206 Gay St · Oil City, PA 16301

$34,000

3 bd · 1.0 ba · 803 sqft · SingleFamily public records · 298 Days on market

Built 1900 4,791 sqft lot $42/sqft · 32% above area Est $26k · 32% over

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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
• Appreciation +6.1/10.0
• Livability +3.6/5.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0

Listing remarks MLS

Historic Oil City, PA offering at 206 Gay St. Corner lot 2-bedroom, 1-bath home, last remodeling done in the ‘80s but brand new roof 2025 and some new windows as well. There's work to be done but lots of potential for this home located in a quiet area on the Northside of town: first floor living room, dining room and kitchen with an enclosed porch entryway. The kitchen opens out to the fenced private yard, providing a secluded area for gardening, relaxation, or a pet to stretch its legs. The second floor includes 2 bedrooms, 1 bathroom, and a laundry area, ideal for a family starter. Bring your design plans and tweak this house into your dream family home or investment. Heat is natural gas which is also available for cooking. Property is being sold "as is".

Key facts

• Brand new roof
• Fenced private yard
• Corner lot

Tags

• CORNER LOT
• BRAND NEW ROOF
• FENCED PRIVATE YARD
• ENCLOSED PORCH ENTRYWAY
• QUIET AREA

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $34k.

Deal economics

• At list price, monthly cash flow is $544 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $34k).
• Recommended offer: $30k (12.0% below list) — sets the bar for market timing.
• Cap rate 25.5% vs local median 9.6% in Oil City — 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 71/100 on livability (#704 in PA) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, employment F.
• Oil City Area SD (town): math 20% / reading 46% proficiency, ranked #436 of 539 in PA (top 81%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 51 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 42 units permitted in Venango County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $975 of equity ($235 loan paydown + $740 appreciation (2.2% local appreciation)).
• Venango County population projected at -30% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (2.2% appreciation + 3.0% rent growth), your $10k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 298 days — a 12% lower offer ($30k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y ago; this cycle's ask has dropped $15k (31%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $13k; list at $34k implies a 160% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $29,920 (12.0% below list)

Questions for the listing agent

1. It's been on market 298 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 2.94% ✓
• Cap rate: 25.50%
• Cash-on-cash: 68.60%
• DSCR: 4.05
• GRM: 2.8

CMA / ARV

• ARV (median comp): $25,733
• List price: $34,000
• Delta: 32.13%
• Verdict: OVERPRICED
• Comps: 4 within 1.0 mi

Projected returns pro-forma

2.18% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 72.6%
• Equity multiple: 4.92×
• Total profit: $37,321
• Equity at exit: $13,735

10-year hold

• IRR: 72.7%
• Equity multiple: 10.05×
• Total profit: $86,195
• Equity at exit: $20,031

Cash invested: $9,520 (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 16301

• Home prices YoY: 1.0%
• Active inventory: 51
• Price-to-rent: 2.8×

Monthly cashflow live

• Estimated rent: $1,000 medium
• Mortgage (P&I): −$178
• Tax from tax record: −$53 /mo · $639/yr
• Insurance: −$14
• HOA: −$0
• Vacancy / Maint / Mgmt: −$210
• Net cashflow: $544

Break-even live

Break-even rent $311

Max offer price $34,000

Occupancy floor 41%

Sensitivity live

Price	-10% $563	-5% $554	+0% $544	+5% $535	+10% $525
Rent	-10% $465	-5% $505	+0% $544	+5% $584	+10% $623
Rate	-1.0pp $561	-0.5pp $553	base $544	+0.5pp $535	+1.0pp $526

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: $8,500
• Closing costs: $1,020
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
306 Plummer St Oil City, PA	2.0	1.0	1084	$1,000	$0.92	44d	1	0.32mi

Listing history 24 events

1. 2026-06-21
   days on market $34,000 Active 298 DOM
2. 2026-06-18
   days on market $34,000 Active 296 DOM
3. 2026-06-17
   days on market $34,000 Active 295 DOM
4. 2026-06-16
   days on market $34,000 Active 294 DOM
5. 2026-06-15
   days on market $34,000 Active 293 DOM
6. 2026-06-13
   days on market $34,000 Active 291 DOM
7. 2026-06-12
   days on market $34,000 Active 290 DOM
8. 2026-06-09
   days on market $34,000 Active 287 DOM
9. 2026-06-08
   days on market $34,000 Active 286 DOM
10. 2026-06-08
    days on market $34,000 Active 285 DOM
11. 2026-06-07
    days on market $34,000 Active 284 DOM
12. 2026-06-04
    days on market $34,000 Active 281 DOM
13. 2026-06-02
    days on market $34,000 Active 280 DOM
14. 2026-06-01
    days on market $34,000 Active 279 DOM
15. 2026-05-31
    days on market $34,000 Active 278 DOM
16. 2026-04-14
    price $34,000 783-char remark

    Show marketing remark (783 chars)

    Historic Oil City, PA offering at 206 Gay St. Corner lot 2-bedroom, 1-bath home, last remodeling done in the ‘80s but brand new roof 2025 and some new windows as well. There's work to be done but lots of potential for this home located in a quiet area on the Northside of town: first floor living room, dining room and kitchen with an enclosed porch entryway. The kitchen opens out to the fenced private yard, providing a secluded area for gardening, relaxation, or a pet to stretch its legs. The second floor includes 2 bedrooms, 1 bathroom, and a laundry area, ideal for a family starter. Bring your design plans and tweak this house into your dream family home or investment. Heat is natural gas which is also available for cooking. Property is being sold "as is".

17. 2026-03-06
    price $37,000 783-char remark

    Show marketing remark (783 chars)

    Historic Oil City, PA offering at 206 Gay St. Corner lot 2-bedroom, 1-bath home, last remodeling done in the ‘80s but brand new roof 2025 and some new windows as well. There's work to be done but lots of potential for this home located in a quiet area on the Northside of town: first floor living room, dining room and kitchen with an enclosed porch entryway. The kitchen opens out to the fenced private yard, providing a secluded area for gardening, relaxation, or a pet to stretch its legs. The second floor includes 2 bedrooms, 1 bathroom, and a laundry area, ideal for a family starter. Bring your design plans and tweak this house into your dream family home or investment. Heat is natural gas which is also available for cooking. Property is being sold "as is".

18. 2025-10-15
    price $44,000 783-char remark

    Show marketing remark (783 chars)

    Historic Oil City, PA offering at 206 Gay St. Corner lot 2-bedroom, 1-bath home, last remodeling done in the ‘80s but brand new roof 2025 and some new windows as well. There's work to be done but lots of potential for this home located in a quiet area on the Northside of town: first floor living room, dining room and kitchen with an enclosed porch entryway. The kitchen opens out to the fenced private yard, providing a secluded area for gardening, relaxation, or a pet to stretch its legs. The second floor includes 2 bedrooms, 1 bathroom, and a laundry area, ideal for a family starter. Bring your design plans and tweak this house into your dream family home or investment. Heat is natural gas which is also available for cooking. Property is being sold "as is".

19. 2025-08-26
    listed $49,000 Active 783-char remark

    Show marketing remark (783 chars)

    Historic Oil City, PA offering at 206 Gay St. Corner lot 2-bedroom, 1-bath home, last remodeling done in the ‘80s but brand new roof 2025 and some new windows as well. There's work to be done but lots of potential for this home located in a quiet area on the Northside of town: first floor living room, dining room and kitchen with an enclosed porch entryway. The kitchen opens out to the fenced private yard, providing a secluded area for gardening, relaxation, or a pet to stretch its legs. The second floor includes 2 bedrooms, 1 bathroom, and a laundry area, ideal for a family starter. Bring your design plans and tweak this house into your dream family home or investment. Heat is natural gas which is also available for cooking. Property is being sold "as is".

20. 2024-08-05
    soldstatus $13,100 Closed 405-char remark

    Show marketing remark (405 chars)

    Handyman Special . 2-Bedroom & 1 Bath a 2 Story Home with Fenced in Yard with Storage Shed. Property is being SOLD AS IS AND NO WARRANTY! All offers must be submitted by the buyer's agent using the online offer management system. Access the system via the link below. A technology fee will apply to the buyer's agent upon consummation of a sale. Offer link to property: http://mandtreo.com/?c=DCS1

21. 2024-07-10
    historical Active Under Contract 405-char remark

    Show marketing remark (405 chars)

    Handyman Special . 2-Bedroom & 1 Bath a 2 Story Home with Fenced in Yard with Storage Shed. Property is being SOLD AS IS AND NO WARRANTY! All offers must be submitted by the buyer's agent using the online offer management system. Access the system via the link below. A technology fee will apply to the buyer's agent upon consummation of a sale. Offer link to property: http://mandtreo.com/?c=DCS1

22. 2024-06-10
    listed $12,900 Active 405-char remark

    Show marketing remark (405 chars)

    Handyman Special . 2-Bedroom & 1 Bath a 2 Story Home with Fenced in Yard with Storage Shed. Property is being SOLD AS IS AND NO WARRANTY! All offers must be submitted by the buyer's agent using the online offer management system. Access the system via the link below. A technology fee will apply to the buyer's agent upon consummation of a sale. Offer link to property: http://mandtreo.com/?c=DCS1

23. 2009-04-03
    soldstatus $28,000
24. 2009-04-03
    soldstatus $28,000

ⓘ 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: $639 · $53/mo
• Projected year-2 tax: $639 · $53/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 3/10 Moderate
• 🌡 Heat 3/10 Moderate 8 d/yr ≥92°F today · 19 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,000
• − Mortgage interest: −$1,905
• − Property taxes: −$639
• − Insurance: −$170
• − Repairs & maintenance: −$960
• − Management: −$960
• − Depreciation: −$989
• Taxable income: $6,377
• Est. tax owed @ 24.0%: −$1,530
• After-tax cash flow: $5,000/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: Oil City Area SD
• NCES district ID: 4218090
• Math proficiency: 20% ▼ -19.00%
• Reading proficiency: 46% ▼ -10.00%
• Median HH income: $37,451
• Composite: 27.39/100
• National rank: #6973
• State rank: #436 of 539 in PA

Livability — Oil City

• Score: 71/100
• State rank: #704
• US rank: #6931

Category grades

Amenities F Commute F Cost of living A+ Crime A+ Employment F Housing A+ Health & safety A+ User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Oil City, PA
• Population (ZIP): 15,067

Population outlook (Venango County) Hauer SSP2

• Today (2025): 48,827 people
• By 2030: 46,061 · -5.7%
• By 2040: 39,989 · -18.1%
• By 2050: 34,094 · -30.2%
• By 2075: 22,500 · -53.9%
• By 2100: 13,659 · -72.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 4% Hispanic / Latino 1%
• Common ancestry: Romanian 7% Iranian 3% Italian 2%
• Foreign-born: 1%

Political lean MEDSL · Venango

• 2024 margin: Solid R (+42.1) · D 28.5% · R 70.6%
• 2008→2024 swing: -22.9pp toward R · 2008: -19.2pp · 2024: -42.1pp
• All cycles: 2024: R+42.1 2020: R+41.4 2016: R+42.4 2012: R+26.3 2008: R+19.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 2.18%
• Current HPI: 218.0124
• 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

+21.4% since first listed

9 events — show timeline

• 2026-04-14 Price Changed $34,000 AVBREALTORS
• 2026-03-06 Price Changed $37,000 AVBREALTORS
• 2025-10-15 Price Changed $44,000 AVBREALTORS
• 2025-08-26 Listed $49,000 AVBREALTORS
• 2024-08-05 Sold (MLS) $13,100 AVBREALTORS
• 2024-07-10 Contingent — AVBREALTORS
• 2024-06-10 Listed $12,900 AVBREALTORS
• 2009-04-03 Sold (Public Records) $28,000 Public Records
• 2009-04-03 Sold (MLS) $28,000 AVBREALTORS

Property tax history

+1.6%/yr

Latest (2026): $639 · -1.3% YoY. Source: county tax records.