5 W Pearl St · Albion, PA 16401

$179,900

3 bd · 2.0 ba · 2,058 sqft · MultiFamily public records · 19 Days on market

Built 1910 Est $154k · 17% over

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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 +24.9/30.0
• Appreciation +10.0/10.0
• DSCR +8.1/10.0
• 1% rule +6.5/10.0
• Schools +3.6/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.1/15.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

A spacious home currently rented along with an efficiency apartment, which could be used as an in-law apartment with kitchen, bath, living room and bedroom. Located in great neighborhood close to town. There are 3 bedrooms and 2 baths, if you include the efficiency apartment. Long term tenants. ..

Key facts

• Large sunroom
• Access to basement
• Well maintained

Tags

• UPDATED AND REMODELED
• WELL MAINTAINED
• MANY WINDOWS REPLACED
• LARGE SUNROOM
• ACCESS TO GARAGE
• ACCESS TO BASEMENT

Property features AI

Finance

• Other: Zoning: R-1
• Financial info: Unit rents reported: $500 for the 2-bed unit, $400 for the 1-bed unit

Exterior

• Parking: Attached 2-car garage
• Utilities: Public water; Public sewer
• Home design: Duplex; Residential income property
• Construction: Frame construction; Metal roof
• Exterior features: Corner lot; Paved road access

Interior

• Kitchen: Dishwasher; Range/Oven; Refrigerator
• Bedrooms: One unit with 2 bedrooms; One unit with 1 bedroom
• Bathrooms: One unit with 1 bathroom; One unit with 1 bathroom
• Heating & cooling: Forced air heating; No cooling
• Interior features: Basement tenant use; Range/oven; Refrigerator
• Laundry & utility: Laundry available (in units)

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $180k.

Deal economics

• At list price, monthly cash flow is $388 ($5k/yr) — positive. Per door: $194/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $180k).
• Recommended offer: $177k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 71/100 on livability (#679 in PA) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, employment D-.
• Northwestern SD (town): math 35% / reading 48% proficiency, ranked #333 of 539 in PA (top 62%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 19 active listings in the ZIP; 364 units permitted in Erie County in 2024 (188 in 5+ unit buildings).
• This rent runs 37% of the median local income ($68k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $19k of equity ($1k loan paydown + $18k appreciation (10.0% 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 (10.0% appreciation + 3.0% rent growth), your $50k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($177k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 8y 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 $35k; list at $180k implies a 414% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $177,201 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1910 — 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. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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: 1.15% ✓
• Cap rate: 8.88%
• Cash-on-cash: 9.24%
• DSCR: 1.41
• GRM: 7.2

CMA / ARV

• ARV (on-the-fly): $154,350
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2 Market St	0.16mi	4/3.0 (+1)	2,118 (+3%)	21mo	$159,900	$75	61

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

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 31.0%
• Equity multiple: 3.44×
• Total profit: $122,723
• Equity at exit: $162,068

10-year hold

• IRR: 26.9%
• Equity multiple: 7.79×
• Total profit: $342,036
• Equity at exit: $349,506

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 16401

• Home prices YoY: 18.6%
• Active inventory: 19
• Price-to-rent: 14.5×

Monthly cashflow live

• Estimated rent: $2,072 medium
• Mortgage (P&I): −$943
• Tax from tax record: −$231 /mo · $2,766/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$435
• Net cashflow: $388

Break-even live

Break-even rent $1,581

Max offer price $179,900

Occupancy floor 76%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$2,072
Total (2 units)			$2,072

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: —

Listing history 15 events

1. 2026-06-18
   days on market $179,900 Active 19 DOM
2. 2026-06-17
   days on market $179,900 Active 18 DOM
3. 2026-06-16
   days on market $179,900 Active 17 DOM
4. 2026-06-15
   days on market $179,900 Active 16 DOM
5. 2026-06-13
   days on market $179,900 Active 14 DOM
6. 2026-06-12
   days on market $179,900 Active 13 DOM
7. 2026-06-09
   days on market $179,900 Active 10 DOM
8. 2026-06-08
   days on market $179,900 Active 9 DOM
9. 2026-06-08
   days on market $179,900 Active 8 DOM
10. 2026-06-07
    days on market $179,900 Active 7 DOM
11. 2026-06-04
    days on market $179,900 Active 4 DOM
12. 2026-06-02
    days on market $179,900 Active 3 DOM
13. 2026-06-01
    days on market $179,900 Active 2 DOM
14. 2026-05-31
    remarks 487-char remark
15. 2026-05-31
    listed $179,900 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: $2,766 · $231/mo
• Projected year-2 tax: $2,804 · $234/mo
• Expected delta: +$38/yr (+$3/mo · 1.4%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥92°F today · 19 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: $24,864
• − Mortgage interest: −$10,077
• − Property taxes: −$2,766
• − Insurance: −$900
• − Repairs & maintenance: −$1,989
• − Management: −$1,989
• − Depreciation: −$5,233
• Taxable income: $1,909
• Est. tax owed @ 24.0%: −$458
• After-tax cash flow: $4,197/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: Northwestern SD
• NCES district ID: 4217880
• Math proficiency: 35% ▼ -24.00%
• Reading proficiency: 48% ▼ -22.00%
• Median HH income: $48,180
• Composite: 35.51/100
• National rank: #4912
• State rank: #333 of 539 in PA

Livability — Albion

• Score: 71/100
• State rank: #679
• US rank: #6635

Category grades

Amenities F Commute F Cost of living A+ Crime A+ Employment D- Housing A+ Health & safety D- User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Albion, PA
• County: Erie · 6,299 people
• Metro: Erie, PA
• Population (ZIP): 3,842
• Household income: $67,976
• Rent vs Own: 19.2% rent · 80.8% own
• Severe rent burden: 3.3

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 (95%)
• Race & ethnicity: White 95% Two or more races 4%
• Common ancestry: Romanian 5% Lithuanian 4% Slovak 2%
• Foreign-born: 2% · Canada
• Languages at home: 99% English-only · German/W. Germanic 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: ▲ 36.45%
• Current HPI: 232.9468
• 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

+1283.8% since first listed

7 events — show timeline

• 2026-05-29 Listed $179,900 GEBOR
• 2019-03-16 Delisted — West Penn MLS
• 2018-08-24 Listed $79,900 West Penn MLS
• 2018-03-17 Listed $79,900 GEBOR
• 1990-06-11 Sold (Public Records) $35,000 Public Records
• 1990-04-28 Sold (Public Records) $35,000 Public Records
• 1964-08-28 Sold (Public Records) $13,000 Public Records

Property tax history

+4.3%/yr

Latest (2026): $2,766 · +3.8% YoY. Source: county tax records.