1683 1/2 W 15th St · Erie, PA 16505

$55,000

2 bd · 1.0 ba · 864 sqft · SingleFamily · 20 Days on market

Built 1918 Fair condition 1,307 sqft lot $64/sqft · 51% below area

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +4.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks

Affordable and move-in ready row home offering great value at just $55,000! This 2-bedroom, 1 full updated bath home features a finished attic currently used as additional living or sleeping space, providing extra flexibility beyond the main level square footage. The spacious kitchen offers an impressive amount of cabinet and prep space for a home of this size. Built in 1918, this property combines character, functionality, and low-maintenance living on a 0.03-acre lot. Conveniently located near shopping, restaurants, and everyday amenities. Great opportunity for an owner-occupant or investor! Additional parking in back. AS IS

Key facts

• Finished attic
• Spacious kitchen
• Additional parking

Tags

• FINISHED ATTIC
• SPACIOUS KITCHEN
• ADDITIONAL PARKING

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-family residence; Residential property; Zoning: R-1
• Construction: Brick construction; Asphalt roof
• Exterior features: Enclosed porch; Porch

Interior

• Kitchen: Gas oven; Gas range; Refrigerator
• Bedrooms: Total rooms: 8
• Flooring: Hardwood; Laminate
• Bathrooms: 1 full bathroom
• Heating & cooling: Natural gas forced-air heating; Central air conditioning (gas)
• Interior features: Full, unfinished basement; Gas oven and gas range; Refrigerator; Washer and dryer
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $55k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $400 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($988 rent vs $55k).
• Recommended offer: $54k (1.5% below list) — sets the bar for market timing.
• Cap rate 15.0% vs local median 5.3% 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: Harding Sch (math 10% / reading 23%, grade F, #1,312 of 1,518 statewide, top 87%, 590 students, 100% FRL); 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: 72 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; 364 units permitted in Erie County in 2024 (188 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $380 of loan paydown is wiped out by about $2k 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 $15k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($54k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1918 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $54,175 (1.5% below list)

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. Built in 1918 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.80% ✓
• Cap rate: 15.03%
• Cash-on-cash: 31.20%
• DSCR: 2.39
• GRM: 4.6

CMA / ARV

• ARV (median comp): $112,386
• List price: $55,000
• Delta: -51.06%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1686 W 15th St	0.02mi	2/1.0	894 (+4%)	3mo	$34,000	$38	90
1903 W 24th St	0.65mi	2/1.0	816 (-6%)	8mo	$148,200	$182	54
1721 W 23rd St	0.54mi	3/1.0 (+1)	864 (0%)	23mo	$88,000	$102	51
1814 W 22nd St	0.47mi	3/1.0 (+1)	840 (-3%)	22mo	$125,000	$149	50
1944 Oxford St	0.65mi	2/1.0	816 (-6%)	20mo	$149,900	$184	44
2030 Robin Dr	0.62mi	2/1.0	800 (-7%)	19mo	$172,000	$215	43
1021 Shenley Dr	0.48mi	3/2.0 (+1)	922 (+7%)	23mo	$195,000	$211	39

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: 26.0%
• Equity multiple: 2.08×
• Total profit: $16,607
• Equity at exit: $8,201

10-year hold

• IRR: 33.7%
• Equity multiple: 4.08×
• Total profit: $47,363
• Equity at exit: $4,755

Cash invested: $15,400 (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 16505

• Home prices YoY: -33.5%
• Active inventory: 72
• Price-to-rent: 4.6×

Monthly cashflow live

• Estimated rent: $988 high
• Mortgage (P&I): −$288
• Tax est. 1.5%: −$69 /mo · $825/yr
• Insurance: −$23
• HOA: −$0
• Vacancy / Maint / Mgmt: −$207
• Net cashflow: $400

Break-even live

Break-even rent $481

Max offer price $55,000

Occupancy floor 54%

Sensitivity live

Price	-10% $438	-5% $419	+0% $400	+5% $381	+10% $362
Rent	-10% $322	-5% $361	+0% $400	+5% $439	+10% $478
Rate	-1.0pp $428	-0.5pp $414	base $400	+0.5pp $386	+1.0pp $372

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: $13,750
• Closing costs: $1,650
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1257 W 6th St Erie, PA	2.0	1.0	1100	$1,350	$1.23	45d	1	0.88mi
1102 W 8th St Unit 1R Erie, PA	1.0	1.0	800	$925	$1.16	45d	1	1.00mi
2540 W 8th St Erie, PA	1.0–2.0	1.0–2.0	550	$1,711	$3.11	45d	1	1.12mi
305 Cascade St Unit 305 Erie, PA	2.0	1.0	1000	$900	$0.90	45d	1	1.32mi
1022 W 30th St Unit 2 Erie, PA	2.0	1.0	1000	$850	$0.85	45d	1	1.35mi
2619 Liberty St Apt 2 Erie, PA	2.0	1.0	800	$800	$1.00	46d	1	1.45mi

Listing history 5 events

1. 2026-06-02
   days on market $55,000 Active 20 DOM
2. 2026-06-01
   days on market $55,000 Active 19 DOM
3. 2026-05-31
   days on market $55,000 Active 18 DOM
4. 2026-05-30
   days on market $55,000 Active 17 DOM
5. 2026-05-13
   listed $55,000 Active 634-char remark

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 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: $11,856
• − Mortgage interest: −$3,081
• − Property taxes: −$825
• − Insurance: −$275
• − Repairs & maintenance: −$948
• − Management: −$948
• − Depreciation: −$1,600
• Taxable income: $4,178
• Est. tax owed @ 24.0%: −$1,003
• After-tax cash flow: $3,803/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.

Condition & rehab AI · 14 photos

Fair 45/100 Moderate rehab

This 2-bedroom, 1-bath home requires moderate renovations, including roof repair, exterior siding, and landscaping. Painting and updating the kitchen and bathrooms would significantly increase its value.

Repairs flagged

• Major Roof — Significant damage and missing shingles.
• Major Exterior siding — Significant wear and tear.
• Major Landscaping — Overgrown and in need of maintenance.
• Minor Kitchen cabinets — Slight wear and tear.
• Minor Bathroom fixtures — Slight wear and tear.

Value-add opportunities

• Both Painting and updating kitchen cabinets — Improves appearance and functionality.
• Both Landscaping and yard maintenance — Enhances curb appeal and property value.
• Both Roof repair — Critical for structural integrity and safety.
• Both Exterior siding repair — Improves property value and appearance.
• Both Bathroom updates — Enhances functionality and appearance.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Roof · Significant damage and missing shingles.	Major	$15,000–50,000
Exterior siding · Significant wear and tear.	Major	$15,000–50,000
Landscaping · Overgrown and in need of maintenance.	Major	$15,000–50,000
Kitchen cabinets · Slight wear and tear.	Minor	$500–3,000
Bathroom fixtures · Slight wear and tear.	Minor	$500–3,000
Total estimated repair cost · 5 items		$46,000–156,000

Value-add ROI direction

• Both Painting and updating kitchen cabinets — Improves appearance and functionality. ↑
• Both Landscaping and yard maintenance — Enhances curb appeal and property value. ↑
• Both Roof repair — Critical for structural integrity and safety. ↑
• Both Exterior siding repair — Improves property value and appearance. ↑
• Both Bathroom updates — Enhances functionality and appearance. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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
• City population: 92,215
• Population (ZIP): 15,631

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 (93%)
• Race & ethnicity: White 93% Hispanic / Latino 3% Two or more races 3% Asian 2% Black 1%
• Common ancestry: Romanian 12% Slovak 3% Italian 2%
• Foreign-born: 3% · Canada
• Languages at home: 94% English-only · Other Indo-European 1% French/Haitian/Cajun 1% Spanish 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: ▼ -121.22%
• Current HPI: 240.6976
• Rent YoY: —
• Metro: —
• 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

1 event — show timeline

• 2026-05-13 Listed $55,000 GEBOR