443 E 27 TH St · Erie, PA 16504

$134,900

4 bd · 3.0 ba · 2,292 sqft · MultiFamily public records · 9 Days on market

Built 1900 8,102 sqft lot Est $108k · 25% over

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Why this score? — see what drove the C+ 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
• 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
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks

Add this cash-flowing triplex to your portfolio today! This fully occupied 3-unit property offers immediate rental income with separate electric service, public water and sewer, gas forced-air heat, and low-maintenance ownership. Situated on a generous 60' x 135' lot, the property features approximately 2,292 square feet, balconies for tenants, and a convenient Erie location. Whether you're a first-time investor or looking to expand your portfolio, this turnkey property offers strong income potential and long-term value. Schedule your showing today!

Key facts

• Gas forced-air heat
• 60 x 135 lot
• Cash-flowing triplex

Tags

• CASH-FLOWING TRIPLEX
• IMMEDIATE RENTAL INCOME
• SEPARATE ELECTRIC SERVICE
• PUBLIC WATER AND SEWER
• GAS FORCED-AIR HEAT
• 60 X 135 LOT

Property features AI

Finance

• Financial info: Actual rents reported: two 1-bed units at $650 each; one 2-bed unit at $900

Exterior

• Parking: 2 parking spaces (total)
• Utilities: Public water; Public sewer
• Home design: Residential income property (multifamily); R-3 zoning
• Construction: Aluminum siding
• Exterior features: Level lot; Paved road access; Composition roof

Interior

• Bedrooms: One-bedroom units (two units); Two-bedroom unit (one unit)
• Bathrooms: One bathroom in each unit
• Heating & cooling: Forced air heating; No central cooling
• Interior features: Each unit includes a balcony or porch

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/3.0-bath units multifamily listed at $135k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive. Per door: $336/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $135k).
• Cap rate 15.2% vs local median 5.3% 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: 71 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

• Local home prices are declining (-3.0%/yr); year-one equity from $933 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $38k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 12y 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.
• Current owner paid $42k; list at $135k implies a 217% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $134,900

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 1900 — 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: 1.88% ✓
• Cap rate: 15.25%
• Cash-on-cash: 31.99%
• DSCR: 2.42
• GRM: 4.4

CMA / ARV

• ARV (on-the-fly): $107,724
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2404 Parade St	0.22mi	4/2.0	2,296 (+0%)	10mo	$65,000	$28	77
737 E 28th St	0.38mi	4/2.0	2,252 (-2%)	4mo	$155,000	$69	72
221 E 29th St	0.35mi	4/2.0	2,276 (-1%)	11mo	$125,000	$55	69
506 E 25th St	0.17mi	5/2.0 (+1)	2,441 (+6%)	6mo	$162,000	$66	67
2714-16 Wayne St	0.41mi	4/2.0	2,344 (+2%)	7mo	$110,000	$47	67
859 E 23rd St	0.60mi	4/3.0	2,234 (-2%)	2mo	$35,000	$16	66
731 E 28th St	0.37mi	4/2.0	2,232 (-3%)	12mo	$140,000	$63	64
310 E 23rd St	0.35mi	5/2.0 (+1)	2,224 (-3%)	7mo	$55,000	$25	64
329 E 27th St	0.17mi	5/2.0 (+1)	2,104 (-8%)	10mo	$135,000	$64	61
2206 Wallace St	0.32mi	4/2.0	1,968 (-14%)	1mo	$57,500	$29	56
862 E 28th St	0.54mi	4/2.0	2,162 (-6%)	7mo	$95,000	$44	55
330 E 22nd St	0.39mi	3/2.0 (-1)	1,948 (-15%)	6mo	$66,000	$34	42

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: 27.0%
• Equity multiple: 2.12×
• Total profit: $42,344
• Equity at exit: $20,114

10-year hold

• IRR: 34.6%
• Equity multiple: 4.17×
• Total profit: $119,757
• Equity at exit: $11,664

Cash invested: $37,772 (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 16504

• Home prices YoY: -17.9%
• Active inventory: 71
• Price-to-rent: 13.3×

Monthly cashflow live

• Estimated rent: $2,533 high
• Mortgage (P&I): −$707
• Tax from tax record: −$231 /mo · $2,767/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$532
• Net cashflow: $1,007

Break-even live

Break-even rent $1,258

Max offer price $134,900

Occupancy floor 55%

Sensitivity live

Price	-10% $1,083	-5% $1,045	+0% $1,007	+5% $969	+10% $931
Rent	-10% $807	-5% $907	+0% $1,007	+5% $1,107	+10% $1,207
Rate	-1.0pp $1,075	-0.5pp $1,041	base $1,007	+0.5pp $972	+1.0pp $936

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	3	$2,532
Total (3 units)			$2,533

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: $33,725
• Closing costs: $4,047
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
115 W 32nd St Erie, PA	3.0	2.0	1844	$1,050	$0.57	45d	1	0.76mi
126 W 38th St Erie, PA	4.0	2.0	1850	$4,000	$2.16	45d	1	0.98mi

Listing history 8 events

1. 2026-06-21
   days on market $134,900 Active 9 DOM
2. 2026-06-19
   days on market $134,900 Active 7 DOM
3. 2026-06-18
   days on market $134,900 Active 6 DOM
4. 2026-06-17
   days on market $134,900 Active 5 DOM
5. 2026-06-16
   days on market $134,900 Active 4 DOM
6. 2026-06-15
   days on market $134,900 Active 3 DOM
7. 2026-06-13
   remarks 555-char remark
8. 2026-06-13
   listed $134,900 Active 1 DOM

ⓘ 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: $2,767 · $231/mo
• Projected year-2 tax: $2,767 · $231/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 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: $30,396
• − Mortgage interest: −$7,556
• − Property taxes: −$2,767
• − Insurance: −$674
• − Repairs & maintenance: −$2,432
• − Management: −$2,432
• − Depreciation: −$3,924
• Taxable income: $10,610
• Est. tax owed @ 24.0%: −$2,547
• After-tax cash flow: $9,536/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): 15,632

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 (73%)
• Race & ethnicity: White 73% Two or more races 12% Black 10% Hispanic / Latino 6% Asian 3%
• Hispanic origin (detail): Mexican 1% Puerto Rican 3%
• Common ancestry: Romanian 17% Subsaharan African 2% American 2%
• Foreign-born: 9% · Canada, India, China
• Languages at home: 88% English-only · Russian/Polish/Slavic 5% Spanish 3% Other Indo-European 3%

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: ▼ -56.54%
• Current HPI: 260.1053
• 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

+274.7% since first listed

8 events — show timeline

• 2026-06-12 Listed $134,900 GEBOR
• 2025-07-03 Listed $174,995 GEBOR
• 2025-05-05 Price Changed $149,900 GEBOR
• 2025-04-23 Listed $154,900 GEBOR
• 2016-10-04 Listed $78,900 GEBOR
• 2014-02-25 Listed $69,000 GEBOR
• 1999-09-10 Sold (Public Records) $42,500 Public Records
• 1977-05-12 Sold (Public Records) $36,000 Public Records

Property tax history

+1.9%/yr

Latest (2026): $2,767 · +3.4% YoY. Source: county tax records.