1947 W 33rd St · Erie, PA 16508

$175,000

3 bd · 1.0 ba · 1,142 sqft · SingleFamily public records · 28 Days on market

Built 1955 6,098 sqft lot $153/sqft · 28% above area Est $149k · 17% over

---

Why this score? — see what drove the D 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 +19.9/30.0
• DSCR +6.3/10.0
• 1% rule +5.7/10.0
• Livability +4.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

Welcome home to this bright, cheerful cape cod nestled in a convenient Erie location close to shopping, dining, and everyday amenities. Step inside and you'll immediately notice the radiant, inviting kitchen and feel the warmth and coziness the home evokes. The smart layout offers two bedrooms and a full bath on the main floor for easy one-level living, while the second floor features a private third bedroom plus a versatile bonus space, ideal for a home office, playroom, or dressing room. Outside, enjoy the covered rear patio overlooking the backyard, offering a peaceful retreat for morning coffee or evening relaxation. Off-street parking adds everyday convenience, while major updates incl

Key facts

• Off street parking
• Radiant kitchen
• Covered rear patio

Tags

• RADIANT KITCHEN
• COVERED REAR PATIO
• OFF STREET PARKING
• PRIVATE THIRD BEDROOM
• VERSATILE BONUS SPACE
• MAJOR UPDATES

Property features AI

Exterior

• Parking: Paved parking
• Utilities: Public water; Public sewer
• Home design: Single-family residence; One and one-half stories; Residential property
• Construction: Vinyl siding; Composition roof
• Exterior features: Covered patio; Patio; Sloped lot; Paved road access

Interior

• Kitchen: Includes refrigerator
• Bedrooms: 8 total rooms (bedroom count not specified)
• Flooring: Carpet; Hardwood; Vinyl
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; No central air
• Interior features: Refrigerator, Washer, Dryer; Full basement
• Laundry & utility: Washer and dryer included; Forced air heating

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $175k.

Deal economics

• At list price, monthly cash flow is $213 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $175k).
• Recommended offer: $172k (1.5% below list) — sets the bar for market timing.
• Cap rate 7.8% vs local median 5.4% 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.
• Zoned schools: Grover Cleveland El Sch (math 18% / reading 30%, grade F, #1,211 of 1,518 statewide, top 80%, 554 students, 100% FRL); Northwest Pa Collegiate Academy (math 82%, 753 students, 100% FRL) — zoned schools average 100% FRL vs 81% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 76 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 364 units permitted in Erie County in 2024 (188 in 5+ unit buildings).
• This rent runs 40% of the median local income ($56k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Erie County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 28 days — a 2% lower offer ($172k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $85k; list at $175k implies a 106% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $172,375 (1.5% below list)

Questions for the listing agent

1. Built in 1955 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 1.07% ✓
• Cap rate: 7.75%
• Cash-on-cash: 5.21%
• DSCR: 1.23
• GRM: 7.8

CMA / ARV

• ARV (median comp): $149,322
• List price: $175,000
• Delta: 17.20%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2114 Canton Ave	0.25mi	3/1.0	1,104 (-3%)	1mo	$153,000	$139	82
2918 Hudson Rd	0.29mi	3/1.0	1,199 (+5%)	2mo	$162,900	$136	77
3001 Highland Rd	0.66mi	3/1.0	1,139 (-0%)	1mo	$240,000	$211	68
1909 W 37th St	0.26mi	3/1.0	1,254 (+10%)	5mo	$169,500	$135	67
3309 Greengarden Blvd	0.57mi	3/2.0	1,146 (+0%)	6mo	$235,000	$205	64
2408 W 36th St	0.61mi	3/1.5	1,114 (-2%)	3mo	$279,900	$251	63
2222 W 38th St	0.46mi	4/2.0 (+1)	1,087 (-5%)	1mo	$160,000	$147	61
2936 Rudolph Ave	0.23mi	2/1.5 (-1)	996 (-13%)	1mo	$191,500	$192	60
4002 Harvard Rd	0.52mi	3/2.0	1,200 (+5%)	4mo	$212,000	$177	60
1918 W 38th St	0.30mi	3/1.0	1,310 (+15%)	6mo	$198,000	$151	57
3025 Berkley Rd	0.72mi	3/2.0	1,206 (+6%)	5mo	$175,000	$145	49
3703 Charlotte St	0.50mi	4/1.0 (+1)	1,008 (-12%)	6mo	$168,000	$167	48

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

Projected returns pro-forma

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

5-year hold

• IRR: -8.2%
• Equity multiple: 0.70×
• Total profit: $-14,749
• Equity at exit: $26,093

10-year hold

• IRR: 1.4%
• Equity multiple: 1.10×
• Total profit: $4,846
• Equity at exit: $15,131

Cash invested: $49,000 (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 16508

• Home prices YoY: -22.8%
• Active inventory: 76
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $1,865 high
• Mortgage (P&I): −$918
• Tax from tax record: −$270 /mo · $3,237/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$392
• Net cashflow: $213

Break-even live

Break-even rent $1,595

Max offer price $175,000

Occupancy floor 84%

Sensitivity live

Price	-10% $312	-5% $262	+0% $213	+5% $163	+10% $114
Rent	-10% $65	-5% $139	+0% $213	+5% $286	+10% $360
Rate	-1.0pp $301	-0.5pp $257	base $213	+0.5pp $167	+1.0pp $121

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2857 Willowood Dr Unit 2901 Erie, PA	2.0	1.5	1300	$1,750	$1.35	45d	1	1.12mi
4500 Hammocks Dr Erie, PA	2.0–3.0	2.0	1312	$3,270	$2.49	45d	7	1.22mi
4536 Hammocks Dr Unit 536404 Erie, PA	3.0	2.0	1416	$2,290	$1.62	45d	1	1.24mi
4536 Hammocks Dr Unit 542401 Erie, PA	2.0	2.0	1327	$2,160	$1.63	45d	1	1.24mi
4536 Hammocks Dr Unit 536204 Erie, PA	3.0	2.0	1416	$2,275	$1.61	45d	1	1.24mi
1022 W 30th St Unit 2 Erie, PA	2.0	1.0	1000	$850	$0.85	45d	1	1.31mi

Listing history 7 events

1. 2026-06-03
   status $175,000 Pending 28 DOM
2. 2026-06-02
   days on market $175,000 Active 28 DOM
3. 2026-06-01
   days on market $175,000 Active 27 DOM
4. 2026-05-31
   days on market $175,000 Active 26 DOM
5. 2026-05-30
   days on market $175,000 Active 25 DOM
6. 2026-05-05
   listed $185,000 Active 782-char remark
7. 2011-07-07
   soldstatus $84,800

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

Tax reassessment forecast PA · Partial reset (capped growth)

• Current annual tax: $3,237 · $270/mo
• Projected year-2 tax: $3,237 · $270/mo
• Expected delta: $0/yr ($0/mo · -0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥90°F today · 17 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: $22,376
• − Mortgage interest: −$9,803
• − Property taxes: −$3,237
• − Insurance: −$875
• − Repairs & maintenance: −$1,790
• − Management: −$1,790
• − Depreciation: −$5,091
• Taxable loss: −$209
• Est. tax savings @ 24.0%: +$50
• After-tax cash flow: $2,603/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.

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
• County: Erie County · 92,215 people
• City population: 92,215
• Metro: Erie, PA
• Population (ZIP): 14,958
• Household income: $56,391
• Rent vs Own: 31.4% rent · 68.6% own
• Severe rent burden: 420.0

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: Predominantly White (80%)
• Race & ethnicity: White 80% Two or more races 12% Black 5% Hispanic / Latino 4% Asian 1%
• Common ancestry: Romanian 13% Lithuanian 2% Scotch-Irish 2%
• Foreign-born: 3% · Canada
• Languages at home: 95% English-only · Spanish 2% Russian/Polish/Slavic 1% Other Indo-European 1%

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: ▼ -74.05%
• Current HPI: 250.759
• Rent YoY: —
• Metro: Erie, PA
• 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

+106.4% since first listed

4 events — show timeline

• 2026-06-02 Pending — GEBOR
• 2026-05-28 Price Changed $175,000 GEBOR
• 2026-05-05 Listed $185,000 GEBOR
• 2011-07-07 Sold (Public Records) $84,800 Public Records

Property tax history

+1.9%/yr

Latest (2026): $3,237 · +3.4% YoY. Source: county tax records.