730 E 5th St · Erie, PA 16507

$120,000

6 bd · 2.0 ba · 1,744 sqft · MultiFamily public records · 86 Days on market

Built 1887 6,098 sqft lot $69/sqft · 106% above area

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Why this score? — see what drove the B+ 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
• ARV discount +7.5/15.0
• Appreciation +7.1/10.0
• Livability +4.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0

Multi-family units

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

Listing remarks MLS

GREAT 2 UNIT INVESTMENT PROPERTY. BOTH UNITS HAVE 3 BEDROOMS WITH 1 BATHROOM. LARGE ROOMS WITH LOTS OF STORAGE AND NATURAL SUNLIGHT. FIRST FLOOR REMODELED FROM STUDS OUT. SECOND FLOOR HAS A LAUNDRY ROOM. LARGE YARD AND GREAT OFF STREET PARKING WITH SEVERAL SPACES AVAILABLE.

Key facts

• Off street parking
• Laundry room
• Large yard

Tags

• 2 UNIT INVESTMENT PROPERTY
• FIRST FLOOR REMODELED
• LAUNDRY ROOM
• LARGE YARD
• OFF STREET PARKING

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $120k.

Deal economics

• At list price, monthly cash flow is $859 ($10k/yr) — positive. Per door: $430/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Recommended offer: $113k (6.0% below list) — sets the bar for market timing.
• Cap rate 14.9% 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: Rents flat; 39 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 $2,112/mo this rent would consume 76% of the median local household income ($33k/yr) (locally 776% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $6k of equity ($830 loan paydown + $5k appreciation (4.2% local appreciation)).
• Erie County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (4.2% appreciation + 0.1% rent growth), your $34k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 86 days — a 6% lower offer ($113k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $15k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $50k; list at $120k implies a 140% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1887 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $112,800 (6.0% below list)

Questions for the listing agent

1. It's been on market 86 days. Have you received any prior offers? Is the seller open to a 6% 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 1887 — 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: 1.76% ✓
• Cap rate: 14.89%
• Cash-on-cash: 30.69%
• DSCR: 2.37
• GRM: 4.7

CMA / ARV

• ARV (median comp): $58,319
• List price: $120,000
• Delta: 105.77%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
730 E 5th St	0.00mi	6/2.0	1,744 (0%)	16mo	$49,900	$29	87
711 E 4th St	0.06mi	6/2.0	1,672 (-4%)	16mo	$55,000	$33	77
402 Reed St	0.08mi	5/2.0 (-1)	1,877 (+8%)	8mo	$110,000	$59	72
754 E 9th St	0.31mi	6/2.0	1,936 (+11%)	11mo	$45,000	$23	58
1117 E 9th St	0.60mi	5/2.0 (-1)	1,912 (+10%)	5mo	$68,000	$36	47
1114 Ash St	0.54mi	7/3.0 (+1)	1,672 (-4%)	18mo	$58,000	$35	44
428 Parade St	0.46mi	6/2.0	1,952 (+12%)	18mo	$86,000	$44	43

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

4.17% appreciation · 0.1% rent growth · sell at horizon

5-year hold

• IRR: 36.3%
• Equity multiple: 3.11×
• Total profit: $70,816
• Equity at exit: $62,034

10-year hold

• IRR: 33.8%
• Equity multiple: 5.74×
• Total profit: $159,432
• Equity at exit: $102,425

Cash invested: $33,600 (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 16507

• Home prices YoY: 2.6%
• Rents YoY: 0.1%
• Active inventory: 39
• Price-to-rent: 9.5×

Monthly cashflow live

• Estimated rent: $2,112 high
• Mortgage (P&I): −$629
• Tax from tax record: −$130 /mo · $1,557/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$444
• Net cashflow: $859

Break-even live

Break-even rent $1,024

Max offer price $120,000

Occupancy floor 54%

Sensitivity live

Price	-10% $927	-5% $893	+0% $859	+5% $825	+10% $792
Rent	-10% $693	-5% $776	+0% $859	+5% $943	+10% $1,026
Rate	-1.0pp $920	-0.5pp $890	base $859	+0.5pp $828	+1.0pp $797

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$2,112
Total (2 units)			$2,112

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Listing history 27 events

1. 2026-06-19
   days on market $120,000 Active 86 DOM
2. 2026-06-18
   days on market $120,000 Active 85 DOM
3. 2026-06-17
   days on market $120,000 Active 84 DOM
4. 2026-06-16
   days on market $120,000 Active 83 DOM
5. 2026-06-15
   days on market $120,000 Active 82 DOM
6. 2026-06-14
   days on market $120,000 Active 80 DOM
7. 2026-06-13
   days on market $120,000 Active 79 DOM
8. 2026-06-10
   days on market $120,000 Active 77 DOM
9. 2026-06-09
   days on market $120,000 Active 76 DOM
10. 2026-06-08
    days on market $120,000 Active 75 DOM
11. 2026-06-07
    days on market $120,000 Active 74 DOM
12. 2026-06-05
    days on market $120,000 Active 71 DOM
13. 2026-06-03
    days on market $120,000 Active 70 DOM
14. 2026-06-02
    days on market $120,000 Active 69 DOM
15. 2026-06-01
    days on market $120,000 Active 68 DOM
16. 2026-05-31
    days on market $120,000 Active 67 DOM
17. 2026-05-30
    days on market $120,000 Active 66 DOM
18. 2026-05-14
    price $120,000 274-char remark

    Show marketing remark (274 chars)

    GREAT 2 UNIT INVESTMENT PROPERTY. BOTH UNITS HAVE 3 BEDROOMS WITH 1 BATHROOM. LARGE ROOMS WITH LOTS OF STORAGE AND NATURAL SUNLIGHT. FIRST FLOOR REMODELED FROM STUDS OUT. SECOND FLOOR HAS A LAUNDRY ROOM. LARGE YARD AND GREAT OFF STREET PARKING WITH SEVERAL SPACES AVAILABLE.

19. 2026-04-14
    price $125,000 274-char remark

    Show marketing remark (274 chars)

    GREAT 2 UNIT INVESTMENT PROPERTY. BOTH UNITS HAVE 3 BEDROOMS WITH 1 BATHROOM. LARGE ROOMS WITH LOTS OF STORAGE AND NATURAL SUNLIGHT. FIRST FLOOR REMODELED FROM STUDS OUT. SECOND FLOOR HAS A LAUNDRY ROOM. LARGE YARD AND GREAT OFF STREET PARKING WITH SEVERAL SPACES AVAILABLE.

20. 2026-04-07
    price $130,000 274-char remark

    Show marketing remark (274 chars)

    GREAT 2 UNIT INVESTMENT PROPERTY. BOTH UNITS HAVE 3 BEDROOMS WITH 1 BATHROOM. LARGE ROOMS WITH LOTS OF STORAGE AND NATURAL SUNLIGHT. FIRST FLOOR REMODELED FROM STUDS OUT. SECOND FLOOR HAS A LAUNDRY ROOM. LARGE YARD AND GREAT OFF STREET PARKING WITH SEVERAL SPACES AVAILABLE.

21. 2026-03-25
    listed $135,000 Active 274-char remark

    Show marketing remark (274 chars)

    GREAT 2 UNIT INVESTMENT PROPERTY. BOTH UNITS HAVE 3 BEDROOMS WITH 1 BATHROOM. LARGE ROOMS WITH LOTS OF STORAGE AND NATURAL SUNLIGHT. FIRST FLOOR REMODELED FROM STUDS OUT. SECOND FLOOR HAS A LAUNDRY ROOM. LARGE YARD AND GREAT OFF STREET PARKING WITH SEVERAL SPACES AVAILABLE.

22. 2025-02-26
    soldstatus $49,900
23. 2025-02-21
    soldstatus $49,900 Closed 563-char remark

    Show marketing remark (563 chars)

    Exciting opportunity to build equity in this spacious duplex. The building had a fire and the second floor has been remodeled and rented with a good paying tenant. The first floor apartment is all cleaned out and framed up, ready to make it however you want. Could be a great owner-occupied property or investment to add to your portfolio. There is an 8k final draw held in escrow by the insurance company until the downstairs unit is finished being renovated; rights to this will be transferred to the buyer at closing. Don't miss out on this potential cash cow!

24. 2025-01-23
    status Pending 563-char remark

    Show marketing remark (563 chars)

    Exciting opportunity to build equity in this spacious duplex. The building had a fire and the second floor has been remodeled and rented with a good paying tenant. The first floor apartment is all cleaned out and framed up, ready to make it however you want. Could be a great owner-occupied property or investment to add to your portfolio. There is an 8k final draw held in escrow by the insurance company until the downstairs unit is finished being renovated; rights to this will be transferred to the buyer at closing. Don't miss out on this potential cash cow!

25. 2025-01-14
    listed $49,900 Active 563-char remark

    Show marketing remark (563 chars)

    Exciting opportunity to build equity in this spacious duplex. The building had a fire and the second floor has been remodeled and rented with a good paying tenant. The first floor apartment is all cleaned out and framed up, ready to make it however you want. Could be a great owner-occupied property or investment to add to your portfolio. There is an 8k final draw held in escrow by the insurance company until the downstairs unit is finished being renovated; rights to this will be transferred to the buyer at closing. Don't miss out on this potential cash cow!

26. 2021-09-09
    soldstatus $38,285
27. 2005-08-19
    soldstatus $52,000

ⓘ 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: $1,557 · $130/mo
• Projected year-2 tax: $1,727 · $144/mo
• Expected delta: +$169/yr (+$14/mo · 10.9%)

ⓘ 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 · 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: $25,344
• − Mortgage interest: −$6,722
• − Property taxes: −$1,557
• − Insurance: −$600
• − Repairs & maintenance: −$2,028
• − Management: −$2,028
• − Depreciation: −$3,491
• Taxable income: $8,919
• Est. tax owed @ 24.0%: −$2,141
• After-tax cash flow: $8,173/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): 8,597
• Household income: $33,361
• Rent vs Own: 66.2% rent · 33.8% own
• Severe rent burden: 776.0

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: Diverse neighborhood (Simpson 0.60)
• Race & ethnicity: White 58% Black 24% Two or more races 9% Hispanic / Latino 8% Asian 3%
• Hispanic origin (detail): Mexican 1% Puerto Rican 4%
• Common ancestry: Romanian 10% Scotch-Irish 1% Lithuanian 1%
• Foreign-born: 6% · Canada, Vietnam, China
• Languages at home: 90% English-only · Spanish 5% Vietnamese 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: ▲ 4.17%
• Current HPI: 163.92
• Rent YoY: ▲ 0.10%
• 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

+130.8% since first listed

10 events — show timeline

• 2026-05-14 Price Changed $120,000 GEBOR
• 2026-04-14 Price Changed $125,000 GEBOR
• 2026-04-07 Price Changed $130,000 GEBOR
• 2026-03-25 Listed $135,000 GEBOR
• 2025-02-26 Sold (Public Records) $49,900 Public Records
• 2025-02-21 Sold (MLS) $49,900 GEBOR
• 2025-01-23 Pending — GEBOR
• 2025-01-14 Listed $49,900 GEBOR
• 2021-09-09 Sold (Public Records) $38,285 Public Records
• 2005-08-19 Sold (Public Records) $52,000 Public Records

Property tax history

+1.9%/yr

Latest (2026): $1,557 · +3.4% YoY. Source: county tax records.