Photos Link
*GIS Map and Floor Plans Included
Buy & Hold Overview
Current
- Units: 5
- Gross Rents: $45,000
- Annual NOI: $18,630
- Cap Rate: 6.12%
- Lease Type: All tenants are month to month
Projected
- Units: 5
- Gross Rents: $68,400
- Annual NOI: $32,316
- Cap Rate: 10.46%
- Cash on Cash Return: 13.10% (management and vacancy holdback included)
- ARV (After Repair Value): $375,000
- Repair Estimate: $65,000
Highlights
- Off Street Parking
- Centrally Located
Repair Estimate
Total Estimated Repairs: $65,000
Current & Estimated Rental Analysis
306 Morse Ave. Rental Spread Sheet
Utilities
- Heat: Gas furnace paid by landlord
- Electric: Split and paid by tenants; 1 common area meter
- Water/Sewer: Landlord paid;
- Trash: Tenant paid
Property Details
- Units: 5 Units; each 2 beds 1 bath; ground level has a larger floorplan that other units
- Sqft: 2,950
- Lot Size: 50 X 150
- Zoning: Residential
- Stories: 2
- Heat: Natural Gas Furnace, hot water baseboard
- Electric: 200 amp
- Plumbing: copper; PEX
- Water: Public
- Sewer: Public
- Roof: Asphalt shingle, poor condition
- Foundation: Block
- Windows: Various
- Water Heater: Gas 2019
- Features: Ample off street parking; coin operated washing machine
- Flooring: Various
- Flood Zone: No
- Mold Noted: No
- Water Damage: No
- Water in Basement: No
- Taxes: $4,649.44
Comparable Sales
*we recommend any potential investor do their own due diligence and to use these as a point of reference only
Comps:
Low-end ARV
4 Units, 7 bed, 4 bath, 3,538 sqft, 8,712 acre lot, 7.4 miles from subject property
Sold for $285,000 on 9/15/24, DOM (days on market): 213
Price Per Unit: $71,250
_______________
490 Highway 106 Rd, Carbondale
Low-mid ARV
4 Units, 9 bed, 4 bath, 3,900 sqft, Not Provided acre lot, 5.3 miles from subject property
Sold for $350,000 on 6/19/2024, DOM (days on market): 189
Price Per Unit: $87,500
_______________
Mid-range ARV
4 Units, 6 bed, 4 bath, 3,400 sqft, Not Provided acre lot, 3.9 miles from subject property
Sold for $265,000 on 8/19/24, DOM (days on market): 34
Price Per Unit: $66,250
Average ARV (After Repair Value) Estimate
Average PPU (Price Per Unit): $75,000
Subject Property Units: 5
ARV Estimate: $75,000 x 5 = 375,000
Estimated Market Rents
Rentometer_ Average rent near 306 Morse Avenue, Simpson, PA [2-bedroom].pdf
- Average Rents
- 2 bed, 1 bath: $1,100 to $1,300
HUD Fair market: https://www.huduser.gov/portal/datasets/fmr/fmrs/FY2025_code/2025summary.odn
- Average Rents
- 2 bed, 1 bath: $1,123
Town Overview
Simpson, Pennsylvania is a small, unincorporated village located in Fell Township, Lackawanna County. It was historically a coal mining community and retains a quiet, rural character today. The area is surrounded by natural beauty, including access to the D&H Rail-Trail, popular for biking and hiking.
- Economic/Jobs: Simpson, PA’s economy is primarily residential with limited local industry, and most employment is found in nearby towns, spanning sectors like healthcare, education, retail, and construction.
- Education: Simpson, PA is served by the Forest City Regional School District, with no major educational institutions within the village itself, but access to schools and higher education options in nearby towns such as Carbondale and Scranton
- Lifestyle & Amenities: Simpson, PA offers a quiet, rural lifestyle with a close-knit community feel, making it ideal for those seeking a slower pace of life. Local amenities are limited but include small businesses, churches, and access to outdoor recreation like the D&H Rail-Trail. For shopping, dining, healthcare, and entertainment, residents typically travel to nearby towns such as Carbondale or Scranton.
For more details on Simpson’s attractions and local resources, visit:
Contact Us to Schedule a Walkthrough:
The Melito & Koch Team
- Pete Tarutis Direct Line: 570-701-8021
- Email: pete@melitoandkoch.com
- Website: melitoandkoch.com
- Facebook: The Melito & Koch Team
Disclosures
- ORAL CONSUMER NOTICE:
- The Real Estate Law requires that I provide you with a written notice that describes the various business relationship choices that you may have with a real estate licensee. Since we are discussing real estate without you having the benefit of the consumer notice, I have the duty to advise you that any information you give me at this time is not considered to be confidential, and any information you give me will not be considered confidential unless and until you and I enter into a business relationship. At our first meeting I will provide you with a written consumer notice which explains those business relationships and my corresponding duties to you.
- HOLD HARMLESS ACKNOWLEDGEMENT:
- The information contained in this email, including attachments, is confidential and may be legally privileged. It is intended solely for the use of the individual or entity to whom it is addressed. If you are not the intended recipient, please notify the sender immediately and delete this email. Real estate investment carries inherent risk, and this email does not constitute legal or financial advice. While I strive to provide accurate and up-to-date information, I make no warranties regarding the correctness of the data or the viability of the investment strategies discussed. By using the information provided, you agree to hold harmless The Morrow Wargo Group, Realty ONE Group Supreme, or any other entity related to our relationship- for any reliance on the content of this correspondence. Investment decisions should be made based on your own due diligence and consultation with financial and legal advisors. As a real estate agent, I provide services to assist in purchasing properties and analyzing data; however, the ultimate responsibility for investment decisions lies with the investor.
- DUE DILIGENCE:
- This deal must be analyzed individually. Investment returns are not guaranteed. All investors should conduct their due diligence. The Melito & Koch Team, Realty ONE Group Supreme, and associated parties are not liable for any inaccuracies or reliance on this information.