2565 W 24th St · Erie, PA 16506

$199,500

3 bd · 2.0 ba · 1,608 sqft · SingleFamily public records · 8 Days on market

Built 1950 0.31 ac lot Est $259k · 23% under

---

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 +23.3/30.0
• ARV discount +15.0/15.0
• DSCR +7.5/10.0
• 1% rule +6.2/10.0
• Schools +4.8/10.0
• Livability +4.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Millcreek Township Ranch Style Home Located On Low Traffic Dead End Street! 3 Bedroom 3 Full Baths, 1 Full Bathroom Being On Suite Off Primary Bedroom! Hardwood Floors In Living Room! Updated Bathroom With Jetted Tub. Vinyl Windows Throughout. Fully Appliance Kitchen: Refrigerator , Dishwasher , Stove , Microwave All Included. Spacious Back Yard With 3 Car Garage , 2 Driveways. Central Air Unit , Heated Game Room In Basement 20x13. Basement Family Room With Bar 18x16 , Gas Water Heater 2018 , 100Amp Electric Box, Boiler Heating 2 Zones. DONT MISS OUT ON THIS MILLCREEK RANCH!

Key facts

• Vinyl windows
• Ranch style home
• Jetted tub

Tags

• RANCH STYLE HOME
• LOW TRAFFIC DEAD END STREET
• HARDWOOD FLOORS
• UPDATED BATHROOM
• JETTED TUB
• VINYL WINDOWS

Property features AI

Finance

• Other: Zoning: R-1; Lot approximately 0.31 acres (100 x 137); Listing provided by KW Flagship Realty

Exterior

• Parking: 2-car garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; One level; Residential property
• Construction: Vinyl siding; Built with typical foundations (basement present)
• Exterior features: Porch; Asphalt roof

Interior

• Kitchen: Dishwasher; Electric oven and range; Microwave; Refrigerator
• Bedrooms: Total of 12 rooms (includes bedrooms and living spaces)
• Flooring: Carpet; Hardwood; Laminate
• Bathrooms: 3 full bathrooms
• Heating & cooling: Hot water heating; Central air conditioning
• Interior features: Dishwasher; Electric oven; Electric range; Microwave; Refrigerator; Partial unfinished basement; Home warranty included
• Laundry & utility: Electric dryer hookup

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $200k.

Deal economics

• At list price, monthly cash flow is $366 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $200k).
• Cap rate 8.5% vs local median 5.1% 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.
• Millcreek Township SD (suburban): math 46% / reading 65% proficiency, ranked #105 of 539 in PA (top 20%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 99 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 364 units permitted in Erie County in 2024 (188 in 5+ unit buildings).
• This rent runs 33% of the median local income ($81k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Erie County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $36k; list at $200k implies a 456% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $199,500

Questions for the listing agent

1. Built in 1950 — 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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.12% ✓
• Cap rate: 8.49%
• Cash-on-cash: 7.86%
• DSCR: 1.35
• GRM: 7.4

CMA / ARV

• ARV (on-the-fly): $258,888
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2715 W 25th St	0.20mi	4/2.0 (+1)	1,400 (-13%)	12mo	$192,000	$137	54
3109 W 24th St	0.68mi	3/2.0	1,565 (-3%)	13mo	$207,000	$132	53
2324 W 32nd St	0.55mi	3/1.0	1,396 (-13%)	0mo	$225,000	$161	48
2912 Court Ave	0.49mi	3/2.0	1,408 (-12%)	11mo	$280,000	$199	47
3224 Highland Rd	0.55mi	3/1.5	1,468 (-9%)	14mo	$237,000	$161	46
2735 W 35th St	0.73mi	3/2.0	1,472 (-8%)	10mo	$234,000	$159	43
3522 Fountain Way	0.72mi	3/2.0	1,730 (+8%)	13mo	$357,250	$207	43
2809 W 30th St	0.48mi	4/2.5 (+1)	1,814 (+13%)	11mo	$318,500	$176	40
2808 Greeley Ave	0.72mi	4/1.5 (+1)	1,446 (-10%)	5mo	$229,000	$158	38
2920 Post Ave	0.72mi	3/1.0	1,370 (-15%)	0mo	$80,000	$58	38
2817 W 34th St	0.70mi	3/1.5	1,392 (-13%)	8mo	$310,000	$223	36
2738 W 34th St	0.66mi	4/2.0 (+1)	1,402 (-13%)	11mo	$310,000	$221	34

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

Projected returns pro-forma

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

5-year hold

• IRR: -4.3%
• Equity multiple: 0.84×
• Total profit: $-8,981
• Equity at exit: $29,746

10-year hold

• IRR: 5.4%
• Equity multiple: 1.40×
• Total profit: $22,378
• Equity at exit: $17,249

Cash invested: $55,860 (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 16506

• Active inventory: 99
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $2,240 high
• Mortgage (P&I): −$1,046
• Tax from tax record: −$274 /mo · $3,290/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$470
• Net cashflow: $366

Break-even live

Break-even rent $1,777

Max offer price $199,500

Occupancy floor 79%

Sensitivity live

Price	-10% $479	-5% $422	+0% $366	+5% $309	+10% $253
Rent	-10% $189	-5% $277	+0% $366	+5% $454	+10% $543
Rate	-1.0pp $466	-0.5pp $417	base $366	+0.5pp $314	+1.0pp $262

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: $49,875
• Closing costs: $5,985
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2857 Willowood Dr Unit 2901 Erie, PA	2.0	1.5	1300	$1,750	$1.35	44d	1	0.84mi
4500 Hammocks Dr Erie, PA	2.0–3.0	2.0	1312	$3,270	$2.49	44d	7	1.26mi
4536 Hammocks Dr Unit 536404 Erie, PA	3.0	2.0	1416	$2,290	$1.62	44d	1	1.29mi
4536 Hammocks Dr Unit 542401 Erie, PA	2.0	2.0	1327	$2,160	$1.63	44d	1	1.29mi
4536 Hammocks Dr Unit 536204 Erie, PA	3.0	2.0	1416	$2,275	$1.61	44d	1	1.29mi
1837 W 9th St Erie, PA	3.0	1.0	1450	$1,600	$1.10	44d	1	1.38mi

Listing history 9 events

1. 2026-06-21
   days on market $199,500 Active 8 DOM
2. 2026-06-19
   days on market $199,500 Active 6 DOM
3. 2026-06-18
   days on market $199,500 Active 5 DOM
4. 2026-06-17
   days on market $199,500 Active 4 DOM
5. 2026-06-16
   days on market $199,500 Active 3 DOM
6. 2026-06-15
   remarks 582-char remark
7. 2026-06-15
   days on market $199,500 Active 2 DOM
8. 2026-06-14
   remarks 576-char remark
9. 2026-06-14
   listed $199,500 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: $3,290 · $274/mo
• Projected year-2 tax: $3,290 · $274/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: $26,875
• − Mortgage interest: −$11,175
• − Property taxes: −$3,290
• − Insurance: −$998
• − Repairs & maintenance: −$2,150
• − Management: −$2,150
• − Depreciation: −$5,804
• Taxable income: $1,309
• Est. tax owed @ 24.0%: −$314
• After-tax cash flow: $4,075/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: Millcreek Township SD
• NCES district ID: 4215330
• Math proficiency: 46% ▼ -13.00%
• Reading proficiency: 65% ▼ -9.00%
• Median HH income: $55,734
• Composite: 47.82/100
• National rank: #2224
• State rank: #105 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

• County: Erie County · 92,215 people
• City population: 92,215
• Metro: Erie, PA
• Population (ZIP): 24,070
• Household income: $81,060
• Rent vs Own: 31.5% rent · 68.5% own
• Severe rent burden: 894.0

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: Predominantly White (88%)
• Race & ethnicity: White 88% Two or more races 5% Asian 4% Black 2% Hispanic / Latino 2%
• Common ancestry: Romanian 11% Italian 2% Lithuanian 1%
• Foreign-born: 5% · Canada, China
• Languages at home: 93% English-only · Other Indo-European 2% Spanish 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: ▼ -152.21%
• Current HPI: 228.7506
• Rent YoY: —
• 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

+455.7% since first listed

2 events — show timeline

• 2026-06-13 Listed $199,500 GEBOR
• 1983-06-30 Sold (Public Records) $35,900 Public Records

Property tax history

+2.5%/yr

Latest (2026): $3,290 · +3.6% YoY. Source: county tax records.