329 W 20th St · Erie, PA 16502

$89,900

4 bd · 2.0 ba · 2,077 sqft · MultiFamily public records · 9 Days on market

Built 1897 3,267 sqft lot $43/sqft · at area comps Est $86k · at est.

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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 +5.5/15.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

Unlock instant cash flow with this fully occupied three-unit property in West Erie, perfect for investors seeking immediate returns. Sold as-is, this property offers a unique opportunity for an owner to add their personal touch and increase value through renovations. Each unit is currently rented, providing a solid investment base. Don't miss out on this chance to enhance your portfolio with a property ripe for TLC and upgrades, generating $2025 in rental income every month.

Key facts

• Three-unit property
• Rented units
• Tlc and upgrades

Tags

• THREE-UNIT PROPERTY
• FULLY OCCUPIED
• RENTED UNITS
• SOLID INVESTMENT BASE
• TLC AND UPGRADES

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $90k.

Deal economics

• At list price, monthly cash flow is $2k ($22k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $90k).
• Cap rate 30.5% 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; 5 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 364 units permitted in Erie County in 2024 (188 in 5+ unit buildings).
• At $3,215/mo this rent would consume 100% 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 $622 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 ~2 years — after that, you're playing with house money.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 4y ago; this cycle's ask has dropped $10k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 2.9% of price; built in 1897 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $89,900

Questions for the listing agent

1. Built in 1897 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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 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: 3.58% ✓
• Cap rate: 30.54%
• Cash-on-cash: 86.59%
• DSCR: 4.85
• GRM: 2.3

CMA / ARV

• ARV (median comp): $86,035
• List price: $89,900
• Delta: 4.49%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
348 W 24th St	0.22mi	5/2.0 (+1)	1,970 (-5%)	11mo	$95,000	$48	67
1619 Myrtle St	0.23mi	4/2.0	1,917 (-8%)	13mo	$68,000	$35	66
336 W 21st St	0.04mi	3/3.0 (-1)	2,234 (+8%)	14mo	$100,000	$45	65
715 W 21st St	0.52mi	4/2.0	2,112 (+2%)	14mo	$135,000	$64	62
906 W 21st St	0.66mi	4/2.0	2,040 (-2%)	8mo	$150,000	$74	60
649 W 21st St	0.45mi	4/2.0	2,308 (+11%)	6mo	$170,000	$74	56
2124 Liberty St	0.58mi	4/2.0	2,260 (+9%)	3mo	$95,000	$42	56
825 W 23rd St	0.65mi	4/2.0	2,024 (-3%)	12mo	$127,000	$63	55
821 W 23rd St	0.64mi	4/2.0	1,832 (-12%)	5mo	$119,500	$65	46
2925 Cherry St	0.69mi	5/— (+1)	1,848 (-11%)	10mo	$135,000	$73	37
918 Walnut St	0.75mi	4/2.0	2,330 (+12%)	13mo	$145,000	$62	34
2705 Liberty St	0.70mi	3/2.0 (-1)	1,883 (-9%)	16mo	$126,000	$67	34

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: 87.1%
• Equity multiple: 5.02×
• Total profit: $101,133
• Equity at exit: $13,404

10-year hold

• IRR: 90.2%
• Equity multiple: 10.42×
• Total profit: $237,084
• Equity at exit: $7,773

Cash invested: $25,172 (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: 7.0×

Monthly cashflow live

• Estimated rent: $3,215 medium
• Mortgage (P&I): −$471
• Tax from tax record: −$215 /mo · $2,575/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$675
• Net cashflow: $1,816

Break-even live

Break-even rent $916

Max offer price $89,900

Occupancy floor 38%

Sensitivity live

Price	-10% $1,867	-5% $1,842	+0% $1,816	+5% $1,791	+10% $1,765
Rent	-10% $1,562	-5% $1,689	+0% $1,816	+5% $1,943	+10% $2,070
Rate	-1.0pp $1,862	-0.5pp $1,839	base $1,816	+0.5pp $1,793	+1.0pp $1,769

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	1	$3,216
Total (3 units)			$3,215

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: $22,475
• Closing costs: $2,697
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
115 W 32nd St Erie, PA	3.0	2.0	1844	$1,050	$0.57	44d	1	0.82mi
538 W 8th St Unit 1 Erie, PA	3.0	1.0	2000	$1,650	$0.82	44d	1	0.89mi
729 W 9th St Erie, PA	4.0	2.0	1782	$3,000	$1.68	44d	1	0.92mi
2702 Raspberry St Unit 1 Erie, PA	3.0	1.0	2000	$1,200	$0.60	44d	1	1.02mi
126 W 38th St Erie, PA	4.0	2.0	1850	$4,000	$2.16	44d	1	1.14mi

Listing history 24 events

1. 2026-06-19
   days on market $89,900 Active 9 DOM
2. 2026-06-18
   days on market $89,900 Active 8 DOM
3. 2026-06-17
   days on market $89,900 Active 7 DOM
4. 2026-06-16
   days on market $89,900 Active 6 DOM
5. 2026-06-15
   days on market $89,900 Active 5 DOM
6. 2026-06-14
   days on market $89,900 Active 3 DOM
7. 2026-06-13
   days on marketlisting id $89,900 Active 2 DOM
8. 2026-06-10
   days on market $89,900 Active 119 DOM
9. 2026-06-09
   days on market $89,900 Active 118 DOM
10. 2026-06-08
    days on market $89,900 Active 117 DOM
11. 2026-06-07
    days on market $89,900 Active 116 DOM
12. 2026-06-05
    days on market $89,900 Active 113 DOM
13. 2026-06-03
    days on market $89,900 Active 112 DOM
14. 2026-06-02
    days on market $89,900 Active 111 DOM
15. 2026-06-01
    days on market $89,900 Active 110 DOM
16. 2026-05-31
    days on market $89,900 Active 109 DOM
17. 2026-05-30
    days on market $89,900 Active 108 DOM
18. 2026-05-20
    price $89,900 479-char remark

    Show marketing remark (479 chars)

    Unlock instant cash flow with this fully occupied three-unit property in West Erie, perfect for investors seeking immediate returns. Sold as-is, this property offers a unique opportunity for an owner to add their personal touch and increase value through renovations. Each unit is currently rented, providing a solid investment base. Don't miss out on this chance to enhance your portfolio with a property ripe for TLC and upgrades, generating $2025 in rental income every month.

19. 2026-03-10
    price $95,000 479-char remark

    Show marketing remark (479 chars)

    Unlock instant cash flow with this fully occupied three-unit property in West Erie, perfect for investors seeking immediate returns. Sold as-is, this property offers a unique opportunity for an owner to add their personal touch and increase value through renovations. Each unit is currently rented, providing a solid investment base. Don't miss out on this chance to enhance your portfolio with a property ripe for TLC and upgrades, generating $2025 in rental income every month.

20. 2026-02-11
    listed $100,000 Active 479-char remark

    Show marketing remark (479 chars)

    Unlock instant cash flow with this fully occupied three-unit property in West Erie, perfect for investors seeking immediate returns. Sold as-is, this property offers a unique opportunity for an owner to add their personal touch and increase value through renovations. Each unit is currently rented, providing a solid investment base. Don't miss out on this chance to enhance your portfolio with a property ripe for TLC and upgrades, generating $2025 in rental income every month.

21. 2022-05-31
    soldstatus $85,000 318-char remark

    Show marketing remark (318 chars)

    Do not miss out on this cash flowing 3 unit! 2 long term tenants, bottom unit just renovated and is move in ready! Off street Parking in the back! This could be the perfect property for a new investor or someone looking to add to their portfolio! Centrally located, close to all bus routes and minutes from downtown!

22. 2022-03-14
    listed $85,000 318-char remark

    Show marketing remark (318 chars)

    Do not miss out on this cash flowing 3 unit! 2 long term tenants, bottom unit just renovated and is move in ready! Off street Parking in the back! This could be the perfect property for a new investor or someone looking to add to their portfolio! Centrally located, close to all bus routes and minutes from downtown!

23. 2022-02-24
    soldstatus $25,000
24. 2013-08-02
    soldstatus $32,000

ⓘ 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: $2,575 · $215/mo
• Projected year-2 tax: $2,575 · $215/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 ≥90°F today · 17 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: $38,580
• − Mortgage interest: −$5,036
• − Property taxes: −$2,575
• − Insurance: −$450
• − Repairs & maintenance: −$3,086
• − Management: −$3,086
• − Depreciation: −$2,615
• Taxable income: $21,732
• Est. tax owed @ 24.0%: −$5,216
• After-tax cash flow: $16,581/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

+180.9% since first listed

7 events — show timeline

• 2026-05-20 Price Changed $89,900 GEBOR
• 2026-03-10 Price Changed $95,000 GEBOR
• 2026-02-11 Listed $100,000 GEBOR
• 2022-05-31 Sold (MLS) $85,000 GEBOR
• 2022-03-14 Listed $85,000 GEBOR
• 2022-02-24 Sold (Public Records) $25,000 Public Records
• 2013-08-02 Sold (Public Records) $32,000 Public Records

Property tax history

+1.9%/yr

Latest (2026): $2,575 · +3.4% YoY. Source: county tax records.