402 Myrtle StEriePA16507
INVESTMENT ANALYSIS
Investment Verdict
Solid IncomeThe 9.25% yield at 402 Myrtle St, Erie, PA, 16507 in Erie is solid, but the $737/mo payment compresses net cash flow to $189/mo at $164,000. This is a tight-spread property, income covers debt, with little cushion. For investors who can optimise occupancy, the upside is real: 5% annual appreciation adds $45,310 by year five, and $1,510/yr in loan paydown builds equity. Ziffy Mortgage qualifies this via DSCR (1.72) without U.S. income documentation. Total projected return: $74,697.
| This Property | City Avg | |
|---|---|---|
| Gross Rental Yield | 9.3% | 7.8% |
| Monthly Cash Flow | $189 | $450 |
City averages based on Erie market data in our database. Property projections are estimates.
DSCR Loan Qualification
| Monthly Rental Income | $1,264 |
| Total Monthly Debt Service | $1,009 |
| DSCR Ratio | 1.25x |
Ziffy Mortgage: Your DSCR most likely meets our 1.0+ requirement, so you'll most probably qualify for our standard DSCR investment loan program. To pre-qualify, book time with your loan officer →
Estimates assume 6.0% rate / 30-yr fixed, 30% down, 1% tax, 0.5% insurance. Not a commitment to lend.
Single Family
Built in 1900
2,613 sqft lot
$N/A/sqft
No HOA
Neighborhood Data
Neighborhood data shown for ZIP Code: 16507, Erie, PA area.
Housing Distribution
Housing Statistics
| Category | Value |
|---|---|
| Total HU (Housing Units) | 4,038 (100%) |
| Owner Occupied HU | 1,142 (28.3%) |
| Renter Occupied HU | 2,148 (53.2%) |
| Vacant Housing Units | 748 (18.5%) |
| Median Home Value | $69,504 |
| Average Home Value | $121,219 |
Housing Distribution
Address Breakdown
Residential
3,625
Single Family
3,283
Multi-Family
342
Businesses
319
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
Single Family
Built in 1900
2,613 sqft lot
$N/A/sqft
No HOA
Neighborhood Data
Neighborhood data shown for ZIP Code: 16507, Erie, PA area.
Housing Distribution
Housing Statistics
| Category | Value |
|---|---|
| Total HU (Housing Units) | 4,038 (100%) |
| Owner Occupied HU | 1,142 (28.3%) |
| Renter Occupied HU | 2,148 (53.2%) |
| Vacant Housing Units | 748 (18.5%) |
| Median Home Value | $69,504 |
| Average Home Value | $121,219 |
Housing Distribution
Address Breakdown
Residential
3,625
Single Family
3,283
Multi-Family
342
Businesses
319
Nearby investment properties with comparable rents
Nearby investment properties with comparable prices
Listed by: Mary Smrekar • Coldwell Banker Select - Peach
Mls Name: GEMLS
Mls ID: #187853