1328 Patterson Ave · Erie, PA 16508

$175,000

4 bd · 2.0 ba · 2,232 sqft · MultiFamily public records · 4 Days on market

Built 1926 4,199 sqft lot Est $136k · 29% over

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Why this score? — see what drove the D+ 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 +23.3/30.0
• DSCR +7.5/10.0
• 1% rule +6.6/10.0
• Livability +4.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• ARV discount +0.0/15.0
• 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

Turnkey duplex offering the perfect blend of owner-occupant appeal and investment potential! Located on a quiet, low-traffic side street, this well-maintained property features two spacious 2-bedroom, 1-bath units with gleaming hardwood floors, classic fireplaces, separate living and dining rooms, and kitchens complete with appliances. Major updates include newer furnaces, central A/C, vinyl replacement windows, vinyl siding, updated electrical, added insulation, rebuilt covered front porches, and a new roof in 2025. A detached 2-car garage and concrete driveway add convenience and value. With a strong rental history and both units move-in ready, this is a rare opportunity to buy today and

Key facts

• Turnkey duplex
• Classic fireplaces
• Newer furnaces

Tags

• TURNKEY DUPLEX
• QUIET LOW-TRAFFIC STREET
• GLEAMING HARDWOOD FLOORS
• CLASSIC FIREPLACES
• NEWER FURNACES
• CENTRAL A/C

Property features AI

Finance

• Financial info: Two residential rental units with current actual rents of $875 per unit

Exterior

• Parking: Detached garage; Two garage spaces
• Utilities: Public water; Public sewer
• Home design: Two-story multi-family residential income property; R-1 zoning
• Construction: Aluminum and vinyl siding
• Exterior features: Asphalt roof; Paved road access

Interior

• Kitchen: Range/oven in each unit; Refrigerator in each unit
• Bedrooms: Two bedrooms in each unit
• Bathrooms: One bathroom in each unit
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Basement tenant use; Balcony/porch access in units; Fireplace (in one unit)

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $175k.

Deal economics

• At list price, monthly cash flow is $319 ($4k/yr) — positive. Per door: $159/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $175k).
• Cap rate 8.5% 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: 76 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).
• This rent runs 43% of the median local income ($56k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k 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.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $72k; list at $175k implies a 141% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1926 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $175,000

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 1926 — 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
7. 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.
8. 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.
9. 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: 1.16% ✓
• Cap rate: 8.48%
• Cash-on-cash: 7.81%
• DSCR: 1.35
• GRM: 7.2

CMA / ARV

• ARV (on-the-fly): $136,152
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3006-08 Elmwood Ave	0.05mi	4/2.0	2,288 (+2%)	16mo	$132,450	$58	80
1453 W 26th St	0.30mi	4/2.0	2,024 (-9%)	5mo	$140,000	$69	66
1037-39 W 29th St	0.32mi	4/2.0	2,116 (-5%)	14mo	$138,500	$65	64
926 W 32nd St	0.48mi	4/2.0	2,196 (-2%)	19mo	$136,000	$62	59
1044 W 31st St	0.31mi	4/2.0	2,024 (-9%)	16mo	$122,550	$61	57
1031 W 28th St	0.34mi	4/2.0	2,024 (-9%)	15mo	$52,000	$26	56
1151 W 22nd St	0.53mi	5/2.0 (+1)	2,112 (-5%)	7mo	$114,000	$54	55
3122 Plum St	0.53mi	4/2.0	1,936 (-13%)	11mo	$110,000	$57	44
825 W 23rd St	0.71mi	4/2.0	2,024 (-9%)	12mo	$127,000	$63	41
4008 Zoar Ave	0.69mi	4/2.0	1,976 (-12%)	12mo	$197,000	$100	38
1006 W 26th St	0.47mi	4/2.0	2,560 (+15%)	19mo	$90,000	$35	38
1114 W 20th St	0.70mi	5/2.0 (+1)	1,936 (-13%)	4mo	$111,000	$57	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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -4.4%
• Equity multiple: 0.84×
• Total profit: $-7,975
• Equity at exit: $26,093

10-year hold

• IRR: 5.4%
• Equity multiple: 1.40×
• Total profit: $19,520
• Equity at exit: $15,131

Cash invested: $49,000 (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 16508

• Home prices YoY: -22.8%
• Active inventory: 76
• Price-to-rent: 14.3×

Monthly cashflow live

• Estimated rent: $2,033 high
• Mortgage (P&I): −$918
• Tax from tax record: −$297 /mo · $3,560/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$427
• Net cashflow: $319

Break-even live

Break-even rent $1,629

Max offer price $175,000

Occupancy floor 79%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,032
Total (2 units)			$2,033

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2702 Raspberry St Unit 1 Erie, PA	3.0	1.0	2000	$1,200	$0.60	43d	1	0.33mi

Listing history 6 events

1. 2026-06-17
   status $175,000 Pending 4 DOM
2. 2026-06-17
   days on market $175,000 Active 4 DOM
3. 2026-06-16
   days on market $175,000 Active 3 DOM
4. 2026-06-15
   days on market $175,000 Active 2 DOM
5. 2026-06-14
   remarks 699-char remark
6. 2026-06-14
   listed $175,000 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: $3,560 · $297/mo
• Projected year-2 tax: $3,560 · $297/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 ≥89°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: $24,396
• − Mortgage interest: −$9,803
• − Property taxes: −$3,560
• − Insurance: −$875
• − Repairs & maintenance: −$1,952
• − Management: −$1,952
• − Depreciation: −$5,091
• Taxable income: $1,164
• Est. tax owed @ 24.0%: −$279
• After-tax cash flow: $3,546/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): 14,958
• Household income: $56,391
• Rent vs Own: 31.4% rent · 68.6% own
• Severe rent burden: 420.0

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 (80%)
• Race & ethnicity: White 80% Two or more races 12% Black 5% Hispanic / Latino 4% Asian 1%
• Common ancestry: Romanian 13% Lithuanian 2% Scotch-Irish 2%
• Foreign-born: 3% · Canada
• Languages at home: 95% English-only · Spanish 2% Russian/Polish/Slavic 1% Other Indo-European 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: ▼ -74.05%
• Current HPI: 250.759
• Rent YoY: —
• 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

+297.7% since first listed

4 events — show timeline

• 2026-06-13 Listed $175,000 GEBOR
• 2008-03-17 Sold (Public Records) $72,500 Public Records
• 1988-01-22 Sold (Public Records) $44,700 Public Records
• 1984-07-31 Sold (Public Records) $44,000 Public Records

Property tax history

+1.9%/yr

Latest (2026): $3,560 · +3.4% YoY. Source: county tax records.