719 W 16th St · Erie, PA 16502

$80,000

4 bd · 2.0 ba · 1,850 sqft · MultiFamily public records · 3 Days on market

Built 1917 1,799 sqft lot Est $117k · 31% under

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +4.2/5.0
• Rent growth +3.2/5.0
• 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

Great investment opportunity awaits you. .. .This 2 unit is located close to the bus route and offers a new metal roof that is only 3 years old, separate utilities and off street parking. Needs some TLC

Key facts

• 1,799 sq ft lot
• Built 1917
• Listed 3 days

Property features AI

Finance

• Other: Zoning: R-2
• Financial info: Reported rents: one unit $750, the other $735

Exterior

• Utilities: Public water; Public sewer
• Home design: Residential income property (multi-family)
• Construction: Aluminum siding; Metal roof; Built as a multi-family residence
• Exterior features: Level lot; Paved road access

Interior

• Kitchen: Unit 1: Refrigerator; Unit 2: Range/oven and refrigerator
• Bedrooms: Two 3-bedroom units
• Bathrooms: Each unit has 1 bathroom
• Heating & cooling: Forced air heating; No cooling
• Interior features: Forced air heating; No central cooling

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $80k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive. Per door: $531/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $80k).
• Cap rate 22.2% 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: Rents rising (+3.0%/yr); 56 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 364 units permitted in Erie County in 2024 (188 in 5+ unit buildings).
• At $2,085/mo this rent would consume 65% 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 $553 of loan paydown is wiped out by about $2k 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 $22k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $45k; list at $80k implies a 78% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1917 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $80,000

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. Built in 1917 — 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: 2.61% ✓
• Cap rate: 22.21%
• Cash-on-cash: 56.86%
• DSCR: 3.53
• GRM: 3.2

CMA / ARV

• ARV (on-the-fly): $116,550
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
821 W 23rd St	0.45mi	4/2.0	1,832 (-1%)	5mo	$119,500	$65	74
421 W 16th St	0.41mi	5/2.0 (+1)	1,760 (-5%)	2mo	$79,500	$45	66
1114 W 20th St	0.47mi	5/2.0 (+1)	1,936 (+5%)	4mo	$111,000	$57	62
906 W 21st St	0.32mi	4/2.0	2,040 (+10%)	8mo	$150,000	$74	62
1619 Myrtle St	0.61mi	4/2.0	1,917 (+4%)	13mo	$68,000	$35	55
825 W 23rd St	0.45mi	4/2.0	2,024 (+9%)	12mo	$127,000	$63	53
715 W 21st St	0.33mi	4/2.0	2,112 (+14%)	14mo	$135,000	$64	50
1027 Washington Pl	0.73mi	4/2.0	1,920 (+4%)	12mo	$150,000	$78	50
2705 Liberty St	0.70mi	3/2.0 (-1)	1,883 (+2%)	16mo	$126,000	$67	46
348 W 24th St	0.69mi	5/2.0 (+1)	1,970 (+6%)	11mo	$95,000	$48	43
355 W 24th St	0.70mi	4/2.0	1,672 (-10%)	11mo	$81,000	$48	43
1151 W 22nd St	0.61mi	5/2.0 (+1)	2,112 (+14%)	7mo	$114,000	$54	37

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: 55.3%
• Equity multiple: 3.44×
• Total profit: $54,628
• Equity at exit: $11,928

10-year hold

• IRR: 60.3%
• Equity multiple: 7.01×
• Total profit: $134,571
• Equity at exit: $6,917

Cash invested: $22,400 (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: 6.4×

Monthly cashflow live

• Estimated rent: $2,085 high
• Mortgage (P&I): −$420
• Tax from tax record: −$133 /mo · $1,594/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$438
• Net cashflow: $1,061

Break-even live

Break-even rent $741

Max offer price $80,000

Occupancy floor 44%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$2,086
Total (2 units)			$2,085

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: $20,000
• Closing costs: $2,400
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
729 W 9th St Erie, PA	4.0	2.0	1782	$3,000	$1.68	44d	1	0.50mi
538 W 8th St Unit 1 Erie, PA	3.0	1.0	2000	$1,650	$0.82	44d	1	0.64mi
2702 Raspberry St Unit 1 Erie, PA	3.0	1.0	2000	$1,200	$0.60	44d	1	0.80mi
1164 W 7th St Erie, PA	3.0	1.0	1248	$1,600	$1.28	44d	1	0.85mi
115 W 32nd St Erie, PA	3.0	2.0	1844	$1,050	$0.57	44d	1	1.30mi

Listing history 5 events

1. 2026-05-12
   status Pending
2. 2026-05-08
   listed $80,000 Active
3. 2003-12-05
   soldstatus $44,900
4. 2002-02-08
   soldstatus $22,000
5. 1995-09-21
   soldstatus $25,000

ⓘ 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: $1,594 · $133/mo
• Projected year-2 tax: $1,594 · $133/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 3/10 Moderate FEMA zone X (unshaded) · 20% 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: $25,020
• − Mortgage interest: −$4,481
• − Property taxes: −$1,594
• − Insurance: −$400
• − Repairs & maintenance: −$2,002
• − Management: −$2,002
• − Depreciation: −$2,327
• Taxable income: $12,214
• Est. tax owed @ 24.0%: −$2,931
• After-tax cash flow: $9,806/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

+220.0% since first listed

5 events — show timeline

• 2026-05-12 Pending — GEBOR
• 2026-05-08 Listed $80,000 GEBOR
• 2003-12-05 Sold (Public Records) $44,900 Public Records
• 2002-02-08 Sold (Public Records) $22,000 Public Records
• 1995-09-21 Sold (Public Records) $25,000 Public Records

Property tax history

+1.9%/yr

Latest (2026): $1,594 · +3.4% YoY. Source: county tax records.