2930 Cherry St · Erie, PA 16508

$645,000

12 bd · 7.0 ba · 6,560 sqft · MultiFamily · 46 Days on market

Built 1909 Good condition 8,276 sqft lot $98/sqft · 261% above area

---

Why this score? — see what drove the C+ 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 +28.0/30.0
• DSCR +9.9/10.0
• 1% rule +7.7/10.0
• ARV discount +7.5/15.0
• Livability +4.2/5.0
• Condition / age +3.8/5.0
• Rent growth +2.5/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

6-Unit, mixed-use investment package for sale. Comprised of 3 contiguous parcels totaling 0.19± acres with 1 commercial unit & 5 residential rentals. 83% occupancy with excellent income history. $54,615 annual income & $42,040 net operating income (2025). Upside potential with below market rents. Unit mix: 911± SF office/storefront, 1 bed/1 bath apartment, 2 bed/1 bath apartment, 3 bed/1 bath single family home & two 3 bed/1 bath apartments. Off-street parking for ±14 with paved parking lot for ±9 and 2 private driveways plus on-street parking. All units are separately metered for gas & /or electric (1 unit all electric). Centrally located just 0.4 miles (3 blocks) from Erie High School, the City’s only high school, and near Peach Street’s retail/service corridor and multiple public bus routes. Zoned Traditional Single Family Development (R-1A) in the City of Erie’s west side. $70,053 pro forma annual income - $57,959 pro forma NOI. Offered at $645,000 – 9.0% pro forma cap rate.

Key facts

• Private driveways
• Paved parking lot
• 3 contiguous parcels

Tags

• 3 CONTIGUOUS PARCELS
• COMMERCIAL UNIT
• RESIDENTIAL RENTALS
• OFF-STREET PARKING
• PAVED PARKING LOT
• PRIVATE DRIVEWAYS

What this means for you Summary

Snapshot

• This is a 12-bed/7.0-bath multifamily listed at $645k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $2k ($24k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $645k).
• Recommended offer: $626k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.0% 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: 76 active listings in the ZIP; 364 units permitted in Erie County in 2024 (188 in 5+ unit buildings).
• At $8,177/mo this rent would consume 174% of the median local household income ($56k/yr) (locally 420% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $19k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $181k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 46 days — a 3% lower offer ($626k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1909 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $625,650 (3.0% below list)

Questions for the listing agent

1. It's been on market 46 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1909 — 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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.27% ✓
• Cap rate: 10.02%
• Cash-on-cash: 13.30%
• DSCR: 1.59
• GRM: 6.6

CMA / ARV

• ARV (median comp): $178,533
• List price: $645,000
• Delta: 261.28%
• Verdict: OVERPRICED
• Comps: 9 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
330-338 W 23rd St	0.58mi	11/6.0 (-1)	5,808 (-12%)	9mo	$337,600	$58	38

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: 3.3%
• Equity multiple: 1.13×
• Total profit: $23,138
• Equity at exit: $96,172

10-year hold

• IRR: 12.9%
• Equity multiple: 2.02×
• Total profit: $184,868
• Equity at exit: $55,768

Cash invested: $180,600 (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: 57.9×

Monthly cashflow live

• Estimated rent: $8,177 high
• Mortgage (P&I): −$3,382
• Tax est. 1.5%: −$806 /mo · $9,675/yr
• Insurance: −$269
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,717
• Net cashflow: $2,002

Break-even live

Break-even rent $5,642

Max offer price $645,000

Occupancy floor 71%

8-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	1	1	$1,856
1× unit	2	1	$984
▸ 5× units	3	1	$5,335
Total (8 units)			$8,177

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: $161,250
• Closing costs: $19,350
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-19
   days on market $645,000 Active 46 DOM
2. 2026-06-18
   days on market $645,000 Active 45 DOM
3. 2026-06-17
   days on market $645,000 Active 44 DOM
4. 2026-06-16
   days on market $645,000 Active 43 DOM
5. 2026-06-15
   days on market $645,000 Active 42 DOM
6. 2026-06-14
   days on market $645,000 Active 40 DOM
7. 2026-06-13
   days on market $645,000 Active 39 DOM
8. 2026-06-10
   days on market $645,000 Active 37 DOM
9. 2026-06-09
   days on market $645,000 Active 36 DOM
10. 2026-06-08
    days on market $645,000 Active 35 DOM
11. 2026-06-07
    days on market $645,000 Active 34 DOM
12. 2026-06-05
    days on market $645,000 Active 31 DOM
13. 2026-06-03
    days on market $645,000 Active 30 DOM
14. 2026-06-02
    days on market $645,000 Active 29 DOM
15. 2026-06-01
    days on market $645,000 Active 28 DOM
16. 2026-05-31
    days on market $645,000 Active 27 DOM
17. 2026-05-30
    days on market $645,000 Active 26 DOM
18. 2026-05-04
    listed $645,000 Active 1068-char remark

    Show marketing remark (1068 chars)

    6-Unit, mixed-use investment package for sale. Comprised of 3 contiguous parcels totaling 0.19± acres with 1 commercial unit & 5 residential rentals. 83% occupancy with excellent income history. $54,615 annual income & $42,040 net operating income (2025). Upside potential with below market rents. Unit mix: 911± SF office/storefront, 1 bed/1 bath apartment, 2 bed/1 bath apartment, 3 bed/1 bath single family home & two 3 bed/1 bath apartments. Off-street parking for ±14 with paved parking lot for ±9 and 2 private driveways plus on-street parking. All units are separately metered for gas & /or electric (1 unit all electric). Centrally located just 0.4 miles (3 blocks) from Erie High School, the City’s only high school, and near Peach Street’s retail/service corridor and multiple public bus routes. Zoned Traditional Single Family Development (R-1A) in the City of Erie’s west side. $70,053 pro forma annual income - $57,959 pro forma NOI. Offered at $645,000 – 9.0% pro forma cap rate.

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

Taxation est. · year 1

• Rental income: $98,124
• − Mortgage interest: −$36,130
• − Property taxes: −$9,675
• − Insurance: −$3,225
• − Repairs & maintenance: −$7,850
• − Management: −$7,850
• − Depreciation: −$18,764
• Taxable income: $14,630
• Est. tax owed @ 24.0%: −$3,511
• After-tax cash flow: $20,517/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

Good 75/100 Cosmetic rehab

This 6-unit mixed-use property is in good condition with cosmetic updates needed. Painting the exterior and replacing the carpet would significantly enhance its resale and rental value.

Repairs flagged

• Minor Kitchen flooring — Carpeted floor
• Minor Bathroom fixtures — Dated fixtures

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and resale value
• Both Replace carpet — Improves living space and rental appeal

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen flooring · Carpeted floor	Minor	$500–3,000
Bathroom fixtures · Dated fixtures	Minor	$500–3,000
Total estimated repair cost · 2 items		$1,000–6,000

Value-add ROI direction

• Both Paint exterior — Enhances curb appeal and resale value ↑
• Both Replace carpet — Improves living space and rental 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
• 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

1 event — show timeline

• 2026-05-04 Listed $645,000 GEBOR