903 W 26th St · Erie, PA 16508

$117,500

4 bd · 2.0 ba · 1,540 sqft · MultiFamily public records · 100 Days on market

Built 1917 1,507 sqft lot Est $102k · 16% 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 +0.5/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

MAJORLY RENOVATED IN 2019, THIS TWO-UNIT INCOME PRODUCING PROPERTY IS CONVENIENTLY LOCATED NEAR AHN/ST VINCENT HOSPITAL. IMPROVEMENTS MADE INCLUDED TWO NEW FURNACES, TWO HOT WATER TANKS, ALL WINDOWS & EXTERIOR DOORS, CABINETRY, APPLIANCES, FLOORING AND MORE. COMMON EXTERIOR ENTRANCE TO SHARED BASEMENT WITH LAUNDRY HOOK-UPS. PHOTOS OF FIRST FLOOR TAKEN BY OWNER PRIOR TO OCCUPANCY.

Key facts

• Renovated in 2019
• New hot water tanks
• Cabinetry

Tags

• RENOVATED IN 2019
• INCOME PRODUCING PROPERTY
• NEW FURNACES
• NEW HOT WATER TANKS
• ALL WINDOWS AND EXTERIOR DOORS
• CABINETRY

Property features AI

Finance

• Other: Listed as residential income (duplex)
• Financial info: Two income units currently rented: one at $575 and one at $600
• HOA & community: No HOA information provided

Exterior

• Parking: No specific parking details provided
• Security: No security features provided
• Utilities: Public water; Public sewer
• Home design: Duplex residential income property; 22 x 66 lot dimensions; R-1 zoning
• Construction: Aluminum siding and frame construction; Asphalt roof; Built as a duplex (year built not provided)
• Exterior features: Level lot; Paved road access

Interior

• Kitchen: Each unit includes a range/oven and refrigerator
• Bedrooms: Two 1-bedroom units (each unit contains 1 bedroom)
• Flooring: No flooring details provided
• Bathrooms: Two 1-bath units (each unit contains 1 bathroom)
• Heating & cooling: Forced air heating; No central cooling
• Interior features: Basement tenant use (lower-level rental spaces)
• Laundry & utility: No specific laundry details provided

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $118k.

Deal economics

• At list price, monthly cash flow is $593 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $118k).
• Recommended offer: $107k (9.0% below list) — sets the bar for market timing.
• Cap rate 12.4% 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: 76 active listings in the ZIP; 9 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; 364 units permitted in Erie County in 2024 (188 in 5+ unit buildings).
• This rent runs 40% of the median local income ($56k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $812 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 $33k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 100 days — a 9% lower offer ($107k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 9y 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 $32k; list at $118k implies a 267% 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 $106,925 (9.0% below list)

Questions for the listing agent

1. It's been on market 100 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1917 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 1.60% ✓
• Cap rate: 12.35%
• Cash-on-cash: 21.64%
• DSCR: 1.96
• GRM: 5.2

CMA / ARV

• ARV (on-the-fly): $101,640
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2412 2414 Poplar St	0.20mi	4/2.0	1,536 (-0%)	11mo	$131,000	$85	81
667 W 32nd St	0.41mi	3/2.0 (-1)	1,638 (+6%)	0mo	$139,000	$85	65
1923 Liberty St	0.42mi	3/2.0 (-1)	1,356 (-12%)	3mo	$90,000	$66	53
1922 Cherry St	0.50mi	4/3.0	1,600 (+4%)	16mo	$68,500	$43	53
431 W 18th St	0.71mi	4/2.0	1,485 (-4%)	13mo	$58,000	$39	50
355 W 24th St	0.61mi	4/2.0	1,672 (+9%)	11mo	$81,000	$48	48
1905 Liberty St	0.45mi	4/2.0	1,696 (+10%)	22mo	$35,000	$21	44
1156 W 21st St	0.51mi	5/3.0 (+1)	1,693 (+10%)	19mo	$129,900	$77	35

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: 14.3%
• Equity multiple: 1.57×
• Total profit: $18,828
• Equity at exit: $17,520

10-year hold

• IRR: 23.1%
• Equity multiple: 2.99×
• Total profit: $65,368
• Equity at exit: $10,159

Cash invested: $32,900 (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: 10.4×

Monthly cashflow live

• Estimated rent: $1,878 high
• Mortgage (P&I): −$616
• Tax from tax record: −$225 /mo · $2,701/yr
• Insurance: −$49
• HOA: −$0
• Vacancy / Maint / Mgmt: −$394
• Net cashflow: $593

Break-even live

Break-even rent $1,127

Max offer price $117,500

Occupancy floor 63%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$1,878
Total (2 units)			$1,878

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: $29,375
• Closing costs: $3,525
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2702 Raspberry St Unit 1 Erie, PA	3.0	1.0	2000	$1,200	$0.60	44d	1	0.28mi
504 W 29th St Unit 2 Erie, PA	3.0	1.0	1200	$1,500	$1.25	44d	1	0.45mi
1610 Poplar St Unit Downstairs Erie, PA	3.0	1.0	1200	$875	$0.73	44d	1	0.63mi
115 W 32nd St Erie, PA	3.0	2.0	1844	$1,050	$0.57	44d	1	1.03mi
729 W 9th St Erie, PA	4.0	2.0	1782	$3,000	$1.68	44d	1	1.13mi
126 W 38th St Erie, PA	4.0	2.0	1850	$4,000	$2.16	44d	1	1.19mi
923 Chestnut St Unit 2 Erie, PA	4.0	2.0	1100	$1,150	$1.05	44d	1	1.23mi
538 W 8th St Unit 1 Erie, PA	3.0	1.0	2000	$1,650	$0.82	44d	1	1.27mi
1164 W 7th St Erie, PA	3.0	1.0	1248	$1,600	$1.28	44d	1	1.35mi

Listing history 11 events

1. 2026-05-01
   status Pending
2. 2026-03-20
   price $117,500
3. 2026-01-21
   listed $122,500 Active
4. 2019-05-09
   soldstatus $32,000
5. 2018-11-01
   listed $36,900
6. 2017-11-01
   listed $39,900
7. 2017-06-05
   listed $47,900
8. 2004-01-28
   soldstatus $59,000
9. 2003-10-02
   soldstatus $47,000
10. 1994-05-12
    soldstatus $44,500
11. 1981-04-30
    soldstatus $30,500

ⓘ 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: $2,701 · $225/mo
• Projected year-2 tax: $2,701 · $225/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 ≥89°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: $22,536
• − Mortgage interest: −$6,582
• − Property taxes: −$2,701
• − Insurance: −$588
• − Repairs & maintenance: −$1,803
• − Management: −$1,803
• − Depreciation: −$3,418
• Taxable income: $5,641
• Est. tax owed @ 24.0%: −$1,354
• After-tax cash flow: $5,766/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

+285.2% since first listed

11 events — show timeline

• 2026-05-01 Pending — GEBOR
• 2026-03-20 Price Changed $117,500 GEBOR
• 2026-01-21 Listed $122,500 GEBOR
• 2019-05-09 Sold (MLS) $32,000 GEBOR
• 2018-11-01 Listed $36,900 GEBOR
• 2017-11-01 Listed $39,900 GEBOR
• 2017-06-05 Listed $47,900 GEBOR
• 2004-01-28 Sold (Public Records) $59,000 Public Records
• 2003-10-02 Sold (Public Records) $47,000 Public Records
• 1994-05-12 Sold (Public Records) $44,500 Public Records
• 1981-04-30 Sold (Public Records) $30,500 Public Records

Property tax history

+1.9%/yr

Latest (2026): $2,701 · +3.4% YoY. Source: county tax records.