718 W 3rd St · Erie, PA 16507

$139,900

2 bd · 1.0 ba · 1,016 sqft · SingleFamily public records · 15 Days on market

Built 1862 6,804 sqft lot $138/sqft · 68% above area

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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 +17.7/30.0
• ARV discount +7.5/15.0
• Appreciation +7.1/10.0
• DSCR +5.5/10.0
• 1% rule +4.2/10.0
• Livability +4.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0

Listing remarks MLS

If you are looking for both a charming, super affordable, and move in ready home, then you have come to the right place! Awesomely cute bungalow style home, immediately available, in the heart of the city! Featuring a really large eat in kitchen, nice size primary bedroom, living room with fireplace, and a really cool windowed front room that coud be used (and has been) for a bunch of purposes! Rear covered patio overlooking a giant fenced back yard, plenty of room to add a garage! The current owners have done a really nice job with updating the bathroom, fresh paint, new carpeting in living room and bedroom. Minutes to Gannon, UPMC, and all the fun stuff going on in downtown Erie!

Key facts

• Fenced back yard
• New carpeting
• Eat in kitchen

Tags

• EAT IN KITCHEN
• WINDOWED FRONT ROOM
• REAR COVERED PATIO
• FENCED BACK YARD
• UPDATED BATHROOM
• NEW CARPETING

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $112 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $128k (8.4% below list).
• Recommended offer: $128k (8.4% below list) — sets the bar for 1% rule.
• Cap rate 7.3% vs local median 5.4% 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.
• Zoned schools: Northwest Pa Collegiate Academy (math 82%, 753 students, 100% FRL) — zoned schools average 100% FRL vs 81% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents flat; 40 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 364 units permitted in Erie County in 2024 (188 in 5+ unit buildings).

Forward outlook

• In year one you build about $7k of equity ($967 loan paydown + $6k appreciation (4.2% 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 (4.2% appreciation + 0.1% rent growth), your $39k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 6, 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 15 days — a 2% lower offer ($138k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 6y 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 $68k; list at $140k implies a 107% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1862 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $128,181 (8.4% below list)

Questions for the listing agent

1. Built in 1862 — 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: 0.92% ✗
• Cap rate: 7.25%
• Cash-on-cash: 3.42%
• DSCR: 1.15
• GRM: 9.1

CMA / ARV

• ARV (median comp): $83,071
• List price: $139,900
• Delta: 68.41%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
718 W 3rd St	0.00mi	2/1.0	1,016 (0%)	0mo	$140,000	$138	100
807 W 2nd St	0.08mi	2/1.0	1,016 (0%)	12mo	$128,970	$127	86
1034 W 5th St	0.36mi	2/1.0	1,022 (+1%)	0mo	$65,000	$64	82
617 Raspberry St	0.47mi	3/1.0 (+1)	1,014 (-0%)	15mo	$129,900	$128	60
622 Cascade St	0.39mi	2/1.0	936 (-8%)	15mo	$55,000	$59	56
809 Liberty St	0.41mi	3/1.0 (+1)	1,130 (+11%)	2mo	$70,000	$62	55
614 Cranberry St	0.61mi	2/1.0	941 (-7%)	10mo	$135,000	$143	51
1247 W 6th St	0.68mi	3/1.0 (+1)	1,077 (+6%)	12mo	$130,000	$121	44
659 Downing Ct	0.44mi	3/1.0 (+1)	1,144 (+13%)	18mo	$96,000	$84	39
1211 W 7th St	0.65mi	3/1.0 (+1)	1,092 (+8%)	24mo	$130,000	$119	32
244 W 2nd St	0.63mi	2/1.0	1,144 (+13%)	22mo	$91,000	$80	31

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

Projected returns pro-forma

4.17% appreciation · 0.1% rent growth · sell at horizon

5-year hold

• IRR: 12.4%
• Equity multiple: 1.74×
• Total profit: $29,163
• Equity at exit: $72,321

10-year hold

• IRR: 12.6%
• Equity multiple: 3.02×
• Total profit: $79,147
• Equity at exit: $119,410

Cash invested: $39,172 (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 16507

• Home prices YoY: 2.6%
• Rents YoY: 0.1%
• Active inventory: 40
• Price-to-rent: 9.1×

Monthly cashflow live

• Estimated rent: $1,282 high
• Mortgage (P&I): −$734
• Tax from tax record: −$109 /mo · $1,308/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$269
• Net cashflow: $112

Break-even live

Break-even rent $1,140

Max offer price $139,900

Occupancy floor 86%

Sensitivity live

Price	-10% $191	-5% $151	+0% $112	+5% $72	+10% $33
Rent	-10% $10	-5% $61	+0% $112	+5% $162	+10% $213
Rate	-1.0pp $182	-0.5pp $147	base $112	+0.5pp $75	+1.0pp $39

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: $34,975
• Closing costs: $4,197
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
305 Cascade St Unit 305 Erie, PA	2.0	1.0	1000	$900	$0.90	45d	1	0.25mi
446 W 6th St Unit 1 Erie, PA	1.0	1.0	1160	$2,260	$1.95	45d	1	0.44mi
1102 W 8th St Unit 1R Erie, PA	1.0	1.0	800	$925	$1.16	45d	1	0.57mi
440 W 9th St Erie, PA	2.0	1.0	800	$775	$0.97	45d	1	0.61mi
1164 W 7th St Erie, PA	3.0	1.0	1248	$1,600	$1.28	45d	1	0.62mi
1257 W 6th St Erie, PA	2.0	1.0	1100	$1,350	$1.23	45d	1	0.71mi
16 W 5th St Apt 504 Erie, PA	2.0	1.5	1072	$2,499	$2.33	45d	1	0.93mi
1610 Poplar St Unit Downstairs Erie, PA	3.0	1.0	1200	$875	$0.73	45d	1	1.02mi
100 Erie Insurance Pl Erie, PA	3.0	1.0	1120	$1,425	$1.27	45d	1	1.06mi

Listing history 9 events

1. 2026-05-15
   status Active 691-char remark

   Show marketing remark (691 chars)

   If you are looking for both a charming, super affordable, and move in ready home, then you have come to the right place! Awesomely cute bungalow style home, immediately available, in the heart of the city! Featuring a really large eat in kitchen, nice size primary bedroom, living room with fireplace, and a really cool windowed front room that coud be used (and has been) for a bunch of purposes! Rear covered patio overlooking a giant fenced back yard, plenty of room to add a garage! The current owners have done a really nice job with updating the bathroom, fresh paint, new carpeting in living room and bedroom. Minutes to Gannon, UPMC, and all the fun stuff going on in downtown Erie!

2. 2026-04-09
   status Pending 691-char remark

   Show marketing remark (691 chars)

   If you are looking for both a charming, super affordable, and move in ready home, then you have come to the right place! Awesomely cute bungalow style home, immediately available, in the heart of the city! Featuring a really large eat in kitchen, nice size primary bedroom, living room with fireplace, and a really cool windowed front room that coud be used (and has been) for a bunch of purposes! Rear covered patio overlooking a giant fenced back yard, plenty of room to add a garage! The current owners have done a really nice job with updating the bathroom, fresh paint, new carpeting in living room and bedroom. Minutes to Gannon, UPMC, and all the fun stuff going on in downtown Erie!

3. 2026-04-01
   listed $139,900 Active 691-char remark

   Show marketing remark (691 chars)

   If you are looking for both a charming, super affordable, and move in ready home, then you have come to the right place! Awesomely cute bungalow style home, immediately available, in the heart of the city! Featuring a really large eat in kitchen, nice size primary bedroom, living room with fireplace, and a really cool windowed front room that coud be used (and has been) for a bunch of purposes! Rear covered patio overlooking a giant fenced back yard, plenty of room to add a garage! The current owners have done a really nice job with updating the bathroom, fresh paint, new carpeting in living room and bedroom. Minutes to Gannon, UPMC, and all the fun stuff going on in downtown Erie!

4. 2020-12-10
   soldstatus $67,500
5. 2020-12-09
   soldstatus $67,500
6. 2020-12-09
   soldstatus $67,500
7. 2020-11-03
   listed $69,000
8. 2020-10-31
   listed $69,000
9. 1978-03-20
   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: $1,308 · $109/mo
• Projected year-2 tax: $1,759 · $147/mo
• Expected delta: +$451/yr (+$38/mo · 34.5%)

ⓘ 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: $15,382
• − Mortgage interest: −$7,837
• − Property taxes: −$1,308
• − Insurance: −$700
• − Repairs & maintenance: −$1,231
• − Management: −$1,231
• − Depreciation: −$4,070
• Taxable loss: −$993
• Est. tax savings @ 24.0%: +$238
• After-tax cash flow: $1,579/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
• County: Erie County · 92,215 people
• City population: 92,215
• Metro: Erie, PA
• Population (ZIP): 8,597
• Household income: $33,361
• Rent vs Own: 66.2% rent · 33.8% own
• Severe rent burden: 776.0

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: Diverse neighborhood (Simpson 0.60)
• Race & ethnicity: White 58% Black 24% Two or more races 9% Hispanic / Latino 8% Asian 3%
• Hispanic origin (detail): Mexican 1% Puerto Rican 4%
• Common ancestry: Romanian 10% Scotch-Irish 1% Lithuanian 1%
• Foreign-born: 6% · Canada, Vietnam, China
• Languages at home: 90% English-only · Spanish 5% Vietnamese 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: ▲ 4.17%
• Current HPI: 163.92
• Rent YoY: ▲ 0.10%
• 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

+936.3% since first listed

9 events — show timeline

• 2026-05-15 Relisted — GEBOR
• 2026-04-09 Pending — GEBOR
• 2026-04-01 Listed $139,900 GEBOR
• 2020-12-10 Sold (Public Records) $67,500 Public Records
• 2020-12-09 Sold (MLS) $67,500 GEBOR
• 2020-12-09 Sold (MLS) $67,500 West Penn MLS
• 2020-11-03 Listed $69,000 West Penn MLS
• 2020-10-31 Listed $69,000 GEBOR
• 1978-03-20 Sold (Public Records) $13,500 Public Records

Property tax history

+1.9%/yr

Latest (2026): $1,308 · +3.4% YoY. Source: county tax records.