2624 Parade St · Erie, PA 16504

$134,900

16 bd · 16.0 ba · 4,584 sqft · MultiFamily public records · 13 Days on market

Built 1909 5,001 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 (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Excellent opportunity to add a solid income-producer to your portfolio. This well-maintained 4-unit property offers a stable tenant base and consistent cash flow from day one, making it an ideal choice for both seasoned investors and those looking to house-hack. Highly desirable property features include dedicated off-street parking and a rare, four-car off-street garage—offering excellent convenience for tenants and potential for additional rental income. All appliances are included. Four updated hot water tanks and four newer boilers. While currently generating steady returns, rents are below market rate, presenting the next owner with a clear, built-in path to optimize cash flow an

Key facts

• Newer boilers
• Off-street parking
• 5,001 sq ft lot

Tags

• OFF-STREET PARKING
• FOUR CAR OFF-STREET GARAGE
• UPDATED HOT WATER TANKS
• NEWER BOILERS

Property features AI

Finance

• Other: Total building size not displayed in interior/exterior sections
• Financial info: Unit rents reported: $420, $520, $520, $500
• HOA & community: No HOA information provided

Exterior

• Parking: Detached garage; Total of 8 parking spaces with 4 garage spaces
• Security: No security features provided
• Utilities: Public water; Public sewer
• Home design: Multi-family residential income property; Zoned R-2
• Construction: Vinyl siding construction; Asphalt roof
• Exterior features: Level lot; Paved road access; Asphalt roof; Vinyl siding

Interior

• Kitchen: No appliance details provided
• Bedrooms: Four 1-bedroom units (each unit listed with bedroom counts)
• Flooring: No flooring details provided
• Bathrooms: Each unit has 1 bathroom
• Heating & cooling: Hot water heating; No central cooling
• Interior features: Residential income property configured as a multi-family
• Laundry & utility: No laundry or utility equipment details provided

What this means for you Summary

Snapshot

• This is a 4 × 4-bed/4.0-bath units multifamily listed at $135k.

Deal economics

• At list price, monthly cash flow is $2k ($26k/yr) — positive. Per door: $542/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $135k).
• Cap rate 25.6% vs local median 5.1% 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: 71 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 $933 of loan paydown is wiped out by about $4k 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 $38k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $77k; list at $135k implies a 75% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1909 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $134,900

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 1909 — 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: 3.01% ✓
• Cap rate: 25.58%
• Cash-on-cash: 68.90%
• DSCR: 4.07
• GRM: 2.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 68.4%
• Equity multiple: 4.08×
• Total profit: $116,392
• Equity at exit: $20,114

10-year hold

• IRR: 72.5%
• Equity multiple: 8.41×
• Total profit: $279,722
• Equity at exit: $11,664

Cash invested: $37,772 (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: 71
• Price-to-rent: 11.1×

Monthly cashflow live

• Estimated rent: $4,058 high
• Mortgage (P&I): −$707
• Tax from tax record: −$273 /mo · $3,282/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$852
• Net cashflow: $2,169

Break-even live

Break-even rent $1,313

Max offer price $134,900

Occupancy floor 42%

Sensitivity live

Price	-10% $2,245	-5% $2,207	+0% $2,169	+5% $2,131	+10% $2,092
Rent	-10% $1,848	-5% $2,008	+0% $2,169	+5% $2,329	+10% $2,489
Rate	-1.0pp $2,237	-0.5pp $2,203	base $2,169	+0.5pp $2,134	+1.0pp $2,098

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

Units	Beds	Baths	Est. rent
▸ 4× units	4	4	$4,056
Total (4 units)			$4,058

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: $33,725
• Closing costs: $4,047
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-13
   status $134,900 Pending 13 DOM
2. 2026-06-10
   days on market $134,900 Active 13 DOM
3. 2026-06-09
   days on market $134,900 Active 12 DOM
4. 2026-06-08
   days on market $134,900 Active 11 DOM
5. 2026-06-07
   days on market $134,900 Active 10 DOM
6. 2026-06-05
   days on market $134,900 Active 7 DOM
7. 2026-06-03
   days on market $134,900 Active 6 DOM
8. 2026-06-02
   days on market $134,900 Active 5 DOM
9. 2026-06-01
   days on market $134,900 Active 4 DOM
10. 2026-05-31
    days on market $134,900 Active 3 DOM
11. 2026-05-30
    days on market $134,900 Active 2 DOM
12. 2026-05-28
    listed $134,900 Active
13. 2002-07-02
    soldstatus $77,000
14. 1996-10-25
    soldstatus $67,000
15. 1993-07-01
    soldstatus $66,000

ⓘ 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: $3,282 · $273/mo
• Projected year-2 tax: $3,282 · $273/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) · 20% 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: $48,696
• − Mortgage interest: −$7,556
• − Property taxes: −$3,282
• − Insurance: −$674
• − Repairs & maintenance: −$3,896
• − Management: −$3,896
• − Depreciation: −$3,924
• Taxable income: $25,468
• Est. tax owed @ 24.0%: −$6,112
• After-tax cash flow: $19,912/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

+104.4% since first listed

4 events — show timeline

• 2026-05-28 Listed $134,900 GEBOR
• 2002-07-02 Sold (Public Records) $77,000 Public Records
• 1996-10-25 Sold (Public Records) $67,000 Public Records
• 1993-07-01 Sold (Public Records) $66,000 Public Records

Property tax history

+1.9%/yr

Latest (2026): $3,282 · +3.4% YoY. Source: county tax records.