234 W 20th St · Erie, PA 16502

$169,900

6 bd · 4.0 ba · 5,770 sqft · MultiFamily public records · 176 Days on market

Built 1897 0.26 ac lot $29/sqft · 17% above area Est $157k · 8% 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
• ARV discount +3.8/15.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 2 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Solid brick building with off-street parking situated on an oversized lot. The property features updated electric panels, a dry basement with shared coin-operated laundry, and recent roof improvements. One unit will be available at the end of September, while the remaining three units are fully occupied. Making this a fantastic investment opportunity with current income and future growth potential.

Key facts

• Off street parking
• Extra large lot
• Potential to expand

Tags

• OFF STREET PARKING
• EXTRA LARGE LOT
• POTENTIAL TO EXPAND
• UPDATED ELECTRIC PANELS

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/?-bath units multifamily listed at $170k.

Deal economics

• At list price, monthly cash flow is $888 ($11k/yr) — positive. Per door: $444/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $170k).
• Recommended offer: $150k (12.0% below list) — sets the bar for market timing.
• Cap rate 12.6% 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: Rents rising (+3.0%/yr); 56 active listings in the ZIP; lower-income renter base — watch delinquency; 364 units permitted in Erie County in 2024 (188 in 5+ unit buildings).
• At $2,643/mo this rent would consume 82% of the median local household income ($39k/yr) (locally 1044% 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 $5k 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 $48k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 176 days — a 12% lower offer ($150k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $80k (32%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $68k; list at $170k implies a 150% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1897 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $149,512 (12.0% below list)

Questions for the listing agent

1. It's been on market 176 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 1897 — 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. 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?
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: 1.56% ✓
• Cap rate: 12.56%
• Cash-on-cash: 22.39%
• DSCR: 2.00
• GRM: 5.4

CMA / ARV

• ARV (median comp): $157,005
• List price: $169,900
• Delta: 8.21%
• Verdict: FAIR
• Comps: 17 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 2.97% rent growth · sell at horizon

5-year hold

• IRR: 15.2%
• Equity multiple: 1.61×
• Total profit: $28,990
• Equity at exit: $25,333

10-year hold

• IRR: 23.9%
• Equity multiple: 3.06×
• Total profit: $97,954
• Equity at exit: $14,690

Cash invested: $47,572 (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 16502

• Home prices YoY: -30.5%
• Rents YoY: 3.0%
• Active inventory: 56
• Price-to-rent: 10.7×

Monthly cashflow live

• Estimated rent: $2,643 medium
• Mortgage (P&I): −$891
• Tax from tax record: −$238 /mo · $2,861/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$555
• Net cashflow: $888

Break-even live

Break-even rent $1,519

Max offer price $169,900

Occupancy floor 61%

Sensitivity live

Price	-10% $984	-5% $936	+0% $888	+5% $840	+10% $792
Rent	-10% $679	-5% $783	+0% $888	+5% $992	+10% $1,097
Rate	-1.0pp $973	-0.5pp $931	base $888	+0.5pp $844	+1.0pp $799

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	—	$2,644
Total (2 units)			$2,643

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: $42,475
• Closing costs: $5,097
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-05-12
   status Pending 401-char remark

   Show marketing remark (401 chars)

   Solid brick building with off-street parking situated on an oversized lot. The property features updated electric panels, a dry basement with shared coin-operated laundry, and recent roof improvements. One unit will be available at the end of September, while the remaining three units are fully occupied. Making this a fantastic investment opportunity with current income and future growth potential.

2. 2026-04-25
   price $169,900 401-char remark

   Show marketing remark (401 chars)

   Solid brick building with off-street parking situated on an oversized lot. The property features updated electric panels, a dry basement with shared coin-operated laundry, and recent roof improvements. One unit will be available at the end of September, while the remaining three units are fully occupied. Making this a fantastic investment opportunity with current income and future growth potential.

3. 2026-03-23
   status Active 401-char remark

   Show marketing remark (401 chars)

   Solid brick building with off-street parking situated on an oversized lot. The property features updated electric panels, a dry basement with shared coin-operated laundry, and recent roof improvements. One unit will be available at the end of September, while the remaining three units are fully occupied. Making this a fantastic investment opportunity with current income and future growth potential.

4. 2026-03-03
   status Pending 401-char remark

   Show marketing remark (401 chars)

   Solid brick building with off-street parking situated on an oversized lot. The property features updated electric panels, a dry basement with shared coin-operated laundry, and recent roof improvements. One unit will be available at the end of September, while the remaining three units are fully occupied. Making this a fantastic investment opportunity with current income and future growth potential.

5. 2026-02-21
   status Active 401-char remark

   Show marketing remark (401 chars)

   Solid brick building with off-street parking situated on an oversized lot. The property features updated electric panels, a dry basement with shared coin-operated laundry, and recent roof improvements. One unit will be available at the end of September, while the remaining three units are fully occupied. Making this a fantastic investment opportunity with current income and future growth potential.

6. 2026-02-21
   price $179,900 401-char remark

   Show marketing remark (401 chars)

   Solid brick building with off-street parking situated on an oversized lot. The property features updated electric panels, a dry basement with shared coin-operated laundry, and recent roof improvements. One unit will be available at the end of September, while the remaining three units are fully occupied. Making this a fantastic investment opportunity with current income and future growth potential.

7. 2026-01-02
   status Pending 401-char remark

   Show marketing remark (401 chars)

   Solid brick building with off-street parking situated on an oversized lot. The property features updated electric panels, a dry basement with shared coin-operated laundry, and recent roof improvements. One unit will be available at the end of September, while the remaining three units are fully occupied. Making this a fantastic investment opportunity with current income and future growth potential.

8. 2025-09-25
   price $195,000 401-char remark

   Show marketing remark (401 chars)

   Solid brick building with off-street parking situated on an oversized lot. The property features updated electric panels, a dry basement with shared coin-operated laundry, and recent roof improvements. One unit will be available at the end of September, while the remaining three units are fully occupied. Making this a fantastic investment opportunity with current income and future growth potential.

9. 2025-09-22
   price $219,000 401-char remark

   Show marketing remark (401 chars)

   Solid brick building with off-street parking situated on an oversized lot. The property features updated electric panels, a dry basement with shared coin-operated laundry, and recent roof improvements. One unit will be available at the end of September, while the remaining three units are fully occupied. Making this a fantastic investment opportunity with current income and future growth potential.

10. 2025-09-15
    price $239,900 401-char remark

    Show marketing remark (401 chars)

    Solid brick building with off-street parking situated on an oversized lot. The property features updated electric panels, a dry basement with shared coin-operated laundry, and recent roof improvements. One unit will be available at the end of September, while the remaining three units are fully occupied. Making this a fantastic investment opportunity with current income and future growth potential.

11. 2025-09-04
    listed $249,900 Active 401-char remark

    Show marketing remark (401 chars)

    Solid brick building with off-street parking situated on an oversized lot. The property features updated electric panels, a dry basement with shared coin-operated laundry, and recent roof improvements. One unit will be available at the end of September, while the remaining three units are fully occupied. Making this a fantastic investment opportunity with current income and future growth potential.

12. 2007-03-14
    soldstatus $68,000
13. 1985-02-19
    soldstatus $44,000

ⓘ 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: $2,861 · $238/mo
• Projected year-2 tax: $2,861 · $238/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: $31,716
• − Mortgage interest: −$9,517
• − Property taxes: −$2,861
• − Insurance: −$850
• − Repairs & maintenance: −$2,537
• − Management: −$2,537
• − Depreciation: −$4,943
• Taxable income: $8,472
• Est. tax owed @ 24.0%: −$2,033
• After-tax cash flow: $8,620/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): 15,995
• Household income: $38,566
• Rent vs Own: 60.6% rent · 39.4% own
• Severe rent burden: 1044.0

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 (66%)
• Race & ethnicity: White 66% Two or more races 16% Hispanic / Latino 13% Black 11% Asian 2%
• Hispanic origin (detail): Mexican 5% Puerto Rican 5%
• Common ancestry: Romanian 7% Serbian 2% Italian 1%
• Foreign-born: 5% · Canada
• Languages at home: 89% English-only · Spanish 8% Other Indo-European 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: ▼ -92.73%
• Current HPI: 211.4408
• Rent YoY: ▲ 2.97%
• 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

+286.1% since first listed

13 events — show timeline

• 2026-05-12 Pending — GEBOR
• 2026-04-25 Price Changed $169,900 GEBOR
• 2026-03-23 Relisted — GEBOR
• 2026-03-03 Pending — GEBOR
• 2026-02-21 Relisted — GEBOR
• 2026-02-21 Price Changed $179,900 GEBOR
• 2026-01-02 Pending — GEBOR
• 2025-09-25 Price Changed $195,000 GEBOR
• 2025-09-22 Price Changed $219,000 GEBOR
• 2025-09-15 Price Changed $239,900 GEBOR
• 2025-09-04 Listed $249,900 GEBOR
• 2007-03-14 Sold (Public Records) $68,000 Public Records
• 1985-02-19 Sold (Public Records) $44,000 Public Records

Property tax history

+1.9%/yr

Latest (2026): $2,861 · +3.4% YoY. Source: county tax records.