2206 Cherry St · Erie, PA 16502

$169,900

6 bd · 2.0 ba · 1,844 sqft · MultiFamily public records · 18 Days on market

Built 1882 4,408 sqft lot

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Why this score? — see what drove the C+ 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 +26.6/30.0
• DSCR +9.1/10.0
• ARV discount +7.5/15.0
• 1% rule +6.9/10.0
• Livability +4.2/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• 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

SPACIOUS TWO UNIT INVESTMENT PROPERTY! EACH UNIT HAS A LIVING RM, DINING RM, KITCHEN, THREE BEDROOMS & 1 FULL BATH FOR A TOTAL OF 6 BEDS 2 BATHS. EACH UNIT ALSO HAS BASEMENT ACCESS. AWESOME MONEY MAKER! THIS PROPERTY CAN GENERATE YOU AT LEAST $1,000 MONTHLY AND IS MINUTES FROM LOTS OF ATTRACTIONS LIKE LIBERTY PARK, DOWNTOWN ERIE, MAJOR BUS LINE & MEDICAL CENTER. SELLING AS IS. SHOWING APPT REQUIRED.

Key facts

• Separate utilities
• Modernized kitchens
• Off-street parking

Tags

• MODERNIZED KITCHENS
• REMODELED BATHROOMS
• REPLACEMENT WINDOWS
• SEPARATE UTILITIES
• OFF-STREET PARKING

Property features AI

Finance

• Financial info: Unit rents reported: one unit at $800, one unit at $900

Exterior

• Parking: 2 parking spaces
• Utilities: Public water; Public sewer
• Home design: Multi-family residential income property; Two stories; Zoning: R-2
• Construction: Asbestos construction material
• Exterior features: Level lot; Paved road access; Composition roof

Interior

• Kitchen: Each unit includes a range/oven; Each unit includes a refrigerator; Each unit includes a dishwasher
• Bedrooms: Two 2-bedroom units
• Bathrooms: Each unit has 1 bathroom
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Two-level layout
• Laundry & utility: Laundry in each unit

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $170k.

Deal economics

• At list price, monthly cash flow is $453 ($5k/yr) — positive. Per door: $227/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $170k).
• Recommended offer: $167k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.5% 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 rising (+3.0%/yr); 56 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 $2,029/mo this rent would consume 63% of the median local household income ($39k/yr) (locally 1044% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k 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 $48k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 18 days — a 2% lower offer ($167k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 4y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: built in 1882 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $167,351 (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 1882 — 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: 1.19% ✓
• Cap rate: 9.49%
• Cash-on-cash: 11.43%
• DSCR: 1.51
• GRM: 7.0

CMA / ARV

• ARV (on-the-fly): $105,108
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
719 W 16th St	0.42mi	6/2.0	1,850 (+0%)	1mo	$92,000	$50	79
1901 Liberty St	0.27mi	7/2.0 (+1)	1,782 (-3%)	8mo	$130,000	$73	71
1809 Myrtle St	0.50mi	6/2.0	1,842 (-0%)	10mo	$79,500	$43	68
421 W 16th St	0.45mi	5/2.0 (-1)	1,760 (-5%)	2mo	$79,500	$45	65
721 W 19th St	0.26mi	6/2.0	2,010 (+9%)	10mo	$120,000	$60	65
2925 Cherry St	0.48mi	5/— (-1)	1,848 (+0%)	10mo	$135,000	$73	64
1822 Cherry St	0.22mi	6/2.0	2,032 (+10%)	10mo	$45,000	$22	64
348 W 24th St	0.34mi	5/2.0 (-1)	1,970 (+7%)	11mo	$95,000	$48	59
2916 Hazel St	0.47mi	6/2.0	2,032 (+10%)	6mo	$121,000	$60	56
1114 W 20th St	0.60mi	5/2.0 (-1)	1,936 (+5%)	4mo	$111,000	$57	55
1151 W 22nd St	0.66mi	5/2.0 (-1)	2,112 (+14%)	7mo	$114,000	$54	34
1156 W 21st St	0.67mi	5/3.0 (-1)	1,693 (-8%)	19mo	$129,900	$77	30

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 · 2.97% rent growth · sell at horizon

5-year hold

• IRR: 0.7%
• Equity multiple: 1.03×
• Total profit: $1,285
• Equity at exit: $25,333

10-year hold

• IRR: 10.3%
• Equity multiple: 1.80×
• Total profit: $38,095
• Equity at exit: $14,690

Cash invested: $47,572 (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 16502

• Home prices YoY: -30.5%
• Rents YoY: 3.0%
• Active inventory: 56
• Price-to-rent: 14.0×

Monthly cashflow live

• Estimated rent: $2,029 high
• Mortgage (P&I): −$891
• Tax from tax record: −$188 /mo · $2,256/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$426
• Net cashflow: $453

Break-even live

Break-even rent $1,455

Max offer price $169,900

Occupancy floor 73%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,030
Total (2 units)			$2,029

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: $42,475
• Closing costs: $5,097
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-19
   days on market $169,900 Active 18 DOM
2. 2026-06-18
   days on market $169,900 Active 17 DOM
3. 2026-06-17
   days on market $169,900 Active 16 DOM
4. 2026-06-16
   days on market $169,900 Active 15 DOM
5. 2026-06-15
   days on market $169,900 Active 14 DOM
6. 2026-06-14
   days on market $169,900 Active 12 DOM
7. 2026-06-13
   days on market $169,900 Active 11 DOM
8. 2026-06-10
   days on market $169,900 Active 9 DOM
9. 2026-06-09
   days on market $169,900 Active 8 DOM
10. 2026-06-08
    days on market $169,900 Active 7 DOM
11. 2026-06-07
    days on market $169,900 Active 6 DOM
12. 2026-06-05
    days on market $169,900 Active 3 DOM
13. 2026-06-03
    days on market $169,900 Active 2 DOM
14. 2026-06-02
    remarks 538-char remark
15. 2026-06-02
    listed $169,900 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: $2,256 · $188/mo
• Projected year-2 tax: $2,470 · $206/mo
• Expected delta: +$214/yr (+$18/mo · 9.5%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 21% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥90°F today · 15 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: $24,348
• − Mortgage interest: −$9,517
• − Property taxes: −$2,256
• − Insurance: −$850
• − Repairs & maintenance: −$1,948
• − Management: −$1,948
• − Depreciation: −$4,943
• Taxable income: $2,887
• Est. tax owed @ 24.0%: −$693
• After-tax cash flow: $4,745/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): 15,995
• Household income: $38,566
• Rent vs Own: 60.6% rent · 39.4% own
• Severe rent burden: 1044.0

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 (66%)
• Race & ethnicity: White 66% Two or more races 16% Hispanic / Latino 13% Black 11% Asian 2%
• Hispanic origin (detail): Mexican 5% Puerto Rican 5%
• Common ancestry: Romanian 7% Serbian 2% Italian 1%
• Foreign-born: 5% · Canada
• Languages at home: 89% English-only · Spanish 8% Other Indo-European 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: ▼ -92.73%
• Current HPI: 211.4408
• Rent YoY: ▲ 2.97%
• 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

+818.4% since first listed

11 events — show timeline

• 2026-06-01 Listed $169,900 GEBOR
• 2025-09-17 Listed $169,900 GEBOR
• 2023-10-04 Sold (Public Records) $150,000 Public Records
• 2022-12-22 Sold (Public Records) $20,000 Public Records
• 2022-12-22 Sold (MLS) $20,000 GEBOR
• 2022-12-09 Pending — GEBOR
• 2022-11-28 Price Changed $33,900 GEBOR
• 2022-11-15 Price Changed $39,900 GEBOR
• 2022-11-09 Listed $50,500 GEBOR
• 1993-10-01 Sold (Public Records) $36,900 Public Records
• 1987-04-28 Sold (Public Records) $18,500 Public Records

Property tax history

+1.9%/yr

Latest (2026): $2,256 · +3.4% YoY. Source: county tax records.