10644 W Main Unit 170 St

North East, PA 16428

$35,000B

2 bd · 2.0 ba · 1,218 sqft · Built 1987 · SingleFamily · Active · 18 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,275/mo
• Mortgage (P&I): −$184
• Tax + insurance: −$58
• HOA: −$505
• Vac / Maint / Mgmt: −$268
• Net cashflow: $260/mo
• Annual: $3,124/yr
• Cap rate: 15.22%
• Cash-on-cash: 31.88%
• DSCR: 2.42
• 1% rule: 3.64%
• Cash to close: $9,800

Investor read

• This is a 2-bed/2.0-bath single-family listed at $35k. Condition is rated fair.
• At list price, monthly cash flow is $260 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $35k).
• It's been on market 18 days — a 2% lower offer ($34k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $34k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $242 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Location reads 88/100 on livability (#42 in PA, #233 nationally) — a professional / high-income tenant draw. Strengths: cost of living A+, housing A+, health & safety A+.
• North East SD (town): math 47% / reading 69% proficiency, ranked #88 of 539 in PA (top 16%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Earle C Davis Primary (315 students, 51% FRL); North East Ms (math 37% / reading 66%, grade C, #109 of 512 statewide, top 22%, 360 students, 54% FRL); North East Hs (math 92% / reading 84%, grade A, #4 of 437 statewide, top 1%, 526 students, 35% FRL).
• Watch-outs: HOA is 40% of rent.
• Market conditions: 62 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 364 units permitted in Erie County in 2024 (188 in 5+ unit buildings).
• Erie County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 12y ago; this cycle's ask has dropped $7k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $8k; list at $35k implies a 367% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $10k cash investment doubles in ~4 years — after that, you're playing with house money.
• Cap rate 15.2% vs local median 3.3% in North East — 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.

Questions for listing agent

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.
• 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.
• 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.

Repairs flagged (vision-AI assessment)

• Moderate: kitchen cabinets — dated and worn
• Moderate: bathroom fixtures — dated and worn
• Moderate: exterior siding — moderate wear