3001 Highland Rd · Erie, PA 16506

$229,900

2 bd · 1.0 ba · 1,139 sqft · SingleFamily public records · 3 Days on market

Built 1950 6,281 sqft lot $202/sqft · 25% above area Est $184k · 25% over

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Why this score? — see what drove the F 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 +11.9/30.0
• Schools +4.8/10.0
• Livability +4.2/5.0
• DSCR +3.5/10.0
• 1% rule +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

Beautifully Kept Millcreek Cape! Step into this charming home featuring a large living room with gleaming hardwood floors and a gorgeous eat-in kitchen with ceramic backsplash and tile flooring. The bathroom has been completely remodeled, and the home includes newer windows with screens. Enjoy efficient comfort with a forced-air gas furnace and hot water tank updated in 2022. The spacious second floor bedroom offers a large closet, and there’s an additional toilet in the basement for convenience. Outside, you’ll love the generous yard and detached garage with a covered cement patio—perfect for outdoor gatherings. Move-in ready and full of character!

Key facts

• 6,281 sq ft lot
• Garage
• Built 1950

Property features AI

Exterior

• Parking: Total 2 parking spaces; Detached 1-car garage; Paved driveway
• Utilities: Public water; Public sewer
• Home design: Single-family residence; One and one-half stories; Residential zoning
• Construction: Vinyl siding; Composition roof; Built with a full basement
• Exterior features: Patio; Landscaped lot; Paved road access

Interior

• Kitchen: Dishwasher; Gas oven; Gas range; Refrigerator
• Bedrooms: Total of 6 rooms (bedrooms included)
• Flooring: Carpet; Ceramic tile; Hardwood
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; Central air conditioning; Ceiling fan(s)
• Interior features: Ceiling fans
• Laundry & utility: Has full basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $230k.

Deal economics

• At list price, monthly cash flow is $-59 ($-702/yr) — negative.
• To cash-flow at today's rent, offer at most $220k (4.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $184k (19.9% below list).
• Recommended offer: $184k (19.9% below list) — sets the bar for 1% rule.

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.
• Millcreek Township SD (suburban): math 46% / reading 65% proficiency, ranked #105 of 539 in PA (top 20%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 96 active listings in the ZIP; 8 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; solid renter incomes; 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 $2k of loan paydown is wiped out by about $7k 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

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $184,149 (19.9% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.80% ✗
• Cap rate: 5.99%
• Cash-on-cash: -1.09%
• DSCR: 0.95
• GRM: 10.4

CMA / ARV

• ARV (median comp): $184,125
• List price: $229,900
• Delta: 24.86%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3001 Highland Rd	0.00mi	3/1.0 (+1)	1,139 (0%)	0mo	$240,000	$211	95
3025 Berkley Rd	0.08mi	3/2.0 (+1)	1,206 (+6%)	5mo	$175,000	$145	74
2511 W 32nd St	0.15mi	3/1.0 (+1)	1,075 (-6%)	9mo	$205,000	$191	71
2408 W 36th St	0.34mi	3/1.5 (+1)	1,114 (-2%)	3mo	$279,900	$251	71
2346 W 29th St	0.15mi	3/1.0 (+1)	1,042 (-8%)	9mo	$147,500	$142	66
3723 Court Ave	0.54mi	3/1.0 (+1)	1,162 (+2%)	6mo	$85,000	$73	61
2114 Canton Ave	0.61mi	3/1.0 (+1)	1,104 (-3%)	1mo	$153,000	$139	60
2653 W 25th St	0.40mi	3/1.0 (+1)	1,253 (+10%)	4mo	$170,000	$136	56
2918 Hudson Rd	0.75mi	3/1.0 (+1)	1,199 (+5%)	2mo	$162,900	$136	50
2936 Rudolph Ave	0.61mi	2/1.5	996 (-13%)	1mo	$191,500	$192	48
2845 W 31st St	0.46mi	3/2.0 (+1)	1,304 (+14%)	1mo	$219,900	$169	44
3510 Stough Ave	0.67mi	3/2.5 (+1)	1,260 (+11%)	9mo	$100,000	$79	32

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: -18.1%
• Equity multiple: 0.36×
• Total profit: $-41,001
• Equity at exit: $34,279

10-year hold

• IRR: -10.4%
• Equity multiple: 0.37×
• Total profit: $-40,579
• Equity at exit: $19,878

Cash invested: $64,372 (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 16506

• Active inventory: 96
• Price-to-rent: 10.4×

Monthly cashflow live

• Estimated rent: $1,841 high
• Mortgage (P&I): −$1,206
• Tax from tax record: −$212 /mo · $2,543/yr
• Insurance: −$96
• HOA: −$0
• Vacancy / Maint / Mgmt: −$387
• Net cashflow: $-59

Break-even live

Break-even rent $1,916

Max offer price $219,559

Occupancy floor 98%

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: $57,475
• Closing costs: $6,897
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2857 Willowood Dr Unit 2901 Erie, PA	2.0	1.5	1300	$1,750	$1.35	44d	1	0.60mi
4500 Hammocks Dr Erie, PA	2.0–3.0	2.0	1312	$1,945	$1.48	44d	7	0.94mi
4536 Hammocks Dr Unit 536404 Erie, PA	3.0	2.0	1416	$2,290	$1.62	44d	1	0.97mi
4536 Hammocks Dr Unit 542401 Erie, PA	2.0	2.0	1327	$2,160	$1.63	44d	1	0.97mi
4536 Hammocks Dr Unit 536204 Erie, PA	3.0	2.0	1416	$2,275	$1.61	44d	1	0.97mi
4024 Canterbury Dr Erie, PA	2.0	1.5	1044	$1,350	$1.29	44d	1	1.00mi
3158 W 40th St Erie, PA	2.0	2.0	1024	$1,280	$1.25	44d	1	1.05mi
2540 W 8th St Erie, PA	1.0–2.0	1.0–2.0	550	$1,711	$3.11	44d	1	1.49mi

Listing history 5 events

1. 2026-05-02
   status Pending 675-char remark
2. 2026-04-29
   listed $229,900 Active 675-char remark
3. 2020-03-13
   soldstatus $144,000
4. 2019-07-26
   soldstatus $85,000
5. 1977-09-29
   soldstatus $33,900

ⓘ 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: $2,543 · $212/mo
• Projected year-2 tax: $3,088 · $257/mo
• Expected delta: +$545/yr (+$45/mo · 21.4%)

ⓘ 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 ≥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: $22,098
• − Mortgage interest: −$12,878
• − Property taxes: −$2,543
• − Insurance: −$1,150
• − Repairs & maintenance: −$1,768
• − Management: −$1,768
• − Depreciation: −$6,688
• Taxable loss: −$4,696
• Est. tax savings @ 24.0%: +$1,127
• After-tax cash flow: $425/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: Millcreek Township SD
• NCES district ID: 4215330
• Math proficiency: 46% ▼ -13.00%
• Reading proficiency: 65% ▼ -9.00%
• Median HH income: $55,734
• Composite: 47.82/100
• National rank: #2224
• State rank: #105 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

• County: Erie County · 92,215 people
• City population: 92,215
• Metro: Erie, PA
• Population (ZIP): 24,070
• Household income: $81,060
• Rent vs Own: 31.5% rent · 68.5% own
• Severe rent burden: 894.0

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 (88%)
• Race & ethnicity: White 88% Two or more races 5% Asian 4% Black 2% Hispanic / Latino 2%
• Common ancestry: Romanian 11% Italian 2% Lithuanian 1%
• Foreign-born: 5% · Canada, China
• Languages at home: 93% English-only · Other Indo-European 2% Spanish 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: ▼ -152.21%
• Current HPI: 228.7506
• Rent YoY: —
• 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

+608.0% since first listed

6 events — show timeline

• 2026-06-05 Sold (MLS) $240,000 GEBOR
• 2026-05-02 Pending — GEBOR
• 2026-04-29 Listed $229,900 GEBOR
• 2020-03-13 Sold (Public Records) $144,000 Public Records
• 2019-07-26 Sold (Public Records) $85,000 Public Records
• 1977-09-29 Sold (Public Records) $33,900 Public Records

Property tax history

+2.5%/yr

Latest (2026): $2,543 · +3.6% YoY. Source: county tax records.