914 Hess Ave · Erie, PA 16503

$119,000

4 bd · 2.0 ba · 1,496 sqft · MultiFamily public records · 154 Days on market

Built 1912 2,914 sqft lot $80/sqft · 50% above area Est $80k · 50% over

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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 +29.3/30.0
• DSCR +10.0/10.0
• Appreciation +7.9/10.0
• 1% rule +7.7/10.0
• 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

Multi-family units

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

Listing remarks MLS

Welcome to 914 Hess Avenue! Well-maintained duplex offering an excellent opportunity for investors or owner-occupants. This solid property features two separate units, each with 2 bedrooms, providing flexible living and rental options. Recent updates include a new roof installed within the last year and newer siding, offering peace of mind and reduced maintenance costs. Whether you’re looking to expand your rental portfolio or live in one unit while generating income from the other, this property checks the boxes. Convenient layout, strong income potential, and long-term value make this a smart addition to any strategy. Schedule your showing today.

Key facts

• Two separate units
• Newer siding
• New roof

Tags

• NEW ROOF
• NEWER SIDING
• TWO SEPARATE UNITS

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $119k.

Deal economics

• At list price, monthly cash flow is $417 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $119k).
• Recommended offer: $105k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.5% 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: 47 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 364 units permitted in Erie County in 2024 (188 in 5+ unit buildings).

Forward outlook

• In year one you build about $8k of equity ($823 loan paydown + $7k 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 $33k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 154 days — a 12% lower offer ($105k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $26k (18%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $10k; list at $119k implies a 1090% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1912 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $104,720 (12.0% below list)

Questions for the listing agent

1. It's been on market 154 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1912 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 1.27% ✓
• Cap rate: 10.50%
• Cash-on-cash: 15.03%
• DSCR: 1.67
• GRM: 6.6

CMA / ARV

• ARV (median comp): $79,506
• List price: $119,000
• Delta: 49.67%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1005 Hess Ave	0.05mi	4/2.0	1,408 (-6%)	10mo	$46,000	$33	80
1101 Pennsylvania Ave	0.20mi	4/2.0	1,544 (+3%)	20mo	$48,000	$31	68
941 E 11th St	0.37mi	3/2.0 (-1)	1,520 (+2%)	9mo	$58,000	$38	68
820 Wayne St	0.58mi	4/2.0	1,584 (+6%)	13mo	$42,500	$27	52
1404 E Lake Rd	0.35mi	5/2.0 (+1)	1,640 (+10%)	14mo	$75,000	$46	51
1015 E 5th St	0.43mi	4/2.0	1,696 (+13%)	22mo	$45,000	$27	39

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: 27.3%
• Equity multiple: 2.77×
• Total profit: $59,040
• Equity at exit: $72,787

10-year hold

• IRR: 25.8%
• Equity multiple: 5.60×
• Total profit: $153,367
• Equity at exit: $130,286

Cash invested: $33,320 (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: 13.1×

Monthly cashflow live

• Estimated rent: $1,513 medium
• Mortgage (P&I): −$624
• Tax from tax record: −$104 /mo · $1,251/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$318
• Net cashflow: $417

Break-even live

Break-even rent $985

Max offer price $119,000

Occupancy floor 67%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$1,514
Total (2 units)			$1,513

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: $29,750
• Closing costs: $3,570
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
622 E 4th St Erie, PA	3.0	1.0	1500	$1,250	$0.83	43d	1	0.91mi
614 E 22nd St Unit 1 Erie, PA	3.0	1.0	1300	$1,000	$0.77	43d	1	1.13mi

Listing history 28 events

1. 2026-06-19
   days on market $119,000 Active 154 DOM
2. 2026-06-18
   days on market $119,000 Active 153 DOM
3. 2026-06-17
   days on market $119,000 Active 152 DOM
4. 2026-06-16
   days on market $119,000 Active 151 DOM
5. 2026-06-15
   days on market $119,000 Active 150 DOM
6. 2026-06-14
   days on market $119,000 Active 148 DOM
7. 2026-06-13
   days on market $119,000 Active 147 DOM
8. 2026-06-10
   days on market $119,000 Active 145 DOM
9. 2026-06-09
   days on market $119,000 Active 144 DOM
10. 2026-06-08
    days on market $119,000 Active 143 DOM
11. 2026-06-07
    days on market $119,000 Active 142 DOM
12. 2026-06-05
    days on market $119,000 Active 139 DOM
13. 2026-06-03
    days on market $119,000 Active 138 DOM
14. 2026-06-02
    days on market $119,000 Active 137 DOM
15. 2026-06-01
    days on market $119,000 Active 136 DOM
16. 2026-05-31
    days on market $119,000 Active 135 DOM
17. 2026-05-30
    days on market $119,000 Active 134 DOM
18. 2026-04-15
    price $119,000 662-char remark

    Show marketing remark (659 chars)

    Welcome to 914 Hess Ave! Well-maintained duplex offering an excellent opportunity for investors or owner-occupants. This solid property features two separate units, each with 2 bedrooms, providing flexible living and rental options. Recent updates include a new roof installed within the last year and newer siding, offering peace of mind and reduced maintenance costs. Whether you’re looking to expand your rental portfolio or live in one unit while generating income from the other, this property checks the boxes. Convenient layout, strong income potential, and long-term value make this a smart addition to any strategy. Schedule your showing today.

19. 2026-04-15
    price $119,000 659-char remark

    Show marketing remark (659 chars)

    Welcome to 914 Hess Ave! Well-maintained duplex offering an excellent opportunity for investors or owner-occupants. This solid property features two separate units, each with 2 bedrooms, providing flexible living and rental options. Recent updates include a new roof installed within the last year and newer siding, offering peace of mind and reduced maintenance costs. Whether you’re looking to expand your rental portfolio or live in one unit while generating income from the other, this property checks the boxes. Convenient layout, strong income potential, and long-term value make this a smart addition to any strategy. Schedule your showing today.

20. 2026-03-12
    price $129,000 662-char remark

    Show marketing remark (659 chars)

    Welcome to 914 Hess Ave! Well-maintained duplex offering an excellent opportunity for investors or owner-occupants. This solid property features two separate units, each with 2 bedrooms, providing flexible living and rental options. Recent updates include a new roof installed within the last year and newer siding, offering peace of mind and reduced maintenance costs. Whether you’re looking to expand your rental portfolio or live in one unit while generating income from the other, this property checks the boxes. Convenient layout, strong income potential, and long-term value make this a smart addition to any strategy. Schedule your showing today.

21. 2026-03-12
    price $129,000 659-char remark

    Show marketing remark (659 chars)

    Welcome to 914 Hess Ave! Well-maintained duplex offering an excellent opportunity for investors or owner-occupants. This solid property features two separate units, each with 2 bedrooms, providing flexible living and rental options. Recent updates include a new roof installed within the last year and newer siding, offering peace of mind and reduced maintenance costs. Whether you’re looking to expand your rental portfolio or live in one unit while generating income from the other, this property checks the boxes. Convenient layout, strong income potential, and long-term value make this a smart addition to any strategy. Schedule your showing today.

22. 2026-01-16
    listed $144,900 Active 659-char remark

    Show marketing remark (662 chars)

    Welcome to 914 Hess Avenue! Well-maintained duplex offering an excellent opportunity for investors or owner-occupants. This solid property features two separate units, each with 2 bedrooms, providing flexible living and rental options. Recent updates include a new roof installed within the last year and newer siding, offering peace of mind and reduced maintenance costs. Whether you’re looking to expand your rental portfolio or live in one unit while generating income from the other, this property checks the boxes. Convenient layout, strong income potential, and long-term value make this a smart addition to any strategy. Schedule your showing today.

23. 2026-01-16
    listed $144,900 Active 662-char remark

    Show marketing remark (662 chars)

    Welcome to 914 Hess Avenue! Well-maintained duplex offering an excellent opportunity for investors or owner-occupants. This solid property features two separate units, each with 2 bedrooms, providing flexible living and rental options. Recent updates include a new roof installed within the last year and newer siding, offering peace of mind and reduced maintenance costs. Whether you’re looking to expand your rental portfolio or live in one unit while generating income from the other, this property checks the boxes. Convenient layout, strong income potential, and long-term value make this a smart addition to any strategy. Schedule your showing today.

24. 2021-11-12
    soldstatus $10,000
25. 2002-08-19
    soldstatus $35,000
26. 2002-08-15
    soldstatus $30,000
27. 2002-08-15
    soldstatus $30,000
28. 1998-12-18
    soldstatus $23,000

ⓘ 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: $1,251 · $104/mo
• Projected year-2 tax: $1,565 · $130/mo
• Expected delta: +$315/yr (+$26/mo · 25.2%)

ⓘ 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 ≥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: $18,156
• − Mortgage interest: −$6,666
• − Property taxes: −$1,251
• − Insurance: −$595
• − Repairs & maintenance: −$1,452
• − Management: −$1,452
• − Depreciation: −$3,462
• Taxable income: $3,278
• Est. tax owed @ 24.0%: −$787
• After-tax cash flow: $4,222/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
• 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

+417.4% since first listed

11 events — show timeline

• 2026-04-15 Price Changed $119,000 GEBOR
• 2026-04-15 Price Changed $119,000 GEBOR
• 2026-03-12 Price Changed $129,000 GEBOR
• 2026-03-12 Price Changed $129,000 GEBOR
• 2026-01-16 Listed $144,900 GEBOR
• 2026-01-16 Listed $144,900 GEBOR
• 2021-11-12 Sold (Public Records) $10,000 Public Records
• 2002-08-19 Sold (Public Records) $35,000 Public Records
• 2002-08-15 Sold (Public Records) $30,000 Public Records
• 2002-08-15 Sold (Public Records) $30,000 Public Records
• 1998-12-18 Sold (Public Records) $23,000 Public Records

Property tax history

+1.9%/yr

Latest (2026): $1,251 · +3.4% YoY. Source: county tax records.