31-33 Manor Ave · Millersville, PA 17551

$310,000

5 bd · 2.0 ba · 2,786 sqft · MultiFamily public records · 147 Days on market

Built 1840 0.34 ac lot $111/sqft · 17% below area Est $372k · 17% under

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Why this score? — see what drove the B- 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 +23.7/30.0
• ARV discount +15.0/15.0
• DSCR +7.6/10.0
• 1% rule +6.7/10.0
• Schools +5.1/10.0
• Livability +4.2/5.0
• 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: 2 units. confirmed

Listing remarks MLS

Two-unit investment property located in Millersville Borough, just a short walk to Millersville University and minutes from Lancaster City. Zoned Neighborhood Commercial, this property offers excellent flexibility for investors. The building features a 2-bedroom unit (approximately 1,200 sq ft) and a 3-bedroom unit (approximately 1,690 sq ft), both currently occupied with month-to-month tenants. Separate utilities and off-street parking for both units make this property easy to manage or reposition. A strong rental location with consistent demand—an excellent opportunity in a prime setting.

Key facts

• 0.34 acre lot
• 4 parking spots
• Built 1840

What this means for you Summary

Snapshot

• This is a 1×2bd/1ba + 1×3bd/1ba units multifamily listed at $310k.

Deal economics

• At list price, monthly cash flow is $589 ($7k/yr) — positive. Per door: $294/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $310k).
• Recommended offer: $273k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.6% vs local median 3.0% in Millersville — 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 84/100 on livability (#101 in PA, #728 nationally) — a professional / high-income tenant draw. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities D-, commute F.
• Penn Manor SD (suburban): math 52% / reading 65% proficiency, ranked #80 of 539 in PA (top 15%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 50 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 1,093 units permitted in Lancaster County in 2024 (201 in 5+ unit buildings).
• At $3,613/mo this rent would consume 63% of the median local household income ($69k/yr) (locally 454% 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 $2k of loan paydown is wiped out by about $9k 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 147 days — a 12% lower offer ($273k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $135k; list at $310k implies a 130% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1840 — 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 $272,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 147 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 1840 — 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. 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?
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: 1.17% ✓
• Cap rate: 8.57%
• Cash-on-cash: 8.14%
• DSCR: 1.36
• GRM: 7.2

CMA / ARV

• ARV (median comp): $371,669
• List price: $310,000
• Delta: -16.59%
• Verdict: UNDERPRICED
• Comps: 4 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
455-457 N George St	0.15mi	5/—	3,060 (+10%)	2mo	$390,000	$127	75
349-351 N George St	0.31mi	6/— (+1)	2,740 (-2%)	17mo	$370,000	$135	64

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -3.9%
• Equity multiple: 0.85×
• Total profit: $-12,593
• Equity at exit: $46,222

10-year hold

• IRR: 5.9%
• Equity multiple: 1.44×
• Total profit: $37,863
• Equity at exit: $26,803

Cash invested: $86,800 (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 17551

• Home prices YoY: -24.9%
• Active inventory: 50
• Price-to-rent: 14.9×

Monthly cashflow live

• Estimated rent: $3,613 high
• Mortgage (P&I): −$1,626
• Tax from tax record: −$510 /mo · $6,126/yr
• Insurance: −$129
• HOA: −$0
• Vacancy / Maint / Mgmt: −$759
• Net cashflow: $589

Break-even live

Break-even rent $2,868

Max offer price $310,000

Occupancy floor 79%

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

Units	Beds	Baths	Est. rent
1× unit	2	1	$1,739
1× unit	3	1	$1,874
Total (2 units)			$3,613

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: $77,500
• Closing costs: $9,300
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
345 Barbara St Millersville, PA	4.0	2.0	2000	$3,200	$1.60	14d	1	0.58mi

Listing history 21 events

1. 2026-06-18
   days on market $310,000 Active 147 DOM
2. 2026-06-17
   days on market $310,000 Active 146 DOM
3. 2026-06-16
   days on market $310,000 Active 145 DOM
4. 2026-06-15
   days on market $310,000 Active 144 DOM
5. 2026-06-14
   days on market $310,000 Active 142 DOM
6. 2026-06-10
   days on market $310,000 Active 139 DOM
7. 2026-06-09
   days on market $310,000 Active 138 DOM
8. 2026-06-08
   days on market $310,000 Active 137 DOM
9. 2026-06-07
   days on market $310,000 Active 136 DOM
10. 2026-06-03
    days on market $310,000 Active 132 DOM
11. 2026-06-02
    days on market $310,000 Active 131 DOM
12. 2026-06-01
    days on market $310,000 Active 130 DOM
13. 2026-05-31
    days on market $310,000 Active 129 DOM
14. 2026-05-30
    days on market $310,000 Active 128 DOM
15. 2026-05-11
    price $310,000 603-char remark

    Show marketing remark (603 chars)

    Two-unit investment property located in Millersville Borough, just a short walk to Millersville University and minutes from Lancaster City. Zoned Neighborhood Commercial, this property offers excellent flexibility for investors. The building features a 2-bedroom unit (approximately 1,200 sq ft) and a 3-bedroom unit (approximately 1,690 sq ft), both currently occupied with month-to-month tenants. Separate utilities and off-street parking for both units make this property easy to manage or reposition. A strong rental location with consistent demand—an excellent opportunity in a prime setting.

16. 2026-03-11
    price $339,900 603-char remark

    Show marketing remark (603 chars)

    Two-unit investment property located in Millersville Borough, just a short walk to Millersville University and minutes from Lancaster City. Zoned Neighborhood Commercial, this property offers excellent flexibility for investors. The building features a 2-bedroom unit (approximately 1,200 sq ft) and a 3-bedroom unit (approximately 1,690 sq ft), both currently occupied with month-to-month tenants. Separate utilities and off-street parking for both units make this property easy to manage or reposition. A strong rental location with consistent demand—an excellent opportunity in a prime setting.

17. 2026-02-11
    price $350,000 603-char remark

    Show marketing remark (603 chars)

    Two-unit investment property located in Millersville Borough, just a short walk to Millersville University and minutes from Lancaster City. Zoned Neighborhood Commercial, this property offers excellent flexibility for investors. The building features a 2-bedroom unit (approximately 1,200 sq ft) and a 3-bedroom unit (approximately 1,690 sq ft), both currently occupied with month-to-month tenants. Separate utilities and off-street parking for both units make this property easy to manage or reposition. A strong rental location with consistent demand—an excellent opportunity in a prime setting.

18. 2026-01-23
    listed $369,900 Active 603-char remark

    Show marketing remark (603 chars)

    Two-unit investment property located in Millersville Borough, just a short walk to Millersville University and minutes from Lancaster City. Zoned Neighborhood Commercial, this property offers excellent flexibility for investors. The building features a 2-bedroom unit (approximately 1,200 sq ft) and a 3-bedroom unit (approximately 1,690 sq ft), both currently occupied with month-to-month tenants. Separate utilities and off-street parking for both units make this property easy to manage or reposition. A strong rental location with consistent demand—an excellent opportunity in a prime setting.

19. 2026-01-13
    historical $369,900 603-char remark

    Show marketing remark (603 chars)

    Two-unit investment property located in Millersville Borough, just a short walk to Millersville University and minutes from Lancaster City. Zoned Neighborhood Commercial, this property offers excellent flexibility for investors. The building features a 2-bedroom unit (approximately 1,200 sq ft) and a 3-bedroom unit (approximately 1,690 sq ft), both currently occupied with month-to-month tenants. Separate utilities and off-street parking for both units make this property easy to manage or reposition. A strong rental location with consistent demand—an excellent opportunity in a prime setting.

20. 2003-02-24
    soldstatus $135,000
21. 1995-10-30
    soldstatus $114,000

ⓘ 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: $6,126 · $510/mo
• Projected year-2 tax: $6,126 · $510/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 3/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥102°F today · 15 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 18% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $43,356
• − Mortgage interest: −$17,365
• − Property taxes: −$6,126
• − Insurance: −$1,550
• − Repairs & maintenance: −$3,468
• − Management: −$3,468
• − Depreciation: −$9,018
• Taxable income: $2,360
• Est. tax owed @ 24.0%: −$566
• After-tax cash flow: $6,501/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: Penn Manor SD
• NCES district ID: 4218630
• Math proficiency: 52% ▼ -7.00%
• Reading proficiency: 65% ▼ -7.00%
• Median HH income: $59,275
• Composite: 50.67/100
• National rank: #1826
• State rank: #80 of 539 in PA

Livability — Millersville

• Score: 84/100
• State rank: #101
• US rank: #728

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Millersville, PA
• County: Lancaster County · 390,309 people
• City population: 11,753
• Metro: Lancaster, PA
• Population (ZIP): 11,753
• Household income: $68,661
• Rent vs Own: 42.2% rent · 57.8% own
• Severe rent burden: 454.0

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: Predominantly White (76%)
• Race & ethnicity: White 76% Hispanic / Latino 9% Asian 7% Two or more races 7% Black 3%
• Hispanic origin (detail): Mexican 1% Puerto Rican 6%
• Common ancestry: Romanian 4% Italian 3% Portuguese 2%
• Foreign-born: 8% · South Korea, Canada, India
• Languages at home: 87% English-only · Spanish 6% Other Indo-European 5% 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: ▼ -85.18%
• Current HPI: 257.5554
• Rent YoY: —
• 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

+171.9% since first listed

7 events — show timeline

• 2026-05-11 Price Changed $310,000 BRIGHT MLS
• 2026-03-11 Price Changed $339,900 BRIGHT MLS
• 2026-02-11 Price Changed $350,000 BRIGHT MLS
• 2026-01-23 Listed $369,900 BRIGHT MLS
• 2026-01-13 Coming Soon $369,900 BRIGHT MLS
• 2003-02-24 Sold (Public Records) $135,000 Public Records
• 1995-10-30 Sold (Public Records) $114,000 Public Records

Property tax history

+4.3%/yr

Latest (2026): $6,126 · +6.0% YoY. Source: county tax records.