902 W 17th St · Erie, PA 16502

$92,000

4 bd · 2.0 ba · 2,080 sqft · MultiFamily public records · 5 Days on market

Built 1897 3,306 sqft lot $44/sqft · 14% above area Est $81k · 14% 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +4.2/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• ARV discount +1.1/15.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks MLS

FULL OCCUPANCY IN THIS BRICK 2 UNIT INVESTMENT PROPERTY. 1ST FLOOR TENANT HAS BEEN THERE FOR 13 YEARS AND 2ND FLOOR TENANT HAS BEEN THERE FOR 3 YEARS. FORCED AIR ON 2ND FLOOR UNIT AND HOT WATER HEAT ON THE 1ST FLOOR.

Key facts

• 3,306 sq ft lot
• Garage
• Built 1897

Property features AI

Finance

• Financial info: Actual rents reported: $850 for one unit and $650 for the other unit

Exterior

• Parking: Attached garage (1 garage space) and a total of 2 parking spaces
• Utilities: Public water; Public sewer
• Home design: Residential income property (multi-family); Two-story building
• Construction: Brick construction; Composition roof
• Exterior features: Paved road access

Interior

• Kitchen: Each unit includes a range/oven and refrigerator
• Bedrooms: Two separate 3-bedroom units (each unit has 3 bedrooms)
• Bathrooms: One unit has 2 bathrooms; the other unit has 1 bathroom
• Heating & cooling: Forced air heating; Window air conditioning units
• Interior features: Basement tenant use
• Laundry & utility: Laundry available in each unit

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $92k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $92k).
• Cap rate 19.7% 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: Rents rising (+3.0%/yr); 56 active listings in the ZIP; 5 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; lower-income renter base — watch delinquency; 364 units permitted in Erie County in 2024 (188 in 5+ unit buildings).
• At $2,070/mo this rent would consume 64% of the median local household income ($39k/yr) (locally 1044% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $636 of loan paydown is wiped out by about $3k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $26k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 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 $20k; list at $92k implies a 360% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1897 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $92,000

Questions for the listing agent

1. Built in 1897 — 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: 2.25% ✓
• Cap rate: 19.73%
• Cash-on-cash: 47.98%
• DSCR: 3.13
• GRM: 3.7

CMA / ARV

• ARV (median comp): $80,534
• List price: $92,000
• Delta: 14.24%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
906 W 21st St	0.25mi	4/2.0	2,040 (-2%)	8mo	$150,000	$74	78
2124 Liberty St	0.32mi	4/2.0	2,260 (+9%)	3mo	$95,000	$42	68
825 W 23rd St	0.40mi	4/2.0	2,024 (-3%)	12mo	$127,000	$63	67
1114 W 20th St	0.35mi	5/2.0 (+1)	1,936 (-7%)	4mo	$111,000	$57	64
1151 W 22nd St	0.50mi	5/2.0 (+1)	2,112 (+2%)	7mo	$114,000	$54	63
649 W 21st St	0.34mi	4/2.0	2,308 (+11%)	6mo	$170,000	$74	61
821 W 23rd St	0.40mi	4/2.0	1,832 (-12%)	5mo	$119,500	$65	58
1027 Washington Pl	0.66mi	4/2.0	1,920 (-8%)	12mo	$150,000	$78	47
1619 Myrtle St	0.73mi	4/2.0	1,917 (-8%)	13mo	$68,000	$35	42
918 Walnut St	0.66mi	4/2.0	2,330 (+12%)	13mo	$145,000	$62	38
815 Walnut St	0.74mi	4/2.0	2,369 (+14%)	6mo	$109,900	$46	37
358 W 24th St	0.74mi	4/2.0	2,392 (+15%)	12mo	$108,000	$45	31

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 · 2.97% rent growth · sell at horizon

5-year hold

• IRR: 45.4%
• Equity multiple: 2.97×
• Total profit: $50,644
• Equity at exit: $13,717

10-year hold

• IRR: 51.3%
• Equity multiple: 5.98×
• Total profit: $128,368
• Equity at exit: $7,954

Cash invested: $25,760 (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 16502

• Home prices YoY: -30.5%
• Rents YoY: 3.0%
• Active inventory: 56
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $2,070 high
• Mortgage (P&I): −$482
• Tax from tax record: −$84 /mo · $1,014/yr
• Insurance: −$38
• HOA: −$0
• Vacancy / Maint / Mgmt: −$435
• Net cashflow: $1,030

Break-even live

Break-even rent $766

Max offer price $92,000

Occupancy floor 45%

Sensitivity live

Price	-10% $1,082	-5% $1,056	+0% $1,030	+5% $1,004	+10% $978
Rent	-10% $866	-5% $948	+0% $1,030	+5% $1,112	+10% $1,194
Rate	-1.0pp $1,076	-0.5pp $1,053	base $1,030	+0.5pp $1,006	+1.0pp $982

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

Units	Beds	Baths	Est. rent
▸ 2× units	1	1	$2,070
Total (2 units)			$2,070

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: $23,000
• Closing costs: $2,760
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
729 W 9th St Erie, PA	4.0	2.0	1782	$3,000	$1.68	44d	1	0.52mi
538 W 8th St Unit 1 Erie, PA	3.0	1.0	2000	$1,650	$0.82	44d	1	0.70mi
2702 Raspberry St Unit 1 Erie, PA	3.0	1.0	2000	$1,200	$0.60	44d	1	0.73mi
115 W 32nd St Erie, PA	3.0	2.0	1844	$1,050	$0.57	44d	1	1.37mi
1837 W 9th St Erie, PA	3.0	1.0	1450	$1,600	$1.10	44d	1	1.43mi

Listing history 11 events

1. 2026-05-04
   status Pending 369-char remark
2. 2026-04-29
   listed $92,000 Active 369-char remark
3. 2021-07-13
   soldstatus $20,000
4. 2021-07-09
   soldstatus $20,000 216-char remark

   Show marketing remark (216 chars)

   FULL OCCUPANCY IN THIS BRICK 2 UNIT INVESTMENT PROPERTY. 1ST FLOOR TENANT HAS BEEN THERE FOR 13 YEARS AND 2ND FLOOR TENANT HAS BEEN THERE FOR 3 YEARS. FORCED AIR ON 2ND FLOOR UNIT AND HOT WATER HEAT ON THE 1ST FLOOR.

5. 2021-05-11
   listed $49,000 216-char remark

   Show marketing remark (216 chars)

   FULL OCCUPANCY IN THIS BRICK 2 UNIT INVESTMENT PROPERTY. 1ST FLOOR TENANT HAS BEEN THERE FOR 13 YEARS AND 2ND FLOOR TENANT HAS BEEN THERE FOR 3 YEARS. FORCED AIR ON 2ND FLOOR UNIT AND HOT WATER HEAT ON THE 1ST FLOOR.

6. 2018-08-29
   soldstatus $20,000
7. 2018-08-28
   soldstatus $20,000

   Show marketing remark (102 chars)

   Great investment property in N. W. Erie with fantastic rental history! Each units has 3 BR AND 1 bath.

8. 2018-07-26
   listed $23,900

   Show marketing remark (102 chars)

   Great investment property in N. W. Erie with fantastic rental history! Each units has 3 BR AND 1 bath.

9. 2003-01-31
   soldstatus $23,500
10. 2002-01-31
    soldstatus $19,500
11. 2002-01-31
    soldstatus $19,500

ⓘ 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: $1,014 · $84/mo
• Projected year-2 tax: $1,234 · $103/mo
• Expected delta: +$220/yr (+$18/mo · 21.7%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 22% 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: $24,840
• − Mortgage interest: −$5,153
• − Property taxes: −$1,014
• − Insurance: −$460
• − Repairs & maintenance: −$1,987
• − Management: −$1,987
• − Depreciation: −$2,676
• Taxable income: $11,562
• Est. tax owed @ 24.0%: −$2,775
• After-tax cash flow: $9,585/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): 15,995
• Household income: $38,566
• Rent vs Own: 60.6% rent · 39.4% own
• Severe rent burden: 1044.0

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 (66%)
• Race & ethnicity: White 66% Two or more races 16% Hispanic / Latino 13% Black 11% Asian 2%
• Hispanic origin (detail): Mexican 5% Puerto Rican 5%
• Common ancestry: Romanian 7% Serbian 2% Italian 1%
• Foreign-born: 5% · Canada
• Languages at home: 89% English-only · Spanish 8% Other Indo-European 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: ▼ -92.73%
• Current HPI: 211.4408
• Rent YoY: ▲ 2.97%
• 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

+371.8% since first listed

11 events — show timeline

• 2026-05-04 Pending — GEBOR
• 2026-04-29 Listed $92,000 GEBOR
• 2021-07-13 Sold (Public Records) $20,000 Public Records
• 2021-07-09 Sold (MLS) $20,000 GEBOR
• 2021-05-11 Listed $49,000 GEBOR
• 2018-08-29 Sold (Public Records) $20,000 Public Records
• 2018-08-28 Sold (MLS) $20,000 GEBOR
• 2018-07-26 Listed $23,900 GEBOR
• 2003-01-31 Sold (Public Records) $23,500 Public Records
• 2002-01-31 Sold (Public Records) $19,500 Public Records
• 2002-01-31 Sold (Public Records) $19,500 Public Records

Property tax history

+1.9%/yr

Latest (2026): $1,014 · +3.4% YoY. Source: county tax records.