122 Water St · Edinboro, PA 16412

$139,900

6 bd · 2.0 ba · 2,088 sqft · MultiFamily public records · 268 Days on market

Built 1890 0.83 ac lot $67/sqft · 17% below area Est $169k · 17% 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 +25.3/30.0
• ARV discount +15.0/15.0
• DSCR +8.3/10.0
• 1% rule +7.4/10.0
• Schools +5.0/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 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

Charming multi-unit property located at 122 Water St in the heart of Edinboro. This fully-occupied duplex offers spacious layouts, strong rental history, and a convenient location near shopping, dining, and less than a mile from PennWest University. New boiler 2024. An excellent opportunity for investors or owner-occupants looking to maximize income.

Key facts

• New boiler
• Convenient location
• Multi-unit property

Tags

• MULTI-UNIT PROPERTY
• FULLY-OCCUPIED DUPLEX
• STRONG RENTAL HISTORY
• CONVENIENT LOCATION
• NEW BOILER

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.5-bath units multifamily listed at $140k.

Deal economics

• At list price, monthly cash flow is $317 ($4k/yr) — positive. Per door: $159/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Recommended offer: $123k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.0% vs local median 2.4% in Edinboro — 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 77/100 on livability (#316 in PA, #2,814 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, crime A; Watch: amenities D+, commute F, employment D-.
• General Mclane SD (rural): math 50% / reading 66% proficiency, ranked #85 of 539 in PA (top 16%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 59 active listings in the ZIP; 364 units permitted in Erie County in 2024 (188 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $967 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.

Negotiation context

• It's been on market 268 days — a 12% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 5y ago; this cycle's ask has dropped $25k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $103k; 36% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $123,112 (12.0% below list)

Questions for the listing agent

1. It's been on market 268 days. Have you received any prior offers? Is the seller open to a 12% 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 1890 — 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. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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: 1.24% ✓
• Cap rate: 9.01%
• Cash-on-cash: 9.72%
• DSCR: 1.43
• GRM: 6.7

CMA / ARV

• ARV (median comp): $169,430
• List price: $139,900
• Delta: -17.43%
• Verdict: UNDERPRICED
• Comps: 11 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
108 Ontario St	0.37mi	6/2.0	2,150 (+3%)	22mo	$149,000	$69	59
109 E Normal St	0.21mi	5/2.0 (-1)	1,806 (-14%)	6mo	$165,000	$91	58

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -1.6%
• Equity multiple: 0.94×
• Total profit: $-2,382
• Equity at exit: $20,860

10-year hold

• IRR: 8.1%
• Equity multiple: 1.62×
• Total profit: $24,265
• Equity at exit: $12,096

Cash invested: $39,172 (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 16412

• Home prices YoY: -29.0%
• Active inventory: 59
• Price-to-rent: 13.5×

Monthly cashflow live

• Estimated rent: $1,731 medium
• Mortgage (P&I): −$734
• Tax from tax record: −$258 /mo · $3,099/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$364
• Net cashflow: $317

Break-even live

Break-even rent $1,329

Max offer price $139,900

Occupancy floor 77%

Sensitivity live

Price	-10% $397	-5% $357	+0% $317	+5% $278	+10% $238
Rent	-10% $181	-5% $249	+0% $317	+5% $386	+10% $454
Rate	-1.0pp $388	-0.5pp $353	base $317	+0.5pp $281	+1.0pp $244

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1.5	$1,732
Total (2 units)			$1,731

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: $34,975
• Closing costs: $4,197
• Reserves months: —
• Total cash needed: —

Listing history 32 events

1. 2026-06-19
   days on market $139,900 Active 268 DOM
2. 2026-06-18
   days on market $139,900 Active 267 DOM
3. 2026-06-17
   days on market $139,900 Active 266 DOM
4. 2026-06-16
   days on market $139,900 Active 265 DOM
5. 2026-06-15
   days on market $139,900 Active 264 DOM
6. 2026-06-14
   days on market $139,900 Active 262 DOM
7. 2026-06-13
   days on market $139,900 Active 261 DOM
8. 2026-06-10
   days on market $139,900 Active 259 DOM
9. 2026-06-09
   days on market $139,900 Active 258 DOM
10. 2026-06-08
    days on market $139,900 Active 257 DOM
11. 2026-06-07
    days on market $139,900 Active 256 DOM
12. 2026-06-05
    days on market $139,900 Active 253 DOM
13. 2026-06-03
    days on market $139,900 Active 252 DOM
14. 2026-06-02
    days on market $139,900 Active 251 DOM
15. 2026-06-01
    days on market $139,900 Active 250 DOM
16. 2026-05-31
    days on market $139,900 Active 249 DOM
17. 2026-05-30
    days on market $139,900 Active 248 DOM
18. 2026-03-29
    status Active 352-char remark

    Show marketing remark (352 chars)

    Charming multi-unit property located at 122 Water St in the heart of Edinboro. This fully-occupied duplex offers spacious layouts, strong rental history, and a convenient location near shopping, dining, and less than a mile from PennWest University. New boiler 2024. An excellent opportunity for investors or owner-occupants looking to maximize income.

19. 2026-03-15
    status Pending 352-char remark

    Show marketing remark (352 chars)

    Charming multi-unit property located at 122 Water St in the heart of Edinboro. This fully-occupied duplex offers spacious layouts, strong rental history, and a convenient location near shopping, dining, and less than a mile from PennWest University. New boiler 2024. An excellent opportunity for investors or owner-occupants looking to maximize income.

20. 2026-02-06
    price $155,000 352-char remark

    Show marketing remark (352 chars)

    Charming multi-unit property located at 122 Water St in the heart of Edinboro. This fully-occupied duplex offers spacious layouts, strong rental history, and a convenient location near shopping, dining, and less than a mile from PennWest University. New boiler 2024. An excellent opportunity for investors or owner-occupants looking to maximize income.

21. 2025-09-11
    listed $164,900 Active 352-char remark

    Show marketing remark (352 chars)

    Charming multi-unit property located at 122 Water St in the heart of Edinboro. This fully-occupied duplex offers spacious layouts, strong rental history, and a convenient location near shopping, dining, and less than a mile from PennWest University. New boiler 2024. An excellent opportunity for investors or owner-occupants looking to maximize income.

22. 2023-06-15
    soldstatus $103,000
23. 2023-06-13
    soldstatus $103,000 Closed
24. 2023-05-24
    status Pending
25. 2023-04-24
    listed $111,000 Active
26. 2022-10-31
    price $119,900
27. 2022-02-09
    listed $136,500
28. 2022-02-09
    listed $136,500 Active
29. 2021-02-10
    listed $149,900
30. 2021-02-10
    listed $149,900
31. 1995-06-15
    soldstatus $73,500
32. 1984-10-17
    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: $3,099 · $258/mo
• Projected year-2 tax: $3,099 · $258/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥91°F today · 18 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 1 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,772
• − Mortgage interest: −$7,837
• − Property taxes: −$3,099
• − Insurance: −$700
• − Repairs & maintenance: −$1,662
• − Management: −$1,662
• − Depreciation: −$4,070
• Taxable income: $1,744
• Est. tax owed @ 24.0%: −$419
• After-tax cash flow: $3,389/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: General Mclane SD
• NCES district ID: 4210650
• Math proficiency: 50% ▼ -11.00%
• Reading proficiency: 66% ▼ -5.00%
• Median HH income: $53,384
• Composite: 49.68/100
• National rank: #1971
• State rank: #85 of 539 in PA

Livability — Edinboro

• Score: 77/100
• State rank: #316
• US rank: #2814

Category grades

Amenities D+ Commute F Cost of living A+ Crime A Employment D- Housing B- Health & safety A+ User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Edinboro, PA
• City population: 1,104
• Population (ZIP): 9,726

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 (94%)
• Race & ethnicity: White 94% Two or more races 4% Hispanic / Latino 3%
• Common ancestry: Romanian 7% Lithuanian 2% Slovak 2%
• Foreign-born: 3% · Canada
• Languages at home: 98% English-only · Spanish 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: ▼ -98.34%
• Current HPI: 240.8752
• 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

+573.9% since first listed

15 events — show timeline

• 2026-03-29 Relisted — GEBOR
• 2026-03-15 Pending — GEBOR
• 2026-02-06 Price Changed $155,000 GEBOR
• 2025-09-11 Listed $164,900 GEBOR
• 2023-06-15 Sold (Public Records) $103,000 Public Records
• 2023-06-13 Sold (MLS) $103,000 GEBOR
• 2023-05-24 Pending — GEBOR
• 2023-04-24 Listed $111,000 GEBOR
• 2022-10-31 Price Changed $119,900 GEBOR
• 2022-02-09 Listed $136,500 GEBOR
• 2022-02-09 Listed $136,500 GEBOR
• 2021-02-10 Listed $149,900 GEBOR
• 2021-02-10 Listed $149,900 GEBOR
• 1995-06-15 Sold (Public Records) $73,500 Public Records
• 1984-10-17 Sold (Public Records) $23,000 Public Records

Property tax history

+2.2%/yr

Latest (2026): $3,099 · +4.4% YoY. Source: county tax records.