316 W 20th St · Erie, PA 16502

$119,900

6 bd · 2.0 ba · 1,944 sqft · MultiFamily public records · 17 Days on market

Built 1897 Est $101k · 19% over

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +4.2/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• ARV discount +0.0/15.0
• 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

SPACIOUS TWO UNIT DUPLEX WITH IN CONVENIENT SW ERIE LOCATION NEAR SAINT VINCENT HOSPITAL. PROPERTY FEATURES TWO SPACIOUS 3 BEDROOM UNITS WITH TALL CEILINGS. EACH UNIT HAS 3 BEDROOMS, FULL BATH, LIVING AND DINING ROOMS AND KITCHEN. 1ST FLOOR HAS FRONT COVERED PORCH AND 2ND FLOOR HAS BALCONY. NICE FENCED YARD AND OFF-STREET PARKING. ROOF IS ONLY 4 YEARS OLD!! GREAT OWNER-OCCUPIED OPPORTUNITY OR TWO RENTAL INCOME PROPERTY! START EARNING YOUR RETURN ON INVESTMENT TODAY!!

Key facts

• Built 1897
• Listed 17 days

Property features AI

Finance

• Other: Property described as residential income (multi-family)
• Financial info: Tax annual amount reported

Exterior

• Utilities: Public water; Public sewer
• Home design: Multi-family residential building; Two stories; Zoning: R-1
• Construction: Aluminum siding; Asphalt and asbestos shingle roof
• Exterior features: Paved road access

Interior

• Kitchen: Range/oven included; Refrigerator included
• Bedrooms: One unit with 4 bedrooms; One unit with 2 bedrooms
• Bathrooms: One unit with 1 bathroom; One unit with 1 bathroom
• Heating & cooling: Forced air heating; No central cooling
• Interior features: Basement tenant use; Balcony/porch
• Laundry & utility: Laundry in unit

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $120k.

Deal economics

• At list price, monthly cash flow is $833 ($10k/yr) — positive. Per door: $416/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Recommended offer: $118k (1.5% below list) — sets the bar for market timing.
• Cap rate 14.6% vs local median 5.4% 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.
• Zoned schools: Pfeiffer-Burleigh Sch (math 7% / reading 14%, grade F, #1,396 of 1,518 statewide, top 92%, 565 students, 100% FRL); Northwest Pa Collegiate Academy (math 82%, 753 students, 100% FRL) — zoned schools average 100% FRL vs 81% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.0%/yr); 56 active listings in the ZIP; lower-income renter base — watch delinquency; 364 units permitted in Erie County in 2024 (188 in 5+ unit buildings).
• At $2,008/mo this rent would consume 62% 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 $829 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 $34k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($118k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 6y 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.
• Current owner paid $38k; list at $120k implies a 211% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1897 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $118,101 (1.5% below list)

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 1897 — 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: 1.67% ✓
• Cap rate: 14.63%
• Cash-on-cash: 29.76%
• DSCR: 2.32
• GRM: 5.0

CMA / ARV

• ARV (on-the-fly): $101,088
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1809 Myrtle St	0.10mi	6/2.0	1,842 (-5%)	10mo	$79,500	$43	78
348 W 24th St	0.26mi	5/2.0 (-1)	1,970 (+1%)	11mo	$95,000	$48	72
1822 Cherry St	0.39mi	6/2.0	2,032 (+4%)	10mo	$45,000	$22	65
421 W 16th St	0.27mi	5/2.0 (-1)	1,760 (-10%)	2mo	$79,500	$45	65
719 W 16th St	0.61mi	6/2.0	1,850 (-5%)	1mo	$92,000	$50	63
721 W 19th St	0.56mi	6/2.0	2,010 (+3%)	10mo	$120,000	$60	60
628 W 23rd St	0.48mi	6/2.0	2,032 (+4%)	22mo	$100,000	$49	51
1901 Liberty St	0.57mi	7/2.0 (+1)	1,782 (-8%)	8mo	$130,000	$73	48
2925 Cherry St	0.73mi	5/— (-1)	1,848 (-5%)	10mo	$135,000	$73	45
825 W 21st St	0.65mi	6/2.0	2,208 (+14%)	12mo	$115,000	$52	37
2507 Liberty St	0.67mi	5/2.0 (-1)	1,808 (-7%)	21mo	$130,000	$72	34
819 W 23rd St	0.67mi	5/2.0 (-1)	2,096 (+8%)	23mo	$110,000	$52	31

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: 24.2%
• Equity multiple: 2.00×
• Total profit: $33,528
• Equity at exit: $17,877

10-year hold

• IRR: 32.1%
• Equity multiple: 3.89×
• Total profit: $97,171
• Equity at exit: $10,367

Cash invested: $33,572 (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: 10.0×

Monthly cashflow live

• Estimated rent: $2,008 high
• Mortgage (P&I): −$629
• Tax from tax record: −$75 /mo · $899/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$422
• Net cashflow: $833

Break-even live

Break-even rent $954

Max offer price $119,900

Occupancy floor 54%

Sensitivity live

Price	-10% $901	-5% $867	+0% $833	+5% $799	+10% $765
Rent	-10% $674	-5% $753	+0% $833	+5% $912	+10% $991
Rate	-1.0pp $893	-0.5pp $863	base $833	+0.5pp $802	+1.0pp $770

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$2,008
Total (2 units)			$2,008

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: $29,975
• Closing costs: $3,597
• Reserves months: —
• Total cash needed: —

Listing history 14 events

1. 2026-06-21
   days on market $119,900 Active 17 DOM
2. 2026-06-19
   days on market $119,900 Active 15 DOM
3. 2026-06-18
   days on market $119,900 Active 14 DOM
4. 2026-06-17
   days on market $119,900 Active 13 DOM
5. 2026-06-16
   days on market $119,900 Active 12 DOM
6. 2026-06-15
   days on market $119,900 Active 11 DOM
7. 2026-06-14
   days on market $119,900 Active 9 DOM
8. 2026-06-13
   days on market $119,900 Active 8 DOM
9. 2026-06-10
   days on market $119,900 Active 6 DOM
10. 2026-06-09
    days on market $119,900 Active 5 DOM
11. 2026-06-08
    days on market $119,900 Active 4 DOM
12. 2026-06-07
    days on market $119,900 Active 3 DOM
13. 2026-06-05
    remarks 70-char remark
14. 2026-06-05
    listed $119,900 Active 1 DOM

ⓘ 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: $899 · $75/mo
• Projected year-2 tax: $1,397 · $116/mo
• Expected delta: +$498/yr (+$41/mo · 55.3%)

ⓘ 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 2/10 Low 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: $24,096
• − Mortgage interest: −$6,716
• − Property taxes: −$899
• − Insurance: −$600
• − Repairs & maintenance: −$1,928
• − Management: −$1,928
• − Depreciation: −$3,488
• Taxable income: $8,538
• Est. tax owed @ 24.0%: −$2,049
• After-tax cash flow: $7,943/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

+299.7% since first listed

3 events — show timeline

• 2026-06-04 Listed $119,900 GEBOR
• 2020-10-09 Sold (MLS) $38,500 GEBOR
• 2020-09-15 Listed $30,000 GEBOR

Property tax history

+1.9%/yr

Latest (2026): $899 · +3.4% YoY. Source: county tax records.