249 W Frederick St · Corry, PA 16407

$47,000

4 bd · 2.0 ba · 2,248 sqft · MultiFamily public records · 65 Days on market

Built 1900 0.29 ac lot $21/sqft · 62% below area ↓ 3% since listing

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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 +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.7/5.0
• Schools +3.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

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-story home featuring 5 bedrooms and 3 full baths. Main level includes a living room, family room, and an updated kitchen with gas stove and new dishwasher. First-floor laundry with electric hookup adds convenience. Home is equipped with a new on-demand hot water system and heated by gas space heaters. Partial basement with outside access. Exterior highlights include an oversized 4-car detached garage and plenty of off-street parking. The owner has begun renovations, with some work remaining, offering a great opportunity to own a home with ongoing updates and added value.

Key facts

• Gas stove
• Updated kitchen
• New dishwasher

Tags

• UPDATED KITCHEN
• GAS STOVE
• NEW DISHWASHER
• FIRST-FLOOR LAUNDRY
• ON-DEMAND HOT WATER SYSTEM
• OFF-STREET PARKING

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $47k.

Deal economics

• At list price, monthly cash flow is $761 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $47k).
• Recommended offer: $44k (6.0% below list) — sets the bar for market timing.
• Cap rate 25.7% vs local median 4.0% in Corry — 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 73/100 on livability (#573 in PA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, crime A, health & safety A; Watch: amenities D+, commute F, employment F.
• Corry Area SD (town): math 33% / reading 52% proficiency, ranked #332 of 539 in PA (top 62%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 42 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 $5k of equity ($325 loan paydown + $5k 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 $13k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 65 days — a 6% lower offer ($44k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y ago; this cycle's ask has dropped $23k (33%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $44,180 (6.0% below list)

Questions for the listing agent

1. It's been on market 65 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 1900 — 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. 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.
6. 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.
7. 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: 2.92% ✓
• Cap rate: 25.72%
• Cash-on-cash: 69.38%
• DSCR: 4.09
• GRM: 2.8

CMA / ARV

• ARV (median comp): $123,321
• List price: $47,000
• Delta: -61.89%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
428 Mead Ave	0.11mi	4/—	1,985 (-12%)	20mo	$56,000	$28	59

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: 80.4%
• Equity multiple: 6.63×
• Total profit: $74,080
• Equity at exit: $42,341

10-year hold

• IRR: 74.7%
• Equity multiple: 14.68×
• Total profit: $180,085
• Equity at exit: $91,311

Cash invested: $13,160 (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 16407

• Home prices YoY: 11.0%
• Active inventory: 42
• Price-to-rent: 2.8×

Monthly cashflow live

• Estimated rent: $1,374 medium
• Mortgage (P&I): −$246
• Tax est. 1.5%: −$59 /mo · $705/yr
• Insurance: −$20
• HOA: −$0
• Vacancy / Maint / Mgmt: −$289
• Net cashflow: $761

Break-even live

Break-even rent $411

Max offer price $47,000

Occupancy floor 40%

Sensitivity live

Price	-10% $793	-5% $777	+0% $761	+5% $745	+10% $728
Rent	-10% $652	-5% $707	+0% $761	+5% $815	+10% $869
Rate	-1.0pp $785	-0.5pp $773	base $761	+0.5pp $749	+1.0pp $736

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: $11,750
• Closing costs: $1,410
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-21
   statusdays on market $47,000 Pending 65 DOM
2. 2026-06-18
   days on market $47,000 Active 64 DOM
3. 2026-06-17
   days on market $47,000 Active 63 DOM
4. 2026-06-16
   days on market $47,000 Active 62 DOM
5. 2026-06-15
   days on market $47,000 Active 61 DOM
6. 2026-06-13
   days on market $47,000 Active 59 DOM
7. 2026-06-12
   days on market $47,000 Active 58 DOM
8. 2026-06-09
   days on market $47,000 Active 55 DOM
9. 2026-06-08
   days on market $47,000 Active 54 DOM
10. 2026-06-08
    days on market $47,000 Active 53 DOM
11. 2026-06-07
    days on market $47,000 Active 52 DOM
12. 2026-06-04
    days on market $47,000 Active 49 DOM
13. 2026-06-02
    days on market $47,000 Active 48 DOM
14. 2026-06-01
    days on market $47,000 Active 47 DOM
15. 2026-05-31
    days on market $47,000 Active 46 DOM
16. 2026-05-19
    price $60,000 590-char remark

    Show marketing remark (590 chars)

    Spacious two-story home featuring 5 bedrooms and 3 full baths. Main level includes a living room, family room, and an updated kitchen with gas stove and new dishwasher. First-floor laundry with electric hookup adds convenience. Home is equipped with a new on-demand hot water system and heated by gas space heaters. Partial basement with outside access. Exterior highlights include an oversized 4-car detached garage and plenty of off-street parking. The owner has begun renovations, with some work remaining, offering a great opportunity to own a home with ongoing updates and added value.

17. 2026-05-06
    price $64,000 590-char remark

    Show marketing remark (590 chars)

    Spacious two-story home featuring 5 bedrooms and 3 full baths. Main level includes a living room, family room, and an updated kitchen with gas stove and new dishwasher. First-floor laundry with electric hookup adds convenience. Home is equipped with a new on-demand hot water system and heated by gas space heaters. Partial basement with outside access. Exterior highlights include an oversized 4-car detached garage and plenty of off-street parking. The owner has begun renovations, with some work remaining, offering a great opportunity to own a home with ongoing updates and added value.

18. 2026-04-15
    listed $69,900 Active 590-char remark

    Show marketing remark (590 chars)

    Spacious two-story home featuring 5 bedrooms and 3 full baths. Main level includes a living room, family room, and an updated kitchen with gas stove and new dishwasher. First-floor laundry with electric hookup adds convenience. Home is equipped with a new on-demand hot water system and heated by gas space heaters. Partial basement with outside access. Exterior highlights include an oversized 4-car detached garage and plenty of off-street parking. The owner has begun renovations, with some work remaining, offering a great opportunity to own a home with ongoing updates and added value.

19. 2024-05-23
    soldstatus $45,000
20. 2024-05-22
    soldstatus $45,000 Closed 134-char remark

    Show marketing remark (134 chars)

    Opportunity to add to your investment properties - 3-unit Fully Occupied all with long term tenants. Off Street parking, 2-car garage.

21. 2024-04-30
    status Pending 134-char remark

    Show marketing remark (134 chars)

    Opportunity to add to your investment properties - 3-unit Fully Occupied all with long term tenants. Off Street parking, 2-car garage.

22. 2024-04-24
    price $49,900 134-char remark

    Show marketing remark (134 chars)

    Opportunity to add to your investment properties - 3-unit Fully Occupied all with long term tenants. Off Street parking, 2-car garage.

23. 2024-04-09
    listed $62,000 Active 134-char remark

    Show marketing remark (134 chars)

    Opportunity to add to your investment properties - 3-unit Fully Occupied all with long term tenants. Off Street parking, 2-car garage.

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

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 · 19 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,492
• − Mortgage interest: −$2,633
• − Property taxes: −$705
• − Insurance: −$235
• − Repairs & maintenance: −$1,319
• − Management: −$1,319
• − Depreciation: −$1,367
• Taxable income: $8,913
• Est. tax owed @ 24.0%: −$2,139
• After-tax cash flow: $6,992/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: Corry Area SD
• NCES district ID: 4206860
• Math proficiency: 33% ▼ -15.00%
• Reading proficiency: 52% ▼ -5.00%
• Median HH income: $40,206
• Composite: 35.56/100
• National rank: #4904
• State rank: #332 of 539 in PA

Livability — Corry

• Score: 73/100
• State rank: #573
• US rank: #5430

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Corry, PA
• Population (ZIP): 10,555

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 (91%)
• Race & ethnicity: White 91% Two or more races 6% Hispanic / Latino 4%
• Common ancestry: Iranian 7% Romanian 6% Lithuanian 2%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 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: ▲ 21.19%
• Current HPI: 213.9657
• 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

-3.2% since first listed

8 events — show timeline

• 2026-05-19 Price Changed $60,000 GEBOR
• 2026-05-06 Price Changed $64,000 GEBOR
• 2026-04-15 Listed $69,900 GEBOR
• 2024-05-23 Sold (Public Records) $45,000 Public Records
• 2024-05-22 Sold (MLS) $45,000 GEBOR
• 2024-04-30 Pending — GEBOR
• 2024-04-24 Price Changed $49,900 GEBOR
• 2024-04-09 Listed $62,000 GEBOR

Property tax history

+2.0%/yr

Latest (2026): $2,424 · +1.2% YoY. Source: county tax records.