Multi-family
71 Unit Investment Package · Erie, PA
Flood risk No data
- FEMA flood zone
- —
- Chance of flooding over 30 yrs
- —
- Est. flood insurance / yr
- —
Fire risk No data
- Est. fire insurance / yr
- —
Heat risk No data
- Hot days now (above threshold)
- —
- Hot days in 30 yrs
- —
Wind risk No data
- Chance of severe wind over 30 yrs
- —
Air-quality risk No data
- Unhealthy air days now
- —
- Unhealthy air days in 30 yrs
- —
Risk factors via First Street. Map © Google.
Why this score? — see what drove the B- 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
- 1% rule +10.0/10.0
- DSCR +10.0/10.0
- ARV discount +7.5/15.0
- Livability +4.2/5.0
- Rent growth +3.2/5.0
- Condition / age +2.2/5.0
- Schools +1.3/10.0
- Appreciation +0.0/10.0
$3,799,900
🖨 Deal sheet (PDF) 📄 Offer letter ✓ Due diligence
Multi-family units
County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records
Listing remarks MLS
This 71-unit investment portfolio is a rare, cash-flowing machine with a current rent roll exceeding $54,000/month and $655,000+ annually. With actual expenses at just $218,000, you’re netting over $437,000/year in NOI — that’s an 11.5+% cap rate, 27% cash-on-cash return, and a 1.89 DSCR. The well-maintained properties include a mix of multi-units (9, 5, 4, 3, and several 2-units) and single-family homes spread throughout NW, NE, SW, and SE Erie. Step into a fully operational business with an experienced property manager in place, handling leasing, maintenance, lawn care, and more. Seller-owned for years and now retiring — don’t miss this chance to buy instant equity and own a high-performing, turn-key investment. If sold separately, the package could be worth a lot more. Seize this grand slam opportunity today!
Key facts
- 3.53 acre lot
- Listed 98 days
Neighborhood map
What this means for you Summary
Snapshot
- This is a multifamily listed at $3.80M. Condition is rated fair.
Deal economics
- At list price, monthly cash flow is $29k ($343k/yr) — positive.
- The deal already cash-flows at list — no discount required.
- Meets the 1% rule at list price ($69k rent vs $3.80M).
- Recommended offer: $3.46M (9.0% below list) — sets the bar for market timing.
- Cap rate 15.3% vs local median 5.1% 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: Perry El Sch (math 8% / reading 17%, grade F, #1,362 of 1,518 statewide, top 92%, 462 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: Rents rising (+3.0%/yr); 56 active listings in the ZIP; lower-income renter base — watch delinquency; 364 units permitted in Erie County in 2024 (188 in 5+ unit buildings).
- At $69,440/mo this rent would consume 2161% of the median local household income ($39k/yr) (locally 1044% 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 $26k of loan paydown is wiped out by about $114k 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 $1.06M cash investment doubles in ~4 years — after that, you're playing with house money.
Negotiation context
- It's been on market 98 days — a 9% lower offer ($3.46M) is reasonable based on typical stale-listing flexibility.
Questions for the listing agent
- It's been on market 98 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
- Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
- Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
- Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
- 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?
- 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.
- 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.
- 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
- 1.83% ✓
- Cap rate
- 15.32%
- Cash-on-cash
- 32.25%
- DSCR
- 2.44
- GRM
- 4.6
CMA / ARV
No comps found within radius.
Projected returns pro-forma
-3.0% appreciation · 2.97% rent growth · sell at horizon
- IRR
- 27.3%
- Equity multiple
- 2.13×
- Total profit
- $1,204,585
- Equity at exit
- $566,577
- IRR
- 34.8%
- Equity multiple
- 4.19×
- Total profit
- $3,389,913
- Equity at exit
- $328,546
Cash invested: $1,063,972 (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
ZIP-level market 16502
- Home prices YoY
- -30.5%
- Rents YoY
- 3.0%
- Active inventory
- 56
- Price-to-rent
- 323.8×
Monthly cashflow live
- Estimated rent
- $69,440 high interval (Pro) →
- Mortgage (P&I)
- −$19,927
- Tax est. 1.5%
- −$4,750 /mo · $56,998/yr
- Insurance
- −$1,583
- HOA
- −$0
- Vacancy / Maint / Mgmt
- −$14,582
- Net cashflow
- $28,597
Break-even live
Sensitivity live
| Price | -10% $31,223 | -5% $29,910 | +0% $28,597 | +5% $27,284 | +10% $25,971 |
|---|---|---|---|---|---|
| Rent | -10% $23,112 | -5% $25,854 | +0% $28,597 | +5% $31,340 | +10% $34,083 |
| Rate | -1.0pp $30,511 | -0.5pp $29,564 | base $28,597 | +0.5pp $27,613 | +1.0pp $26,611 |
71-unit breakdown (identical units grouped — click to expand)
| Units | Beds | Baths | Est. rent |
|---|---|---|---|
| 71× units | 1 | 1 | $69,438 |
| #1 | 1 | 1 | $978 |
| #2 | 1 | 1 | $978 |
| #3 | 1 | 1 | $978 |
| #4 | 1 | 1 | $978 |
| #5 | 1 | 1 | $978 |
| #6 | 1 | 1 | $978 |
| #7 | 1 | 1 | $978 |
| #8 | 1 | 1 | $978 |
| #9 | 1 | 1 | $978 |
| #10 | 1 | 1 | $978 |
| #11 | 1 | 1 | $978 |
| #12 | 1 | 1 | $978 |
| #13 | 1 | 1 | $978 |
| #14 | 1 | 1 | $978 |
| #15 | 1 | 1 | $978 |
| #16 | 1 | 1 | $978 |
| #17 | 1 | 1 | $978 |
| #18 | 1 | 1 | $978 |
| #19 | 1 | 1 | $978 |
| #20 | 1 | 1 | $978 |
| #21 | 1 | 1 | $978 |
| #22 | 1 | 1 | $978 |
| #23 | 1 | 1 | $978 |
| #24 | 1 | 1 | $978 |
| #25 | 1 | 1 | $978 |
| #26 | 1 | 1 | $978 |
| #27 | 1 | 1 | $978 |
| #28 | 1 | 1 | $978 |
| #29 | 1 | 1 | $978 |
| #30 | 1 | 1 | $978 |
| #31 | 1 | 1 | $978 |
| #32 | 1 | 1 | $978 |
| #33 | 1 | 1 | $978 |
| #34 | 1 | 1 | $978 |
| #35 | 1 | 1 | $978 |
| #36 | 1 | 1 | $978 |
| #37 | 1 | 1 | $978 |
| #38 | 1 | 1 | $978 |
| #39 | 1 | 1 | $978 |
| #40 | 1 | 1 | $978 |
| #41 | 1 | 1 | $978 |
| #42 | 1 | 1 | $978 |
| #43 | 1 | 1 | $978 |
| #44 | 1 | 1 | $978 |
| #45 | 1 | 1 | $978 |
| #46 | 1 | 1 | $978 |
| #47 | 1 | 1 | $978 |
| #48 | 1 | 1 | $978 |
| #49 | 1 | 1 | $978 |
| #50 | 1 | 1 | $978 |
| #51 | 1 | 1 | $978 |
| #52 | 1 | 1 | $978 |
| #53 | 1 | 1 | $978 |
| #54 | 1 | 1 | $978 |
| #55 | 1 | 1 | $978 |
| #56 | 1 | 1 | $978 |
| #57 | 1 | 1 | $978 |
| #58 | 1 | 1 | $978 |
| #59 | 1 | 1 | $978 |
| #60 | 1 | 1 | $978 |
| #61 | 1 | 1 | $978 |
| #62 | 1 | 1 | $978 |
| #63 | 1 | 1 | $978 |
| #64 | 1 | 1 | $978 |
| #65 | 1 | 1 | $978 |
| #66 | 1 | 1 | $978 |
| #67 | 1 | 1 | $978 |
| #68 | 1 | 1 | $978 |
| #69 | 1 | 1 | $978 |
| #70 | 1 | 1 | $978 |
| #71 | 1 | 1 | $978 |
| Total (71 units) | $69,440 | ||
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
- $949,975
- Closing costs
- $113,997
- Reserves months
- —
- Total cash needed
- —
Loan-product check · same deal, 3 products live
Conventional
25% down · 7.5% · 30yr
- Down + closing
- —
- Monthly P&I
- —
- Monthly cashflow
- —
- DSCR
- —
- Eligible?
- —
Personal DTI + credit; lowest rate.
DSCR
20% down · 8.5% · 30yr
- Down + closing
- —
- Monthly P&I
- —
- Monthly cashflow
- —
- DSCR
- —
- Eligible?
- —
No personal income docs; deal must DSCR.
Hard money
10% down · 12.0% · 12mo
- Down + closing
- —
- Monthly P&I
- —
- Monthly cashflow
- —
- DSCR
- —
- Eligible?
- —
Short-term bridge; refi at stabilization.
Listing history 10 events
-
2026-06-09status $3,799,900 Pending 98 DOM
-
2026-06-08days on market $3,799,900 Active 98 DOM
-
2026-06-07days on market $3,799,900 Active 97 DOM
-
2026-06-05days on market $3,799,900 Active 94 DOM
-
2026-06-03days on market $3,799,900 Active 93 DOM
-
2026-06-02days on market $3,799,900 Active 92 DOM
-
2026-06-01days on market $3,799,900 Active 91 DOM
-
2026-05-31days on market $3,799,900 Active 90 DOM
-
2026-05-30days on market $3,799,900 Active 89 DOM
-
2026-03-02$3,799,900 Active 853-char remark
Show marketing remark (853 chars)
This 71-unit investment portfolio is a rare, cash-flowing machine with a current rent roll exceeding $54,000/month and $655,000+ annually. With actual expenses at just $218,000, you’re netting over $437,000/year in NOI — that’s an 11.5+% cap rate, 27% cash-on-cash return, and a 1.89 DSCR. The well-maintained properties include a mix of multi-units (9, 5, 4, 3, and several 2-units) and single-family homes spread throughout NW, NE, SW, and SE Erie. Step into a fully operational business with an experienced property manager in place, handling leasing, maintenance, lawn care, and more. Seller-owned for years and now retiring — don’t miss this chance to buy instant equity and own a high-performing, turn-key investment. If sold separately, the package could be worth a lot more. Seize this grand slam opportunity today!
ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot
backfill from property_details.listing_events for pre-trigger history.
Nearby sold comps map
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Walkable amenities ~0.75 mi
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Taxation est. · year 1
- Rental income
- $833,280
- − Mortgage interest
- −$212,853
- − Property taxes
- −$56,998
- − Insurance
- −$19,000
- − Repairs & maintenance
- −$66,662
- − Management
- −$66,662
- − Depreciation
- −$110,543
- Taxable income
- $300,561
- Est. tax owed @ 24.0%
- −$72,135
- After-tax cash flow
- $271,033/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
This multi-family property requires significant repairs and maintenance to improve its condition and value. A comprehensive renovation is recommended to increase its resale and rental value.
Repairs flagged
- Major siding — Significant damage and peeling
- Major roof — Visible damage and potential leaks
- Major flooring — Worn and damaged
- Major paint — Painted walls with visible wear
- Major windows — Old and possibly inefficient
- Major HVAC/mechanicals — No visible signs of recent maintenance
Value-add opportunities
- Both exterior paint job — Enhances curb appeal and value
- Both new roof — Fixes potential leaks and enhances value
- Both new flooring — Improves living space and value
- Both HVAC upgrade — Enhances comfort and value
- Both landscaping — Enhances curb appeal and value
Renovation cost estimate screening
| Repair item | Severity | Est. cost |
|---|---|---|
| siding · Significant damage and peeling | Major | $15,000–50,000 |
| roof · Visible damage and potential leaks | Major | $15,000–50,000 |
| flooring · Worn and damaged | Major | $15,000–50,000 |
| paint · Painted walls with visible wear | Major | $15,000–50,000 |
| windows · Old and possibly inefficient | Major | $15,000–50,000 |
| HVAC/mechanicals · No visible signs of recent maintenance | Major | $15,000–50,000 |
| Total estimated repair cost · 6 items | $90,000–300,000 |
Value-add ROI direction
- Both exterior paint job — Enhances curb appeal and value ↑
- Both new roof — Fixes potential leaks and enhances value ↑
- Both new flooring — Improves living space and value ↑
- Both HVAC upgrade — Enhances comfort and value ↑
- Both landscaping — Enhances curb appeal and value ↑
ⓘ 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
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)
- 15,995
- Household income
- $38,566
- Rent vs Own
- Severe rent burden
- 1044.0
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 (66%)
- Race & ethnicity
- White 66% Two or more races 16% Hispanic / Latino 13% Black 11% Asian 2%
- Hispanic origin (detail)
- Mexican 5% Puerto Rican 5%
- Common ancestry
- Romanian 7% Serbian 2% Italian 1%
- Foreign-born
- 5% · Canada
- Languages at home
- 89% English-only · Spanish 8% Other Indo-European 1% Russian/Polish/Slavic 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
- ▼ -92.73%
- Current HPI
- 211.4408
- Rent YoY
- ▲ 2.97%
- 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 |
|
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| Telecommunications / Media | 1 | $124B |
|
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| Industrial Distribution | 1 | $22B |
|
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| Financial Services | 1 | $20B |
|
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| Chemicals / Materials | 1 | $18B |
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Price history
1 event — show timeline
- 2026-03-02 Listed $3,799,900 GEBOR
Cash-flow waterfall
monthlySold comps — $/sqft
last 12 mo · ≤1 miLoading sold comps…