604 E South St · Corry, PA 16407

$69,000

5 bd · 2.0 ba · 2,522 sqft · MultiFamily · 16 Days on market

Built 1900 Fair condition 4,587 sqft lot Est $134k · 48% under ↓ 14% since listing

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Why this score? — see what drove the A 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 +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• Livability +3.7/5.0
• Schools +3.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0

Multi-family units

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

Listing remarks

This two-unit investment property offers income potential and long-term stability. Situated on a large lot with ample off-street parking, it has a two-story layout with separate utilities tenants are responsible for. The first-floor unit includes 3 bedrooms, a spacious 14’ x 15’ living room, dining room, and convenient first-floor laundry hookups. An enclosed front porch adds additional usable space. This unit is heated by central gas forced air. The second-floor unit offers 2 bedrooms, a generous 14’ x 14’ living room, a full kitchen, and its own laundry hookups. Heating is provided by 2 wall-mounted split systems for efficient comfort. Additional highlights include

Key facts

• Separate utilities
• Full kitchen
• Large lot

Tags

• LARGE LOT
• AMPLE OFF-STREET PARKING
• SEPARATE UTILITIES
• ENCLOSED FRONT PORCH
• CENTRAL GAS FORCED AIR
• FULL KITCHEN

Property features AI

Finance

• Other: Zoning: R-1
• Financial info: Actual rent — Unit 1: $325; Actual rent — Unit 2: $250

Exterior

• Parking: 8 parking spaces
• Utilities: Public water; Public sewer
• Home design: Residential income property (multifamily); Two-story building
• Construction: Frame construction
• Exterior features: Corner lot; Paved road access; Metal roof

Interior

• Kitchen: No specific appliances listed
• Bedrooms: Unit 1: 3 bedrooms; Unit 2: 2 bedrooms
• Bathrooms: Unit 1: 1 bathroom; Unit 2: 1 bathroom
• Heating & cooling: Forced air heating; Window unit cooling
• Interior features: Balcony/porch; Basement tenant use
• Laundry & utility: On-site laundry (listed for both units)

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath multifamily listed at $69k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $69k).
• Recommended offer: $68k (1.5% below list) — sets the bar for market timing.
• Cap rate 28.9% vs local median 4.0% in Corry — 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 73/100 on livability (#573 in PA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, crime A, health & safety A; Watch: amenities D+, commute F, employment F.
• Corry Area SD (town): math 33% / reading 52% proficiency, ranked #332 of 539 in PA (top 62%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 42 active listings in the ZIP; 364 units permitted in Erie County in 2024 (188 in 5+ unit buildings).

Forward outlook

• In year one you build about $7k of equity ($477 loan paydown + $7k appreciation (10.0% 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 (10.0% appreciation + 3.0% rent growth), your $19k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($68k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $67,965 (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 1900 — 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. 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: 3.26% ✓
• Cap rate: 28.87%
• Cash-on-cash: 80.64%
• DSCR: 4.59
• GRM: 2.6

CMA / ARV

• ARV (on-the-fly): $133,666
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
303 East Pleasant St	0.31mi	5/2.0	2,394 (-5%)	23mo	$127,000	$53	58
21 Grove St	0.57mi	4/2.0 (-1)	2,608 (+3%)	11mo	$69,800	$27	54

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

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 90.5%
• Equity multiple: 7.23×
• Total profit: $120,302
• Equity at exit: $62,161

10-year hold

• IRR: 85.3%
• Equity multiple: 15.97×
• Total profit: $289,310
• Equity at exit: $134,052

Cash invested: $19,320 (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 16407

• Home prices YoY: 11.0%
• Active inventory: 42
• Price-to-rent: 4.9×

Monthly cashflow live

• Estimated rent: $2,247 medium
• Mortgage (P&I): −$362
• Tax est. 1.5%: −$86 /mo · $1,035/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$472
• Net cashflow: $1,298

Break-even live

Break-even rent $604

Max offer price $69,000

Occupancy floor 37%

Sensitivity live

Price	-10% $1,346	-5% $1,322	+0% $1,298	+5% $1,274	+10% $1,251
Rent	-10% $1,121	-5% $1,210	+0% $1,298	+5% $1,387	+10% $1,476
Rate	-1.0pp $1,333	-0.5pp $1,316	base $1,298	+0.5pp $1,280	+1.0pp $1,262

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

Units	Beds	Baths	Est. rent
1× unit	3	1.5	$1,185
1× unit	2	1.5	$1,062
Total (2 units)			$2,247

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: $17,250
• Closing costs: $2,070
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-04-15
   status Pending
2. 2026-04-10
   price $69,000
3. 2026-03-30
   listed $79,900 Active

ⓘ 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 2/10 Low 8 d/yr ≥91°F today · 19 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,964
• − Mortgage interest: −$3,865
• − Property taxes: −$1,035
• − Insurance: −$345
• − Repairs & maintenance: −$2,157
• − Management: −$2,157
• − Depreciation: −$2,007
• Taxable income: $15,397
• Est. tax owed @ 24.0%: −$3,695
• After-tax cash flow: $11,884/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 · 13 photos

Fair 45/100 Moderate rehab

This two-unit property requires moderate renovations, including painting, updating the kitchen and bathroom, and replacing dated flooring. The exterior also needs repainting. With these updates, it can significantly increase its resale and rental value.

Repairs flagged

• Minor kitchen cabinets — Cluttered and dated
• Minor bathroom — Cluttered and dated
• Moderate exterior siding — Weathered and in need of repainting

Value-add opportunities

• Both painting and updating kitchen and bathroom — Improves aesthetics and functionality
• Both replacing dated flooring — Enhances overall appeal and functionality
• Both exterior repainting — Enhances curb appeal and property value

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · Cluttered and dated	Minor	$500–3,000
bathroom · Cluttered and dated	Minor	$500–3,000
exterior siding · Weathered and in need of repainting	Moderate	$3,000–15,000
Total estimated repair cost · 3 items		$4,000–21,000

Value-add ROI direction

• Both painting and updating kitchen and bathroom — Improves aesthetics and functionality ↑
• Both replacing dated flooring — Enhances overall appeal and functionality ↑
• Both exterior repainting — Enhances curb appeal and property value ↑

ⓘ 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: Corry Area SD
• NCES district ID: 4206860
• Math proficiency: 33% ▼ -15.00%
• Reading proficiency: 52% ▼ -5.00%
• Median HH income: $40,206
• Composite: 35.56/100
• National rank: #4904
• State rank: #332 of 539 in PA

Livability — Corry

• Score: 73/100
• State rank: #573
• US rank: #5430

Category grades

Amenities D+ Commute F Cost of living A+ Crime A Employment F Housing B+ Health & safety A User ratings A-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Corry, PA
• Population (ZIP): 10,555

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 (91%)
• Race & ethnicity: White 91% Two or more races 6% Hispanic / Latino 4%
• Common ancestry: Iranian 7% Romanian 6% Lithuanian 2%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · 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: ▲ 21.19%
• Current HPI: 213.9657
• 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

-13.6% since first listed

3 events — show timeline

• 2026-04-15 Pending — GEBOR
• 2026-04-10 Price Changed $69,000 GEBOR
• 2026-03-30 Listed $79,900 GEBOR