36-38 N Poplar St

Elizabethtown, PA 17022

$335,000A-

7 bd · 3.0 ba · 4,020 sqft · Built 1920 · MultiFamily · Active · 13 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,295/mo
• Mortgage (P&I): −$1,757
• Tax + insurance: −$1,030
• HOA: −$0
• Vac / Maint / Mgmt: −$1,112
• Net cashflow: $1,396/mo
• Annual: $16,756/yr
• Cap rate: 12.82%
• Cash-on-cash: 23.32%
• DSCR: 2.04
• 1% rule: 1.58%
• Cash to close: $93,800

Investor read

• This is a 3 × 3-bed/1-bath units multifamily listed at $335k.
• 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).
• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 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.
• 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.
• Watch-outs: flood insurance adds $427/mo; built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• 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).
• Lancaster County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 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.
• 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.
• 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.
• 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.
• 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.

Questions for listing agent

• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.