636 E 6th St · Erie, PA 16507

$82,000

4 bd · 2.0 ba · 2,000 sqft · MultiFamily public records · 69 Days on market

Built 1907 $41/sqft · 37% above area Est $60k · 37% over

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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
• Appreciation +7.1/10.0
• Livability +4.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• ARV discount +0.0/15.0

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

Spacious two-unit property offering great income potential. Each unit features generous living space, marking it attractive for tenants. Shared driveway with convenient parking available in the rear. A solid addition to any investment portfolio!

Key facts

• Two-unit property
• Income potential
• Shared driveway

Tags

• TWO-UNIT PROPERTY
• INCOME POTENTIAL
• GENEROUS LIVING SPACE
• SHARED DRIVEWAY
• CONVENIENT PARKING

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $82k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $82k).
• Recommended offer: $77k (6.0% below list) — sets the bar for market timing.
• Cap rate 21.4% 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 flat; 39 active listings in the ZIP; 1 comparable units currently listed for rent nearby; lower-income renter base — watch delinquency; 364 units permitted in Erie County in 2024 (188 in 5+ unit buildings).
• At $2,043/mo this rent would consume 73% of the median local household income ($33k/yr) (locally 776% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $4k of equity ($567 loan paydown + $3k appreciation (4.2% 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 (4.2% appreciation + 0.1% rent growth), your $23k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 9, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 69 days — a 6% lower offer ($77k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $35k; list at $82k implies a 135% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1907 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $77,080 (6.0% below list)

Questions for the listing agent

1. It's been on market 69 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1907 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 2.49% ✓
• Cap rate: 21.42%
• Cash-on-cash: 54.01%
• DSCR: 3.40
• GRM: 3.3

CMA / ARV

• ARV (median comp): $59,968
• List price: $82,000
• Delta: 36.74%
• 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
730-32 E 8th St	0.20mi	5/2.0 (+1)	2,033 (+2%)	4mo	$65,000	$32	80
548 E 7th St	0.13mi	4/2.0	1,936 (-3%)	11mo	$47,000	$24	79
815 Parade St	0.38mi	4/2.0	2,102 (+5%)	2mo	$45,000	$21	72
402 Reed St	0.13mi	5/2.0 (+1)	1,877 (-6%)	8mo	$110,000	$59	72
508 E 9th St	0.29mi	4/3.0	1,814 (-9%)	9mo	$100,000	$55	60
713 E 12th St	0.50mi	3/2.0 (-1)	1,880 (-6%)	5mo	$82,000	$44	58
327 E 7th St	0.43mi	4/2.0	2,184 (+9%)	10mo	$80,327	$37	56
1219 E Lake Rd	0.74mi	4/2.0	2,024 (+1%)	9mo	$53,000	$26	56
716 E 15th St	0.63mi	4/2.0	1,893 (-5%)	11mo	$50,000	$26	53
1117 E 9th St	0.66mi	5/2.0 (+1)	1,912 (-4%)	5mo	$68,000	$36	53
644 E 13th St	0.52mi	3/2.0 (-1)	1,875 (-6%)	10mo	$37,000	$20	51
346 E 2nd St	0.48mi	4/2.0	2,263 (+13%)	10mo	$125,346	$55	47

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

Projected returns pro-forma

4.17% appreciation · 0.1% rent growth · sell at horizon

5-year hold

• IRR: 57.7%
• Equity multiple: 4.27×
• Total profit: $75,133
• Equity at exit: $42,390

10-year hold

• IRR: 55.0%
• Equity multiple: 8.07×
• Total profit: $162,342
• Equity at exit: $69,990

Cash invested: $22,960 (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 16507

• Home prices YoY: 2.6%
• Rents YoY: 0.1%
• Active inventory: 39
• Price-to-rent: 6.7×

Monthly cashflow live

• Estimated rent: $2,043 high
• Mortgage (P&I): −$430
• Tax from tax record: −$116 /mo · $1,396/yr
• Insurance: −$34
• HOA: −$0
• Vacancy / Maint / Mgmt: −$429
• Net cashflow: $1,033

Break-even live

Break-even rent $735

Max offer price $82,000

Occupancy floor 44%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,044
Total (2 units)			$2,043

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: $20,500
• Closing costs: $2,460
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
622 E 4th St Erie, PA	3.0	1.0	1500	$1,250	$0.83	44d	1	0.15mi

Listing history 19 events

1. 2026-06-15
   status $82,000 Pending 69 DOM
2. 2026-06-15
   days on market $82,000 Active 69 DOM
3. 2026-06-14
   days on market $82,000 Active 67 DOM
4. 2026-06-13
   days on market $82,000 Active 66 DOM
5. 2026-06-10
   days on market $82,000 Active 64 DOM
6. 2026-06-09
   days on market $82,000 Active 63 DOM
7. 2026-06-08
   days on market $82,000 Active 62 DOM
8. 2026-06-07
   days on market $82,000 Active 61 DOM
9. 2026-06-05
   days on market $82,000 Active 58 DOM
10. 2026-06-03
    days on market $82,000 Active 57 DOM
11. 2026-06-02
    days on market $82,000 Active 56 DOM
12. 2026-06-01
    days on market $82,000 Active 55 DOM
13. 2026-05-31
    days on market $82,000 Active 54 DOM
14. 2026-05-30
    days on market $82,000 Active 53 DOM
15. 2026-04-07
    listed $82,000 Active 245-char remark

    Show marketing remark (245 chars)

    Spacious two-unit property offering great income potential. Each unit features generous living space, marking it attractive for tenants. Shared driveway with convenient parking available in the rear. A solid addition to any investment portfolio!

16. 2022-05-11
    soldstatus $34,900
17. 2001-03-23
    soldstatus $31,000
18. 1988-12-06
    soldstatus $26,000
19. 1984-06-18
    soldstatus $24,000

ⓘ 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: $1,396 · $116/mo
• Projected year-2 tax: $1,396 · $116/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 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: $24,516
• − Mortgage interest: −$4,593
• − Property taxes: −$1,396
• − Insurance: −$410
• − Repairs & maintenance: −$1,961
• − Management: −$1,961
• − Depreciation: −$2,385
• Taxable income: $11,809
• Est. tax owed @ 24.0%: −$2,834
• After-tax cash flow: $9,567/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): 8,597
• Household income: $33,361
• Rent vs Own: 66.2% rent · 33.8% own
• Severe rent burden: 776.0

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: Diverse neighborhood (Simpson 0.60)
• Race & ethnicity: White 58% Black 24% Two or more races 9% Hispanic / Latino 8% Asian 3%
• Hispanic origin (detail): Mexican 1% Puerto Rican 4%
• Common ancestry: Romanian 10% Scotch-Irish 1% Lithuanian 1%
• Foreign-born: 6% · Canada, Vietnam, China
• Languages at home: 90% English-only · Spanish 5% Vietnamese 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: ▲ 4.17%
• Current HPI: 163.92
• Rent YoY: ▲ 0.10%
• 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

+241.7% since first listed

5 events — show timeline

• 2026-04-07 Listed $82,000 GEBOR
• 2022-05-11 Sold (Public Records) $34,900 Public Records
• 2001-03-23 Sold (Public Records) $31,000 Public Records
• 1988-12-06 Sold (Public Records) $26,000 Public Records
• 1984-06-18 Sold (Public Records) $24,000 Public Records

Property tax history

+1.9%/yr

Latest (2026): $1,396 · +3.4% YoY. Source: county tax records.