35 W Smith St · Corry, PA 16407

$150,000

3 bd · 1.0 ba · 1,764 sqft · SingleFamily public records · 89 Days on market

Built 1900 0.34 ac lot $85/sqft · 23% above area Est $122k · 23% over

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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 +10.9/30.0
• Appreciation +10.0/10.0
• Livability +3.7/5.0
• Schools +3.6/10.0
• 1% rule +3.4/10.0
• DSCR +3.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0

Listing remarks MLS

Welcome to 35 W. Smith Street! This spacious 4-bedroom, 2-bath home offers over 1,700 square feet of living space and is conveniently located close to downtown Corry. The home features a functional layout with first-floor laundry for added convenience and plenty of room for everyday living and entertaining. Situated on a desirable double lot, the property provides extra outdoor space with endless possibilities for recreation, gardening, or future improvements. A great opportunity for buyers looking for space, value, and a convenient location!

Key facts

• Double lot
• Outdoor space
• Convenient location

Tags

• FIRST-FLOOR LAUNDRY
• DOUBLE LOT
• OUTDOOR SPACE
• CONVENIENT LOCATION

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $150k.

Deal economics

• At list price, monthly cash flow is $-66 ($-790/yr) — negative.
• To cash-flow at today's rent, offer at most $138k (7.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $125k (16.5% below list).
• Recommended offer: $125k (16.5% below list) — sets the bar for 1% rule.
• Cap rate 5.8% vs local median 4.0% in Corry — 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 73/100 on livability (#573 in PA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, crime A, health & safety A; Watch: amenities D+, commute F, employment F.
• Corry Area SD (town): math 33% / reading 52% proficiency, ranked #332 of 539 in PA (top 62%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 41 active listings in the ZIP; 364 units permitted in Erie County in 2024 (188 in 5+ unit buildings).

Forward outlook

• In year one you build about $16k of equity ($1k loan paydown + $15k appreciation (10.0% 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 (10.0% appreciation + 3.0% rent growth), your $42k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$41k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 89 days — a 6% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $21k; list at $150k implies a 614% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $125,275 (16.5% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 89 days. Have you received any prior offers? Is the seller open to a 16% concession, seller financing, or rate buy-down credit?
3. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 0.84% ✗
• Cap rate: 5.77%
• Cash-on-cash: -1.88%
• DSCR: 0.92
• GRM: 10.0

CMA / ARV

• ARV (median comp): $122,330
• List price: $150,000
• Delta: 22.62%
• 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
629 Mead Ave	0.24mi	3/1.5	1,680 (-5%)	3mo	$151,000	$90	76
603 N Center St	0.14mi	3/3.0	1,861 (+6%)	11mo	$196,000	$105	67
511 W Washington St	0.49mi	4/2.0 (+1)	1,732 (-2%)	6mo	$165,000	$95	60
130 Wright St	0.26mi	3/1.5	1,499 (-15%)	7mo	$125,000	$83	55
503 W Washington St	0.48mi	3/2.0	1,571 (-11%)	2mo	$50,100	$32	54
311 S Center St	0.57mi	3/1.5	1,628 (-8%)	8mo	$30,000	$18	52
30 Elk St	0.33mi	3/2.0	1,500 (-15%)	6mo	$180,000	$120	50
160 Wright St	0.24mi	3/1.5	1,512 (-14%)	16mo	$150,000	$99	50
122 4th Ave	0.52mi	4/2.0 (+1)	1,552 (-12%)	4mo	$100,000	$64	44
978 Mead Ave	0.53mi	4/2.5 (+1)	1,953 (+11%)	5mo	$285,000	$146	42
58 Brook St	0.66mi	4/2.0 (+1)	1,902 (+8%)	14mo	$85,000	$45	36
517 W Pleasant St	0.57mi	3/2.0	1,536 (-13%)	17mo	$70,000	$46	34

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

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 22.9%
• Equity multiple: 2.85×
• Total profit: $77,533
• Equity at exit: $135,132

10-year hold

• IRR: 20.5%
• Equity multiple: 6.52×
• Total profit: $231,678
• Equity at exit: $291,417

Cash invested: $42,000 (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 16407

• Home prices YoY: 11.0%
• Active inventory: 41
• Price-to-rent: 10.0×

Monthly cashflow live

• Estimated rent: $1,253 medium
• Mortgage (P&I): −$787
• Tax from tax record: −$206 /mo · $2,476/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$263
• Net cashflow: $-66

Break-even live

Break-even rent $1,336

Max offer price $138,373

Occupancy floor —

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-18
   days on market $150,000 Active 89 DOM
2. 2026-06-17
   days on market $150,000 Active 88 DOM
3. 2026-06-16
   days on market $150,000 Active 87 DOM
4. 2026-06-15
   days on market $150,000 Active 86 DOM
5. 2026-06-13
   days on market $150,000 Active 84 DOM
6. 2026-06-12
   days on market $150,000 Active 83 DOM
7. 2026-06-09
   days on market $150,000 Active 80 DOM
8. 2026-06-08
   days on market $150,000 Active 79 DOM
9. 2026-06-08
   days on market $150,000 Active 78 DOM
10. 2026-06-07
    days on market $150,000 Active 77 DOM
11. 2026-06-04
    days on market $150,000 Active 74 DOM
12. 2026-06-02
    days on market $150,000 Active 73 DOM
13. 2026-06-01
    days on market $150,000 Active 72 DOM
14. 2026-05-31
    days on market $150,000 Active 71 DOM
15. 2026-05-13
    price $150,000 548-char remark

    Show marketing remark (548 chars)

    Welcome to 35 W. Smith Street! This spacious 4-bedroom, 2-bath home offers over 1,700 square feet of living space and is conveniently located close to downtown Corry. The home features a functional layout with first-floor laundry for added convenience and plenty of room for everyday living and entertaining. Situated on a desirable double lot, the property provides extra outdoor space with endless possibilities for recreation, gardening, or future improvements. A great opportunity for buyers looking for space, value, and a convenient location!

16. 2026-03-21
    listed $165,000 Active 548-char remark

    Show marketing remark (548 chars)

    Welcome to 35 W. Smith Street! This spacious 4-bedroom, 2-bath home offers over 1,700 square feet of living space and is conveniently located close to downtown Corry. The home features a functional layout with first-floor laundry for added convenience and plenty of room for everyday living and entertaining. Situated on a desirable double lot, the property provides extra outdoor space with endless possibilities for recreation, gardening, or future improvements. A great opportunity for buyers looking for space, value, and a convenient location!

17. 1978-07-27
    soldstatus $21,000
18. 1978-07-27
    soldstatus $21,000

ⓘ 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: $2,476 · $206/mo
• Projected year-2 tax: $2,476 · $206/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 8 d/yr ≥90°F today · 19 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,033
• − Mortgage interest: −$8,402
• − Property taxes: −$2,476
• − Insurance: −$750
• − Repairs & maintenance: −$1,203
• − Management: −$1,203
• − Depreciation: −$4,364
• Taxable loss: −$3,365
• Est. tax savings @ 24.0%: +$808
• After-tax cash flow: $18/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: Corry Area SD
• NCES district ID: 4206860
• Math proficiency: 33% ▼ -15.00%
• Reading proficiency: 52% ▼ -5.00%
• Median HH income: $40,206
• Composite: 35.56/100
• National rank: #4904
• State rank: #332 of 539 in PA

Livability — Corry

• Score: 73/100
• State rank: #573
• US rank: #5430

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Corry, PA
• Population (ZIP): 10,555

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 (91%)
• Race & ethnicity: White 91% Two or more races 6% Hispanic / Latino 4%
• Common ancestry: Iranian 7% Romanian 6% Lithuanian 2%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 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: ▲ 21.19%
• Current HPI: 213.9657
• 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

+614.3% since first listed

4 events — show timeline

• 2026-05-13 Price Changed $150,000 GEBOR
• 2026-03-21 Listed $165,000 GEBOR
• 1978-07-27 Sold (Public Records) $21,000 Public Records
• 1978-07-27 Sold (Public Records) $21,000 Public Records

Property tax history

+2.0%/yr

Latest (2026): $2,476 · +1.2% YoY. Source: county tax records.