1102-04 Parade St · Erie, PA 16503

$485,000

5 bd · 5.0 ba · 7,310 sqft · MultiFamily · 57 Days on market

Built 1904 Fair condition 3,485 sqft lot $66/sqft · 285% above area

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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 +27.6/30.0
• DSCR +9.7/10.0
• Appreciation +7.9/10.0
• 1% rule +7.5/10.0
• ARV discount +7.5/15.0
• Livability +4.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Schools +1.3/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

A six-unit money-making marvel awaits in the heart of the Parade Street Renaissance—where historic grandeur meets modern sensibility. Circa 1904, this architectural gem has been thoughtfully updated while preserving its undeniable character. Featuring four residential units and two commercial spaces, this distinguished property offers both diversity and stability in income streams. With a strong rental history and current rents intentionally below market value, there is immediate upside potential—already generating over $50,000 annually. A rare opportunity to acquire a property that is as lucrative as it is lovely. Indulge in the elegance, revel in the returns, and secure your place in one of the city’s most revitalized efforts!

Key facts

• Over $50000 annually
• Six unit
• 3,485 sq ft lot

Tags

• SIX UNIT
• FOUR RESIDENTIAL UNITS
• TWO COMMERCIAL SPACES
• STRONG RENTAL HISTORY
• IMMEDIATE UPSIDE POTENTIAL
• OVER $50000 ANNUALLY

What this means for you Summary

Snapshot

• This is a 5-bed/5.0-bath multifamily listed at $485k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $485k).
• Recommended offer: $470k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.9% 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: 47 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 $31k of equity ($3k loan paydown + $28k appreciation (5.7% 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 (5.7% appreciation + 3.0% rent growth), your $136k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$50k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 57 days — a 3% lower offer ($470k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y 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 $239k; list at $485k implies a 103% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1904 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $470,450 (3.0% below list)

Questions for the listing agent

1. It's been on market 57 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1904 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 1.25% ✓
• Cap rate: 9.89%
• Cash-on-cash: 12.85%
• DSCR: 1.57
• GRM: 6.6

CMA / ARV

• ARV (median comp): $126,109
• List price: $485,000
• Delta: 284.59%
• Verdict: OVERPRICED
• Comps: 3 within 1.0 mi

Projected returns pro-forma

5.73% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 25.5%
• Equity multiple: 2.66×
• Total profit: $225,026
• Equity at exit: $296,654

10-year hold

• IRR: 24.1%
• Equity multiple: 5.36×
• Total profit: $591,708
• Equity at exit: $530,997

Cash invested: $135,800 (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 16503

• Home prices YoY: 4.4%
• Active inventory: 47
• Price-to-rent: 39.9×

Monthly cashflow live

• Estimated rent: $6,084 high
• Mortgage (P&I): −$2,543
• Tax est. 1.5%: −$606 /mo · $7,275/yr
• Insurance: −$202
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,278
• Net cashflow: $1,455

Break-even live

Break-even rent $4,243

Max offer price $485,000

Occupancy floor 71%

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

Units	Beds	Baths	Est. rent
▸ 6× units	2	1	$6,084
Total (6 units)			$6,084

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: $121,250
• Closing costs: $14,550
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-19
   days on market $485,000 Active 57 DOM
2. 2026-06-18
   days on market $485,000 Active 56 DOM
3. 2026-06-17
   days on market $485,000 Active 55 DOM
4. 2026-06-16
   days on market $485,000 Active 54 DOM
5. 2026-06-15
   days on market $485,000 Active 53 DOM
6. 2026-06-14
   days on market $485,000 Active 51 DOM
7. 2026-06-13
   days on market $485,000 Active 50 DOM
8. 2026-06-10
   days on market $485,000 Active 48 DOM
9. 2026-06-09
   days on market $485,000 Active 47 DOM
10. 2026-06-08
    days on market $485,000 Active 46 DOM
11. 2026-06-07
    days on market $485,000 Active 45 DOM
12. 2026-06-05
    days on market $485,000 Active 42 DOM
13. 2026-06-03
    days on market $485,000 Active 41 DOM
14. 2026-06-02
    days on market $485,000 Active 40 DOM
15. 2026-06-01
    days on market $485,000 Active 39 DOM
16. 2026-05-31
    days on market $485,000 Active 38 DOM
17. 2026-05-30
    days on market $485,000 Active 37 DOM
18. 2026-04-23
    listed $485,000 Active 756-char remark

    Show marketing remark (756 chars)

    A six-unit money-making marvel awaits in the heart of the Parade Street Renaissance—where historic grandeur meets modern sensibility. Circa 1904, this architectural gem has been thoughtfully updated while preserving its undeniable character. Featuring four residential units and two commercial spaces, this distinguished property offers both diversity and stability in income streams. With a strong rental history and current rents intentionally below market value, there is immediate upside potential—already generating over $50,000 annually. A rare opportunity to acquire a property that is as lucrative as it is lovely. Indulge in the elegance, revel in the returns, and secure your place in one of the city’s most revitalized efforts!

19. 2024-04-26
    soldstatus $239,000 Closed 561-char remark

    Show marketing remark (561 chars)

    Historic income/investment property in the heart of Erie. First level retail space currently leased as one unit with one bathroom, but could be split into two storefronts with separate front entrances. Full basement for storage. Four rental units on second level have been fully renovated and two of the four units currently leased. The two vacant units move-in ready, and all have range/refrigerator. Property updates include: electric panel boxes, hot water tanks, some new ranges/refrigerators, updated baths, kitchen updates, carpeting, and freshly painted.

20. 2024-04-16
    status Pending 561-char remark

    Show marketing remark (561 chars)

    Historic income/investment property in the heart of Erie. First level retail space currently leased as one unit with one bathroom, but could be split into two storefronts with separate front entrances. Full basement for storage. Four rental units on second level have been fully renovated and two of the four units currently leased. The two vacant units move-in ready, and all have range/refrigerator. Property updates include: electric panel boxes, hot water tanks, some new ranges/refrigerators, updated baths, kitchen updates, carpeting, and freshly painted.

21. 2024-04-12
    listed $239,000 Active 561-char remark

    Show marketing remark (561 chars)

    Historic income/investment property in the heart of Erie. First level retail space currently leased as one unit with one bathroom, but could be split into two storefronts with separate front entrances. Full basement for storage. Four rental units on second level have been fully renovated and two of the four units currently leased. The two vacant units move-in ready, and all have range/refrigerator. Property updates include: electric panel boxes, hot water tanks, some new ranges/refrigerators, updated baths, kitchen updates, carpeting, and freshly painted.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $73,008
• − Mortgage interest: −$27,168
• − Property taxes: −$7,275
• − Insurance: −$2,425
• − Repairs & maintenance: −$5,841
• − Management: −$5,841
• − Depreciation: −$14,109
• Taxable income: $10,350
• Est. tax owed @ 24.0%: −$2,484
• After-tax cash flow: $14,972/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 · 8 photos

Fair 45/100 Moderate rehab

A multi-family property with moderate rehabilitation needs, good interior condition, and potential for increased value through exterior improvements and maintenance.

Repairs flagged

• Minor tile flooring — Some minor wear
• Minor exterior paint — Some chipping
• Minor landscaping — Overgrown vegetation

Value-add opportunities

• Both landscaping and exterior paint — Enhances curb appeal and property value
• Both tile flooring repair — Improves aesthetics and functionality
• Rental HVAC maintenance — Ensures comfort and reduces utility costs

Renovation cost estimate screening

Repair item	Severity	Est. cost
tile flooring · Some minor wear	Minor	$500–3,000
exterior paint · Some chipping	Minor	$500–3,000
landscaping · Overgrown vegetation	Minor	$500–3,000
Total estimated repair cost · 3 items		$1,500–9,000

Value-add ROI direction

• Both landscaping and exterior paint — Enhances curb appeal and property value ↑
• Both tile flooring repair — Improves aesthetics and functionality ↑
• Rental HVAC maintenance — Ensures comfort and reduces utility costs ↑

ⓘ 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

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
• City population: 92,215
• Population (ZIP): 15,204

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 0.65)
• Race & ethnicity: White 45% Black 37% Hispanic / Latino 10% Two or more races 8% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 7%
• Common ancestry: Romanian 6% Scotch-Irish 1% Lithuanian 1%
• Foreign-born: 6% · India, Canada
• Languages at home: 90% English-only · Spanish 4% Arabic 2% Other Indo-European 2%

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: ▲ 5.73%
• Current HPI: 135.5955
• 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

+102.9% since first listed

4 events — show timeline

• 2026-04-23 Listed $485,000 GEBOR
• 2024-04-26 Sold (MLS) $239,000 GEBOR
• 2024-04-16 Pending — GEBOR
• 2024-04-12 Listed $239,000 GEBOR