2204 Plum St · Erie, PA 16502

$160,000

6 bd · 3.0 ba · 2,200 sqft · MultiFamily public records · 14 Days on market

Built 1886 4,792 sqft lot $73/sqft · 32% above area Est $121k · 32% 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: 3 units. confirmed

Listing remarks MLS

Awesome 3 unit with separate utilities - 3 forced air gas, 3 hot water & 3 100 amp boxes, fully occupied with off street parking, full basement, vinyl siding, newer windows, call to view today!

Key facts

• Separate utilities
• New metal roof
• Off street parking

Tags

• 3 UNIT INVESTMENT PROPERTY
• SEPARATE UTILITIES
• NEW METAL ROOF
• UPDATED WINDOWS
• OFF STREET PARKING
• SMALL FENCED AREA

Property features AI

Finance

• Financial info: Reported actual rents: $750, $775, and $1,200 for the three units

Exterior

• Parking: Three parking spaces
• Utilities: Public water; Public sewer
• Home design: Multi-family residential property; Two-story building; R-2 zoning
• Construction: Vinyl siding; Metal roof
• Exterior features: Level lot; Paved road access

Interior

• Kitchen: Range/oven; Refrigerator
• Bedrooms: One 1-bedroom unit; One 2-bedroom unit; One 3-bedroom unit
• Bathrooms: One 1-bath unit; One 2-bath unit; One 1-bath unit
• Heating & cooling: Forced air heating; No central cooling reported
• Interior features: Range/oven and refrigerator included in units

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1.3-bath units multifamily listed at $160k.

Deal economics

• At list price, monthly cash flow is $953 ($11k/yr) — positive. Per door: $318/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $160k).
• Cap rate 13.4% vs local median 5.3% 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; lower-income renter base — watch delinquency; 364 units permitted in Erie County in 2024 (188 in 5+ unit buildings).
• At $2,661/mo this rent would consume 83% 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 $1k of loan paydown is wiped out by about $5k 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 $45k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 11y 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 $107k; 50% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1886 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $160,000

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 1886 — 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: 1.66% ✓
• Cap rate: 13.44%
• Cash-on-cash: 25.52%
• DSCR: 2.14
• GRM: 5.0

CMA / ARV

• ARV (median comp): $121,236
• List price: $160,000
• Delta: 31.97%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
825 W 21st St	0.07mi	6/2.0	2,208 (+0%)	12mo	$115,000	$52	82
946 W 17th St	0.34mi	7/2.0 (+1)	2,324 (+6%)	1mo	$72,000	$31	65
721 W 19th St	0.22mi	6/2.0	2,010 (-9%)	10mo	$120,000	$60	63
1151 W 22nd St	0.37mi	5/2.0 (-1)	2,112 (-4%)	7mo	$114,000	$54	61
909 W 17th St	0.32mi	7/3.0 (+1)	2,378 (+8%)	8mo	$85,000	$36	60
1822 Cherry St	0.36mi	6/2.0	2,032 (-8%)	10mo	$45,000	$22	58
653 W 17th St	0.37mi	6/2.0	2,400 (+9%)	10mo	$84,000	$35	56
2916 Hazel St	0.51mi	6/2.0	2,032 (-8%)	6mo	$121,000	$60	55
1114 W 20th St	0.33mi	5/2.0 (-1)	1,936 (-12%)	4mo	$111,000	$57	52
340 W 24 St	0.64mi	6/2.0	2,300 (+4%)	11mo	$100,000	$43	50
417 W 17th St	0.62mi	5/2.0 (-1)	2,444 (+11%)	7mo	$78,027	$32	38
348 W 24th St	0.62mi	5/2.0 (-1)	1,970 (-10%)	11mo	$95,000	$48	35

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: 19.1%
• Equity multiple: 1.78×
• Total profit: $34,746
• Equity at exit: $23,857

10-year hold

• IRR: 27.4%
• Equity multiple: 3.42×
• Total profit: $108,341
• Equity at exit: $13,834

Cash invested: $44,800 (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: 15.0×

Monthly cashflow live

• Estimated rent: $2,661 high
• Mortgage (P&I): −$839
• Tax from tax record: −$244 /mo · $2,924/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$559
• Net cashflow: $953

Break-even live

Break-even rent $1,455

Max offer price $160,000

Occupancy floor 59%

Sensitivity live

Price	-10% $1,043	-5% $998	+0% $953	+5% $908	+10% $862
Rent	-10% $743	-5% $848	+0% $953	+5% $1,058	+10% $1,163
Rate	-1.0pp $1,033	-0.5pp $994	base $953	+0.5pp $911	+1.0pp $869

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1.3	$2,661
Total (3 units)			$2,661

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: $40,000
• Closing costs: $4,800
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-05-07
   listed $160,000 Active 251-char remark
2. 2023-10-02
   soldstatus $106,900 Closed 199-char remark

   Show marketing remark (199 chars)

   Awesome 3 unit with separate utilities - 3 forced air gas, 3 hot water & 3 100 amp boxes, fully occupied with off street parking, full basement, vinyl siding, newer windows, call to view today!

3. 2023-10-02
   soldstatus $106,900

   Show marketing remark (199 chars)

   Awesome 3 unit with separate utilities - 3 forced air gas, 3 hot water & 3 100 amp boxes, fully occupied with off street parking, full basement, vinyl siding, newer windows, call to view today!

4. 2023-09-19
   status Pending 199-char remark

   Show marketing remark (199 chars)

   Awesome 3 unit with separate utilities - 3 forced air gas, 3 hot water & 3 100 amp boxes, fully occupied with off street parking, full basement, vinyl siding, newer windows, call to view today!

5. 2023-09-12
   status Active 199-char remark

   Show marketing remark (199 chars)

   Awesome 3 unit with separate utilities - 3 forced air gas, 3 hot water & 3 100 amp boxes, fully occupied with off street parking, full basement, vinyl siding, newer windows, call to view today!

6. 2023-09-07
   status Pending 199-char remark

   Show marketing remark (199 chars)

   Awesome 3 unit with separate utilities - 3 forced air gas, 3 hot water & 3 100 amp boxes, fully occupied with off street parking, full basement, vinyl siding, newer windows, call to view today!

7. 2023-09-01
   listed $114,900 Active 199-char remark

   Show marketing remark (199 chars)

   Awesome 3 unit with separate utilities - 3 forced air gas, 3 hot water & 3 100 amp boxes, fully occupied with off street parking, full basement, vinyl siding, newer windows, call to view today!

8. 2022-05-17
   soldstatus $95,000
9. 2020-04-27
   soldstatus $87,500
10. 2020-04-24
    soldstatus $87,500

    Show marketing remark (213 chars)

    Awesome money maker with 3 nice units, 100% occupied, off street parking for 3 or 4 cars, $25.00 discount given to each tenant if paid on the 1st. Great front porch. Well maintained, mostly newer windows thru out.

11. 2020-02-10
    listed $84,900

    Show marketing remark (213 chars)

    Awesome money maker with 3 nice units, 100% occupied, off street parking for 3 or 4 cars, $25.00 discount given to each tenant if paid on the 1st. Great front porch. Well maintained, mostly newer windows thru out.

12. 2015-05-07
    soldstatus $59,000
13. 2015-01-04
    listed $62,500
14. 2012-05-21
    soldstatus $71,900
15. 2003-08-18
    soldstatus $88,900
16. 1990-08-14
    soldstatus $42,000
17. 1977-11-29
    soldstatus $32,500

ⓘ 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: $2,924 · $244/mo
• Projected year-2 tax: $2,924 · $244/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 ≥89°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: $31,932
• − Mortgage interest: −$8,962
• − Property taxes: −$2,924
• − Insurance: −$800
• − Repairs & maintenance: −$2,555
• − Management: −$2,555
• − Depreciation: −$4,655
• Taxable income: $9,482
• Est. tax owed @ 24.0%: −$2,276
• After-tax cash flow: $9,158/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

+392.3% since first listed

18 events — show timeline

• 2026-05-21 Pending — GEBOR
• 2026-05-07 Listed $160,000 GEBOR
• 2023-10-02 Sold (Public Records) $106,900 Public Records
• 2023-10-02 Sold (MLS) $106,900 GEBOR
• 2023-09-19 Pending — GEBOR
• 2023-09-12 Relisted — GEBOR
• 2023-09-07 Pending — GEBOR
• 2023-09-01 Listed $114,900 GEBOR
• 2022-05-17 Sold (Public Records) $95,000 Public Records
• 2020-04-27 Sold (Public Records) $87,500 Public Records
• 2020-04-24 Sold (MLS) $87,500 GEBOR
• 2020-02-10 Listed $84,900 GEBOR
• 2015-05-07 Sold (MLS) $59,000 GEBOR
• 2015-01-04 Listed $62,500 GEBOR
• 2012-05-21 Sold (Public Records) $71,900 Public Records
• 2003-08-18 Sold (Public Records) $88,900 Public Records
• 1990-08-14 Sold (Public Records) $42,000 Public Records
• 1977-11-29 Sold (Public Records) $32,500 Public Records

Property tax history

+1.9%/yr

Latest (2026): $2,924 · +3.4% YoY. Source: county tax records.