36-38 N Poplar St · Elizabethtown, PA 17022

$335,000

7 bd · 3.0 ba · 4,020 sqft · MultiFamily public records · 13 Days on market

Built 1920 8,712 sqft lot $83/sqft · 27% below area Est $461k · 27% under

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Why this score? — see what drove the A- 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.7/10.0
• Rent growth +4.1/5.0
• Livability +4.0/5.0
• 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: 3 units. confirmed

Listing remarks MLS

Ample parking in rear of building. 1 Unit is currently being renovated with new carpet and paint!

Key facts

• 8,712 sq ft lot
• Built 1920
• Listed 12 days

Property features AI

Finance

• Financial info: Fee simple ownership

Exterior

• Parking: Off-street parking
• Utilities: Natural gas service; Public water; Public sewer
• Home design: Detached structure; 3 total units; Above-grade finished living area reported as 4,020 sq ft
• Construction: Brick and masonry construction; Stone foundation
• Exterior features: Public water and public sewer; Off-street parking

Interior

• Bedrooms: One 2-bedroom unit; Two 3-bedroom units
• Heating & cooling: Radiator heating; Natural gas heating and hot water
• Interior features: Basement with poured concrete

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/1-bath units multifamily listed at $335k.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive. Per door: $465/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $335k).
• Cap rate 12.8% vs local median 3.2% in Elizabethtown — 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 80/100 on livability (#201 in PA, #1,759 nationally) — a professional / high-income tenant draw. Strengths: crime A+, cost of living A+, housing A+; Watch: commute F.
• Elizabethtown Area SD (suburban): math 46% / reading 62% proficiency, ranked #123 of 539 in PA (top 23%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: East High Street El Sch (math 57% / reading 67%, grade B, #313 of 1,518 statewide, top 24%, 481 students, 46% FRL); Elizabethtown Area Ms (math 24% / reading 52%, grade F, #283 of 512 statewide, top 57%, 875 students, 40% FRL); Elizabethtown Area Shs (math 67% / reading 24%, grade D-, #183 of 437 statewide, top 43%, 1,249 students, 29% FRL) — zoned schools average 38% FRL vs 22% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+6.5%/yr); 203 active listings in the ZIP; solid renter incomes; 1,093 units permitted in Lancaster County in 2024 (201 in 5+ unit buildings).
• At $5,295/mo this rent would consume 73% of the median local household income ($87k/yr) (locally 1404% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Lancaster County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 6.5% rent growth), your $94k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 7 sale attempts since 21y 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 $160k; list at $335k implies a 110% gain — meaningful room to come down on a strong offer.

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 $335,000

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. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
7. 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.
8. 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.
9. 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: 1.58% ✓
• Cap rate: 12.82%
• Cash-on-cash: 23.32%
• DSCR: 2.04
• GRM: 5.3

CMA / ARV

• ARV (median comp): $460,935
• List price: $335,000
• Delta: -27.32%
• Verdict: UNDERPRICED
• Comps: 8 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
144-146 N Market St	0.16mi	7/5.0	3,984 (-1%)	15mo	$580,000	$146	71

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 · 6.52% rent growth · sell at horizon

5-year hold

• IRR: 13.9%
• Equity multiple: 1.58×
• Total profit: $54,433
• Equity at exit: $49,950

10-year hold

• IRR: 25.5%
• Equity multiple: 3.66×
• Total profit: $249,075
• Equity at exit: $28,965

Cash invested: $93,800 (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 17022

• Home prices YoY: -29.0%
• Rents YoY: 6.5%
• Active inventory: 203
• Price-to-rent: 15.8×

Monthly cashflow live

• Estimated rent: $5,295 medium
• Mortgage (P&I): −$1,757
• Tax from tax record: −$464 /mo · $5,566/yr
• Insurance: −$140
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,112
• Net cashflow: $1,396

Break-even live

Break-even rent $3,527

Max offer price $335,000

Occupancy floor 69%

Sensitivity live

Price	-10% $1,586	-5% $1,491	+0% $1,396	+5% $1,302	+10% $1,207
Rent	-10% $978	-5% $1,187	+0% $1,396	+5% $1,605	+10% $1,815
Rate	-1.0pp $1,565	-0.5pp $1,482	base $1,396	+0.5pp $1,310	+1.0pp $1,221

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	1	$5,295
Total (3 units)			$5,295

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: $83,750
• Closing costs: $10,050
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-05-14
   listed $335,000 Active 757-char remark
2. 2026-05-09
   historical $335,000 757-char remark
3. 2017-02-03
   soldstatus $159,900
4. 2017-01-27
   historical

   Show marketing remark (97 chars)

   Ample parking in rear of building. 1 Unit is currently being renovated with new carpet and paint!

5. 2017-01-27
   soldstatus $159,900

   Show marketing remark (97 chars)

   Ample parking in rear of building. 1 Unit is currently being renovated with new carpet and paint!

6. 2016-12-02
   historical

   Show marketing remark (97 chars)

   Ample parking in rear of building. 1 Unit is currently being renovated with new carpet and paint!

7. 2016-11-21
   listed $169,900

   Show marketing remark (97 chars)

   Ample parking in rear of building. 1 Unit is currently being renovated with new carpet and paint!

8. 2016-11-21
   listed $169,900

   Show marketing remark (97 chars)

   Ample parking in rear of building. 1 Unit is currently being renovated with new carpet and paint!

9. 2010-09-08
   historical
10. 2009-09-08
    listed $210,000
11. 2006-07-14
    soldstatus $220,000
12. 2006-06-03
    historical
13. 2006-05-20
    listed $224,990
14. 2005-06-30
    historical
15. 2005-06-23
    soldstatus $191,000
16. 2005-06-21
    soldstatus $191,000
17. 2005-04-13
    historical
18. 2005-04-06
    listed $189,900
19. 2005-04-06
    listed $191,000
20. 1998-02-09
    soldstatus $119,900
21. 1998-02-09
    soldstatus $119,900

ⓘ 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: $5,566 · $464/mo
• Projected year-2 tax: $5,566 · $464/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥100°F today · 15 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 9% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 3 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $63,540
• − Mortgage interest: −$18,765
• − Property taxes: −$5,566
• − Insurance: −$6,794
• − Repairs & maintenance: −$5,083
• − Management: −$5,083
• − Depreciation: −$9,745
• Taxable income: $12,504
• Est. tax owed @ 24.0%: −$3,001
• After-tax cash flow: $13,755/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: Elizabethtown Area SD
• NCES district ID: 4209120
• Math proficiency: 46% ▼ -10.00%
• Reading proficiency: 62% ▼ -8.00%
• Median HH income: $59,380
• Composite: 46.94/100
• National rank: #2361
• State rank: #123 of 539 in PA

Livability — Elizabethtown

• Score: 80/100
• State rank: #201
• US rank: #1759

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Elizabethtown, PA
• County: Lancaster County · 390,309 people
• City population: 31,908
• Metro: Lancaster, PA
• Population (ZIP): 31,908
• Household income: $86,767
• Rent vs Own: 31.8% rent · 68.2% own
• Severe rent burden: 1404.0

Population outlook (Lancaster County) Hauer SSP2

• Today (2025): 561,011 people
• By 2030: 570,969 · +1.8%
• By 2040: 585,929 · +4.4%
• By 2050: 591,056 · +5.4%
• By 2075: 594,747 · +6.0%
• By 2100: 558,850 · -0.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Hispanic / Latino 6% Two or more races 4% Black 1% Asian 1%
• Hispanic origin (detail): Mexican 1% Puerto Rican 2%
• Common ancestry: Romanian 4% Lithuanian 2% Slovak 2%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 2% Other Asian/Pacific 1%

Political lean MEDSL · Lancaster

• 2024 margin: R (+15.9) · D 41.5% · R 57.5%
• 2008→2024 swing: -4.1pp toward R · 2008: -11.8pp · 2024: -15.9pp
• All cycles: 2024: R+15.9 2020: R+15.8 2016: R+19.7 2012: R+19.2 2008: R+11.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -108.73%
• Current HPI: 266.3184
• Rent YoY: ▲ 6.52%
• Metro: Lancaster, 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

+179.4% since first listed

22 events — show timeline

• 2026-05-26 Listing Removed — BRIGHT MLS
• 2026-05-14 Listed $335,000 BRIGHT MLS
• 2026-05-09 Coming Soon — BRIGHT MLS
• 2017-02-03 Sold (Public Records) $159,900 Public Records
• 2017-01-27 Sold (MLS) $159,900 BRIGHT MLS
• 2017-01-27 Listing Removed — BRIGHT MLS
• 2016-12-02 Listing Removed — BRIGHT MLS
• 2016-11-21 Listed $169,900 BRIGHT MLS
• 2016-11-21 Listed $169,900 BRIGHT MLS
• 2010-09-08 Listing Removed — BRIGHT MLS
• 2009-09-08 Listed $210,000 BRIGHT MLS
• 2006-07-14 Sold (MLS) $220,000 BRIGHT MLS
• 2006-06-03 Listing Removed — BRIGHT MLS
• 2006-05-20 Listed $224,990 BRIGHT MLS
• 2005-06-30 Listing Removed — BRIGHT MLS
• 2005-06-23 Sold (Public Records) $191,000 Public Records
• 2005-06-21 Sold (MLS) $191,000 BRIGHT MLS
• 2005-04-13 Listing Removed — BRIGHT MLS
• 2005-04-06 Listed $191,000 BRIGHT MLS
• 2005-04-06 Listed $189,900 BRIGHT MLS
• 1998-02-09 Sold (Public Records) $119,900 Public Records
• 1998-02-09 Sold (Public Records) $119,900 Public Records

Property tax history

+3.3%/yr

Latest (2026): $5,566 · +3.7% YoY. Source: county tax records.