36 & 38 Middle Spring Ave · Shippensburg, PA 17257

$210,000

5 bd · 2.0 ba · 2,034 sqft · MultiFamily public records · 30 Days on market

Built 1920 6,970 sqft lot Est $193k · 9% over

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Why this score? — see what drove the C+ 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 +28.2/30.0
• DSCR +10.0/10.0
• 1% rule +7.6/10.0
• ARV discount +3.6/15.0
• Schools +3.5/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks MLS

This detached duplex is the income-producing property you've been waiting for. Two fully separate units, each with 2 bedrooms, 1 bathroom, and 2 dedicated parking spaces — that's 4 total parking spots for the building, a rare and highly sought-after feature. Both units are already leased with tenants moving in May 24th at $1,100/month per unit — meaning you'll start collecting $2,200/month in rental income from day one. No waiting, no vacancy, no stress. Whether you're a seasoned investor looking to grow your portfolio or a first-time buyer ready to house hack your way to financial freedom, this property delivers the steady cash flow you're looking for. Schedule your showing today

Key facts

• Rental income
• Fully separate units
• 6,970 sq ft lot

Tags

• INCOME PRODUCING PROPERTY
• FULLY SEPARATE UNITS
• DEDICATED PARKING SPACES
• RENTAL INCOME

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1-bath units multifamily listed at $210k.

Deal economics

• At list price, monthly cash flow is $242 ($3k/yr) — positive. Per door: $121/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $210k).
• Recommended offer: $207k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.1% vs local median 3.5% in Shippensburg — 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 70/100 on livability (#741 in PA) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, health & safety A; Watch: employment D+, amenities F, commute F.
• Shippensburg Area SD (town): math 31% / reading 52% proficiency, ranked #335 of 539 in PA (top 62%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 161 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 14d on market — plan ~3-4 weeks tenant-placement turnaround); 1,052 units permitted in Cumberland County in 2024 (310 in 5+ unit buildings).
• This rent runs 45% of the median local income ($71k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Cumberland County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 30 days — a 2% lower offer ($207k) is reasonable based on typical stale-listing flexibility.
• 7 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 $173k; 21% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $206,850 (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. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.26% ✓
• Cap rate: 10.12%
• Cash-on-cash: 13.65%
• DSCR: 1.61
• GRM: 6.6

CMA / ARV

• ARV (on-the-fly): $193,230
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
200 S Penn St	0.68mi	4/— (-1)	2,042 (+0%)	6mo	$193,000	$95	58
117 E Burd St	0.40mi	4/— (-1)	1,820 (-10%)	3mo	$230,000	$126	56
201-203 High St	0.46mi	6/— (+1)	2,160 (+6%)	11mo	$205,000	$95	54

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

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -8.5%
• Equity multiple: 0.69×
• Total profit: $-18,308
• Equity at exit: $31,312

10-year hold

• IRR: 1.2%
• Equity multiple: 1.09×
• Total profit: $5,095
• Equity at exit: $18,157

Cash invested: $58,800 (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 17257

• Home prices YoY: -17.3%
• Active inventory: 161
• Price-to-rent: 13.2×

Monthly cashflow live

• Estimated rent: $2,651 high
• Mortgage (P&I): −$1,101
• Tax from tax record: −$237 /mo · $2,840/yr
• Insurance: −$88
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$557
• Net cashflow: $242

Break-even live

Break-even rent $2,344

Max offer price $210,000

Occupancy floor 86%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,650
Total (2 units)			$2,651

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: $52,500
• Closing costs: $6,300
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1007 Hot Point Ave Shippensburg, PA	4.0	2.5	1654	$1,550	$0.94	43d	1	0.19mi
2 Morningstar Ln Unit The Villa Shippensburg, PA	4.0	2.0	1400	$1,500	$1.07	23d	1	0.24mi
2 Morningstar Ln Shippensburg, PA	4.0	2.0	1400	$1,500	$1.07	14d	1	0.29mi
100 Bard Dr Shippensburg, PA	2.0–4.0	1.0–2.5	1116	$1,747	$1.57	14d	6	0.39mi
353 Farmington Dr Shippensburg, PA	3.0–4.0	2.0	1675	$2,050	$1.22	14d	1	1.41mi

Listing history 38 events

1. 2026-06-18
   days on market $210,000 Active 30 DOM
2. 2026-06-17
   days on market $210,000 Active 29 DOM
3. 2026-06-16
   days on market $210,000 Active 28 DOM
4. 2026-06-15
   days on market $210,000 Active 27 DOM
5. 2026-06-14
   days on market $210,000 Active 25 DOM
6. 2026-06-13
   days on market $210,000 Active 24 DOM
7. 2026-06-10
   days on market $210,000 Active 22 DOM
8. 2026-06-09
   days on market $210,000 Active 21 DOM
9. 2026-06-08
   days on market $210,000 Active 20 DOM
10. 2026-06-07
    days on market $210,000 Active 19 DOM
11. 2026-06-03
    days on market $210,000 Active 15 DOM
12. 2026-06-02
    days on market $210,000 Active 14 DOM
13. 2026-06-01
    days on market $210,000 Active 13 DOM
14. 2026-05-31
    days on market $210,000 Active 12 DOM
15. 2026-05-31
    days on market $210,000 Active 11 DOM
16. 2026-05-19
    historical

    Show marketing remark (701 chars)

    This detached duplex is the income-producing property you've been waiting for. Two fully separate units, each with 2 bedrooms, 1 bathroom, and 2 dedicated parking spaces — that's 4 total parking spots for the building, a rare and highly sought-after feature. Both units are already leased with tenants moving in May 24th at $1,100/month per unit — meaning you'll start collecting $2,200/month in rental income from day one. No waiting, no vacancy, no stress. Whether you're a seasoned investor looking to grow your portfolio or a first-time buyer ready to house hack your way to financial freedom, this property delivers the steady cash flow you're looking for. Schedule your showing today

17. 2026-05-19
    listed $210,000 Active 701-char remark

    Show marketing remark (701 chars)

    This detached duplex is the income-producing property you've been waiting for. Two fully separate units, each with 2 bedrooms, 1 bathroom, and 2 dedicated parking spaces — that's 4 total parking spots for the building, a rare and highly sought-after feature. Both units are already leased with tenants moving in May 24th at $1,100/month per unit — meaning you'll start collecting $2,200/month in rental income from day one. No waiting, no vacancy, no stress. Whether you're a seasoned investor looking to grow your portfolio or a first-time buyer ready to house hack your way to financial freedom, this property delivers the steady cash flow you're looking for. Schedule your showing today

18. 2026-05-13
    status Active
19. 2026-04-27
    historical
20. 2026-04-04
    status Active
21. 2026-03-30
    status Pending
22. 2026-03-16
    listed $210,000 Active
23. 2026-03-13
    historical
24. 2024-08-21
    soldstatus $173,000
25. 2024-08-19
    soldstatus $173,000 Closed
26. 2024-06-28
    status Pending
27. 2024-06-05
    price $169,900
28. 2024-05-22
    price $175,000
29. 2024-05-22
    status Active
30. 2024-05-09
    status Pending
31. 2024-05-08
    historical
32. 2024-04-19
    listed $177,000 Active
33. 2023-04-28
    soldstatus $150,000
34. 2023-04-19
    historical
35. 2023-04-19
    soldstatus $150,000 Closed
36. 2023-03-22
    status Pending
37. 2023-03-06
    listed $150,000 Active
38. 1987-02-03
    soldstatus $45,000

ⓘ 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: $2,840 · $237/mo
• Projected year-2 tax: $3,079 · $257/mo
• Expected delta: +$239/yr (+$20/mo · 8.4%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥100°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $31,812
• − Mortgage interest: −$11,763
• − Property taxes: −$2,840
• − Insurance: −$6,169
• − Repairs & maintenance: −$2,545
• − Management: −$2,545
• − Depreciation: −$6,109
• Taxable loss: −$159
• Est. tax savings @ 24.0%: +$38
• After-tax cash flow: $2,946/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: Shippensburg Area SD
• NCES district ID: 4221570
• Math proficiency: 31% ▼ -21.00%
• Reading proficiency: 52% ▼ -14.00%
• Median HH income: $47,585
• Composite: 35.42/100
• National rank: #4938
• State rank: #335 of 539 in PA

Livability — Shippensburg

• Score: 70/100
• State rank: #741
• US rank: #7436

Category grades

Amenities F Commute F Cost of living A+ Crime A+ Employment D+ Housing B- Health & safety A User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Cumberland County · 257,673 people
• City population: 29,204
• Metro: Harrisburg-Carlisle, PA
• Population (ZIP): 29,204
• Household income: $71,181
• Rent vs Own: 32.5% rent · 67.5% own
• Severe rent burden: 855.0

Population outlook (Cumberland County) Hauer SSP2

• Today (2025): 267,950 people
• By 2030: 278,105 · +3.8%
• By 2040: 296,552 · +10.7%
• By 2050: 312,937 · +16.8%
• By 2075: 349,233 · +30.3%
• By 2100: 361,875 · +35.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Black 4% Two or more races 3% Hispanic / Latino 3% Asian 2%
• Common ancestry: Romanian 2% Slovak 2% Serbian 1%
• Foreign-born: 4% · Canada, China
• Languages at home: 90% English-only · German/W. Germanic 5% Spanish 2% Other Indo-European 1%

Political lean MEDSL · Cumberland

• 2024 margin: Lean R (+9.4) · D 44.6% · R 54.1% · Other 1.3%
• 2008→2024 swing: +4.2pp toward D · 2008: -13.6pp · 2024: -9.4pp
• All cycles: 2024: R+9.4 2020: R+10.6 2016: R+18.6 2012: R+18.5 2008: R+13.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -62.12%
• Current HPI: 297.1586
• Rent YoY: —
• Metro: Harrisburg-Carlisle, 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

+366.7% since first listed

23 events — show timeline

• 2026-05-19 Listed $210,000 BRIGHT MLS
• 2026-05-19 Listing Removed — BRIGHT MLS
• 2026-05-13 Relisted — BRIGHT MLS
• 2026-04-27 Listing Removed — BRIGHT MLS
• 2026-04-04 Relisted — BRIGHT MLS
• 2026-03-30 Pending — BRIGHT MLS
• 2026-03-16 Listed $210,000 BRIGHT MLS
• 2026-03-13 Coming Soon — BRIGHT MLS
• 2024-08-21 Sold (Public Records) $173,000 Public Records
• 2024-08-19 Sold (MLS) $173,000 BRIGHT MLS
• 2024-06-28 Pending — BRIGHT MLS
• 2024-06-05 Price Changed $169,900 BRIGHT MLS
• 2024-05-22 Price Changed $175,000 BRIGHT MLS
• 2024-05-22 Relisted — BRIGHT MLS
• 2024-05-09 Pending — BRIGHT MLS
• 2024-05-08 Listing Removed — BRIGHT MLS
• 2024-04-19 Listed $177,000 BRIGHT MLS
• 2023-04-28 Sold (Public Records) $150,000 Public Records
• 2023-04-19 Listing Removed — BRIGHT MLS
• 2023-04-19 Sold (MLS) $150,000 BRIGHT MLS
• 2023-03-22 Pending — BRIGHT MLS
• 2023-03-06 Listed $150,000 BRIGHT MLS
• 1987-02-03 Sold (Public Records) $45,000 Public Records

Property tax history

+2.9%/yr

Latest (2026): $2,840 · +3.5% YoY. Source: county tax records.