3708 Oakwood St · Erie, PA 16508

$149,900

2 bd · 1.0 ba · 1,008 sqft · SingleFamily public records · 7 Days on market

Built 1950 5,759 sqft lot Est $194k · 23% under

---

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).

• ARV discount +15.0/15.0
• Cash flow +9.9/30.0
• Livability +4.2/5.0
• 1% rule +3.7/10.0
• DSCR +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Pending will take back ups !Cute home with hardwood floors. Freshly painted first floor, two bedrooms and full bath on 1st level. Nice size back yard with a deck and two storage sheds. Basement has a small toilet room. Off street parking. HSA Home Warranty. Seller offering $2000 Seller assist.

Key facts

• Lush backyard
• Tool shed
• Eat-in kitchen

Tags

• HARDWOOD FLOORS
• LUSH BACKYARD
• EAT-IN KITCHEN
• TOOL SHED
• STAINLESS STEEL FRIDGE
• WATER FILTRATION SYSTEM

Property features AI

Exterior

• Parking: 2 parking spaces
• Utilities: Public water; Public sewer
• Home design: Single-family residence; One and one-half stories
• Construction: Aluminum siding
• Exterior features: Asphalt roof; Lot roughly 48 x 120 (R-1 zoning)

Interior

• Kitchen: Includes dishwasher, electric oven, and refrigerator
• Bedrooms: 7 total rooms (bedroom count not specified)
• Flooring: Hardwood and other
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating
• Interior features: Dishwasher; Electric oven; Refrigerator; Washer and dryer; Hardwood and other flooring; Full basement
• Laundry & utility: Washer and dryer included

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $150k.

Deal economics

• At list price, monthly cash flow is $-93 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $133k (11.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $131k (12.5% below list).
• Recommended offer: $131k (12.5% below list) — sets the bar for 1% rule.

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: Grover Cleveland El Sch (math 18% / reading 30%, grade F, #1,211 of 1,518 statewide, top 80%, 554 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: 76 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals lingering (median 46d 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 $1k of loan paydown is wiped out by about $4k 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 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 4y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $127k; 18% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $131,151 (12.5% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1950 — 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. 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?
6. 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.
7. 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.
8. 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: 0.87% ✗
• Cap rate: 5.55%
• Cash-on-cash: -2.67%
• DSCR: 0.88
• GRM: 9.5

CMA / ARV

• ARV (on-the-fly): $193,536
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3220 Oakwood St	0.29mi	3/1.0 (+1)	1,040 (+3%)	6mo	$175,000	$168	71
3203 Melrose Ave	0.53mi	2/1.0	960 (-5%)	1mo	$192,400	$200	66
3516 Elmwood Ave	0.58mi	2/1.0	1,056 (+5%)	0mo	$187,000	$177	64
2936 Rudolph Ave	0.68mi	2/1.5	996 (-1%)	1mo	$191,500	$192	64
1335 W 42 St	0.60mi	2/1.0	960 (-5%)	4mo	$150,000	$156	61
4004 Washington Ave	0.35mi	3/2.0 (+1)	1,078 (+7%)	3mo	$249,900	$232	60
1361 W 35th St	0.48mi	2/1.0	1,112 (+10%)	3mo	$185,000	$166	58
1448 W 36th St	0.36mi	3/2.5 (+1)	1,080 (+7%)	6mo	$259,900	$241	56
3309 Greengarden Blvd	0.26mi	3/2.0 (+1)	1,146 (+14%)	6mo	$235,000	$205	51
1377 W 32 St	0.54mi	3/2.0 (+1)	1,094 (+8%)	2mo	$227,000	$207	50
2114 Canton Ave	0.63mi	3/1.0 (+1)	1,104 (+10%)	1mo	$153,000	$139	49
2016 W 37th St	0.54mi	3/1.0 (+1)	864 (-14%)	6mo	$125,000	$145	41

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: -20.7%
• Equity multiple: 0.28×
• Total profit: $-30,157
• Equity at exit: $22,351

10-year hold

• IRR: -13.8%
• Equity multiple: 0.20×
• Total profit: $-33,600
• Equity at exit: $12,961

Cash invested: $41,972 (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: 9.5×

Monthly cashflow live

• Estimated rent: $1,312 high
• Mortgage (P&I): −$786
• Tax from tax record: −$281 /mo · $3,370/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$275
• Net cashflow: $-93

Break-even live

Break-even rent $1,430

Max offer price $133,413

Occupancy floor —

Sensitivity live

Price	-10% $-8	-5% $-51	+0% $-93	+5% $-136	+10% $-178
Rent	-10% $-197	-5% $-145	+0% $-93	+5% $-42	+10% $10
Rate	-1.0pp $-18	-0.5pp $-55	base $-93	+0.5pp $-132	+1.0pp $-172

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: $37,475
• Closing costs: $4,497
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1022 W 30th St Unit 2 Erie, PA	2.0	1.0	1000	$850	$0.85	46d	1	1.00mi
1540 W 54th St Unit 156104 Erie, PA	2.0	1.0	952	$1,425	$1.50	46d	1	1.15mi
811 W 30th St Unit 1 Erie, PA	2.0	1.0	900	$1,175	$1.31	46d	1	1.19mi
3603 Maple St Erie, PA	2.0	1.0	1200	$1,000	$0.83	46d	1	1.32mi
2619 Liberty St Apt 2 Erie, PA	2.0	1.0	800	$800	$1.00	46d	1	1.33mi
4500 Hammocks Dr Erie, PA	2.0–3.0	2.0	1312	$1,945	$1.48	46d	7	1.49mi
4536 Hammocks Dr Unit 536204 Erie, PA	3.0	2.0	1416	$2,275	$1.61	46d	1	1.50mi
4536 Hammocks Dr Unit 542401 Erie, PA	2.0	2.0	1327	$2,160	$1.63	46d	1	1.50mi
4536 Hammocks Dr Unit 536404 Erie, PA	3.0	2.0	1416	$2,290	$1.62	46d	1	1.50mi

Listing history 8 events

1. 2026-06-22
   status $149,900 Pending 7 DOM
2. 2026-06-21
   days on market $149,900 Active 7 DOM
3. 2026-06-19
   days on market $149,900 Active 5 DOM
4. 2026-06-18
   days on market $149,900 Active 4 DOM
5. 2026-06-17
   days on market $149,900 Active 3 DOM
6. 2026-06-16
   days on market $149,900 Active 2 DOM
7. 2026-06-15
   remarks 691-char remark
8. 2026-06-15
   listed $149,900 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: $3,370 · $281/mo
• Projected year-2 tax: $3,370 · $281/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 2/10 Low 7 d/yr ≥90°F today · 16 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: $15,738
• − Mortgage interest: −$8,397
• − Property taxes: −$3,370
• − Insurance: −$750
• − Repairs & maintenance: −$1,259
• − Management: −$1,259
• − Depreciation: −$4,361
• Taxable loss: −$3,657
• Est. tax savings @ 24.0%: +$878
• After-tax cash flow: $-242/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

+53.7% since first listed

10 events — show timeline

• 2026-06-14 Listed $149,900 GEBOR
• 2025-10-08 Sold (Public Records) $127,000 Public Records
• 2025-10-07 Sold (MLS) $127,000 GEBOR
• 2025-08-07 Pending — GEBOR
• 2025-07-30 Price Changed $135,000 GEBOR
• 2025-07-02 Listed $145,000 GEBOR
• 2022-09-30 Sold (Public Records) $100,575 Public Records
• 2022-09-30 Sold (MLS) $100,575 GEBOR
• 2022-08-20 Delisted — GEBOR
• 2022-08-16 Listed $97,500 GEBOR

Property tax history

+1.9%/yr

Latest (2026): $3,370 · +3.4% YoY. Source: county tax records.