27 W Frederick St · Corry, PA 16407

$116,700

4 bd · 2.0 ba · 2,107 sqft · SingleFamily public records · 348 Days on market

Built 1921 6,973 sqft lot $55/sqft · 13% below area Est $134k · 13% under ↓ 16% since listing

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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 +25.6/30.0
• ARV discount +13.3/15.0
• Appreciation +10.0/10.0
• DSCR +8.5/10.0
• 1% rule +6.8/10.0
• Livability +3.7/5.0
• Schools +3.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Opportunity awaits in this four bedroom, two bath home with an inviting front porch. Take a drive by and see if this may be your next investment.

Key facts

• 6,973 sq ft lot
• Built 1921
• Listed 348 days

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $117k.

Deal economics

• At list price, monthly cash flow is $277 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $117k).
• Recommended offer: $103k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.1% vs local median 4.0% in Corry — 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 73/100 on livability (#573 in PA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, crime A, health & safety A; Watch: amenities D+, commute F, employment F.
• Corry Area SD (town): math 33% / reading 52% proficiency, ranked #332 of 539 in PA (top 62%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 42 active listings in the ZIP; 364 units permitted in Erie County in 2024 (188 in 5+ unit buildings).

Forward outlook

• In year one you build about $12k of equity ($807 loan paydown + $12k appreciation (10.0% 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 (10.0% appreciation + 3.0% rent growth), your $33k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 348 days — a 12% lower offer ($103k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 6y ago; this cycle's ask has dropped $50k (30%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1921 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $102,696 (12.0% below list)

Questions for the listing agent

1. It's been on market 348 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1921 — 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. 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: 1.18% ✓
• Cap rate: 9.14%
• Cash-on-cash: 10.17%
• DSCR: 1.45
• GRM: 7.1

CMA / ARV

• ARV (median comp): $133,888
• List price: $116,700
• Delta: -12.84%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
52 W Smith St	0.10mi	4/3.0	2,128 (+1%)	14mo	$137,500	$65	78
30 W Congress St	0.04mi	3/2.0 (-1)	2,042 (-3%)	21mo	$170,000	$83	71
615 Wright St	0.32mi	5/2.0 (+1)	2,044 (-3%)	10mo	$210,000	$103	67
248 Worth St	0.51mi	4/2.0	2,088 (-1%)	12mo	$225,000	$108	65
978 Mead Ave	0.46mi	4/2.5	1,953 (-7%)	5mo	$285,000	$146	60
603 N Center St	0.08mi	3/3.0 (-1)	1,861 (-12%)	11mo	$196,000	$105	59
103 W Park Pl	0.13mi	4/3.0	2,275 (+8%)	23mo	$45,000	$20	57
412 W Pleasant St	0.62mi	5/2.5 (+1)	2,168 (+3%)	3mo	$185,000	$85	56
746 Mead Ave	0.24mi	3/2.5 (-1)	2,358 (+12%)	18mo	$140,000	$59	47
58 Brook St	0.72mi	4/2.0	1,902 (-10%)	14mo	$85,000	$45	38
446 E South St	0.69mi	3/1.0 (-1)	2,031 (-4%)	20mo	$73,000	$36	36
341 South Center St	0.69mi	3/2.0 (-1)	1,798 (-15%)	20mo	$100,000	$56	22

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

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 31.7%
• Equity multiple: 3.49×
• Total profit: $81,209
• Equity at exit: $105,133

10-year hold

• IRR: 27.4%
• Equity multiple: 7.90×
• Total profit: $225,325
• Equity at exit: $226,722

Cash invested: $32,676 (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 16407

• Home prices YoY: 11.0%
• Active inventory: 42
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $1,372 medium
• Mortgage (P&I): −$612
• Tax from tax record: −$146 /mo · $1,755/yr
• Insurance: −$49
• HOA: −$0
• Vacancy / Maint / Mgmt: −$288
• Net cashflow: $277

Break-even live

Break-even rent $1,021

Max offer price $116,700

Occupancy floor 75%

Sensitivity live

Price	-10% $343	-5% $310	+0% $277	+5% $244	+10% $211
Rent	-10% $168	-5% $223	+0% $277	+5% $331	+10% $385
Rate	-1.0pp $336	-0.5pp $306	base $277	+0.5pp $247	+1.0pp $216

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: $29,175
• Closing costs: $3,501
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-06-09
   days on market $116,700 Active 348 DOM
2. 2026-06-08
   days on market $116,700 Active 347 DOM
3. 2026-06-08
   days on market $116,700 Active 346 DOM
4. 2026-06-07
   days on market $116,700 Active 345 DOM
5. 2026-06-04
   days on market $116,700 Active 342 DOM
6. 2026-06-02
   days on market $116,700 Active 341 DOM
7. 2026-06-01
   days on market $116,700 Active 340 DOM
8. 2026-05-31
   days on market $116,700 Active 339 DOM
9. 2025-06-26
   price $116,700 145-char remark

   Show marketing remark (145 chars)

   Opportunity awaits in this four bedroom, two bath home with an inviting front porch. Take a drive by and see if this may be your next investment.

10. 2025-06-26
    listed $166,700 Active 145-char remark

    Show marketing remark (145 chars)

    Opportunity awaits in this four bedroom, two bath home with an inviting front porch. Take a drive by and see if this may be your next investment.

11. 2021-04-14
    soldstatus $127,000
12. 2021-04-12
    soldstatus $127,000 388-char remark

    Show marketing remark (388 chars)

    Large brick 4 bedroom, 2 full-bath home with beautiful original woodwork. Convenient location close to school, stores & restaurants. Gas fireplace in LR with original built-in bookshelves. Cement driveway. Laundry shoot. Master has two large closets. Large covered front porch and smaller covered back porch. Family room in basement has a bar and makes a great "man cave".

13. 2020-12-22
    listed $139,000 388-char remark

    Show marketing remark (388 chars)

    Large brick 4 bedroom, 2 full-bath home with beautiful original woodwork. Convenient location close to school, stores & restaurants. Gas fireplace in LR with original built-in bookshelves. Cement driveway. Laundry shoot. Master has two large closets. Large covered front porch and smaller covered back porch. Family room in basement has a bar and makes a great "man cave".

ⓘ 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: $1,755 · $146/mo
• Projected year-2 tax: $1,799 · $150/mo
• Expected delta: +$45/yr (+$4/mo · 2.5%)

ⓘ 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 8 d/yr ≥90°F today · 19 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,461
• − Mortgage interest: −$6,537
• − Property taxes: −$1,755
• − Insurance: −$584
• − Repairs & maintenance: −$1,317
• − Management: −$1,317
• − Depreciation: −$3,395
• Taxable income: $1,557
• Est. tax owed @ 24.0%: −$374
• After-tax cash flow: $2,948/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: Corry Area SD
• NCES district ID: 4206860
• Math proficiency: 33% ▼ -15.00%
• Reading proficiency: 52% ▼ -5.00%
• Median HH income: $40,206
• Composite: 35.56/100
• National rank: #4904
• State rank: #332 of 539 in PA

Livability — Corry

• Score: 73/100
• State rank: #573
• US rank: #5430

Category grades

Amenities D+ Commute F Cost of living A+ Crime A Employment F Housing B+ Health & safety A User ratings A-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Corry, PA
• Population (ZIP): 10,555

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 (91%)
• Race & ethnicity: White 91% Two or more races 6% Hispanic / Latino 4%
• Common ancestry: Iranian 7% Romanian 6% Lithuanian 2%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 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: ▲ 21.19%
• Current HPI: 213.9657
• Rent YoY: —
• Metro: —
• 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

-16.0% since first listed

5 events — show timeline

• 2025-06-26 Price Changed $116,700 West Penn MLS
• 2025-06-26 Listed $166,700 West Penn MLS
• 2021-04-14 Sold (Public Records) $127,000 Public Records
• 2021-04-12 Sold (MLS) $127,000 GEBOR
• 2020-12-22 Listed $139,000 GEBOR

Property tax history

+2.0%/yr

Latest (2026): $1,755 · +1.2% YoY. Source: county tax records.