3407 Elmwood AveEriePA16508
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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 3407 Elmwood Ave, Erie, PA, 16508 offers a 9.28% rental yield on a $215,000 purchase with $1,662/mo rent. Total monthly income registers $1,662/mo, and a $1,052/mo payment leaves $253/mo available for distribution. Annual cash flow reaches $3,042/yr on $71,273 to close, and return on cash invested stands at 24.18% in year one. Equity gained on principal adds $1,387/yr while 5% annual appreciation supports $59,401 over five years. Portfolio math shows five-year ROI at 126.23% and total cumulative return in cash at $89,965. Financing is available via Ziffy Mortgage’s DSCR loan, which evaluates $1,662/mo property income against a $1,052/mo payment rather than investor’s personal income documents like W2s, Salary slips, and Tax returns.
Single Family
Built in 1956
4,399 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
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Listed by: Pat Doran • Howard Hanna Erie Airport
Mls Name: GEMLS
Mls ID: #187505