3608 Burton Ave · Erie, PA 16504

$89,000

8 bd · 2.5 ba · 2,464 sqft · MultiFamily public records · 4 Days on market

Built 1923 5,384 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +4.2/5.0
• Rent growth +2.5/5.0
• 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

Nice looking Rental on the upper East side. There is off street parking a great location.

Key facts

• Close to parks
• Close to schools
• Two 4-bedroom units

Tags

• UPPER EAST SIDE DUPLEX
• TWO 4-BEDROOM UNITS
• CONVENIENT LOCATION
• CLOSE TO SCHOOLS
• CLOSE TO PARKS
• CLOSE TO SHOPPING

Property features AI

Finance

• Other: Property size approximately 0.12 acres; Lot dimensions: 34 x 138 x 34 x 138
• Financial info: Two rental units each currently renting for $900

Exterior

• Utilities: Public water; Public sewer
• Home design: Multi‑family residential income property; Two levels; Zoned R-1
• Construction: Vinyl siding; Built with asphalt roof
• Exterior features: Asphalt roof; Paved road access

Interior

• Bedrooms: Two units each with 4 bedrooms
• Bathrooms: Two units each with 1 bathroom
• Heating & cooling: Forced air heating; No cooling
• Interior features: Forced air heating; No central cooling

What this means for you Summary

Snapshot

• This is a 2 × 4-bed/1.0-bath units multifamily listed at $89k.

Deal economics

• At list price, monthly cash flow is $803 ($10k/yr) — positive. Per door: $401/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $89k).
• Cap rate 17.1% 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: 68 active listings in the ZIP; 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 $615 of loan paydown is wiped out by about $3k 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 $25k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts 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.
• Current owner paid $58k; list at $89k implies a 53% 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 $89,000

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: 2.05% ✓
• Cap rate: 17.11%
• Cash-on-cash: 38.64%
• DSCR: 2.72
• GRM: 4.1

CMA / ARV

• ARV (on-the-fly): $59,136
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3608 Burton Ave	0.00mi	8/3.0	2,464 (0%)	15mo	$58,000	$24	86

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: 34.8%
• Equity multiple: 2.47×
• Total profit: $36,733
• Equity at exit: $13,270

10-year hold

• IRR: 41.6%
• Equity multiple: 4.93×
• Total profit: $97,975
• Equity at exit: $7,695

Cash invested: $24,920 (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 16504

• Home prices YoY: -17.9%
• Active inventory: 68
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $1,826 medium
• Mortgage (P&I): −$467
• Tax from tax record: −$136 /mo · $1,635/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$383
• Net cashflow: $803

Break-even live

Break-even rent $810

Max offer price $89,000

Occupancy floor 51%

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

Units	Beds	Baths	Est. rent
▸ 2× units	4	1	$1,826
Total (2 units)			$1,826

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: $22,250
• Closing costs: $2,670
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-06-02
   status $89,000 Pending 4 DOM
2. 2026-06-01
   days on market $89,000 Active 4 DOM
3. 2026-05-31
   days on market $89,000 Active 3 DOM
4. 2026-05-30
   days on market $89,000 Active 2 DOM
5. 2026-05-29
   listed $89,000 Active
6. 2025-03-21
   soldstatus $58,000 Closed 89-char remark

   Show marketing remark (89 chars)

   Nice looking Rental on the upper East side. There is off street parking a great location.

7. 2025-03-20
   soldstatus $58,000
8. 2025-02-23
   status Pending 89-char remark

   Show marketing remark (89 chars)

   Nice looking Rental on the upper East side. There is off street parking a great location.

9. 2025-02-03
   price $89,900 89-char remark

   Show marketing remark (89 chars)

   Nice looking Rental on the upper East side. There is off street parking a great location.

10. 2025-01-27
    price $119,000 89-char remark

    Show marketing remark (89 chars)

    Nice looking Rental on the upper East side. There is off street parking a great location.

11. 2025-01-15
    listed $130,000 Active 89-char remark

    Show marketing remark (89 chars)

    Nice looking Rental on the upper East side. There is off street parking a great location.

12. 1996-11-04
    soldstatus $21,000
13. 1995-10-02
    soldstatus $20,000

ⓘ 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: $1,635 · $136/mo
• Projected year-2 tax: $1,635 · $136/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 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥90°F today · 16 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: $21,912
• − Mortgage interest: −$4,985
• − Property taxes: −$1,635
• − Insurance: −$445
• − Repairs & maintenance: −$1,753
• − Management: −$1,753
• − Depreciation: −$2,589
• Taxable income: $8,752
• Est. tax owed @ 24.0%: −$2,100
• After-tax cash flow: $7,530/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
• City population: 92,215
• Population (ZIP): 15,632

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 (73%)
• Race & ethnicity: White 73% Two or more races 12% Black 10% Hispanic / Latino 6% Asian 3%
• Hispanic origin (detail): Mexican 1% Puerto Rican 3%
• Common ancestry: Romanian 17% Subsaharan African 2% American 2%
• Foreign-born: 9% · Canada, India, China
• Languages at home: 88% English-only · Russian/Polish/Slavic 5% Spanish 3% Other Indo-European 3%

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: ▼ -56.54%
• Current HPI: 260.1053
• 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

+345.0% since first listed

9 events — show timeline

• 2026-05-29 Listed $89,000 GEBOR
• 2025-03-21 Sold (MLS) $58,000 GEBOR
• 2025-03-20 Sold (Public Records) $58,000 Public Records
• 2025-02-23 Pending — GEBOR
• 2025-02-03 Price Changed $89,900 GEBOR
• 2025-01-27 Price Changed $119,000 GEBOR
• 2025-01-15 Listed $130,000 GEBOR
• 1996-11-04 Sold (Public Records) $21,000 Public Records
• 1995-10-02 Sold (Public Records) $20,000 Public Records

Property tax history

+1.9%/yr

Latest (2026): $1,635 · +3.4% YoY. Source: county tax records.