3027 Melrose AveEriePA16508
Nearby investment properties with comparable rents
Nearby investment properties with comparable prices
Ziffy AI Summary
A quick, investor-focused snapshot highlighting income strength, yield potential.
| Key metrics | Value |
|---|---|
| Price | $399,900 |
| Est. Rent | $3,200/mo |
| ROI | 18% |
- Attractive rent-to-price ratio for income stability
- Good fit for DSCR financing with healthy coverage
Investment Highlights
Investment property for sale in Erie at 3027 Melrose Ave, Erie, PA, 16508 uses $72,897 cash to close to unlock $3,088/yr annual cash flow and $257/mo monthly cash flow. Total monthly income runs $1,698/mo, and a $1,076/mo payment keeps the spread at $257/mo. Purchase price stands at $219,900, and rental yield measures 9.27% with $1,698/mo rent. Return on cash invested shows 24.15% in year one, and 5% annual appreciation builds toward $60,754 over five years. Five-year ROI reaches 126.07% and total cumulative return in cash records $91,900. Financing may use Ziffy Mortgage’s DSCR loan, which bases approval on $1,698/mo property income covering a $1,076/mo payment rather than investor’s personal income.
Single Family
Built in 1950
3,920 sqft lot
$N/A/sqft
No HOA
Neighborhood Data
Neighborhood data shown for ZIP Code: 16508, Erie, PA area.
Housing Distribution
Housing Statistics
| Category | Value |
|---|---|
| Total HU (Housing Units) | 6,921 (100%) |
| Owner Occupied HU | 4,354 (62.9%) |
| Renter Occupied HU | 1,997 (28.9%) |
| Vacant Housing Units | 570 ( 8.2%) |
| Median Home Value | $130,047 |
| Average Home Value | $187,683 |
Housing Distribution
Address Breakdown
Residential
6,931
Single Family
6,764
Multi-Family
167
Businesses
601
Nearby investment properties with comparable rents
Nearby investment properties with comparable prices
Listed by: Thomas Necastro • Coldwell Banker Select - Airport
Mls Name: GEMLS
Mls ID: #188498