3523 South St · Wesleyville, PA 16510

$128,000

5 bd · 2.0 ba · 2,358 sqft · MultiFamily public records · 21 Days on market

Built 1920 4,587 sqft lot $54/sqft · at area comps Est $151k · 15% under

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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
• ARV discount +14.3/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.0/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks MLS

Fully occupied and income-producing, this well-maintained two-unit property in a quiet Wesleyville neighborhood is a turnkey opportunity for investors. Both units are currently leased, providing immediate cash flow with stable tenancy already in place. Whether you’re looking to expand your portfolio or step into your first investment property, this duplex delivers consistent income with minimal upfront effort.

Key facts

• Immediate cash flow
• Currently leased
• Stable tenancy

Tags

• WELL MAINTAINED
• TURNKEY OPPORTUNITY
• QUIET NEIGHBORHOOD
• CURRENTLY LEASED
• IMMEDIATE CASH FLOW
• STABLE TENANCY

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $128k.

Deal economics

• At list price, monthly cash flow is $735 ($9k/yr) — positive. Per door: $368/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $128k).
• Recommended offer: $126k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 80/100 on livability (#195 in PA, #1,671 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, health & safety A+; Watch: schools D+, crime D+, employment D.
• Iroquois SD (suburban): math 39% / reading 55% proficiency, ranked #236 of 539 in PA (top 44%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 76 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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 $885 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 $36k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($126k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 12y ago; this cycle's ask has dropped $10k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 2.6% of price; built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $126,080 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 1.72% ✓
• Cap rate: 13.19%
• Cash-on-cash: 24.62%
• DSCR: 2.10
• GRM: 4.8

CMA / ARV

• ARV (median comp): $150,604
• List price: $128,000
• Delta: -15.01%
• Verdict: UNDERPRICED
• Comps: 5 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2118 Market St	0.10mi	4/2.0 (-1)	2,040 (-14%)	19mo	$60,000	$29	52

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: 18.0%
• Equity multiple: 1.73×
• Total profit: $26,195
• Equity at exit: $19,085

10-year hold

• IRR: 26.5%
• Equity multiple: 3.33×
• Total profit: $83,547
• Equity at exit: $11,067

Cash invested: $35,840 (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 16510

• Home prices YoY: -33.7%
• Active inventory: 76
• Price-to-rent: 9.7×

Monthly cashflow live

• Estimated rent: $2,203 medium
• Mortgage (P&I): −$671
• Tax from tax record: −$281 /mo · $3,366/yr
• Insurance: −$53
• HOA: −$0
• Vacancy / Maint / Mgmt: −$463
• Net cashflow: $735

Break-even live

Break-even rent $1,272

Max offer price $128,000

Occupancy floor 62%

Sensitivity live

Price	-10% $808	-5% $771	+0% $735	+5% $699	+10% $663
Rent	-10% $561	-5% $648	+0% $735	+5% $822	+10% $909
Rate	-1.0pp $800	-0.5pp $768	base $735	+0.5pp $702	+1.0pp $668

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,202
Total (2 units)			$2,203

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: $32,000
• Closing costs: $3,840
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3704 E Lake Rd Erie, PA	4.0	1.0	2472	$1,490	$0.60	44d	1	1.09mi

Listing history 7 events

1. 2026-05-13
   status Pending 419-char remark

   Show marketing remark (419 chars)

   Fully occupied and income-producing, this well-maintained two-unit property in a quiet Wesleyville neighborhood is a turnkey opportunity for investors. Both units are currently leased, providing immediate cash flow with stable tenancy already in place. Whether you’re looking to expand your portfolio or step into your first investment property, this duplex delivers consistent income with minimal upfront effort.

2. 2026-05-06
   price $128,000 419-char remark

   Show marketing remark (419 chars)

   Fully occupied and income-producing, this well-maintained two-unit property in a quiet Wesleyville neighborhood is a turnkey opportunity for investors. Both units are currently leased, providing immediate cash flow with stable tenancy already in place. Whether you’re looking to expand your portfolio or step into your first investment property, this duplex delivers consistent income with minimal upfront effort.

3. 2026-04-21
   listed $138,000 Active 419-char remark

   Show marketing remark (419 chars)

   Fully occupied and income-producing, this well-maintained two-unit property in a quiet Wesleyville neighborhood is a turnkey opportunity for investors. Both units are currently leased, providing immediate cash flow with stable tenancy already in place. Whether you’re looking to expand your portfolio or step into your first investment property, this duplex delivers consistent income with minimal upfront effort.

4. 2024-05-02
   soldstatus $425,000
5. 2015-11-12
   soldstatus $90,800
6. 2014-04-03
   listed $89,900
7. 2005-05-10
   soldstatus $50,000

ⓘ 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: $3,366 · $281/mo
• Projected year-2 tax: $3,366 · $281/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 4/10 Moderate 3 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,436
• − Mortgage interest: −$7,170
• − Property taxes: −$3,366
• − Insurance: −$640
• − Repairs & maintenance: −$2,115
• − Management: −$2,115
• − Depreciation: −$3,724
• Taxable income: $7,306
• Est. tax owed @ 24.0%: −$1,754
• After-tax cash flow: $7,070/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: Iroquois SD
• NCES district ID: 4212210
• Math proficiency: 39% ▼ -13.00%
• Reading proficiency: 55% ▼ -12.00%
• Median HH income: $50,338
• Composite: 40.27/100
• National rank: #3766
• State rank: #236 of 539 in PA

Livability — Wesleyville

• Score: 80/100
• State rank: #195
• US rank: #1671

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Wesleyville, PA
• Population (ZIP): 25,152

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% Hispanic / Latino 6% Black 6% Asian 4% Two or more races 4%
• Hispanic origin (detail): Mexican 1% Puerto Rican 4%
• Common ancestry: Romanian 12% Subsaharan African 2% Lithuanian 2%
• Foreign-born: 8% · Vietnam, India, Canada
• Languages at home: 88% English-only · Arabic 3% Spanish 3% Other Indo-European 2%

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: ▼ -122.36%
• Current HPI: 240.7222
• 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

+156.0% since first listed

7 events — show timeline

• 2026-05-13 Pending — GEBOR
• 2026-05-06 Price Changed $128,000 GEBOR
• 2026-04-21 Listed $138,000 GEBOR
• 2024-05-02 Sold (Public Records) $425,000 Public Records
• 2015-11-12 Sold (Public Records) $90,800 Public Records
• 2014-04-03 Listed $89,900 GEBOR
• 2005-05-10 Sold (Public Records) $50,000 Public Records

Property tax history

+1.0%/yr

Latest (2026): $3,366 · -21.6% YoY. Source: county tax records.