241 E 24th St · Erie, PA 16503

$110,000

4 bd · 2.0 ba · 1,848 sqft · MultiFamily public records · 16 Days on market

Built 1930 5,288 sqft lot Est $100k · 10% over

---

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 +7.9/10.0
• Livability +4.2/5.0
• ARV discount +2.9/15.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

This home has been occupied for years by one family. It features 2 separate living units. updates include in the past 10 years on-demand hot water tank, furnace, roof and new garage. With the extra lot included in this price you could build or have a large garden or even an extra lot for play. Extra lot (18-050-011.0-211.00.) (18-050-011.0-210.00)

Key facts

• 5,288 sq ft lot
• Garage
• Built 1930

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $110k.

Deal economics

• At list price, monthly cash flow is $713 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $110k).
• Recommended offer: $108k (1.5% below list) — sets the bar for market timing.
• Cap rate 14.1% 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; 3 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; 364 units permitted in Erie County in 2024 (188 in 5+ unit buildings).

Forward outlook

• In year one you build about $7k of equity ($761 loan paydown + $6k 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 $31k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 5, 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 16 days — a 2% lower offer ($108k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $9k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $14k; list at $110k implies a 715% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $108,350 (1.5% below list)

Questions for the listing agent

1. Built in 1930 — 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 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: 1.69% ✓
• Cap rate: 14.07%
• Cash-on-cash: 27.77%
• DSCR: 2.24
• GRM: 4.9

CMA / ARV

• ARV (on-the-fly): $99,792
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2320 Wallace St	0.31mi	5/2.0 (+1)	1,848 (0%)	2mo	$53,000	$29	79
2607 09 German St	0.15mi	4/2.0	1,936 (+5%)	9mo	$105,000	$54	77
2206 Wallace St	0.33mi	4/2.0	1,968 (+6%)	1mo	$57,500	$29	73
2930 Old French Rd	0.39mi	4/3.0	1,843 (-0%)	6mo	$140,000	$76	72
330 E 22nd St	0.18mi	3/2.0 (-1)	1,948 (+5%)	6mo	$66,000	$34	72
327 E 13th St	0.70mi	4/2.0	1,840 (-0%)	13mo	$49,000	$27	56
329 E 27th St	0.23mi	5/2.0 (+1)	2,104 (+14%)	10mo	$135,000	$64	53
121 E 29 St	0.37mi	4/2.0	2,024 (+10%)	17mo	$100,000	$49	53
725 E 22nd St	0.64mi	5/2.0 (+1)	1,783 (-4%)	10mo	$65,000	$36	51
3028 Holmes St	0.50mi	4/2.0	1,573 (-15%)	2mo	$95,000	$60	50
430 E 33rd St	0.62mi	5/2.0 (+1)	1,916 (+4%)	14mo	$130,000	$68	48
646 E 29th St	0.62mi	4/2.0	2,068 (+12%)	17mo	$120,000	$58	37

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

Projected returns pro-forma

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

5-year hold

• IRR: 38.4%
• Equity multiple: 3.45×
• Total profit: $75,432
• Equity at exit: $67,282

10-year hold

• IRR: 36.0%
• Equity multiple: 7.07×
• Total profit: $186,872
• Equity at exit: $120,432

Cash invested: $30,800 (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: 9.9×

Monthly cashflow live

• Estimated rent: $1,860 high
• Mortgage (P&I): −$577
• Tax from tax record: −$134 /mo · $1,606/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$391
• Net cashflow: $713

Break-even live

Break-even rent $958

Max offer price $110,000

Occupancy floor 57%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$1,860
Total (2 units)			$1,860

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: $27,500
• Closing costs: $3,300
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
614 E 22nd St Unit 1 Erie, PA	3.0	1.0	1300	$1,000	$0.77	43d	1	0.52mi
115 W 32nd St Erie, PA	3.0	2.0	1844	$1,050	$0.57	43d	1	0.62mi
126 W 38th St Erie, PA	4.0	2.0	1850	$4,000	$2.16	43d	1	0.93mi

Listing history 10 events

1. 2026-06-07
   statusdays on market $110,000 Pending 16 DOM
2. 2026-06-05
   days on market $110,000 Active 14 DOM
3. 2026-06-03
   days on market $110,000 Active 13 DOM
4. 2026-06-02
   days on market $110,000 Active 12 DOM
5. 2026-06-01
   status $110,000 Active 11 DOM
6. 2026-04-17
   status Pending
7. 2026-04-07
   price $110,000
8. 2025-12-15
   listed $119,000 Active
9. 2025-12-15
   listed $119,000 Active
10. 1976-07-13
    soldstatus $13,500

ⓘ 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: $1,606 · $134/mo
• Projected year-2 tax: $1,672 · $139/mo
• Expected delta: +$66/yr (+$5/mo · 4.1%)

ⓘ 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: $22,320
• − Mortgage interest: −$6,162
• − Property taxes: −$1,606
• − Insurance: −$550
• − Repairs & maintenance: −$1,786
• − Management: −$1,786
• − Depreciation: −$3,200
• Taxable income: $7,231
• Est. tax owed @ 24.0%: −$1,735
• After-tax cash flow: $6,819/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
• 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

+714.8% since first listed

5 events — show timeline

• 2026-04-17 Pending — GEBOR
• 2026-04-07 Price Changed $110,000 GEBOR
• 2025-12-15 Listed $119,000 GEBOR
• 2025-12-15 Listed $119,000 GEBOR
• 1976-07-13 Sold (Public Records) $13,500 Public Records

Property tax history

+1.9%/yr

Latest (2026): $1,606 · +3.4% YoY. Source: county tax records.