717 German St · Erie, PA 16503

$120,000

4 bd · 1.0 ba · 1,858 sqft · SingleFamily public records · 9 Days on market

Built 1912 2,614 sqft lot

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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 +21.3/30.0
• Appreciation +7.9/10.0
• ARV discount +7.5/15.0
• DSCR +6.8/10.0
• 1% rule +5.9/10.0
• Livability +4.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0

Listing remarks

Home has recently been remodeled and features new kitchen and bath, recently refinished hardwood floors, newer windows, ceramic tile, furnace, fenced yard and new landscaping. A cream puff home waiting for your family in a nice quiet location and at a very affordable price! Lots of house for the money!

Key facts

• Remodeled
• New bath
• New kitchen

Tags

• REMODELED
• NEW KITCHEN
• NEW BATH
• REFINISHED HARDWOOD FLOORS
• NEWER WINDOWS
• CERAMIC TILE

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-family residence; Two stories; Residential property
• Construction: Vinyl siding; Asphalt roof
• Exterior features: Patio; Porch; Level lot; Paved road access

Interior

• Flooring: Carpet; Ceramic tile; Hardwood
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; No central cooling
• Interior features: Gas fireplace (1); Full basement

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $175 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $120k).
• Cap rate 8.0% vs local median 5.1% 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: Pfeiffer-Burleigh Sch (math 7% / reading 14%, grade F, #1,396 of 1,518 statewide, top 92%, 565 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: 48 active listings in the ZIP; 4 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

• In year one you build about $8k of equity ($830 loan paydown + $7k appreciation (5.7% 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 (5.7% appreciation + 3.0% rent growth), your $34k cash investment doubles in ~4 years — 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

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $53k; list at $120k implies a 126% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1912 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $120,000

Questions for the listing agent

1. Built in 1912 — 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 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: 1.09% ✓
• Cap rate: 8.05%
• Cash-on-cash: 6.27%
• DSCR: 1.28
• GRM: 7.6

CMA / ARV

• ARV (on-the-fly): $52,024
• Comps found: 10

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
903 Wayne St	0.67mi	4/1.5	1,932 (+4%)	4mo	$128,000	$66	57
457 E 9th St	0.28mi	3/1.0 (-1)	1,743 (-6%)	20mo	$10,000	$6	55
423 E 11th St	0.33mi	4/1.5	2,006 (+8%)	19mo	$33,000	$16	54
606 E 6th St	0.43mi	4/1.0	1,672 (-10%)	19mo	$27,000	$16	48
755 E 11th St	0.69mi	3/1.0 (-1)	1,736 (-7%)	5mo	$37,000	$21	48
422 E 14th St	0.48mi	3/1.0 (-1)	1,632 (-12%)	6mo	$87,500	$54	47
611 E 8th St	0.42mi	4/1.5	1,588 (-14%)	18mo	$45,000	$28	39
731 E 6th St	0.59mi	3/1.5 (-1)	1,672 (-10%)	23mo	$32,500	$19	30
658 E 6th St	0.53mi	3/1.5 (-1)	1,616 (-13%)	22mo	$122,000	$75	28
760 E 13th St	0.75mi	3/1.0 (-1)	1,685 (-9%)	20mo	$92,000	$55	28

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

Projected returns pro-forma

5.73% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 19.9%
• Equity multiple: 2.31×
• Total profit: $43,947
• Equity at exit: $73,399

10-year hold

• IRR: 19.4%
• Equity multiple: 4.61×
• Total profit: $121,130
• Equity at exit: $131,381

Cash invested: $33,600 (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 16503

• Home prices YoY: 4.4%
• Active inventory: 48
• Price-to-rent: 7.6×

Monthly cashflow live

• Estimated rent: $1,311 medium
• Mortgage (P&I): −$629
• Tax from tax record: −$181 /mo · $2,172/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$275
• Net cashflow: $175

Break-even live

Break-even rent $1,089

Max offer price $120,000

Occupancy floor 82%

Sensitivity live

Price	-10% $243	-5% $209	+0% $175	+5% $142	+10% $108
Rent	-10% $72	-5% $124	+0% $175	+5% $227	+10% $279
Rate	-1.0pp $236	-0.5pp $206	base $175	+0.5pp $144	+1.0pp $113

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
622 E 4th St Erie, PA	3.0	1.0	1500	$1,250	$0.83	45d	1	0.54mi
614 E 22nd St Unit 1 Erie, PA	3.0	1.0	1300	$1,000	$0.77	45d	1	1.04mi
538 W 8th St Unit 1 Erie, PA	3.0	1.0	2000	$1,650	$0.82	45d	1	1.05mi
729 W 9th St Erie, PA	4.0	2.0	1782	$3,000	$1.68	45d	1	1.32mi

Listing history 8 events

1. 2026-06-21
   days on market $120,000 Active 9 DOM
2. 2026-06-19
   days on market $120,000 Active 7 DOM
3. 2026-06-18
   days on market $120,000 Active 6 DOM
4. 2026-06-17
   days on market $120,000 Active 5 DOM
5. 2026-06-16
   days on market $120,000 Active 4 DOM
6. 2026-06-15
   days on market $120,000 Active 3 DOM
7. 2026-06-13
   remarks 305-char remark
8. 2026-06-13
   listed $120,000 Active 1 DOM

ⓘ 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: $2,172 · $181/mo
• Projected year-2 tax: $2,172 · $181/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 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: $15,733
• − Mortgage interest: −$6,722
• − Property taxes: −$2,172
• − Insurance: −$600
• − Repairs & maintenance: −$1,259
• − Management: −$1,259
• − Depreciation: −$3,491
• Taxable income: $231
• Est. tax owed @ 24.0%: −$56
• After-tax cash flow: $2,050/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
• City population: 92,215
• Population (ZIP): 15,204

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: Diverse neighborhood (Simpson 0.65)
• Race & ethnicity: White 45% Black 37% Hispanic / Latino 10% Two or more races 8% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 7%
• Common ancestry: Romanian 6% Scotch-Irish 1% Lithuanian 1%
• Foreign-born: 6% · India, Canada
• Languages at home: 90% English-only · Spanish 4% Arabic 2% Other Indo-European 2%

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: ▲ 5.73%
• Current HPI: 135.5955
• 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

+445.5% since first listed

4 events — show timeline

• 2026-06-12 Listed $120,000 GEBOR
• 2008-04-28 Sold (Public Records) $53,000 Public Records
• 2003-08-21 Sold (Public Records) $36,000 Public Records
• 1979-06-20 Sold (Public Records) $22,000 Public Records

Property tax history

+1.9%/yr

Latest (2026): $2,172 · +3.4% YoY. Source: county tax records.