406 Raspberry St · Erie, PA 16502

$134,900

6 bd · 2.0 ba · 1,840 sqft · MultiFamily public records · 94 Days on market

Built 1892 3,267 sqft lot $73/sqft · 10% above area Est $122k · 10% over

---

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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +4.2/5.0
• Rent growth +3.2/5.0
• ARV discount +2.9/15.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• 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 MLS

Don’t miss this chance to own a turnkey, income-producing property with immediate returns and future upside with this fully-occupied duplex, ideal for both seasoned investors and those looking to grow their portfolio. The property features two well-maintained units, with the first floor offering 2 bedrooms and 1 bath, and the second floor providing a spacious 3-bedroom, 1-bath layout. Both units have been updated with luxury vinyl plank (LVP) flooring, adding durability and modern appeal, along with windows that improve energy efficiency and tenant comfort. The property includes separate utilities for each unit, as well as a separated basement, enhancing convenience and reducing owner expenses. Tenants are responsible for all utilities, plus landscaping and snow removal, making this a low-maintenance investment. With strong rental demand in the area, there is clear potential to increase rents and maximize cash flow.

Key facts

• Separate utilities
• Separated basement
• 3,267 sq ft lot

Tags

• FULLY OCCUPIED DUPLEX
• WELL MAINTAINED UNITS
• LUXURY VINYL PLANK FLOORING
• ENERGY EFFICIENT WINDOWS
• SEPARATE UTILITIES
• SEPARATED BASEMENT

What this means for you Summary

Snapshot

• This is a 1×2bd/1.0ba + 1×3bd/1.0ba units multifamily listed at $135k.

Deal economics

• At list price, monthly cash flow is $789 ($9k/yr) — positive. Per door: $395/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $135k).
• Recommended offer: $123k (9.0% below list) — sets the bar for market timing.
• Cap rate 13.3% 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.
• Market conditions: Rents rising (+3.0%/yr); 56 active listings in the ZIP; lower-income renter base — watch delinquency; 364 units permitted in Erie County in 2024 (188 in 5+ unit buildings).
• At $2,190/mo this rent would consume 68% of the median local household income ($39k/yr) (locally 1044% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $933 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $38k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 94 days — a 9% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y ago; this cycle's ask has dropped $10k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1892 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $122,759 (9.0% below list)

Questions for the listing agent

1. It's been on market 94 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1892 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 1.62% ✓
• Cap rate: 13.31%
• Cash-on-cash: 25.08%
• DSCR: 2.12
• GRM: 5.1

CMA / ARV

• ARV (median comp): $122,500
• List price: $134,900
• Delta: 10.12%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1038 W 4th St	0.08mi	5/2.0 (-1)	2,036 (+11%)	23mo	$133,750	$66	54
449 W 5th St	0.75mi	6/2.0	2,036 (+11%)	24mo	$120,500	$59	28

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 · 2.97% rent growth · sell at horizon

5-year hold

• IRR: 18.5%
• Equity multiple: 1.75×
• Total profit: $28,388
• Equity at exit: $20,114

10-year hold

• IRR: 26.9%
• Equity multiple: 3.37×
• Total profit: $89,341
• Equity at exit: $11,664

Cash invested: $37,772 (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 16502

• Home prices YoY: -30.5%
• Rents YoY: 3.0%
• Active inventory: 56
• Price-to-rent: 10.8×

Monthly cashflow live

• Estimated rent: $2,190 high
• Mortgage (P&I): −$707
• Tax from tax record: −$177 /mo · $2,125/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$460
• Net cashflow: $789

Break-even live

Break-even rent $1,191

Max offer price $134,900

Occupancy floor 59%

Sensitivity live

Price	-10% $866	-5% $828	+0% $789	+5% $751	+10% $713
Rent	-10% $616	-5% $703	+0% $789	+5% $876	+10% $962
Rate	-1.0pp $857	-0.5pp $824	base $789	+0.5pp $754	+1.0pp $719

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

Units	Beds	Baths	Est. rent
1× unit	2	1	$1,040
1× unit	3	1	$1,150
Total (2 units)			$2,190

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: $33,725
• Closing costs: $4,047
• Reserves months: —
• Total cash needed: —

Listing history 27 events

1. 2026-06-21
   days on market $134,900 Active 94 DOM
2. 2026-06-19
   days on market $134,900 Active 92 DOM
3. 2026-06-18
   days on market $134,900 Active 91 DOM
4. 2026-06-17
   days on market $134,900 Active 90 DOM
5. 2026-06-16
   days on market $134,900 Active 89 DOM
6. 2026-06-15
   days on market $134,900 Active 88 DOM
7. 2026-06-14
   days on market $134,900 Active 86 DOM
8. 2026-06-13
   days on market $134,900 Active 85 DOM
9. 2026-06-10
   days on market $134,900 Active 83 DOM
10. 2026-06-09
    days on market $134,900 Active 82 DOM
11. 2026-06-08
    days on market $134,900 Active 81 DOM
12. 2026-06-07
    days on market $134,900 Active 80 DOM
13. 2026-06-05
    days on market $134,900 Active 77 DOM
14. 2026-06-03
    days on market $134,900 Active 76 DOM
15. 2026-06-02
    days on market $134,900 Active 75 DOM
16. 2026-06-01
    pricedays on market $134,900 Active 74 DOM
17. 2026-05-31
    days on market $139,500 Active 73 DOM
18. 2026-05-30
    days on market $139,500 Active 72 DOM
19. 2026-04-06
    price $139,500 935-char remark

    Show marketing remark (935 chars)

    Don’t miss this chance to own a turnkey, income-producing property with immediate returns and future upside with this fully-occupied duplex, ideal for both seasoned investors and those looking to grow their portfolio. The property features two well-maintained units, with the first floor offering 2 bedrooms and 1 bath, and the second floor providing a spacious 3-bedroom, 1-bath layout. Both units have been updated with luxury vinyl plank (LVP) flooring, adding durability and modern appeal, along with windows that improve energy efficiency and tenant comfort. The property includes separate utilities for each unit, as well as a separated basement, enhancing convenience and reducing owner expenses. Tenants are responsible for all utilities, plus landscaping and snow removal, making this a low-maintenance investment. With strong rental demand in the area, there is clear potential to increase rents and maximize cash flow.

20. 2026-03-19
    listed $144,900 Active 935-char remark

    Show marketing remark (935 chars)

    Don’t miss this chance to own a turnkey, income-producing property with immediate returns and future upside with this fully-occupied duplex, ideal for both seasoned investors and those looking to grow their portfolio. The property features two well-maintained units, with the first floor offering 2 bedrooms and 1 bath, and the second floor providing a spacious 3-bedroom, 1-bath layout. Both units have been updated with luxury vinyl plank (LVP) flooring, adding durability and modern appeal, along with windows that improve energy efficiency and tenant comfort. The property includes separate utilities for each unit, as well as a separated basement, enhancing convenience and reducing owner expenses. Tenants are responsible for all utilities, plus landscaping and snow removal, making this a low-maintenance investment. With strong rental demand in the area, there is clear potential to increase rents and maximize cash flow.

21. 2024-12-31
    soldstatus $125,000
22. 2024-12-30
    soldstatus $125,000 Closed 342-char remark

    Show marketing remark (342 chars)

    Great investment opportunity with this fully-occupied duplex. First floor is 2 bedrooms, 1 bath and second floor is 3 bedroom, 1 bath. New LVP flooring in both units and all new windows. Separate utilities. Separated basement. Tenants pay all utilities electric, gas, water, sewer and owner just pays garbage. Schedule your appointment today!

23. 2024-11-30
    status Pending 342-char remark

    Show marketing remark (342 chars)

    Great investment opportunity with this fully-occupied duplex. First floor is 2 bedrooms, 1 bath and second floor is 3 bedroom, 1 bath. New LVP flooring in both units and all new windows. Separate utilities. Separated basement. Tenants pay all utilities electric, gas, water, sewer and owner just pays garbage. Schedule your appointment today!

24. 2024-11-18
    listed $139,900 Active 342-char remark

    Show marketing remark (342 chars)

    Great investment opportunity with this fully-occupied duplex. First floor is 2 bedrooms, 1 bath and second floor is 3 bedroom, 1 bath. New LVP flooring in both units and all new windows. Separate utilities. Separated basement. Tenants pay all utilities electric, gas, water, sewer and owner just pays garbage. Schedule your appointment today!

25. 2010-04-19
    soldstatus $25,000
26. 1996-01-25
    soldstatus $40,000
27. 1992-07-14
    soldstatus $36,900

ⓘ 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: $2,125 · $177/mo
• Projected year-2 tax: $2,128 · $177/mo
• Expected delta: +$3/yr ($0/mo · 0.1%)

ⓘ 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 · 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: $26,280
• − Mortgage interest: −$7,556
• − Property taxes: −$2,125
• − Insurance: −$674
• − Repairs & maintenance: −$2,102
• − Management: −$2,102
• − Depreciation: −$3,924
• Taxable income: $7,795
• Est. tax owed @ 24.0%: −$1,871
• After-tax cash flow: $7,602/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): 15,995
• Household income: $38,566
• Rent vs Own: 60.6% rent · 39.4% own
• Severe rent burden: 1044.0

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 (66%)
• Race & ethnicity: White 66% Two or more races 16% Hispanic / Latino 13% Black 11% Asian 2%
• Hispanic origin (detail): Mexican 5% Puerto Rican 5%
• Common ancestry: Romanian 7% Serbian 2% Italian 1%
• Foreign-born: 5% · Canada
• Languages at home: 89% English-only · Spanish 8% Other Indo-European 1% Russian/Polish/Slavic 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: ▼ -92.73%
• Current HPI: 211.4408
• Rent YoY: ▲ 2.97%
• 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

+278.0% since first listed

9 events — show timeline

• 2026-04-06 Price Changed $139,500 GEBOR
• 2026-03-19 Listed $144,900 GEBOR
• 2024-12-31 Sold (Public Records) $125,000 Public Records
• 2024-12-30 Sold (MLS) $125,000 GEBOR
• 2024-11-30 Pending — GEBOR
• 2024-11-18 Listed $139,900 GEBOR
• 2010-04-19 Sold (Public Records) $25,000 Public Records
• 1996-01-25 Sold (Public Records) $40,000 Public Records
• 1992-07-14 Sold (Public Records) $36,900 Public Records

Property tax history

+1.9%/yr

Latest (2026): $2,125 · +3.4% YoY. Source: county tax records.