2716 Raspberry St #1 · Erie, PA 16508

$134,900

3 bd · 2.0 ba · 1,188 sqft · SingleFamily · 149 Days on market

Built 1912 Average condition 3,899 sqft lot $114/sqft · 39% below area Est $221k · 39% under ↓ 13% since listing

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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).

• ARV discount +15.0/15.0
• Cash flow +10.3/30.0
• Livability +4.2/5.0
• 1% rule +3.0/10.0
• DSCR +2.9/10.0
• Condition / age +2.8/5.0
• Rent growth +2.5/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

TENANT OCCUPIED, THREE BEDROOM, 1.5 BATH PROPERTY IN SOUTHWEST ERIE. FENCED IN BACKYARD, ONE CAR GARAGE, STORAGE SHED AND BACK PATIO. COZY FRONT PORCH. MOSTLY UPDATED WINDOWS.

Key facts

• Fenced in backyard
• Storage shed
• Cozy front porch

Tags

• FENCED IN BACKYARD
• STORAGE SHED
• BACK PATIO
• COZY FRONT PORCH
• MOSTLY UPDATED WINDOWS

🏷️ Possibly a rental listed for sale. The $134,900 price doesn't fit this home's estimated sale value (~$221,384) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $135k. Condition is rated average.

Deal economics

• At list price, monthly cash flow is $-75 ($-895/yr) — negative.
• To cash-flow at today's rent, offer at most $124k (8.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $109k (19.5% below list).
• Recommended offer: $109k (19.5% 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.
• 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; 10 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).

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.

Negotiation context

• It's been on market 149 days — a 12% lower offer ($119k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1912 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $108,567 (19.5% 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. It's been on market 149 days. Have you received any prior offers? Is the seller open to a 20% concession, seller financing, or rate buy-down credit?
3. Built in 1912 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
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 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: 5.63%
• Cash-on-cash: -2.37%
• DSCR: 0.89
• GRM: 10.4

CMA / ARV

• ARV (median comp): $221,384
• List price: $134,900
• Delta: -39.07%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1112 W 29th St	0.08mi	3/1.0	1,134 (-4%)	1mo	$164,900	$145	84
1021 W 29th St	0.15mi	3/2.0	1,254 (+6%)	1mo	$145,000	$116	83
1316 W 31st St	0.31mi	3/2.0	1,176 (-1%)	1mo	$169,900	$144	83
816 W 28th St	0.33mi	3/1.0	1,176 (-1%)	1mo	$159,900	$136	78
2421 Plum St	0.35mi	3/1.5	1,104 (-7%)	0mo	$159,900	$145	70
1117 W 21st St	0.41mi	3/1.0	1,246 (+5%)	1mo	$118,900	$95	68
2618 Hazel St	0.47mi	3/1.0	1,226 (+3%)	1mo	$123,450	$101	68
2946 Poplar St	0.45mi	3/1.0	1,254 (+6%)	1mo	$172,000	$137	65
1331 W 37th St	0.64mi	2/2.0 (-1)	1,176 (-1%)	1mo	$195,000	$166	62
3506 Cherry St	0.73mi	3/1.0	1,152 (-3%)	1mo	$105,000	$91	56
3516 Elmwood Ave	0.53mi	2/1.0 (-1)	1,056 (-11%)	0mo	$187,000	$177	48
1445 W 34th St	0.55mi	3/1.0	1,364 (+15%)	0mo	$192,000	$141	45

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: -20.2%
• Equity multiple: 0.30×
• Total profit: $-26,594
• Equity at exit: $20,114

10-year hold

• IRR: -13.2%
• Equity multiple: 0.23×
• Total profit: $-29,207
• 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 16508

• Home prices YoY: -22.8%
• Active inventory: 76
• Price-to-rent: 10.4×

Monthly cashflow live

• Estimated rent: $1,086 high
• Mortgage (P&I): −$707
• Tax est. 1.5%: −$169 /mo · $2,024/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$228
• Net cashflow: $-75

Break-even live

Break-even rent $1,180

Max offer price $124,108

Occupancy floor —

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 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1022 W 30th St Unit 2 Erie, PA	2.0	1.0	1000	$850	$0.85	43d	1	0.17mi
811 W 30th St Unit 1 Erie, PA	2.0	1.0	900	$1,175	$1.31	43d	1	0.37mi
2619 Liberty St Apt 2 Erie, PA	2.0	1.0	800	$800	$1.00	44d	1	0.38mi
504 W 29th St Unit 2 Erie, PA	3.0	1.0	1200	$1,500	$1.25	43d	1	0.70mi
3603 Maple St Erie, PA	2.0	1.0	1200	$1,000	$0.83	43d	1	0.77mi
1610 Poplar St Unit Downstairs Erie, PA	3.0	1.0	1200	$875	$0.73	43d	1	0.83mi
1164 W 7th St Erie, PA	3.0	1.0	1248	$1,600	$1.28	43d	1	1.39mi
923 Chestnut St Unit 2 Erie, PA	4.0	2.0	1100	$1,150	$1.05	43d	1	1.46mi
1257 W 6th St Erie, PA	2.0	1.0	1100	$1,350	$1.23	43d	1	1.46mi
440 W 9th St Erie, PA	2.0	1.0	800	$775	$0.97	43d	1	1.46mi

Listing history 21 events

1. 2026-06-19
   days on market $134,900 Active 149 DOM
2. 2026-06-18
   days on market $134,900 Active 148 DOM
3. 2026-06-17
   days on market $134,900 Active 147 DOM
4. 2026-06-16
   days on market $134,900 Active 146 DOM
5. 2026-06-15
   days on market $134,900 Active 145 DOM
6. 2026-06-14
   days on market $134,900 Active 143 DOM
7. 2026-06-13
   days on market $134,900 Active 142 DOM
8. 2026-06-10
   days on market $134,900 Active 140 DOM
9. 2026-06-09
   days on market $134,900 Active 139 DOM
10. 2026-06-08
    days on market $134,900 Active 138 DOM
11. 2026-06-07
    days on market $134,900 Active 137 DOM
12. 2026-06-05
    days on market $134,900 Active 134 DOM
13. 2026-06-03
    days on market $134,900 Active 133 DOM
14. 2026-06-02
    days on market $134,900 Active 132 DOM
15. 2026-06-01
    days on market $134,900 Active 131 DOM
16. 2026-05-31
    days on market $134,900 Active 130 DOM
17. 2026-05-30
    days on market $134,900 Active 129 DOM
18. 2026-03-20
    price $134,900 175-char remark

    Show marketing remark (175 chars)

    TENANT OCCUPIED, THREE BEDROOM, 1.5 BATH PROPERTY IN SOUTHWEST ERIE. FENCED IN BACKYARD, ONE CAR GARAGE, STORAGE SHED AND BACK PATIO. COZY FRONT PORCH. MOSTLY UPDATED WINDOWS.

19. 2026-02-25
    price $144,500 175-char remark

    Show marketing remark (175 chars)

    TENANT OCCUPIED, THREE BEDROOM, 1.5 BATH PROPERTY IN SOUTHWEST ERIE. FENCED IN BACKYARD, ONE CAR GARAGE, STORAGE SHED AND BACK PATIO. COZY FRONT PORCH. MOSTLY UPDATED WINDOWS.

20. 2026-02-16
    price $149,500 175-char remark

    Show marketing remark (175 chars)

    TENANT OCCUPIED, THREE BEDROOM, 1.5 BATH PROPERTY IN SOUTHWEST ERIE. FENCED IN BACKYARD, ONE CAR GARAGE, STORAGE SHED AND BACK PATIO. COZY FRONT PORCH. MOSTLY UPDATED WINDOWS.

21. 2026-01-21
    listed $155,000 Active 175-char remark

    Show marketing remark (175 chars)

    TENANT OCCUPIED, THREE BEDROOM, 1.5 BATH PROPERTY IN SOUTHWEST ERIE. FENCED IN BACKYARD, ONE CAR GARAGE, STORAGE SHED AND BACK PATIO. COZY FRONT PORCH. MOSTLY UPDATED WINDOWS.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 21% 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: $13,028
• − Mortgage interest: −$7,556
• − Property taxes: −$2,024
• − Insurance: −$674
• − Repairs & maintenance: −$1,042
• − Management: −$1,042
• − Depreciation: −$3,924
• Taxable loss: −$3,235
• Est. tax savings @ 24.0%: +$776
• After-tax cash flow: $-119/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.

Condition & rehab AI · 12 photos

Average 55/100 Cosmetic rehab

The home is in average condition with cosmetic updates needed to enhance its resale and rental value. The kitchen and bathrooms require significant updates, and the landscaping needs attention.

Repairs flagged

• Moderate kitchen cabinets — dated and worn
• Moderate kitchen countertops — dated and worn
• Moderate kitchen appliances — dated and worn
• Moderate bathroom fixtures — dated and worn
• Major landscaping — overgrown yard and lack of landscaping

Value-add opportunities

• Both Paint interior walls — Fresh paint can make a significant difference in the home's appearance
• Both Replace kitchen cabinets and countertops — Modern cabinets and countertops can greatly enhance the home's value
• Both Update kitchen appliances — Modern appliances can make the kitchen more functional and appealing
• Both Update bathroom fixtures — Modern fixtures can make the bathrooms more functional and appealing
• Both Landscaping — A well-maintained yard can increase the home's curb appeal and value

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · dated and worn	Moderate	$3,000–15,000
kitchen countertops · dated and worn	Moderate	$3,000–15,000
kitchen appliances · dated and worn	Moderate	$3,000–15,000
bathroom fixtures · dated and worn	Moderate	$3,000–15,000
landscaping · overgrown yard and lack of landscaping	Major	$15,000–50,000
Total estimated repair cost · 5 items		$27,000–110,000

Value-add ROI direction

• Both Paint interior walls — Fresh paint can make a significant difference in the home's appearance ↑
• Both Replace kitchen cabinets and countertops — Modern cabinets and countertops can greatly enhance the home's value ↑
• Both Update kitchen appliances — Modern appliances can make the kitchen more functional and appealing ↑
• Both Update bathroom fixtures — Modern fixtures can make the bathrooms more functional and appealing ↑
• Both Landscaping — A well-maintained yard can increase the home's curb appeal and value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

-13.0% since first listed

4 events — show timeline

• 2026-03-20 Price Changed $134,900 GEBOR
• 2026-02-25 Price Changed $144,500 GEBOR
• 2026-02-16 Price Changed $149,500 GEBOR
• 2026-01-21 Listed $155,000 GEBOR