Neighborhood
Overlook Heights
Millcreek Township, Pennsylvania US
Overlook Heights in Millcreek Township, Pennsylvania has a value-oriented investment profile, with prices about 12% below the city median and 9% below the state median, a gross yield of 5.4, and prices up 4.7% over the past year. The Red Flag score of 56 suggests a moderate risk profile, while education in the 84th percentile is a clear strength.
AI Summary•Updated May 2026
Area
0.04 mi²
ZIP Code
16509
County
Erie County
State
Pennsylvania
Redfin — median sale & volumeZillow ZORI — asking rentFEMA National Risk Index v1.20FBI UCR — state crimeEPA — radon zonesWashU ACAG — satellite PM2.5EPA FRS / BTS — hazard screeningUS Census ACS / TIGER 2024
Verified Price · Median Sale
$260,423
YoY+4.7%
Gross Rental Yield
5.4%
Listed rent · ZORI annualized
Red Flag Index
Moderate
56 / 100
Walkability Score
—
OpenStreetMap POI density · national percentile
Education Score
84 / 100
Pre-pandemic SEDA (2018/19) · district proxy
AI Score
50
DistrictScore attractiveness · national model
Overlook Heights Property Prices & Rental Yield
Verified Redfin sale data and Zillow ZORI asking rent for Overlook Heights, Millcreek Township.
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Sign in to view — freeMarket Economics Snapshot
May 2026| Metric | Value | YoY |
|---|---|---|
| Median Sale Price | $260,423 | +4.7% |
| Price / Sq Ft (Verified) | $160/sqft | -2.4% |
| Asking Rent (Median) | $1,171/mo | — |
| Gross Rental Yield | 5.4% | — |
| Liquidity Score | 21 / 100 | Low |
| Homes Sold (Period) | 43 | -53.3% |
Is Overlook Heights Safe? Natural-Hazard Risk
FEMA National Risk Index composite across eight hazards, plus inherited Pennsylvania crime context.
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Unlock with ProOverlook Heights Environment & Safety
Satellite PM2.5 air-quality history, FBI UCR crime trend (Pennsylvania-level, the finest official aggregation), EPA radon potential and point-source hazard screening.
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Unlock with ProOverlook Heights vs Millcreek Township vs Pennsylvania
How Overlook Heights benchmarks against its city and state medians.
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Compare Overlook Heights against Millcreek Township and Pennsylvania medians with Pro.
Unlock with ProBuying Property in the US as a Foreigner
Federal & Pennsylvania tax facts for non-resident buyers, plus the latest local market news.
Buying as a Foreigner
US Tax & OwnershipApplies to everyone7
Capital Gains (Federal)
Long-term capital gains taxed federally at 0/15/20%, plus a 3.8% Net Investment Income Tax on higher incomes (2026).
Property Tax
Property tax: ~1.14% average effective rate (statewide average; set and collected locally).
State Income Tax
State income tax up to 3.07%; rental income is taxed at these rates.
State Capital Gains
Capital gains are taxed as ordinary income at state rates.
Transfer Tax
Real estate transfer tax: 1% state + local.
Assessment Cap
No Proposition 13-style assessment cap; property is reassessed at market value.
Mansion Tax / Rent Control
No statewide mansion tax or statewide rent control.
US citizens & tax residents8
Primary-Home Exclusion
Selling your main home: exclude up to $250k of gain (single) / $500k (married) if you owned and lived there 2 of the last 5 years.
1031 Like-Kind Exchange
A 1031 like-kind exchange defers capital gains tax on investment property; 45 days to identify, 180 to close. Real estate only.
Depreciation Recapture
Residential rentals depreciate over 27.5 years; on sale, recaptured depreciation is taxed up to 25% (Section 1250).
Mortgage Interest Deduction
Mortgage interest is deductible on up to $750k of home debt. The SALT cap rose to $40,000 for 2025-2029 (reverts to $10k in 2030).
Opportunity Zones
Opportunity Zones are now permanent (2025): reinvested capital gains get deferral plus a basis step-up, and are tax-free after 10 years.
Rental Income (Resident)
Rental income is reported on Schedule E; passive-loss rules (Section 469) limit deducting rental losses against other income.
Homestead Exemption
No homestead exemption: no creditor protection and no homestead property-tax break.
1031 State Conformity
The state conforms to the federal 1031 like-kind exchange rules.
Foreign buyers (non-residents)5
FIRPTA (Foreign Sellers)
FIRPTA: the buyer withholds 15% of the gross sale price when a nonresident sells US property. It is an advance deposit, not the final tax.
Non-Resident Capital Gains
Nonresident sellers pay US capital gains tax (generally 15-20%) on the net gain via Form 1040-NR; FIRPTA withholding is credited.
Non-Resident Rental Tax
Nonresident rental income is taxed at 30% of gross by default, or on net income at graduated rates via a Section 871(d) election (W-8ECI).
Estate Tax (Non-Resident)
Nonresidents get only a $60,000 US estate-tax exemption (vs $13.99M for residents); US property above it is taxed up to 40%. Treaties may help.
ITIN Requirement
Nonresidents without an SSN need an ITIN (Form W-7) to file US tax returns, claim FIRPTA refunds, and report rental income.
Talk to a US real-estate tax advisor
FIRPTA, ITIN & Pennsylvania property-tax guidance for foreign buyers
Overlook Heights Real Estate FAQ
Overlook Heights in Millcreek Township, Pennsylvania has a value-oriented profile, with prices about 12% below the city median and 9% below the state median. It also shows a gross yield of 5.4 and price growth of 4.7% over the past year, balanced by a Red Flag score of 56.
Neighborhoods near Overlook Heights
Compare Overlook Heights with nearby neighborhoods in Millcreek Township.
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