425-503 Lighthouse St · Erie, PA 16507

$240,000

8 bd · 10.0 ba · 3,712 sqft · MultiFamily · 5 Days on market

Built 1971 Fair condition 0.26 ac lot Est $241k · at est.

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Why this score? — see what drove the B+ 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
• ARV discount +7.7/15.0
• Appreciation +7.1/10.0
• Livability +4.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Schools +1.3/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks MLS

EAST ERIE LOCATION OFF EAST LAKE ROAD. LONG TERM TENANTS. OFF STREET PARKING. BUS STOP AT CORNER. ALL APARTMENTS HAVE PRIVATE BASEMENTS.

Key facts

• New metal roof
• Brick fourplex
• Eat-in kitchen

Tags

• BRICK FOURPLEX
• EAT-IN KITCHEN
• SEPARATE PATIO AREA
• OVERSIZED PARKING LOT
• NEW METAL ROOF
• VINYL FENCING

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/2.5-bath units multifamily listed at $240k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $312/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $240k).
• Cap rate 12.5% 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 flat; 39 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 $3,677/mo this rent would consume 132% of the median local household income ($33k/yr) (locally 776% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $12k of equity ($2k loan paydown + $10k appreciation (4.2% 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 (4.2% appreciation + 0.1% rent growth), your $67k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$39k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 6y 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 $160k; list at $240k implies a 50% gain — meaningful room to come down on a strong offer.

Recommended offer $240,000

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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Built in 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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: 1.53% ✓
• Cap rate: 12.52%
• Cash-on-cash: 22.25%
• DSCR: 1.99
• GRM: 5.4

CMA / ARV

• ARV (on-the-fly): $241,280
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
425-503 Lighthouse St	0.00mi	8/8.0	3,712 (0%)	1mo	$240,000	$65	91

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

Projected returns pro-forma

4.17% appreciation · 0.1% rent growth · sell at horizon

5-year hold

• IRR: 28.7%
• Equity multiple: 2.68×
• Total profit: $113,099
• Equity at exit: $124,068

10-year hold

• IRR: 26.7%
• Equity multiple: 4.89×
• Total profit: $261,331
• Equity at exit: $204,850

Cash invested: $67,200 (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 16507

• Home prices YoY: 2.6%
• Rents YoY: 0.1%
• Active inventory: 39
• Price-to-rent: 21.8×

Monthly cashflow live

• Estimated rent: $3,677 high
• Mortgage (P&I): −$1,259
• Tax est. 1.5%: −$300 /mo · $3,600/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$772
• Net cashflow: $1,246

Break-even live

Break-even rent $2,099

Max offer price $240,000

Occupancy floor 61%

Sensitivity live

Price	-10% $1,412	-5% $1,329	+0% $1,246	+5% $1,163	+10% $1,080
Rent	-10% $956	-5% $1,101	+0% $1,246	+5% $1,391	+10% $1,537
Rate	-1.0pp $1,367	-0.5pp $1,307	base $1,246	+0.5pp $1,184	+1.0pp $1,121

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	2.5	$3,676
Total (4 units)			$3,677

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: $60,000
• Closing costs: $7,200
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-04-18
   status Pending
2. 2026-04-18
   status Active
3. 2026-04-18
   status Pending
4. 2026-04-13
   listed $240,000 Active
5. 2020-11-10
   soldstatus $160,000 136-char remark

   Show marketing remark (136 chars)

   EAST ERIE LOCATION OFF EAST LAKE ROAD. LONG TERM TENANTS. OFF STREET PARKING. BUS STOP AT CORNER. ALL APARTMENTS HAVE PRIVATE BASEMENTS.

6. 2020-07-28
   listed $179,000 136-char remark

   Show marketing remark (136 chars)

   EAST ERIE LOCATION OFF EAST LAKE ROAD. LONG TERM TENANTS. OFF STREET PARKING. BUS STOP AT CORNER. ALL APARTMENTS HAVE PRIVATE BASEMENTS.

ⓘ 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 3/10 Moderate 7 d/yr ≥90°F today · 18 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: $44,124
• − Mortgage interest: −$13,444
• − Property taxes: −$3,600
• − Insurance: −$1,200
• − Repairs & maintenance: −$3,530
• − Management: −$3,530
• − Depreciation: −$6,982
• Taxable income: $11,839
• Est. tax owed @ 24.0%: −$2,841
• After-tax cash flow: $12,114/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 · 12 photos

Fair 45/100 Moderate rehab

This fourplex requires significant repairs and updates to improve its condition and value. The roof and exterior siding are in poor condition, and the interior needs fresh paint and new flooring. Upgrading these areas will significantly enhance the property's appeal and value.

Repairs flagged

• Major roof — Signs of wear
• Major exterior siding — Weathered and peeling
• Major interior walls — Worn paint
• Major flooring — Worn carpet
• Major bathroom fixtures — Worn and dated

Value-add opportunities

• Both new roof — Extends the life of the property and improves curb appeal
• Both exterior siding — Enhances curb appeal and protects the structure
• Both interior paint — Fresh paint improves the interior and makes the space more inviting
• Both new flooring — Fresh carpet or tile improves the living spaces and adds value
• Both bathroom fixtures — Upgraded fixtures make the bathrooms more functional and appealing

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · Signs of wear	Major	$15,000–50,000
exterior siding · Weathered and peeling	Major	$15,000–50,000
interior walls · Worn paint	Major	$15,000–50,000
flooring · Worn carpet	Major	$15,000–50,000
bathroom fixtures · Worn and dated	Major	$15,000–50,000
Total estimated repair cost · 5 items		$75,000–250,000

Value-add ROI direction

• Both new roof — Extends the life of the property and improves curb appeal ↑
• Both exterior siding — Enhances curb appeal and protects the structure ↑
• Both interior paint — Fresh paint improves the interior and makes the space more inviting ↑
• Both new flooring — Fresh carpet or tile improves the living spaces and adds value ↑
• Both bathroom fixtures — Upgraded fixtures make the bathrooms more functional and appealing ↑

ⓘ 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: 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): 8,597
• Household income: $33,361
• Rent vs Own: 66.2% rent · 33.8% own
• Severe rent burden: 776.0

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: Diverse neighborhood (Simpson 0.60)
• Race & ethnicity: White 58% Black 24% Two or more races 9% Hispanic / Latino 8% Asian 3%
• Hispanic origin (detail): Mexican 1% Puerto Rican 4%
• Common ancestry: Romanian 10% Scotch-Irish 1% Lithuanian 1%
• Foreign-born: 6% · Canada, Vietnam, China
• Languages at home: 90% English-only · Spanish 5% Vietnamese 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: ▲ 4.17%
• Current HPI: 163.92
• Rent YoY: ▲ 0.10%
• 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

+34.1% since first listed

6 events — show timeline

• 2026-04-18 Pending — GEBOR
• 2026-04-18 Relisted — GEBOR
• 2026-04-18 Pending — GEBOR
• 2026-04-13 Listed $240,000 GEBOR
• 2020-11-10 Sold (MLS) $160,000 GEBOR
• 2020-07-28 Listed $179,000 GEBOR