943 1/2 E 8th St · Erie, PA 16503

$50,000

2 bd · 1.0 ba · 605 sqft · SingleFamily · 24 Days on market

Built 1900 Fair condition 1,816 sqft lot $83/sqft · 36% below area Est $78k · 36% under ↓ 17% since listing

---

Why this score? — see what drove the A- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.8/10.0
• Appreciation +7.9/10.0
• Livability +4.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Schools +1.3/10.0

Listing remarks MLS

Affordable and move-in ready home. Bright interior with a large kitchen and appliances included. Nice sized bathroom featuring a tiled shower and plenty of storage. Full basement provides additional storage space. Fenced-in yard. Located next to a local convenience store with easy access to the Bayfront Highway. A solid option for first-time buyers or investors—ready to go.

Key facts

• Large kitchen
• Full basement
• Fenced-in yard

Tags

• LARGE KITCHEN
• TILED SHOWER
• FENCED-IN YARD
• FULL BASEMENT

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $50k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $240 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($741 rent vs $50k).
• Recommended offer: $49k (1.5% below list) — sets the bar for market timing.
• Cap rate 12.1% vs local median 5.2% in Erie — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 83/100 on livability (#109 in PA, #840 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: crime D+, employment F.
• Erie City SD (urban): math 12% / reading 19% proficiency, ranked #510 of 539 in PA (top 95%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 81% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 47 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 364 units permitted in Erie County in 2024 (188 in 5+ unit buildings).

Forward outlook

• In year one you build about $3k of equity ($346 loan paydown + $3k appreciation (5.7% local appreciation)).
• Erie County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (5.7% appreciation + 3.0% rent growth), your $14k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 10, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 24 days — a 2% lower offer ($49k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 3y ago; this cycle's ask has dropped $5k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $49,250 (1.5% below list)

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
5. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
6. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
7. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.48% ✓
• Cap rate: 12.06%
• Cash-on-cash: 20.59%
• DSCR: 1.92
• GRM: 5.6

CMA / ARV

• ARV (median comp): $78,327
• List price: $50,000
• Delta: -36.17%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
943 1/2 E 8th St	0.00mi	2/1.0	605 (0%)	0mo	$55,000	$91	100

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

5.73% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 32.1%
• Equity multiple: 3.07×
• Total profit: $28,948
• Equity at exit: $30,583

10-year hold

• IRR: 30.1%
• Equity multiple: 6.24×
• Total profit: $73,417
• Equity at exit: $54,742

Cash invested: $14,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 62 Landlord-Friendly
• State Pennsylvania: 62 Landlord-Friendly · EVEN
• County: — inherits STATE
• City: — inherits STATE

10-day notice; Philadelphia has eviction-court diversion + some protections; otherwise moderate.

Methodology + full state rankings →

ZIP-level market 16503

• Home prices YoY: 4.4%
• Active inventory: 47
• Price-to-rent: 5.6×

Monthly cashflow live

• Estimated rent: $741 medium
• Mortgage (P&I): −$262
• Tax est. 1.5%: −$62 /mo · $750/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$156
• Net cashflow: $240

Break-even live

Break-even rent $437

Max offer price $50,000

Occupancy floor 63%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $12,500
• Closing costs: $1,500
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
407 E 13th St Unit 2 Erie, PA	2.0	1.0	750	$850	$1.13	43d	1	0.79mi
545 E 22nd St Unit 3 Erie, PA	1.0	1.0	352	$540	$1.53	43d	1	1.06mi

Listing history 10 events

1. 2026-05-15
   status Pending 382-char remark

   Show marketing remark (382 chars)

   Affordable and move-in ready home. Bright interior with a large kitchen and appliances included. Nice sized bathroom featuring a tiled shower and plenty of storage. Full basement provides additional storage space. Fenced-in yard. Located next to a local convenience store with easy access to the Bayfront Highway. A solid option for first-time buyers or investors—ready to go.

2. 2026-05-06
   price $50,000 382-char remark

   Show marketing remark (382 chars)

   Affordable and move-in ready home. Bright interior with a large kitchen and appliances included. Nice sized bathroom featuring a tiled shower and plenty of storage. Full basement provides additional storage space. Fenced-in yard. Located next to a local convenience store with easy access to the Bayfront Highway. A solid option for first-time buyers or investors—ready to go.

3. 2026-04-21
   listed $55,000 Active 382-char remark

   Show marketing remark (382 chars)

   Affordable and move-in ready home. Bright interior with a large kitchen and appliances included. Nice sized bathroom featuring a tiled shower and plenty of storage. Full basement provides additional storage space. Fenced-in yard. Located next to a local convenience store with easy access to the Bayfront Highway. A solid option for first-time buyers or investors—ready to go.

4. 2023-09-14
   price $48,000
5. 2023-08-21
   status Active
6. 2023-08-21
   price $55,000
7. 2023-08-20
   historical
8. 2023-08-03
   status Active
9. 2023-08-02
   historical
10. 2023-07-13
    listed $60,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥90°F today · 18 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $8,898
• − Mortgage interest: −$2,801
• − Property taxes: −$750
• − Insurance: −$250
• − Repairs & maintenance: −$712
• − Management: −$712
• − Depreciation: −$1,455
• Taxable income: $2,219
• Est. tax owed @ 24.0%: −$532
• After-tax cash flow: $2,350/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 12 photos

Fair 45/100 Cosmetic rehab

This move-in ready home requires minor cosmetic updates to paint, cabinets, and fixtures to enhance its curb appeal and interior aesthetics, making it an attractive option for first-time buyers or investors.

Repairs flagged

• Minor Paint — Faded paint in some areas.
• Minor Siding — Weathered appearance.
• Minor Windows — May need caulking to prevent water infiltration.
• Minor Kitchen cabinets — Dated cabinetry and countertops need updating.
• Minor Bathroom fixtures — Dated fixtures need updating for a modern look.

Value-add opportunities

• Both Painting and updating kitchen cabinets — Improves curb appeal and interior aesthetics.
• Both Updating bathroom fixtures — Enhances functionality and aesthetics.
• Both Landscaping and curb appeal improvements — Enhances overall curb appeal and property value.
• Both Re-caulking windows — Prevents water infiltration and enhances curb appeal.
• Both Siding repair — Improves property value and curb appeal.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Paint · Faded paint in some areas.	Minor	$500–3,000
Siding · Weathered appearance.	Minor	$500–3,000
Windows · May need caulking to prevent water infiltration.	Minor	$500–3,000
Kitchen cabinets · Dated cabinetry and countertops need updating.	Minor	$500–3,000
Bathroom fixtures · Dated fixtures need updating for a modern look.	Minor	$500–3,000
Total estimated repair cost · 5 items		$2,500–15,000

Value-add ROI direction

• Both Painting and updating kitchen cabinets — Improves curb appeal and interior aesthetics. ↑
• Both Updating bathroom fixtures — Enhances functionality and aesthetics. ↑
• Both Landscaping and curb appeal improvements — Enhances overall curb appeal and property value. ↑
• Both Re-caulking windows — Prevents water infiltration and enhances curb appeal. ↑
• Both Siding repair — Improves property value and curb appeal. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Erie City SD
• NCES district ID: 4209300
• Math proficiency: 12% ▼ -11.00%
• Reading proficiency: 19% ▼ -16.00%
• Median HH income: $33,625
• Composite: 12.59/100
• National rank: #9617
• State rank: #510 of 539 in PA

Livability — Erie

• Score: 83/100
• State rank: #109
• US rank: #840

Category grades

Amenities A+ Commute A+ Cost of living A+ Crime D+ Employment F Housing A+ Health & safety A+ User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Erie, PA
• City population: 92,215
• Population (ZIP): 15,204

Population outlook (Erie County) Hauer SSP2

• Today (2025): 272,159 people
• By 2030: 266,299 · -2.2%
• By 2040: 250,987 · -7.8%
• By 2050: 234,925 · -13.7%
• By 2075: 199,164 · -26.8%
• By 2100: 162,985 · -40.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.65)
• Race & ethnicity: White 45% Black 37% Hispanic / Latino 10% Two or more races 8% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 7%
• Common ancestry: Romanian 6% Scotch-Irish 1% Lithuanian 1%
• Foreign-born: 6% · India, Canada
• Languages at home: 90% English-only · Spanish 4% Arabic 2% Other Indo-European 2%

Political lean MEDSL · Erie

• 2024 margin: Toss-up / Even · D 49.0% · R 50.0%
• 2008→2024 swing: -20.9pp toward R · 2008: 19.9pp · 2024: -1.0pp
• All cycles: 2024: R+1.0 2020: D+1.0 2016: R+2.0 2012: D+16.9 2008: D+19.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 5.73%
• Current HPI: 135.5955
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 1.68%
• F500 in state: 34

Industry mix (Fortune 500 HQ in PA)

Industry	F500 HQs	Revenue
▸Healthcare	2	$309B
▸Insurance	2	$27B
▸Telecommunications / Media	1	$124B
▸Industrial Distribution	1	$22B
▸Financial Services	1	$20B
▸Chemicals / Materials	1	$18B

Price history

-16.7% since first listed

10 events — show timeline

• 2026-05-15 Pending — GEBOR
• 2026-05-06 Price Changed $50,000 GEBOR
• 2026-04-21 Listed $55,000 GEBOR
• 2023-09-14 Price Changed $48,000 GEBOR
• 2023-08-21 Relisted — GEBOR
• 2023-08-21 Price Changed $55,000 GEBOR
• 2023-08-20 Delisted — GEBOR
• 2023-08-03 Relisted — GEBOR
• 2023-08-02 Delisted — GEBOR
• 2023-07-13 Listed $60,000 GEBOR