308 Hess Ave · Erie, PA 16507

$149,900

4 bd · 2.0 ba · 2,024 sqft · MultiFamily public records · 11 Days on market

Built 1923 3,781 sqft lot

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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 +28.8/30.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 1% rule +7.4/10.0
• 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

Investment opportunity! This duplex features two updated units with strong income potential. Each unit has previously rented for $950 per month, offering the opportunity for an investor to generate substantial cash flow. With separate living spaces and low operating expenses, this property is ideal for both seasoned investors and owner-occupants looking to offset their mortgage with rental income. Conveniently located near shopping, restaurants, schools, and major roadways. Whether you're looking to add to your portfolio or live in one unit while renting the other, this property is a must see.

Key facts

• Updated units
• Conveniently located
• 3,781 sq ft lot

Tags

• UPDATED UNITS
• STRONG INCOME POTENTIAL
• SEPARATE LIVING SPACES
• LOW OPERATING EXPENSES
• CONVENIENTLY LOCATED

Property features AI

Finance

• Financial info: Each unit currently rents for $950

Exterior

• Utilities: Public water; Public sewer
• Home design: Residential income property (multi-family); Zoned R-2
• Construction: Aluminum siding; Vinyl siding; Asphalt roof; Built in 2024
• Exterior features: Asphalt roof; Paved road access; Aluminum and vinyl siding

Interior

• Bedrooms: Two 2-bedroom units
• Bathrooms: Two 1-bath units
• Heating & cooling: Forced air heating; No central cooling
• Interior features: Forced air heating; No cooling system

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $150k.

Deal economics

• At list price, monthly cash flow is $503 ($6k/yr) — positive. Per door: $251/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Cap rate 10.3% 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; 1 comparable units currently listed for rent nearby; lower-income renter base — watch delinquency; 364 units permitted in Erie County in 2024 (188 in 5+ unit buildings).
• At $1,865/mo this rent would consume 67% 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 $7k of equity ($1k loan paydown + $6k 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 $42k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $37k; list at $150k implies a 308% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1923 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $149,900

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 1923 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.24% ✓
• Cap rate: 10.32%
• Cash-on-cash: 14.38%
• DSCR: 1.64
• GRM: 6.7

CMA / ARV

• ARV (on-the-fly): $72,864
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1219 E Lake Rd	0.16mi	4/2.0	2,024 (0%)	9mo	$53,000	$26	85
1423-25 Atkins St	0.29mi	5/2.0 (+1)	2,016 (-0%)	1mo	$110,000	$55	80
1117 E 9th St	0.44mi	5/2.0 (+1)	1,912 (-6%)	5mo	$68,000	$36	61
730-32 E 8th St	0.70mi	5/2.0 (+1)	2,033 (+0%)	4mo	$65,000	$32	58
1160 E 10th St	0.47mi	4/2.0	2,096 (+4%)	21mo	$49,500	$24	54
632 E 4th St	0.74mi	4/2.0	2,024 (0%)	15mo	$55,000	$27	53
1349 E 8th St	0.39mi	4/2.0	1,800 (-11%)	19mo	$73,000	$41	48
402 Reed St	0.70mi	5/2.0 (+1)	1,877 (-7%)	8mo	$110,000	$59	44

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: 21.8%
• Equity multiple: 2.29×
• Total profit: $54,276
• Equity at exit: $77,491

10-year hold

• IRR: 20.6%
• Equity multiple: 4.12×
• Total profit: $130,936
• Equity at exit: $127,946

Cash invested: $41,972 (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: 13.4×

Monthly cashflow live

• Estimated rent: $1,865 high
• Mortgage (P&I): −$786
• Tax from tax record: −$122 /mo · $1,462/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$392
• Net cashflow: $503

Break-even live

Break-even rent $1,228

Max offer price $149,900

Occupancy floor 68%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$1,864
Total (2 units)			$1,865

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: $37,475
• Closing costs: $4,497
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
622 E 4th St Erie, PA	3.0	1.0	1500	$1,250	$0.83	43d	1	0.79mi

Listing history 9 events

1. 2026-06-15
   statusdays on market $149,900 Pending 11 DOM
2. 2026-06-14
   days on market $149,900 Active 10 DOM
3. 2026-06-13
   days on market $149,900 Active 9 DOM
4. 2026-06-10
   days on market $149,900 Active 7 DOM
5. 2026-06-09
   days on market $149,900 Active 6 DOM
6. 2026-06-08
   days on market $149,900 Active 5 DOM
7. 2026-06-07
   days on market $149,900 Active 4 DOM
8. 2026-06-05
   remarks 600-char remark
9. 2026-06-05
   listed $149,900 Active 1 DOM

ⓘ 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: $1,462 · $122/mo
• Projected year-2 tax: $1,915 · $160/mo
• Expected delta: +$453/yr (+$38/mo · 31.0%)

ⓘ 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 · 18 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: $22,380
• − Mortgage interest: −$8,397
• − Property taxes: −$1,462
• − Insurance: −$750
• − Repairs & maintenance: −$1,790
• − Management: −$1,790
• − Depreciation: −$4,361
• Taxable income: $3,830
• Est. tax owed @ 24.0%: −$919
• After-tax cash flow: $5,116/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

+732.8% since first listed

5 events — show timeline

• 2026-06-03 Listed $149,900 GEBOR
• 2002-01-31 Sold (Public Records) $36,700 Public Records
• 1993-08-03 Sold (Public Records) $32,500 Public Records
• 1984-07-27 Sold (Public Records) $18,000 Public Records
• 1984-07-26 Sold (Public Records) $18,000 Public Records

Property tax history

+1.9%/yr

Latest (2026): $1,462 · +3.4% YoY. Source: county tax records.