2005-built ranch does not. The two-unit structure — main house plus cottage — is a strength for yield but requires either self-management or a local property manager comfortable handling two separate tenants on one lot.

The location across from Washington and Jefferson College, as noted in the listing, suggests a potential tenant pool that includes faculty, staff, or graduate students for the main house, and a separate tenant for the cottage. That's a workable strategy, though it's the investor's job to verify local rental demand, not assume it.

The 32.2% cash-on-cash return and $1,287 monthly cash flow make this attractive for a buy-and-hold investor focused on income rather than a quick flip. The debt coverage ratio of 2.2 also gives meaningful room for rate increases on a future refinance without threatening cash flow.

Risks to weigh

The tax-assessed value of $124,100 against a $239,900 purchase price is a gap that could narrow or widen depending on reassessment cycles in Washington County. It doesn't signal overpricing, but it's a data point to track. The 49-day DOM and prior price reduction suggest the market hasn't rushed to validate this listing, which may reflect the specialized buyer profile it requires. Renovation or deferred maintenance costs on a historic structure of this size can be material — the listing's reference to a "compact and quirky kitchen" is a polite signal that the kitchen hasn't been updated. Budget accordingly.