2980 Poplar St · Erie, PA 16508

$179,900

4 bd · 1.5 ba · 1,478 sqft · SingleFamily public records · 5 Days on market

Built 1913 4,400 sqft lot Est $157k · 15% 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 +22.0/30.0
• DSCR +7.0/10.0
• 1% rule +5.6/10.0
• Livability +4.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• ARV discount +0.8/15.0
• Appreciation +0.0/10.0

Listing remarks

Updated and move-in ready! This beautifully maintained and spacious 4-bedroom, 1.5 bath home features modern finishes throughout and a functional layout perfect for everyday living. You will love the open kitchen with granite countertops, breakfast bar that opens up to the dining room and stainless-steel appliances. Enjoy the unique features of a 1st floor office space and finished upper level for added living space. Spend time outside in the partially fenced in backyard, 1 car detached garage, rear deck and patio, and covered front porch. This home has something to offer everyone and is a must see!

Key facts

• Finished upper level
• Granite countertops
• Open kitchen

Tags

• OPEN KITCHEN
• GRANITE COUNTERTOPS
• BREAKFAST BAR
• 1ST FLOOR OFFICE SPACE
• FINISHED UPPER LEVEL
• PARTIALLY FENCED BACKYARD

Property features AI

Finance

• Other: Property listed by Coldwell Banker Select - Peach

Exterior

• Parking: 2 parking spaces total; Detached garage with 1 garage space and automatic opener
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Residential property; R-1 zoning
• Construction: Vinyl siding; Composition roof
• Exterior features: Deck; Porch; Landscaped, level lot; Paved road access

Interior

• Kitchen: Dishwasher; Gas oven; Gas range; Refrigerator
• Bedrooms: Total rooms: 11
• Flooring: Carpet; Hardwood; Tile
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Forced air heating; Central air conditioning; Ceiling fan(s)
• Interior features: Ceiling fans; Full finished basement

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $180k.

Deal economics

• At list price, monthly cash flow is $287 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $180k).
• Cap rate 8.2% 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; 5 comparable units currently listed for rent nearby; rentals lingering (median 45d 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 41% 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

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 12y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $122k; 47% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1913 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $179,900

Questions for the listing agent

1. Built in 1913 — 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: 1.06% ✓
• Cap rate: 8.20%
• Cash-on-cash: 6.83%
• DSCR: 1.30
• GRM: 7.8

CMA / ARV

• ARV (on-the-fly): $156,668
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
933 W 27th St	0.34mi	3/1.5 (-1)	1,504 (+2%)	2mo	$132,500	$88	75
2905 Plum St	0.18mi	3/2.0 (-1)	1,332 (-10%)	3mo	$151,000	$113	66
1326 W 30th St	0.66mi	4/1.0	1,464 (-1%)	2mo	$160,000	$109	64
2684 Chestnut St	0.46mi	3/1.0 (-1)	1,572 (+6%)	1mo	$139,900	$89	60
942 W 25th St	0.47mi	4/1.0	1,625 (+10%)	1mo	$185,000	$114	59
333 W 31 St	0.49mi	3/1.0 (-1)	1,584 (+7%)	1mo	$95,000	$60	57
434 Stafford Ave	0.38mi	3/1.0 (-1)	1,320 (-11%)	1mo	$127,094	$96	57
1219 W 32nd St	0.53mi	3/1.0 (-1)	1,393 (-6%)	2mo	$117,500	$84	57
3926 Wood St	0.60mi	4/1.5	1,656 (+12%)	3mo	$175,000	$106	50
1143 W 31st St	0.48mi	3/1.0 (-1)	1,300 (-12%)	2mo	$175,000	$135	49
1145 W 25th St	0.64mi	3/1.0 (-1)	1,320 (-11%)	2mo	$130,000	$98	44
2209 Chestnut St	0.73mi	5/2.0 (+1)	1,652 (+12%)	3mo	$175,000	$106	37

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: -5.8%
• Equity multiple: 0.78×
• Total profit: $-10,884
• Equity at exit: $26,824

10-year hold

• IRR: 3.8%
• Equity multiple: 1.28×
• Total profit: $14,090
• Equity at exit: $15,554

Cash invested: $50,372 (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: $1,910 medium
• Mortgage (P&I): −$943
• Tax from tax record: −$204 /mo · $2,452/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$401
• Net cashflow: $287

Break-even live

Break-even rent $1,548

Max offer price $179,900

Occupancy floor 80%

Sensitivity live

Price	-10% $388	-5% $337	+0% $287	+5% $236	+10% $185
Rent	-10% $136	-5% $211	+0% $287	+5% $362	+10% $437
Rate	-1.0pp $377	-0.5pp $332	base $287	+0.5pp $240	+1.0pp $193

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: $44,975
• Closing costs: $5,397
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
504 W 29th St Unit 2 Erie, PA	3.0	1.0	1200	$1,500	$1.25	44d	1	0.37mi
115 W 32nd St Erie, PA	3.0	2.0	1844	$1,050	$0.57	44d	1	0.85mi
126 W 38th St Erie, PA	4.0	2.0	1850	$4,000	$2.16	44d	1	0.91mi
1610 Poplar St Unit Downstairs Erie, PA	3.0	1.0	1200	$875	$0.73	44d	1	0.98mi
729 W 9th St Erie, PA	4.0	2.0	1782	$3,000	$1.68	44d	1	1.48mi

Listing history 17 events

1. 2026-06-01
   statusdays on market $179,900 Pending 5 DOM
2. 2026-05-31
   days on market $179,900 Active 4 DOM
3. 2026-05-30
   days on market $179,900 Active 3 DOM
4. 2026-05-27
   listed $179,900 Active
5. 2020-07-17
   soldstatus $122,000
6. 2020-07-17
   soldstatus $122,000
7. 2020-06-05
   listed $117,900
8. 2018-02-23
   soldstatus $109,900
9. 2018-02-23
   soldstatus $109,900
10. 2017-11-22
    listed $109,900
11. 2016-11-22
    soldstatus $50,000
12. 2016-07-14
    listed $59,940
13. 2015-07-10
    listed $88,900
14. 2014-06-06
    listed $89,000
15. 2011-08-01
    soldstatus $86,000
16. 1995-05-31
    soldstatus $49,500
17. 1984-11-21
    soldstatus $29,000

ⓘ 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: $2,452 · $204/mo
• Projected year-2 tax: $2,647 · $221/mo
• Expected delta: +$195/yr (+$16/mo · 8.0%)

ⓘ 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 3/10 Moderate 7 d/yr ≥89°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: $22,926
• − Mortgage interest: −$10,077
• − Property taxes: −$2,452
• − Insurance: −$900
• − Repairs & maintenance: −$1,834
• − Management: −$1,834
• − Depreciation: −$5,233
• Taxable income: $595
• Est. tax owed @ 24.0%: −$143
• After-tax cash flow: $3,296/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

+520.3% since first listed

14 events — show timeline

• 2026-05-27 Listed $179,900 GEBOR
• 2020-07-17 Sold (Public Records) $122,000 Public Records
• 2020-07-17 Sold (MLS) $122,000 GEBOR
• 2020-06-05 Listed $117,900 GEBOR
• 2018-02-23 Sold (Public Records) $109,900 Public Records
• 2018-02-23 Sold (MLS) $109,900 GEBOR
• 2017-11-22 Listed $109,900 GEBOR
• 2016-11-22 Sold (MLS) $50,000 GEBOR
• 2016-07-14 Listed $59,940 GEBOR
• 2015-07-10 Listed $88,900 GEBOR
• 2014-06-06 Listed $89,000 GEBOR
• 2011-08-01 Sold (Public Records) $86,000 Public Records
• 1995-05-31 Sold (Public Records) $49,500 Public Records
• 1984-11-21 Sold (Public Records) $29,000 Public Records

Property tax history

-1.3%/yr

Latest (2026): $2,452 · +3.4% YoY. Source: county tax records.