802 E 11th St · Erie, PA 16503

$62,000

4 bd · 2.0 ba · 3,530 sqft · MultiFamily · 32 Days on market

Built 1910 Poor condition 2,261 sqft lot

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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
• Appreciation +7.9/10.0
• ARV discount +7.5/15.0
• Livability +4.2/5.0
• Rent growth +2.5/5.0
• Schools +1.3/10.0
• Condition / age +1.0/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Calling all Investors! Here is your next Fixer Upper! Bring your ideas and your tool belts. Both units are in the middle of a remodel and require work to be finished. Electrical updates. Plumbing updates. Upper unit offers a large 4 bedroom, 2 bathroom apartment including a laundry room. First floor unit was formerly a bar. First floor unit needs architectural drawings, a building permit, inspections and possibly a variance for future commercial uses. Property is being sold-as-is. Existing contents will remain. Cash offers only.

Key facts

• 2,261 sq ft lot
• Garage
• Built 1910

Property features AI

Finance

• Other: Located on the northeastern corner of 11th and Wayne Street
• Financial info: Unit rents: $1,000 and $900

Exterior

• Parking: Attached garage; 1 garage space
• Utilities: Public water; Public sewer
• Home design: Multi-family residential income property; Two levels; R-2 zoning; Brick construction
• Construction: Brick construction; Rubber roof; Two-story
• Exterior features: Corner lot; Paved road access; Rubber roof

Interior

• Bedrooms: 4 bedrooms
• Bathrooms: 2 bathrooms
• Heating & cooling: Forced air heating; No central cooling
• Interior features: Basement tenant use; Balcony/porch
• Laundry & utility: In-unit laundry

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $62k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $62k).
• Recommended offer: $60k (3.0% below list) — sets the bar for market timing.
• Cap rate 33.8% 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: 47 active listings in the ZIP; 364 units permitted in Erie County in 2024 (188 in 5+ unit buildings).

Forward outlook

• In year one you build about $4k of equity ($429 loan paydown + $4k 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 $17k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 32 days — a 3% lower offer ($60k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 5y 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.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $60,140 (3.0% below list)

Questions for the listing agent

1. It's been on market 32 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1910 — 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. 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 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: 3.78% ✓
• Cap rate: 33.81%
• Cash-on-cash: 98.28%
• DSCR: 5.37
• GRM: 2.2

CMA / ARV

• ARV (on-the-fly): $127,080
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
647-649 E 11th St	0.17mi	5/4.0 (+1)	3,591 (+2%)	9mo	$127,500	$36	69
919 E 7th St	0.32mi	5/3.0 (+1)	3,208 (-9%)	2mo	$110,000	$34	60
311 E 8th St	0.67mi	5/3.0 (+1)	3,336 (-6%)	10mo	$175,000	$52	42

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: —
• Equity multiple: 7.19×
• Total profit: $107,496
• Equity at exit: $37,923

10-year hold

• IRR: —
• Equity multiple: 15.15×
• Total profit: $245,640
• Equity at exit: $67,880

Cash invested: $17,360 (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: 47
• Price-to-rent: 4.5×

Monthly cashflow live

• Estimated rent: $2,342 medium
• Mortgage (P&I): −$325
• Tax est. 1.5%: −$78 /mo · $930/yr
• Insurance: −$26
• HOA: −$0
• Vacancy / Maint / Mgmt: −$492
• Net cashflow: $1,422

Break-even live

Break-even rent $542

Max offer price $62,000

Occupancy floor 34%

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

Units	Beds	Baths	Est. rent
1× unit	4	2	$1,147
1× unit	0	0	$1,196
Total (2 units)			$2,342

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: $15,500
• Closing costs: $1,860
• Reserves months: —
• Total cash needed: —

Listing history 28 events

1. 2026-06-19
   days on market $62,000 Active 32 DOM
2. 2026-06-18
   days on market $62,000 Active 31 DOM
3. 2026-06-17
   days on market $62,000 Active 30 DOM
4. 2026-06-16
   days on market $62,000 Active 29 DOM
5. 2026-06-15
   days on market $62,000 Active 28 DOM
6. 2026-06-14
   days on market $62,000 Active 26 DOM
7. 2026-06-13
   days on market $62,000 Active 25 DOM
8. 2026-06-10
   days on market $62,000 Active 23 DOM
9. 2026-06-09
   days on market $62,000 Active 22 DOM
10. 2026-06-08
    days on market $62,000 Active 21 DOM
11. 2026-06-07
    days on market $62,000 Active 20 DOM
12. 2026-06-05
    days on market $62,000 Active 17 DOM
13. 2026-06-03
    days on market $62,000 Active 16 DOM
14. 2026-06-02
    days on market $62,000 Active 15 DOM
15. 2026-06-01
    days on market $62,000 Active 14 DOM
16. 2026-05-31
    days on market $62,000 Active 13 DOM
17. 2026-05-30
    days on market $62,000 Active 12 DOM
18. 2026-05-18
    listed $62,000 Active
19. 2025-02-04
    status Active
20. 2025-01-26
    price $59,999
21. 2025-01-25
    listed $599,000 Active
22. 2023-12-01
    price $52,000
23. 2023-09-08
    listed $59,900 Active
24. 2023-08-31
    price $64,900
25. 2023-08-24
    status Active
26. 2023-08-21
    historical
27. 2023-08-19
    listed $70,000 Active
28. 2021-10-12
    listed $60,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $28,104
• − Mortgage interest: −$3,473
• − Property taxes: −$930
• − Insurance: −$310
• − Repairs & maintenance: −$2,248
• − Management: −$2,248
• − Depreciation: −$1,804
• Taxable income: $17,091
• Est. tax owed @ 24.0%: −$4,102
• After-tax cash flow: $12,959/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

Poor 20/100 Extensive rehab

This multi-family property requires extensive renovation, including exterior and interior work, electrical and plumbing updates, and HVAC upgrades. It presents significant potential for increased value through thorough renovations.

Repairs flagged

• Major Exposed electrical panel — Exposed electrical panel
• Major Exposed plumbing — Exposed plumbing
• Major Exposed flooring — Exposed flooring
• Major Exposed walls — Exposed walls

Value-add opportunities

• Both Complete exterior renovation — Improves curb appeal and resale value
• Both Complete interior renovation — Improves living conditions and rental value
• Both HVAC upgrade — Improves comfort and energy efficiency
• Both Landscaping and curb appeal improvements — Enhances property's visual appeal

Renovation cost estimate screening

Repair item	Severity	Est. cost
Exposed electrical panel · Exposed electrical panel	Major	$15,000–50,000
Exposed plumbing · Exposed plumbing	Major	$15,000–50,000
Exposed flooring · Exposed flooring	Major	$15,000–50,000
Exposed walls · Exposed walls	Major	$15,000–50,000
Total estimated repair cost · 4 items		$60,000–200,000

Value-add ROI direction

• Both Complete exterior renovation — Improves curb appeal and resale value ↑
• Both Complete interior renovation — Improves living conditions and rental value ↑
• Both HVAC upgrade — Improves comfort and energy efficiency ↑
• Both Landscaping and curb appeal improvements — Enhances property's visual appeal ↑

ⓘ 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
• 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

+3.3% since first listed

11 events — show timeline

• 2026-05-18 Listed $62,000 GEBOR
• 2025-02-04 Relisted — GEBOR
• 2025-01-26 Price Changed $59,999 GEBOR
• 2025-01-25 Listed $599,000 GEBOR
• 2023-12-01 Price Changed $52,000 GEBOR
• 2023-09-08 Listed $59,900 GEBOR
• 2023-08-31 Price Changed $64,900 GEBOR
• 2023-08-24 Relisted — GEBOR
• 2023-08-21 Delisted — GEBOR
• 2023-08-19 Listed $70,000 GEBOR
• 2021-10-12 Listed $60,000 GEBOR