3712 Charlotte St · Erie, PA 16508

$214,900

4 bd · 2.0 ba · 1,332 sqft · SingleFamily public records · 4 Days on market

Built 1953 6,534 sqft lot Est $192k · 12% over

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Why this score? — see what drove the D 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 +19.7/30.0
• DSCR +6.2/10.0
• 1% rule +5.7/10.0
• Livability +4.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +2.1/15.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks

Fantastic Cape Cod home lovingly cared for by current owner for 60 years! Awesome floorplan provides 2 bedrooms and a full bath on first and second floors, a nice sunroom, and a dormered second floor allowing a more spacious feel to the upstairs bedrooms than you find in a typical Cape Cod. Roof replaced in 2024. This home is a great example of pride of ownership!

Key facts

• Cape cod home
• Floorplan
• Sunroom

Tags

• CAPE COD HOME
• FLOORPLAN
• SUNROOM
• DORMERED SECOND FLOOR
• ROOF REPLACED

Property features AI

Exterior

• Parking: Detached garage with garage door opener (1.5 car)
• Utilities: Public water; Public sewer
• Home design: Single-family residence; One-and-one-half stories
• Construction: Vinyl siding; Composition roof; Built with a full basement
• Exterior features: Landscaped lot; Paved road frontage; Sidewalks (community)

Interior

• Kitchen: Dishwasher; Gas oven and gas range; Refrigerator
• Flooring: Carpet; Hardwood; Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating; Central air conditioning; Ceiling fans (cooling)
• Interior features: Ceiling fans; Window coverings and drapes; Full basement
• Laundry & utility: Washer and dryer

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $215k.

Deal economics

• At list price, monthly cash flow is $252 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $215k).
• Cap rate 7.7% 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.
• Zoned schools: Grover Cleveland El Sch (math 18% / reading 30%, grade F, #1,211 of 1,518 statewide, top 80%, 554 students, 100% FRL); Northwest Pa Collegiate Academy (math 82%, 753 students, 100% FRL) — zoned schools average 100% FRL vs 81% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 76 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 364 units permitted in Erie County in 2024 (188 in 5+ unit buildings).
• At $2,304/mo this rent would consume 49% of the median local household income ($56k/yr) (locally 420% 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 $1k of loan paydown is wiped out by about $6k 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 4 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1953 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $214,900

Questions for the listing agent

1. Built in 1953 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 1.07% ✓
• Cap rate: 7.70%
• Cash-on-cash: 5.03%
• DSCR: 1.22
• GRM: 7.8

CMA / ARV

• ARV (on-the-fly): $191,808
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1445 W 34th St	0.47mi	3/1.0 (-1)	1,364 (+2%)	0mo	$192,000	$141	65
4002 Harvard Rd	0.23mi	3/2.0 (-1)	1,200 (-10%)	4mo	$212,000	$177	64
1517 W 44th St	0.54mi	4/2.0	1,211 (-9%)	1mo	$256,000	$211	59
3813 Washington Ave	0.39mi	4/3.0	1,467 (+10%)	3mo	$182,500	$124	58
2920 Post Ave	0.72mi	3/1.0 (-1)	1,370 (+3%)	0mo	$80,000	$58	52
1546 W 43rd St	0.44mi	3/1.0 (-1)	1,184 (-11%)	0mo	$228,500	$193	52
4903 Perkins St	0.74mi	3/1.5 (-1)	1,248 (-6%)	1mo	$270,000	$216	47
1219 W 32nd St	0.75mi	3/1.0 (-1)	1,393 (+5%)	2mo	$117,500	$84	46
2116 W 34 St	0.63mi	3/1.5 (-1)	1,464 (+10%)	3mo	$319,900	$219	45
2918 Hudson Rd	0.60mi	3/1.0 (-1)	1,199 (-10%)	2mo	$162,900	$136	45
1326 W 30th St	0.74mi	4/1.0	1,464 (+10%)	2mo	$160,000	$109	44
1316 W 31st St	0.69mi	3/2.0 (-1)	1,176 (-12%)	1mo	$169,900	$144	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: -8.4%
• Equity multiple: 0.69×
• Total profit: $-18,677
• Equity at exit: $32,042

10-year hold

• IRR: 1.1%
• Equity multiple: 1.08×
• Total profit: $4,764
• Equity at exit: $18,581

Cash invested: $60,172 (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 16508

• Home prices YoY: -22.8%
• Active inventory: 76
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $2,304 medium
• Mortgage (P&I): −$1,127
• Tax from tax record: −$351 /mo · $4,216/yr
• Insurance: −$90
• HOA: −$0
• Vacancy / Maint / Mgmt: −$484
• Net cashflow: $252

Break-even live

Break-even rent $1,985

Max offer price $214,900

Occupancy floor 84%

Sensitivity live

Price	-10% $374	-5% $313	+0% $252	+5% $191	+10% $131
Rent	-10% $70	-5% $161	+0% $252	+5% $343	+10% $434
Rate	-1.0pp $360	-0.5pp $307	base $252	+0.5pp $196	+1.0pp $140

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: $53,725
• Closing costs: $6,447
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4500 Hammocks Dr Erie, PA	2.0–3.0	2.0	1312	$3,270	$2.49	45d	7	1.49mi
4536 Hammocks Dr Unit 536404 Erie, PA	3.0	2.0	1416	$2,290	$1.62	45d	1	1.50mi
4536 Hammocks Dr Unit 536204 Erie, PA	3.0	2.0	1416	$2,275	$1.61	45d	1	1.50mi

Listing history 1 events

1. 2026-05-19
   listed $214,900 Active

ⓘ 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: $4,216 · $351/mo
• Projected year-2 tax: $4,216 · $351/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 ≥90°F today · 16 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: $27,645
• − Mortgage interest: −$12,038
• − Property taxes: −$4,216
• − Insurance: −$1,074
• − Repairs & maintenance: −$2,212
• − Management: −$2,212
• − Depreciation: −$6,252
• Taxable loss: −$358
• Est. tax savings @ 24.0%: +$86
• After-tax cash flow: $3,112/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): 14,958
• Household income: $56,391
• Rent vs Own: 31.4% rent · 68.6% own
• Severe rent burden: 420.0

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 (80%)
• Race & ethnicity: White 80% Two or more races 12% Black 5% Hispanic / Latino 4% Asian 1%
• Common ancestry: Romanian 13% Lithuanian 2% Scotch-Irish 2%
• Foreign-born: 3% · Canada
• Languages at home: 95% English-only · Spanish 2% Russian/Polish/Slavic 1% Other Indo-European 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: ▼ -74.05%
• Current HPI: 250.759
• 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

1 event — show timeline

• 2026-05-19 Listed $214,900 GEBOR

Property tax history

+1.9%/yr

Latest (2026): $4,216 · +3.4% YoY. Source: county tax records.