1347 W 8th St · Erie, PA 16502

$125,000

4 bd · 2.0 ba · 2,024 sqft · MultiFamily public records · 21 Days on market

Built 1920 4,539 sqft lot Est $134k · 6% under

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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
• ARV discount +10.4/15.0
• 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
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Don’t miss this fully occupied 2-unit investment property located in a quiet Northwest Erie neighborhood. This income-producing property offers immediate cash flow with established tenants already in place, making it a great addition to your investment portfolio. Each unit provides comfortable living spaces, and the property’s convenient location offers easy access to shopping, restaurants, schools, and local amenities. Whether you’re a seasoned investor or looking to expand your rental portfolio, this turnkey opportunity is worth a look. No FHA or VA financing.

Key facts

• Investment property
• Established tenants
• Convenient location

Tags

• INVESTMENT PROPERTY
• INCOME PRODUCING PROPERTY
• ESTABLISHED TENANTS
• COMFORTABLE LIVING SPACES
• CONVENIENT LOCATION
• EASY ACCESS TO SHOPPING

Property features AI

Finance

• Financial info: Unit rents reported at $575 and $600

Exterior

• Parking: 2 parking spaces
• Utilities: Public water; Public sewer
• Home design: Multi-family residential income property; Two-story building; R-2 zoning
• Construction: Aluminum siding; Vinyl siding
• Exterior features: Level lot; Paved road access; Composition roof

Interior

• Bedrooms: Two 2-bedroom units
• Bathrooms: Two 1-bath units
• Heating & cooling: Forced air heating; No central cooling
• Interior features: Forced air heating

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $125k.

Deal economics

• At list price, monthly cash flow is $998 ($12k/yr) — positive. Per door: $499/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $125k).
• Recommended offer: $123k (1.5% below list) — sets the bar for market timing.
• Cap rate 15.9% 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; 4 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; lower-income renter base — watch delinquency; 364 units permitted in Erie County in 2024 (188 in 5+ unit buildings).
• At $2,392/mo this rent would consume 74% 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 $864 of loan paydown is wiped out by about $4k 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 $35k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($123k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $123,125 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.91% ✓
• Cap rate: 15.87%
• Cash-on-cash: 34.22%
• DSCR: 2.52
• GRM: 4.4

CMA / ARV

• ARV (on-the-fly): $133,584
• Comps found: 11

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1339 W 8 St	0.02mi	4/2.0	2,054 (+2%)	22mo	$120,000	$58	79
1146 W 5th St	0.38mi	4/2.0	2,024 (0%)	5mo	$106,000	$52	78
1027 Washington Pl	0.23mi	4/2.0	1,920 (-5%)	12mo	$150,000	$78	71
1353 W 9th St	0.07mi	4/2.0	2,235 (+10%)	14mo	$167,500	$75	68
1420 W 8th St	0.09mi	4/2.0	2,200 (+9%)	18mo	$140,000	$64	66
1424 W 8th St	0.09mi	4/2.0	2,200 (+9%)	18mo	$150,000	$68	66
1406 W 8th St	0.06mi	3/2.0 (-1)	1,872 (-8%)	18mo	$120,000	$64	64
320 Plum St	0.73mi	4/2.0	2,016 (-0%)	11mo	$35,000	$17	57
923 W 2nd St	0.74mi	4/2.0	2,049 (+1%)	11mo	$200,000	$98	54
1038 W 4th St	0.54mi	5/2.0 (+1)	2,036 (+1%)	23mo	$133,750	$66	49
902 W 4th St	0.72mi	3/2.0 (-1)	1,729 (-15%)	1mo	$135,000	$78	37

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: 29.6%
• Equity multiple: 2.24×
• Total profit: $43,296
• Equity at exit: $18,638

10-year hold

• IRR: 36.9%
• Equity multiple: 4.41×
• Total profit: $119,477
• Equity at exit: $10,808

Cash invested: $35,000 (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: 8.7×

Monthly cashflow live

• Estimated rent: $2,392 high
• Mortgage (P&I): −$656
• Tax from tax record: −$184 /mo · $2,208/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$502
• Net cashflow: $998

Break-even live

Break-even rent $1,129

Max offer price $125,000

Occupancy floor 53%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,392
Total (2 units)			$2,392

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1837 W 9th St Erie, PA	3.0	1.0	1450	$1,600	$1.10	43d	1	0.69mi
729 W 9th St Erie, PA	4.0	2.0	1782	$3,000	$1.68	43d	1	0.73mi
538 W 8th St Unit 1 Erie, PA	3.0	1.0	2000	$1,650	$0.82	43d	1	0.99mi
2702 Raspberry St Unit 1 Erie, PA	3.0	1.0	2000	$1,200	$0.60	43d	1	1.27mi

Listing history 22 events

1. 2026-06-19
   days on market $125,000 Active 21 DOM
2. 2026-06-18
   days on market $125,000 Active 20 DOM
3. 2026-06-17
   remarks 568-char remark
4. 2026-06-17
   days on market $125,000 Active 19 DOM
5. 2026-06-16
   days on market $125,000 Active 18 DOM
6. 2026-06-15
   days on market $125,000 Active 17 DOM
7. 2026-06-14
   days on market $125,000 Active 15 DOM
8. 2026-06-13
   days on market $125,000 Active 14 DOM
9. 2026-06-10
   days on market $125,000 Active 12 DOM
10. 2026-06-09
    days on market $125,000 Active 11 DOM
11. 2026-06-08
    days on market $125,000 Active 10 DOM
12. 2026-06-07
    days on market $125,000 Active 9 DOM
13. 2026-06-05
    days on market $125,000 Active 6 DOM
14. 2026-06-03
    days on market $125,000 Active 5 DOM
15. 2026-06-02
    days on market $125,000 Active 4 DOM
16. 2026-06-01
    days on market $125,000 Active 3 DOM
17. 2026-05-31
    days on market $125,000 Active 2 DOM
18. 2026-05-29
    listed $125,000 Active
19. 2024-05-02
    soldstatus $425,000
20. 2021-03-31
    soldstatus $60,000
21. 1995-03-31
    soldstatus $40,000
22. 1991-03-01
    soldstatus $22,500

ⓘ 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: $2,208 · $184/mo
• Projected year-2 tax: $2,208 · $184/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: $28,704
• − Mortgage interest: −$7,002
• − Property taxes: −$2,208
• − Insurance: −$625
• − Repairs & maintenance: −$2,296
• − Management: −$2,296
• − Depreciation: −$3,636
• Taxable income: $10,640
• Est. tax owed @ 24.0%: −$2,554
• After-tax cash flow: $9,424/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

+455.6% since first listed

5 events — show timeline

• 2026-05-29 Listed $125,000 GEBOR
• 2024-05-02 Sold (Public Records) $425,000 Public Records
• 2021-03-31 Sold (Public Records) $60,000 Public Records
• 1995-03-31 Sold (Public Records) $40,000 Public Records
• 1991-03-01 Sold (Public Records) $22,500 Public Records

Property tax history

+1.9%/yr

Latest (2026): $2,208 · +3.4% YoY. Source: county tax records.