514 W Orange St · Lancaster, PA 17603

$457,000

4 bd · 3.0 ba · 2,604 sqft · MultiFamily public records · 275 Days on market

Built 1890 3,485 sqft lot $175/sqft · 27% above area Est $359k · 27% over

---

Why this score? — see what drove the D+ 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 +23.6/30.0
• DSCR +7.6/10.0
• 1% rule +6.3/10.0
• Livability +4.2/5.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0
• ARV discount +0.0/15.0
• 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

Unlock the potential of cash flow with this Exceptional Triplex located in the heart of Lancaster, PA! This multi-family residential property offers a unique opportunity for investors looking to expand their portfolio or enter the rental market. Property Highlights: Three Separate Units : Each unit is designed for optimal living space, providing tenants with comfort and privacy. Strong Rental History : This property has a proven track record of consistent rental income, making it a reliable investment choice. Prime Location : Situated in a vibrant West End neighborhood, residents will enjoy easy access to local amenities, public transportation, and the rich culture of Lancaster City. Cash Flow Potential : With the ability to generate significant monthly income, this triplex is perfect for investors seeking to maximize their return on investment. Off Street Parking : Currently 3 of 4 parking spots are leased for $30/month/spot generating additional recurring revenue. Opportunity for Value-Add : With some updates and renovations, you can increase rental rates and enhance property value.

Key facts

• 3,485 sq ft lot
• 4 parking spots
• Built 1890

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/1.0-bath units multifamily listed at $457k.

Deal economics

• At list price, monthly cash flow is $859 ($10k/yr) — positive. Per door: $286/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $457k).
• Recommended offer: $402k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.5% vs local median 4.3% in Lancaster — 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 85/100 on livability (#71 in PA, #498 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: crime C-, employment C-.
• Lancaster SD (urban): math 12% / reading 25% proficiency, ranked #500 of 539 in PA (top 93%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 72% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Fulton El Sch (math 2% / reading 22%, grade F, #1,362 of 1,518 statewide, top 92%, 283 students, 100% FRL); Reynolds Ms (math 6% / reading 31%, grade F, #451 of 512 statewide, top 88%, 527 students, 92% FRL); Mccaskey Campus (math 50% / reading 34%, grade F, #230 of 437 statewide, top 53%, 2,620 students, 88% FRL) — zoned schools average 93% FRL vs 72% district-wide (21 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents flat; 296 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 60% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 1,093 units permitted in Lancaster County in 2024 (201 in 5+ unit buildings).
• At $5,182/mo this rent would consume 81% of the median local household income ($77k/yr) (locally 2557% 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 $3k of loan paydown is wiped out by about $14k 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.

Negotiation context

• It's been on market 275 days — a 12% lower offer ($402k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 26y 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 $24k; list at $457k implies a 1836% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $402,160 (12.0% below list)

Questions for the listing agent

1. It's been on market 275 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. 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.
9. 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.
10. 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: 1.13% ✓
• Cap rate: 8.55%
• Cash-on-cash: 8.05%
• DSCR: 1.36
• GRM: 7.3

CMA / ARV

• ARV (median comp): $359,190
• List price: $457,000
• Delta: 27.23%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
213 N Mulberry St	0.31mi	5/— (+1)	2,592 (-0%)	1mo	$400,000	$154	79
116 College Ave	0.33mi	4/—	2,608 (+0%)	9mo	$354,000	$136	77
635 Manor St	0.30mi	4/—	2,490 (-4%)	5mo	$356,775	$143	75
102 Ruby St	0.29mi	4/3.0	2,379 (-9%)	1mo	$300,000	$126	71
528 Manor St	0.22mi	4/4.0	2,465 (-5%)	8mo	$434,000	$176	70
249 N Mulberry St	0.35mi	4/—	2,800 (+8%)	4mo	$705,000	$252	68
506 N Queen St	0.68mi	5/3.0 (+1)	2,553 (-2%)	1mo	$440,000	$172	59
410 W Vine St	0.32mi	5/2.5 (+1)	2,311 (-11%)	5mo	$252,500	$109	55
240 S Queen St	0.64mi	4/—	2,462 (-6%)	10mo	$325,000	$132	53
433 N Queen St	0.66mi	4/—	2,468 (-5%)	12mo	$472,500	$191	50
10 E James St	0.70mi	4/3.0	2,786 (+7%)	12mo	$515,000	$185	46
14 W James St	0.65mi	4/2.0	2,280 (-12%)	4mo	$330,000	$145	41

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 · 0.47% rent growth · sell at horizon

5-year hold

• IRR: -7.0%
• Equity multiple: 0.75×
• Total profit: $-32,098
• Equity at exit: $68,140

10-year hold

• IRR: -0.9%
• Equity multiple: 0.94×
• Total profit: $-7,198
• Equity at exit: $39,513

Cash invested: $127,960 (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 17603

• Rents YoY: 0.5%
• Active inventory: 296
• Price-to-rent: 22.0×

Monthly cashflow live

• Estimated rent: $5,182 high
• Mortgage (P&I): −$2,397
• Tax from tax record: −$648 /mo · $7,776/yr
• Insurance: −$190
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,088
• Net cashflow: $859

Break-even live

Break-even rent $4,095

Max offer price $457,000

Occupancy floor 78%

Sensitivity live

Price	-10% $1,117	-5% $988	+0% $859	+5% $729	+10% $600
Rent	-10% $449	-5% $654	+0% $859	+5% $1,063	+10% $1,268
Rate	-1.0pp $1,089	-0.5pp $975	base $859	+0.5pp $740	+1.0pp $620

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	1	$5,181
Total (3 units)			$5,182

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: $114,250
• Closing costs: $13,710
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
118 N Prince St Lancaster, PA	1.0–3.0	1.0–3.0	1274	$4,703	$3.69	16d	48	0.37mi
49 W Farnum St Lancaster, PA	3.0	1.0	1820	$1,650	$0.91	46d	1	0.49mi
403 N Queen St Lancaster, PA	3.0	2.0	1950	$3,500	$1.79	16d	1	0.63mi
1121 Spring Grove Ave Lancaster, PA	4.0	2.0	1755	$2,200	$1.25	46d	1	0.84mi
631 E Frederick St Lancaster, PA	3.0	1.0	1830	$1,850	$1.01	46d	1	1.36mi

Listing history 14 events

1. 2026-06-10
   days on market $457,000 Active 275 DOM
2. 2026-06-09
   days on market $457,000 Active 274 DOM
3. 2026-06-08
   days on market $457,000 Active 273 DOM
4. 2026-06-07
   days on market $457,000 Active 272 DOM
5. 2026-06-03
   days on market $457,000 Active 268 DOM
6. 2026-06-02
   days on market $457,000 Active 267 DOM
7. 2026-06-01
   days on market $457,000 Active 266 DOM
8. 2026-05-31
   days on market $457,000 Active 265 DOM
9. 2026-05-30
   days on market $457,000 Active 264 DOM
10. 2025-09-09
    listed $457,000 Active 1101-char remark

    Show marketing remark (1101 chars)

    Unlock the potential of cash flow with this Exceptional Triplex located in the heart of Lancaster, PA! This multi-family residential property offers a unique opportunity for investors looking to expand their portfolio or enter the rental market. Property Highlights: Three Separate Units : Each unit is designed for optimal living space, providing tenants with comfort and privacy. Strong Rental History : This property has a proven track record of consistent rental income, making it a reliable investment choice. Prime Location : Situated in a vibrant West End neighborhood, residents will enjoy easy access to local amenities, public transportation, and the rich culture of Lancaster City. Cash Flow Potential : With the ability to generate significant monthly income, this triplex is perfect for investors seeking to maximize their return on investment. Off Street Parking : Currently 3 of 4 parking spots are leased for $30/month/spot generating additional recurring revenue. Opportunity for Value-Add : With some updates and renovations, you can increase rental rates and enhance property value.

11. 2025-09-04
    historical $457,000 1101-char remark

    Show marketing remark (1101 chars)

    Unlock the potential of cash flow with this Exceptional Triplex located in the heart of Lancaster, PA! This multi-family residential property offers a unique opportunity for investors looking to expand their portfolio or enter the rental market. Property Highlights: Three Separate Units : Each unit is designed for optimal living space, providing tenants with comfort and privacy. Strong Rental History : This property has a proven track record of consistent rental income, making it a reliable investment choice. Prime Location : Situated in a vibrant West End neighborhood, residents will enjoy easy access to local amenities, public transportation, and the rich culture of Lancaster City. Cash Flow Potential : With the ability to generate significant monthly income, this triplex is perfect for investors seeking to maximize their return on investment. Off Street Parking : Currently 3 of 4 parking spots are leased for $30/month/spot generating additional recurring revenue. Opportunity for Value-Add : With some updates and renovations, you can increase rental rates and enhance property value.

12. 2000-07-11
    soldstatus $23,600 89-char remark

    Show marketing remark (89 chars)

    THIS IS A HUD PROPERTY SOLD AS IS. CASE#441-489158 . SUBMIT A BID ONSOLD BY MURRY REALTY.

13. 2000-05-24
    historical 89-char remark

    Show marketing remark (89 chars)

    THIS IS A HUD PROPERTY SOLD AS IS. CASE#441-489158 . SUBMIT A BID ONSOLD BY MURRY REALTY.

14. 2000-02-01
    listed $27,750 89-char remark

    Show marketing remark (89 chars)

    THIS IS A HUD PROPERTY SOLD AS IS. CASE#441-489158 . SUBMIT A BID ONSOLD BY MURRY REALTY.

ⓘ 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: $7,776 · $648/mo
• Projected year-2 tax: $7,776 · $648/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥101°F today · 15 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 16% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $62,184
• − Mortgage interest: −$25,599
• − Property taxes: −$7,776
• − Insurance: −$2,285
• − Repairs & maintenance: −$4,975
• − Management: −$4,975
• − Depreciation: −$13,295
• Taxable income: $3,280
• Est. tax owed @ 24.0%: −$787
• After-tax cash flow: $9,518/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: Lancaster SD
• NCES district ID: 4213140
• Math proficiency: 12% ▼ -10.00%
• Reading proficiency: 25% ▼ -13.00%
• Median HH income: $38,500
• Composite: 15.52/100
• National rank: #9301
• State rank: #500 of 539 in PA

Livability — Lancaster

• Score: 85/100
• State rank: #71
• US rank: #498

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lancaster, PA
• County: Lancaster County · 390,309 people
• City population: 176,170
• Metro: Lancaster, PA
• Population (ZIP): 67,571
• Household income: $77,084
• Rent vs Own: 38.1% rent · 61.9% own
• Severe rent burden: 2557.0

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: Diverse neighborhood (Simpson 0.59)
• Race & ethnicity: White 58% Hispanic / Latino 27% Two or more races 12% Black 7% Asian 4%
• Hispanic origin (detail): Mexican 1% Puerto Rican 19% Cuban 1% Dominican 2%
• Common ancestry: Romanian 2% Slovak 2% Lithuanian 1%
• Foreign-born: 9% · Canada, China, India
• Languages at home: 77% English-only · Spanish 17% Other Indo-European 1% Chinese 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: ▼ -508.78%
• Current HPI: 289.3324
• Rent YoY: ▲ 0.47%
• 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

+1546.8% since first listed

5 events — show timeline

• 2025-09-09 Listed $457,000 BRIGHT MLS
• 2025-09-04 Coming Soon $457,000 BRIGHT MLS
• 2000-07-11 Sold (MLS) $23,600 BRIGHT MLS
• 2000-05-24 Listing Removed — BRIGHT MLS
• 2000-02-01 Listed $27,750 BRIGHT MLS

Property tax history

+5.2%/yr

Latest (2026): $7,776 · +3.3% YoY. Source: county tax records.