505 W Smith St · Corry, PA 16407

$50,000

3 bd · 3.0 ba · 3,216 sqft · MultiFamily public records · 7 Days on market

Built 1920 0.62 ac 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 +15.0/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.7/5.0
• Schools +3.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

* * * AUCTION - JUNE 30th at 6PM with www. triplestatesfamilyauctions.com - GREAT INVESTMENT PROPERTY! COMMERCIAL GARAGE SPACE IS ON THE PROPERTY. PROPERTY IS RESIDENTIAL, HOWEVER NEW OWNER COULD APPLY FOR VARIANCE.

Key facts

• 0.62 acre lot
• 4 garage spots
• Built 1920

Property features AI

Finance

• Financial info: Actual rents reported: three units at $360 each

Exterior

• Parking: Detached garage; Total of 5 parking spaces, including 4 garage spaces
• Utilities: Public water; Public sewer
• Home design: Multi-family residential income property; Two levels
• Construction: Frame construction; Aluminum roof
• Exterior features: Corner lot; See remarks for additional lot details; Paved road access

Interior

• Bedrooms: Three 1-bedroom units
• Bathrooms: Three 1-bath units
• 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 3-bed/3.0-bath multifamily listed at $50k.

Deal economics

• At list price, monthly cash flow is $2k ($19k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $50k).
• Cap rate 44.6% vs local median 4.0% in Corry — 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 73/100 on livability (#573 in PA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, crime A, health & safety A; Watch: amenities D+, commute F, employment F.
• Corry Area SD (town): math 33% / reading 52% proficiency, ranked #332 of 539 in PA (top 62%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 41 active listings in the ZIP; 364 units permitted in Erie County in 2024 (188 in 5+ unit buildings).

Forward outlook

• In year one you build about $5k of equity ($346 loan paydown + $5k appreciation (10.0% local appreciation)).
• Erie County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $14k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 8y 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 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $50,000

Questions for the listing agent

1. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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: 4.92% ✓
• Cap rate: 44.60%
• Cash-on-cash: 136.82%
• DSCR: 7.09
• GRM: 1.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 10.21×
• Total profit: $128,936
• Equity at exit: $45,044

10-year hold

• IRR: —
• Equity multiple: 22.42×
• Total profit: $299,819
• Equity at exit: $97,139

Cash invested: $14,000 (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 16407

• Home prices YoY: 11.0%
• Active inventory: 41
• Price-to-rent: 3.4×

Monthly cashflow live

• Estimated rent: $2,458 medium
• Mortgage (P&I): −$262
• Tax est. 1.5%: −$62 /mo · $750/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$516
• Net cashflow: $1,596

Break-even live

Break-even rent $437

Max offer price $50,000

Occupancy floor 30%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1.5	$2,458
Total (2 units)			$2,458

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: $12,500
• Closing costs: $1,500
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-06-18
   days on market $50,000 Active 7 DOM
2. 2026-06-17
   days on market $50,000 Active 6 DOM
3. 2026-06-16
   days on market $50,000 Active 5 DOM
4. 2026-06-15
   days on market $50,000 Active 4 DOM
5. 2026-06-13
   days on market $50,000 Active 2 DOM
6. 2026-06-12
   remarks 217-char remark
7. 2026-06-12
   listed $50,000 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥90°F today · 19 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $29,496
• − Mortgage interest: −$2,801
• − Property taxes: −$750
• − Insurance: −$250
• − Repairs & maintenance: −$2,360
• − Management: −$2,360
• − Depreciation: −$1,455
• Taxable income: $19,521
• Est. tax owed @ 24.0%: −$4,685
• After-tax cash flow: $14,470/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: Corry Area SD
• NCES district ID: 4206860
• Math proficiency: 33% ▼ -15.00%
• Reading proficiency: 52% ▼ -5.00%
• Median HH income: $40,206
• Composite: 35.56/100
• National rank: #4904
• State rank: #332 of 539 in PA

Livability — Corry

• Score: 73/100
• State rank: #573
• US rank: #5430

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Corry, PA
• Population (ZIP): 10,555

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 (91%)
• Race & ethnicity: White 91% Two or more races 6% Hispanic / Latino 4%
• Common ancestry: Iranian 7% Romanian 6% Lithuanian 2%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 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: ▲ 21.19%
• Current HPI: 213.9657
• 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

+7.5% since first listed

2 events — show timeline

• 2026-06-10 Listed $50,000 GEBOR
• 2018-06-26 Listed $46,500 GEBOR

Property tax history

+1.4%/yr

Latest (2026): $3,539 · +1.2% YoY. Source: county tax records.