23 W 8th Ave

North York, PA 17404

$159,900B-

3 bd · 1.0 ba · 1,216 sqft · Built 1900 · MultiFamily · Active · 49 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,898/mo
• Mortgage (P&I): −$839
• Tax + insurance: −$271
• HOA: −$0
• Vac / Maint / Mgmt: −$819
• Net cashflow: $1,970/mo
• Annual: $23,634/yr
• Cap rate: 21.07%
• Cash-on-cash: 52.79%
• DSCR: 3.35
• 1% rule: 2.44%
• Cash to close: $44,772

Investor read

• This is a 3-bed/1.0-bath multifamily listed at $160k.
• At list price, monthly cash flow is $2k ($24k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $160k).
• It's been on market 49 days — a 3% lower offer ($155k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $155k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 71/100 on livability (#713 in PA) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities D+, commute F.
• Central York SD (suburban): math 33% / reading 57% proficiency, ranked #244 of 539 in PA (top 45%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Hayshire El Sch (math 17% / reading 32%, grade F, #1,180 of 1,518 statewide, top 80%, 509 students, 63% FRL); Central York Ms (math 21% / reading 59%, grade F, #257 of 512 statewide, top 52%, 881 students, 45% FRL); Central York Hs (math 61% / reading 74%, grade B, #59 of 437 statewide, top 14%, 1,807 students, 40% FRL) — zoned schools average 50% FRL vs 24% district-wide (26 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+6.4%/yr); 249 active listings in the ZIP; 30 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,328 units permitted in York County in 2024 (338 in 5+ unit buildings).
• Current owner paid $76k; list at $160k implies a 109% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 6.4% rent growth), your $45k cash investment doubles in ~3 years — after that, you're playing with house money.
• 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.
• At $3,898/mo this rent would consume 60% of the median local household income ($79k/yr) (locally 722% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 49 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.
• 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.