23 Furman Rd · Franklin, PA 17019

$210,000

2 bd · 1.0 ba · 1,029 sqft · MultiFamily public records · 9 Days on market

Built 1989 8,002 sqft lot

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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 +27.2/30.0
• DSCR +9.5/10.0
• ARV discount +7.5/15.0
• 1% rule +7.2/10.0
• Schools +4.1/10.0
• 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: 1 unit. estimate disagrees with records

Listing remarks

Come check out this home! You will not believe all the space that this home has, 2 bedrooms, 1.5 baths. There is a sunroom plus a bonus room that use to be the garage. The basement has a laundry area, 1/2 bath, family room, craft room plus a workshop. There is plenty of storage! Come check out this home!

Key facts

• Craft room
• Plenty of storage
• Laundry area

Tags

• SUNROOM
• BONUS ROOM
• LAUNDRY AREA
• CRAFT ROOM
• WORKSHOP
• PLENTY OF STORAGE

Property features AI

Finance

• Other: Assessor used as source for finished area measurements; Lease not considered

Exterior

• Parking: Driveway parking for two vehicles; Two total garage and parking spaces
• Utilities: Public water; Public sewer
• Home design: Fee simple ownership; Property in good condition; Not in a federal flood zone
• Construction: Vinyl siding and stone exterior; Asphalt roof; Full basement (partially finished) with windows; Built year information from assessor
• Exterior features: Chain link fencing; Walkout basement; Above-grade and below-grade exterior structures

Interior

• Kitchen: Refrigerator; Stove; Microwave
• Bedrooms: Two bedrooms on the main level
• Flooring: Carpet; Laminate
• Bathrooms: One full bathroom; One half bathroom on a lower level
• Heating & cooling: Heat pump heating; Central air conditioning; Electric hot water; 100 Amp electric service
• Interior features: Ceiling fans; Pantry; Two fireplaces
• Laundry & utility: Laundry in the basement; Workshop space in basement; Basement shelving; Sump pump

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath multifamily listed at $210k.

Deal economics

• At list price, monthly cash flow is $602 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $210k).
• Cap rate 9.7% vs local median 4.8% in Franklin — 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 69/100 on livability (#812 in PA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B+; Watch: health & safety C-, employment D, amenities F.
• Northern York County SD (rural): math 35% / reading 57% proficiency, ranked #223 of 539 in PA (top 41%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 16% free/reduced lunch — higher-income household profile.
• Zoned schools: Northern El Sch (math 27% / reading 47%, grade F, #1,004 of 1,518 statewide, top 68%, 395 students, 40% FRL); Northern Ms (math 23% / reading 52%, grade F, #292 of 512 statewide, top 58%, 751 students, 26% FRL); Northern Hs (math 56%, 1,051 students, 21% FRL).
• Market conditions: 92 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 1,328 units permitted in York County in 2024 (338 in 5+ unit buildings).

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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $59k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $77k; list at $210k implies a 173% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $210,000

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
3. 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.
4. 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.
5. 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: 1.22% ✓
• Cap rate: 9.74%
• Cash-on-cash: 12.30%
• DSCR: 1.55
• GRM: 6.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 1.9%
• Equity multiple: 1.07×
• Total profit: $4,361
• Equity at exit: $31,312

10-year hold

• IRR: 11.5%
• Equity multiple: 1.91×
• Total profit: $53,277
• 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 17019

• Home prices YoY: -26.9%
• Active inventory: 92
• Price-to-rent: 13.7×

Monthly cashflow live

• Estimated rent: $2,555 medium
• Mortgage (P&I): −$1,101
• Tax from tax record: −$227 /mo · $2,726/yr
• Insurance: −$88
• HOA: −$0
• Vacancy / Maint / Mgmt: −$537
• Net cashflow: $602

Break-even live

Break-even rent $1,792

Max offer price $210,000

Occupancy floor 71%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1.5	$2,556
Total (2 units)			$2,555

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 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
301 S Baltimore St Dillsburg, PA	3.0	1.0	1500	$1,650	$1.10	21d	1	1.42mi
127 S 2nd St Dillsburg, PA	1.0	1.0	800	$975	$1.22	43d	1	1.44mi

Listing history 9 events

1. 2026-06-19
   price $210,000 Active 9 DOM
2. 2026-06-18
   days on market $229,900 Active 9 DOM
3. 2026-06-17
   days on market $229,900 Active 8 DOM
4. 2026-06-16
   days on market $229,900 Active 7 DOM
5. 2026-06-15
   days on market $229,900 Active 6 DOM
6. 2026-06-14
   days on market $229,900 Active 4 DOM
7. 2026-06-13
   days on market $229,900 Active 3 DOM
8. 2026-06-10
   remarks 307-char remark
9. 2026-06-10
   listed $229,900 Active 1 DOM

ⓘ 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: $2,726 · $227/mo
• Projected year-2 tax: $3,022 · $252/mo
• Expected delta: +$296/yr (+$25/mo · 10.8%)

ⓘ 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 2/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥101°F today · 16 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 6% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 1 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $30,660
• − Mortgage interest: −$11,763
• − Property taxes: −$2,726
• − Insurance: −$1,050
• − Repairs & maintenance: −$2,453
• − Management: −$2,453
• − Depreciation: −$6,109
• Taxable income: $4,106
• Est. tax owed @ 24.0%: −$985
• After-tax cash flow: $6,244/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: Northern York County SD
• NCES district ID: 4217760
• Math proficiency: 35% ▼ -11.00%
• Reading proficiency: 57% ▼ -12.00%
• Median HH income: $65,255
• Composite: 40.84/100
• National rank: #3629
• State rank: #223 of 539 in PA

Livability — Franklin

• Score: 69/100
• State rank: #812
• US rank: #8260

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 19,294

Population outlook (York County) Hauer SSP2

• Today (2025): 454,205 people
• By 2030: 457,407 · +0.7%
• By 2040: 457,529 · +0.7%
• By 2050: 448,261 · -1.3%
• By 2075: 427,388 · -5.9%
• By 2100: 384,218 · -15.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 4% Hispanic / Latino 2% Black 1%
• Common ancestry: Romanian 2% Lithuanian 2% Serbian 1%
• Foreign-born: 3% · Canada, South Korea
• Languages at home: 96% English-only · Spanish 2% Russian/Polish/Slavic 1% German/W. Germanic 1%

Political lean MEDSL · York

• 2024 margin: Strong R (+25.3) · D 36.9% · R 62.1%
• 2008→2024 swing: -11.7pp toward R · 2008: -13.6pp · 2024: -25.3pp
• All cycles: 2024: R+25.3 2020: R+24.6 2016: R+29.3 2012: R+21.2 2008: R+13.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -93.66%
• Current HPI: 254.4777
• Rent YoY: —
• Metro: —
• 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

+245.7% since first listed

3 events — show timeline

• 2026-06-09 Listed $229,900 BRIGHT MLS
• 1997-02-11 Sold (Public Records) $77,000 Public Records
• 1989-07-26 Sold (Public Records) $66,500 Public Records

Property tax history

+3.0%/yr

Latest (2025): $2,726 · +1.1% YoY. Source: county tax records.