705 Liberty St · Erie, PA 16502

$119,000

2 bd · 1.0 ba · 1,430 sqft · SingleFamily public records · 17 Days on market

Built 1907 1,873 sqft lot Est $126k · 5% under

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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 +24.4/30.0
• ARV discount +9.9/15.0
• DSCR +7.9/10.0
• 1% rule +6.8/10.0
• Livability +4.2/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Tenant occupied.

Key facts

• Near downtown
• Brick home
• Open front porch

Tags

• BRICK HOME
• OPEN FRONT PORCH
• CONVENIENT LOCATION
• NEAR DOWNTOWN
• NEAR PARKS
• NEAR LOCAL AMENITIES

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-family residence; Two levels; Residential property; Frame construction
• Construction: Composition roof
• Exterior features: Level lot; Paved road access

Interior

• Flooring: Carpet
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; No central cooling
• Interior features: Carpet flooring; Decorative fireplace (1); Full basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $119k.

Deal economics

• At list price, monthly cash flow is $242 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $119k).
• Recommended offer: $117k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.7% 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: Rents rising (+3.0%/yr); 56 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 364 units permitted in Erie County in 2024 (188 in 5+ unit buildings).
• This rent runs 44% of the median local income ($39k/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 $823 of loan paydown is wiped out by about $4k 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 17 days — a 2% lower offer ($117k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 9y 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 $70k; list at $119k implies a 70% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1907 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $117,215 (1.5% below list)

Questions for the listing agent

1. Built in 1907 — 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. 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.
5. 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.
6. 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: 1.18% ✓
• Cap rate: 8.73%
• Cash-on-cash: 8.71%
• DSCR: 1.39
• GRM: 7.0

CMA / ARV

• ARV (on-the-fly): $125,840
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1208 W 11 St	0.59mi	3/1.0 (+1)	1,420 (-1%)	4mo	$124,900	$88	63
1111 W 5th St	0.43mi	3/1.0 (+1)	1,348 (-6%)	4mo	$165,000	$122	62
1011 W 6th St	0.26mi	3/1.0 (+1)	1,280 (-10%)	7mo	$165,000	$129	59
458 W 2nd St	0.54mi	3/1.0 (+1)	1,368 (-4%)	10mo	$130,000	$95	54
1062 W 9th St	0.37mi	3/1.0 (+1)	1,576 (+10%)	8mo	$135,000	$86	54
521 Raspberry St	0.38mi	3/1.0 (+1)	1,232 (-14%)	2mo	$100,000	$81	53
1617 Liberty St	0.66mi	3/1.0 (+1)	1,332 (-7%)	1mo	$76,000	$57	52
1054 W 11th	0.43mi	3/3.0 (+1)	1,544 (+8%)	3mo	$64,600	$42	51
1331 W 10th St	0.74mi	3/1.0 (+1)	1,472 (+3%)	8mo	$129,900	$88	49
1139 W 5th St	0.48mi	3/1.0 (+1)	1,232 (-14%)	5mo	$35,000	$28	45
1306 W 10 St	0.68mi	3/1.5 (+1)	1,288 (-10%)	7mo	$159,000	$123	39
543 W 17th St	0.74mi	3/1.0 (+1)	1,556 (+9%)	10mo	$79,900	$51	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 · 2.97% rent growth · sell at horizon

5-year hold

• IRR: -3.1%
• Equity multiple: 0.88×
• Total profit: $-3,868
• Equity at exit: $17,743

10-year hold

• IRR: 6.6%
• Equity multiple: 1.50×
• Total profit: $16,504
• Equity at exit: $10,289

Cash invested: $33,320 (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 16502

• Home prices YoY: -30.5%
• Rents YoY: 3.0%
• Active inventory: 56
• Price-to-rent: 7.0×

Monthly cashflow live

• Estimated rent: $1,409 high
• Mortgage (P&I): −$624
• Tax from tax record: −$197 /mo · $2,370/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$296
• Net cashflow: $242

Break-even live

Break-even rent $1,103

Max offer price $119,000

Occupancy floor 78%

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: $29,750
• Closing costs: $3,570
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
305 Cascade St Unit 305 Erie, PA	2.0	1.0	1000	$900	$0.90	44d	1	0.39mi
446 W 6th St Unit 1 Erie, PA	1.0	1.0	1160	$2,260	$1.95	44d	1	0.39mi
1164 W 7th St Erie, PA	3.0	1.0	1248	$1,600	$1.28	44d	1	0.50mi
1257 W 6th St Erie, PA	2.0	1.0	1100	$1,350	$1.23	44d	1	0.64mi
1610 Poplar St Unit Downstairs Erie, PA	3.0	1.0	1200	$875	$0.73	44d	1	0.64mi
16 W 5th St Apt 504 Erie, PA	2.0	1.5	1072	$2,499	$2.33	44d	1	0.95mi
100 Erie Insurance Pl Erie, PA	3.0	1.0	1120	$1,425	$1.27	44d	1	1.06mi
223 E 9th St Erie, PA	2.0	2.0	1564	$1,300	$0.83	44d	1	1.22mi
1837 W 9th St Erie, PA	3.0	1.0	1450	$1,600	$1.10	44d	1	1.43mi
504 W 29th St Unit 2 Erie, PA	3.0	1.0	1200	$1,500	$1.25	44d	1	1.45mi

Listing history 14 events

1. 2026-06-19
   days on market $119,000 Active 17 DOM
2. 2026-06-18
   days on market $119,000 Active 16 DOM
3. 2026-06-17
   days on market $119,000 Active 15 DOM
4. 2026-06-16
   days on market $119,000 Active 14 DOM
5. 2026-06-15
   days on market $119,000 Active 13 DOM
6. 2026-06-14
   days on market $119,000 Active 11 DOM
7. 2026-06-13
   days on market $119,000 Active 10 DOM
8. 2026-06-10
   days on market $119,000 Active 8 DOM
9. 2026-06-09
   days on market $119,000 Active 7 DOM
10. 2026-06-08
    days on market $119,000 Active 6 DOM
11. 2026-06-07
    days on market $119,000 Active 5 DOM
12. 2026-06-05
    days on market $119,000 Active 2 DOM
13. 2026-06-03
    remarks 326-char remark
14. 2026-06-03
    listed $119,000 Active 1 DOM

ⓘ 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: $2,370 · $197/mo
• Projected year-2 tax: $2,370 · $197/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 6/10 Major FEMA zone X (unshaded) · 68% 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: $16,907
• − Mortgage interest: −$6,666
• − Property taxes: −$2,370
• − Insurance: −$595
• − Repairs & maintenance: −$1,353
• − Management: −$1,353
• − Depreciation: −$3,462
• Taxable income: $1,109
• Est. tax owed @ 24.0%: −$266
• After-tax cash flow: $2,637/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): 15,995
• Household income: $38,566
• Rent vs Own: 60.6% rent · 39.4% 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
▸Telecommunications / Media	1	$124B
▸Industrial Distribution	1	$22B
▸Financial Services	1	$20B
▸Chemicals / Materials	1	$18B

Price history

+453.5% since first listed

9 events — show timeline

• 2026-06-02 Listed $119,000 GEBOR
• 2024-06-14 Sold (MLS) $70,000 GEBOR
• 2024-05-13 Delisted — GEBOR
• 2024-05-11 Listed $70,000 GEBOR
• 2021-04-01 Listed $49,900 GEBOR
• 2017-10-30 Listed $34,000 GEBOR
• 2017-06-29 Listed $39,900 GEBOR
• 1985-08-19 Sold (Public Records) $17,000 Public Records
• 1983-04-05 Sold (Public Records) $21,500 Public Records

Property tax history

+1.9%/yr

Latest (2026): $2,370 · +3.4% YoY. Source: county tax records.