This 4,068 sqft multi-family in Johnstown’s 8th Ward currently has two units rented at $500 and $550, plus a vacant rear single house. With 7 beds / 3 baths total, a realistic stabilized range is about $2.3K–$2.9K/month across all units, using local 1–3 BR averages around $700–$1K. At that level, annual gross revenue sits near $27K–$35K, giving a relatively short payback horizon versus typical Johnstown purchase prices. Johnstown’s rental market is warm, with average rents around $800–$900 and year-over-year growth in the mid‑single digits, which quietly benefits long‑term holds. The layout—a fully rented duplex plus an extra house—adds flexibility for either pure cash flow or an owner‑occupied house hack. Main challenges: likely deferred maintenance, modest neighborhood price point, and flood‑insurance considerations in this ZIP, which can nibble at net cash flow but don’t erase the strong gross yield story.

I’d focus first on turning the rear single into a clean, durable mid‑market rental and bringing existing rents closer to area norms as leases turn—think gentle, incremental increases tied to light upgrades (flooring, paint, fixtures). If you can lift each unit $100–$200, you materially move the NOI without losing your tenant base. If the owner is considering selling, I’d stabilize the rear unit, document all leases, and present a simple T‑12 plus rent roll. Buyers of Johnstown small multis pay up for clear numbers. Minor exterior clean‑up, safer parking layout, and adding low‑maintenance amenities (on‑site laundry, storage) can bump cap rate appeal. In my experience, a tidy three‑unit with in‑place cash flow trades faster and closer to ask, even in value‑oriented neighborhoods like this.