717 E 4th St · Erie, PA 16507

$100,000

5 bd · 2.0 ba · 2,136 sqft · MultiFamily public records · 17 Days on market

Built 1920 4,792 sqft lot Est $77k · 30% 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 +7.1/10.0
• Livability +4.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• ARV discount +0.0/15.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Great investment opportunity where the tenants pay all utilities including electric, gas, water, sewer, and garbage. This property features 2 move-in ready units with 2 bedrooms and 1 bath each located on a dead-end street with low traffic. One unit rent is projected and being left vacant for showings. Seller also selling 809 E. 23rd Street and 714 E. 4th Street(which is directly across the street), 4 units total, and can be bought as a package. Schedule your appoint on this well-oil machine, today!

Key facts

• 4,792 sq ft lot
• Built 1920
• Listed 16 days

Property features AI

Finance

• Other: Lot dimensions approximately 30 x 157 (0.11 acres)
• Financial info: Actual rent reported: one unit at $875 and another at $700
• HOA & community: No HOA information provided

Exterior

• Parking: No parking details provided
• Security: No security features reported
• Utilities: Public water; Public sewer
• Home design: Multi-family residential property; Two-story building; Zoned R-2
• Construction: Aluminum siding; Vinyl siding
• Exterior features: Roof finished with aluminum and composition materials; Paved road access

Interior

• Kitchen: No appliance details provided
• Bedrooms: Two 2-bedroom units
• Flooring: No flooring details provided
• Bathrooms: Each unit has 1 bathroom
• Heating & cooling: Forced air heating; No cooling
• Interior features: Forced air heating; No central cooling reported
• Laundry & utility: No laundry details provided

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $100k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive. Per door: $501/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $100k).
• Recommended offer: $98k (1.5% below list) — sets the bar for market timing.
• Cap rate 18.3% vs local median 5.2% 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 flat; 39 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 $2,137/mo this rent would consume 77% of the median local household income ($33k/yr) (locally 776% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $5k of equity ($691 loan paydown + $4k appreciation (4.2% 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 (4.2% appreciation + 0.1% rent growth), your $28k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($98k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 3y 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 $65k; list at $100k implies a 54% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $98,500 (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 1920 — 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: 2.14% ✓
• Cap rate: 18.31%
• Cash-on-cash: 42.93%
• DSCR: 2.91
• GRM: 3.9

CMA / ARV

• ARV (on-the-fly): $76,896
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
730-32 E 8th St	0.28mi	5/2.0	2,033 (-5%)	4mo	$65,000	$32	76
402 Reed St	0.05mi	5/2.0	1,877 (-12%)	8mo	$110,000	$59	71
646 E 8th St	0.29mi	5/2.0	2,347 (+10%)	4mo	$60,000	$26	67
815 Parade St	0.52mi	4/2.0 (-1)	2,102 (-2%)	2mo	$45,000	$21	66
315 Parade St	0.41mi	4/2.0 (-1)	2,310 (+8%)	2mo	$151,500	$66	61
327 E 7th St	0.56mi	4/2.0 (-1)	2,184 (+2%)	10mo	$80,327	$37	57
754 E 9th St	0.36mi	6/2.0 (+1)	1,936 (-9%)	11mo	$45,000	$23	53
346 E 2nd St	0.51mi	4/2.0 (-1)	2,263 (+6%)	10mo	$125,346	$55	53
1117 E 9th St	0.64mi	5/2.0	1,912 (-10%)	5mo	$68,000	$36	48
1219 E Lake Rd	0.66mi	4/2.0 (-1)	2,024 (-5%)	9mo	$53,000	$26	48
549 E 12th St	0.64mi	6/2.0 (+1)	2,376 (+11%)	5mo	$97,500	$41	42
716 E 15th St	0.74mi	4/2.0 (-1)	1,893 (-11%)	11mo	$50,000	$26	32

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

4.17% appreciation · 0.1% rent growth · sell at horizon

5-year hold

• IRR: 47.4%
• Equity multiple: 3.72×
• Total profit: $76,135
• Equity at exit: $51,695

10-year hold

• IRR: 44.7%
• Equity multiple: 6.97×
• Total profit: $167,089
• Equity at exit: $85,354

Cash invested: $28,000 (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 16507

• Home prices YoY: 2.6%
• Rents YoY: 0.1%
• Active inventory: 39
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $2,137 high
• Mortgage (P&I): −$524
• Tax from tax record: −$121 /mo · $1,447/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$449
• Net cashflow: $1,002

Break-even live

Break-even rent $869

Max offer price $100,000

Occupancy floor 48%

Sensitivity live

Price	-10% $1,058	-5% $1,030	+0% $1,002	+5% $973	+10% $945
Rent	-10% $833	-5% $917	+0% $1,002	+5% $1,086	+10% $1,170
Rate	-1.0pp $1,052	-0.5pp $1,027	base $1,002	+0.5pp $976	+1.0pp $949

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,136
Total (2 units)			$2,137

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: $25,000
• Closing costs: $3,000
• Reserves months: —
• Total cash needed: —

Listing history 14 events

1. 2026-06-19
   days on market $100,000 Active 17 DOM
2. 2026-06-18
   days on market $100,000 Active 16 DOM
3. 2026-06-17
   days on market $100,000 Active 15 DOM
4. 2026-06-16
   days on market $100,000 Active 14 DOM
5. 2026-06-15
   days on market $100,000 Active 13 DOM
6. 2026-06-14
   days on market $100,000 Active 11 DOM
7. 2026-06-13
   days on market $100,000 Active 10 DOM
8. 2026-06-10
   days on market $100,000 Active 8 DOM
9. 2026-06-09
   days on market $100,000 Active 7 DOM
10. 2026-06-08
    days on market $100,000 Active 6 DOM
11. 2026-06-07
    days on market $100,000 Active 5 DOM
12. 2026-06-05
    days on market $100,000 Active 2 DOM
13. 2026-06-03
    remarks 203-char remark
14. 2026-06-03
    listed $100,000 Active 1 DOM

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

Tax reassessment forecast PA · Partial reset (capped growth)

• Current annual tax: $1,447 · $121/mo
• Projected year-2 tax: $1,513 · $126/mo
• Expected delta: +$67/yr (+$6/mo · 4.6%)

ⓘ 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: $25,644
• − Mortgage interest: −$5,602
• − Property taxes: −$1,447
• − Insurance: −$500
• − Repairs & maintenance: −$2,052
• − Management: −$2,052
• − Depreciation: −$2,909
• Taxable income: $11,084
• Est. tax owed @ 24.0%: −$2,660
• After-tax cash flow: $9,359/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): 8,597
• Household income: $33,361
• Rent vs Own: 66.2% rent · 33.8% own
• Severe rent burden: 776.0

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: Diverse neighborhood (Simpson 0.60)
• Race & ethnicity: White 58% Black 24% Two or more races 9% Hispanic / Latino 8% Asian 3%
• Hispanic origin (detail): Mexican 1% Puerto Rican 4%
• Common ancestry: Romanian 10% Scotch-Irish 1% Lithuanian 1%
• Foreign-born: 6% · Canada, Vietnam, China
• Languages at home: 90% English-only · Spanish 5% Vietnamese 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: ▲ 4.17%
• Current HPI: 163.92
• Rent YoY: ▲ 0.10%
• 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

+506.1% since first listed

9 events — show timeline

• 2026-06-02 Listed $100,000 GEBOR
• 2023-10-26 Sold (Public Records) $64,950 Public Records
• 2023-10-16 Sold (MLS) $64,950 GEBOR
• 2023-08-31 Pending — GEBOR
• 2023-08-19 Delisted — GEBOR
• 2023-07-24 Pending — GEBOR
• 2023-06-20 Listed $69,900 GEBOR
• 2000-09-25 Sold (Public Records) $50,000 Public Records
• 1976-10-29 Sold (Public Records) $16,500 Public Records

Property tax history

+1.9%/yr

Latest (2026): $1,447 · +3.4% YoY. Source: county tax records.