402 Broadway · Hanover, PA 17331

$219,500

3 bd · 2.0 ba · 1,936 sqft · MultiFamily public records · 104 Days on market

Built 1930 2,500 sqft lot $113/sqft · 6% above area Est $211k · at est.

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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 +22.2/30.0
• DSCR +7.1/10.0
• 1% rule +5.9/10.0
• ARV discount +5.6/15.0
• Livability +3.8/5.0
• Rent growth +3.7/5.0
• Schools +3.7/10.0
• 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 MLS

Great investment opportunity or owner-occupant option! This well-maintained two-unit property offers immediate rental income with a tenant already in place on the first floor — while the vacant second-floor unit provides the perfect opportunity to live in one unit and rent the other. The first-floor unit features 3 bedrooms, 1 full bath, a spacious living room, kitchen, and a laundry Closet conveniently located off the kitchen. The second-floor unit offers 2 bedrooms, a full bath, living room, and an updated kitchen. Additional highlights include: • Separate utilities for each unit • Washer/Dryer Hookup (Tenant pays all utilities) • New windows • Newer 90% efficient furnace • Rear parking Whether you’re looking to expand your investment portfolio or offset your mortgage by living in one unit while collecting rent from the other, this property offers flexibility and strong potential.

Key facts

• 2,500 sq ft lot
• Built 1930
• Listed 103 days

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $220k.

Deal economics

• At list price, monthly cash flow is $357 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $220k).
• Recommended offer: $200k (9.0% below list) — sets the bar for market timing.
• Cap rate 8.2% vs local median 3.8% in Hanover — 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 76/100 on livability (#373 in PA, #3,295 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities C-, employment D, commute F.
• Hanover Public SD (urban): math 34% / reading 54% proficiency, ranked #294 of 539 in PA (top 54%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+4.7%/yr); 386 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 56% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 1,328 units permitted in York County in 2024 (338 in 5+ unit buildings).
• This rent runs 36% of the median local income ($79k/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 $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 104 days — a 9% lower offer ($200k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 18y 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 $28k; list at $220k implies a 670% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1930 — 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 $199,745 (9.0% below list)

Questions for the listing agent

1. It's been on market 104 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. 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: 1.09% ✓
• Cap rate: 8.24%
• Cash-on-cash: 6.96%
• DSCR: 1.31
• GRM: 7.7

CMA / ARV

• ARV (median comp): $210,712
• List price: $219,500
• Delta: 4.17%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
325 High St	0.57mi	4/2.0 (+1)	1,804 (-7%)	2mo	$225,000	$125	56
316-316B Fulton St	0.31mi	3/2.0	1,752 (-10%)	18mo	$215,000	$123	55
20 & 20 1/2 Monroe St	0.72mi	4/— (+1)	1,998 (+3%)	7mo	$150,000	$75	50
308 Carlisle St	0.38mi	4/3.0 (+1)	2,052 (+6%)	16mo	$250,000	$122	50
222 2nd Ave	0.68mi	4/— (+1)	1,784 (-8%)	2mo	$230,000	$129	48
35-37 Lee St	0.65mi	4/— (+1)	1,680 (-13%)	16mo	$307,100	$183	30

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 · 4.67% rent growth · sell at horizon

5-year hold

• IRR: -3.7%
• Equity multiple: 0.86×
• Total profit: $-8,730
• Equity at exit: $32,728

10-year hold

• IRR: 7.8%
• Equity multiple: 1.64×
• Total profit: $39,139
• Equity at exit: $18,978

Cash invested: $61,460 (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 17331

• Home prices YoY: -33.8%
• Rents YoY: 4.7%
• Active inventory: 386
• Price-to-rent: 14.5×

Monthly cashflow live

• Estimated rent: $2,387 high
• Mortgage (P&I): −$1,151
• Tax from tax record: −$287 /mo · $3,438/yr
• Insurance: −$91
• HOA: −$0
• Vacancy / Maint / Mgmt: −$501
• Net cashflow: $357

Break-even live

Break-even rent $1,935

Max offer price $219,500

Occupancy floor 80%

Sensitivity live

Price	-10% $481	-5% $419	+0% $357	+5% $295	+10% $232
Rent	-10% $168	-5% $262	+0% $357	+5% $451	+10% $545
Rate	-1.0pp $467	-0.5pp $413	base $357	+0.5pp $300	+1.0pp $242

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

Units	Beds	Baths	Est. rent
1× unit	3	1	$1,263
1× unit	2	1	$1,124
Total (2 units)			$2,387

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: $54,875
• Closing costs: $6,585
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
28 McCosh St Hanover, PA	3.0	1.0	1800	$2,050	$1.14	14d	1	0.27mi
261 N Franklin St Unit 302 Hanover, PA	3.0	2.0	1398	$1,130	$0.81	44d	1	0.41mi
409 Carlisle St Unit A Hanover, PA	3.0	1.0	2372	$1,200	$0.51	14d	1	0.41mi
409 Carlisle St Unit B Hanover, PA	2.0	1.0	2372	$1,000	$0.42	14d	1	0.41mi
76 Brookside Ave Hanover, PA	3.0	2.5	1625	$1,963	$1.21	22d	1	1.02mi
76 Brookside Ave Hanover, PA	3.0	2.5	1625	$1,906	$1.17	44d	1	1.02mi
88 Brookside Ave Hanover, PA	3.0	2.5	1625	$1,906	$1.17	44d	1	1.03mi
88 Brookside Ave Hanover, PA	3.0	2.5	1625	$1,963	$1.21	22d	1	1.03mi
51 Overlook Dr Unit F Hanover, PA	3.0	2.5	1820	$1,983	$1.09	44d	1	1.27mi
51 Overlook Dr Unit J Hanover, PA	3.0	2.5	1820	$2,120	$1.16	44d	1	1.27mi
101 Pacer Dr Unit L Hanover, PA	3.0	2.5	1252	$1,901	$1.52	14d	1	1.29mi
101 Pacer Dr Unit K Hanover, PA	3.0	2.5	1252	$1,846	$1.47	44d	1	1.29mi
101 Pacer Dr Unit M Hanover, PA	3.0	2.5	1252	$1,751	$1.40	44d	1	1.29mi
34 Overlook Dr Hanover, PA	3.0	2.5	1749	$2,000	$1.14	14d	1	1.30mi
22 Mustang Dr Hanover, PA	3.0	2.5	1625	$1,843	$1.13	44d	1	1.35mi
40 Mustang Dr Hanover, PA	4.0	2.5	1625	$1,843	$1.13	44d	1	1.36mi
20 Mustang Dr Hanover, PA	4.0	2.5	1625	$1,931	$1.19	44d	1	1.37mi
607 3rd St Hanover, PA	3.0	1.0	1276	$1,400	$1.10	22d	1	1.38mi

Listing history 36 events

1. 2026-06-18
   days on market $219,500 Active 104 DOM
2. 2026-06-17
   days on market $219,500 Active 103 DOM
3. 2026-06-16
   days on market $219,500 Active 102 DOM
4. 2026-06-15
   days on market $219,500 Active 101 DOM
5. 2026-06-14
   days on market $219,500 Active 99 DOM
6. 2026-06-13
   days on market $219,500 Active 98 DOM
7. 2026-06-10
   days on market $219,500 Active 96 DOM
8. 2026-06-09
   days on market $219,500 Active 95 DOM
9. 2026-06-08
   days on market $219,500 Active 94 DOM
10. 2026-06-07
    days on market $219,500 Active 93 DOM
11. 2026-06-03
    days on market $219,500 Active 89 DOM
12. 2026-06-02
    days on market $219,500 Active 88 DOM
13. 2026-06-01
    days on market $219,500 Active 87 DOM
14. 2026-05-31
    days on market $219,500 Active 86 DOM
15. 2026-05-30
    days on market $219,500 Active 85 DOM
16. 2026-05-04
    price $219,500 932-char remark

    Show marketing remark (932 chars)

    Great investment opportunity or owner-occupant option! This well-maintained two-unit property offers immediate rental income with a tenant already in place on the first floor — while the vacant second-floor unit provides the perfect opportunity to live in one unit and rent the other. The first-floor unit features 3 bedrooms, 1 full bath, a spacious living room, kitchen, and a laundry Closet conveniently located off the kitchen. The second-floor unit offers 2 bedrooms, a full bath, living room, and an updated kitchen. Additional highlights include: • Separate utilities for each unit • Washer/Dryer Hookup (Tenant pays all utilities) • New windows • Newer 90% efficient furnace • Rear parking Whether you’re looking to expand your investment portfolio or offset your mortgage by living in one unit while collecting rent from the other, this property offers flexibility and strong potential.

17. 2026-03-07
    listed $219,900 Active 932-char remark

    Show marketing remark (932 chars)

    Great investment opportunity or owner-occupant option! This well-maintained two-unit property offers immediate rental income with a tenant already in place on the first floor — while the vacant second-floor unit provides the perfect opportunity to live in one unit and rent the other. The first-floor unit features 3 bedrooms, 1 full bath, a spacious living room, kitchen, and a laundry Closet conveniently located off the kitchen. The second-floor unit offers 2 bedrooms, a full bath, living room, and an updated kitchen. Additional highlights include: • Separate utilities for each unit • Washer/Dryer Hookup (Tenant pays all utilities) • New windows • Newer 90% efficient furnace • Rear parking Whether you’re looking to expand your investment portfolio or offset your mortgage by living in one unit while collecting rent from the other, this property offers flexibility and strong potential.

18. 2026-02-28
    historical $219,900 932-char remark

    Show marketing remark (932 chars)

    Great investment opportunity or owner-occupant option! This well-maintained two-unit property offers immediate rental income with a tenant already in place on the first floor — while the vacant second-floor unit provides the perfect opportunity to live in one unit and rent the other. The first-floor unit features 3 bedrooms, 1 full bath, a spacious living room, kitchen, and a laundry Closet conveniently located off the kitchen. The second-floor unit offers 2 bedrooms, a full bath, living room, and an updated kitchen. Additional highlights include: • Separate utilities for each unit • Washer/Dryer Hookup (Tenant pays all utilities) • New windows • Newer 90% efficient furnace • Rear parking Whether you’re looking to expand your investment portfolio or offset your mortgage by living in one unit while collecting rent from the other, this property offers flexibility and strong potential.

19. 2017-12-14
    soldstatus $28,500
20. 2017-12-08
    soldstatus $28,500 87-char remark

    Show marketing remark (87 chars)

    Handyman special. Bring your tools, paintbrushes & ideas. Sold "AS-IS".

21. 2017-11-07
    historical 87-char remark

    Show marketing remark (87 chars)

    Handyman special. Bring your tools, paintbrushes & ideas. Sold "AS-IS".

22. 2017-10-18
    listed $49,500 87-char remark

    Show marketing remark (87 chars)

    Handyman special. Bring your tools, paintbrushes & ideas. Sold "AS-IS".

23. 2015-05-27
    historical
24. 2014-06-16
    listed $68,000
25. 2013-05-29
    historical
26. 2012-11-28
    listed $94,900
27. 2010-11-30
    historical
28. 2010-05-11
    listed $105,900
29. 2010-05-10
    historical
30. 2010-01-26
    listed $105,900
31. 2010-01-16
    historical
32. 2009-03-31
    historical
33. 2009-03-25
    listed $109,900
34. 2008-07-30
    listed $124,900
35. 2004-10-22
    soldstatus $63,000
36. 2001-12-20
    soldstatus $54,000

ⓘ 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: $3,438 · $287/mo
• Projected year-2 tax: $3,453 · $288/mo
• Expected delta: +$15/yr (+$1/mo · 0.4%)

ⓘ 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 ≥102°F today · 15 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 9% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,644
• − Mortgage interest: −$12,295
• − Property taxes: −$3,438
• − Insurance: −$1,098
• − Repairs & maintenance: −$2,292
• − Management: −$2,292
• − Depreciation: −$6,385
• Taxable income: $845
• Est. tax owed @ 24.0%: −$203
• After-tax cash flow: $4,078/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: Hanover Public SD
• NCES district ID: 4211450
• Math proficiency: 34% ▼ -11.00%
• Reading proficiency: 54% ▼ -8.00%
• Median HH income: $45,022
• Composite: 37.26/100
• National rank: #4457
• State rank: #294 of 539 in PA

Livability — Hanover

• Score: 76/100
• State rank: #373
• US rank: #3295

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hanover, PA
• County: York County · 278,806 people
• City population: 56,443
• Metro: York-Hanover, PA
• Population (ZIP): 56,443
• Household income: $79,488
• Rent vs Own: 23.6% rent · 76.4% own
• Severe rent burden: 1076.0

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 (86%)
• Race & ethnicity: White 86% Hispanic / Latino 7% Two or more races 7% Black 3% Asian 1%
• Hispanic origin (detail): Mexican 3% Puerto Rican 2%
• Common ancestry: Romanian 3% Lithuanian 2% Slovak 2%
• Foreign-born: 4% · Canada
• Languages at home: 95% English-only · Spanish 3%

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: ▼ -128.48%
• Current HPI: 251.8974
• Rent YoY: ▲ 4.67%
• Metro: York-Hanover, 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

+306.5% since first listed

21 events — show timeline

• 2026-05-04 Price Changed $219,500 BRIGHT MLS
• 2026-03-07 Listed $219,900 BRIGHT MLS
• 2026-02-28 Coming Soon $219,900 BRIGHT MLS
• 2017-12-14 Sold (Public Records) $28,500 Public Records
• 2017-12-08 Sold (MLS) $28,500 BRIGHT MLS
• 2017-11-07 Listing Removed — BRIGHT MLS
• 2017-10-18 Listed $49,500 BRIGHT MLS
• 2015-05-27 Listing Removed — BRIGHT MLS
• 2014-06-16 Listed $68,000 BRIGHT MLS
• 2013-05-29 Listing Removed — BRIGHT MLS
• 2012-11-28 Listed $94,900 BRIGHT MLS
• 2010-11-30 Listing Removed — BRIGHT MLS
• 2010-05-11 Listed $105,900 BRIGHT MLS
• 2010-05-10 Listing Removed — BRIGHT MLS
• 2010-01-26 Listed $105,900 BRIGHT MLS
• 2010-01-16 Listing Removed — BRIGHT MLS
• 2009-03-31 Listing Removed — BRIGHT MLS
• 2009-03-25 Listed $109,900 BRIGHT MLS
• 2008-07-30 Listed $124,900 BRIGHT MLS
• 2004-10-22 Sold (Public Records) $63,000 Public Records
• 2001-12-20 Sold (Public Records) $54,000 Public Records

Property tax history

+1.9%/yr

Latest (2025): $3,438 · +0.8% YoY. Source: county tax records.