1326 State St · Harrisburg, PA 17103

$399,000

25 bd · 25.0 ba · 3,667 sqft · MultiFamily public records · 43 Days on market

Built 1917 1,742 sqft lot

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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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +8.5/10.0
• ARV discount +7.5/15.0
• Rent growth +4.8/5.0
• Livability +4.2/5.0
• Condition / age +2.5/5.0
• Schools +0.8/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 5 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

This is a 5 unit multi-family building. All units are rented, tenants want to stay. Tenants pay their own electric/heat. Owner pays water, sewer, trash. Limited photos due to tenants' privacy. Great investment opportunity. Unit 5 is a 2 bedroom, the other 4 are 1 bed/1 bath units.

Key facts

• 1,742 sq ft lot
• Built 1917
• Listed 43 days

Property features AI

Finance

• Other: Trash expense listed at $600; Property assessed values reported (land and improvement)
• Financial info: Fee simple ownership; Long-term existing leases

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer
• Home design: Detached structure; 3 total levels
• Construction: Brick and frame construction; Brick/mortar foundation; Fiberglass, asphalt, and rubber roofing
• Exterior features: Middle-of-block location; No tidal water

Interior

• Kitchen: Refrigerator; Electric oven/range
• Bedrooms: Five one-bedroom units
• Heating & cooling: Electric baseboard heating; Electric cooling; Electric hot water
• Interior features: All units long-term leased; Units not furnished

What this means for you Summary

Snapshot

• This is a 1×2bd/1ba + 4×1bd/1ba units multifamily listed at $399k.

Deal economics

• At list price, monthly cash flow is $2k ($18k/yr) — positive. Per door: $308/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $399k).
• Recommended offer: $387k (3.0% below list) — sets the bar for market timing.
• Cap rate 11.1% vs local median 6.6% in Harrisburg — 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 (#107 in PA, #826 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: employment D, crime F.
• Harrisburg City SD (urban): math 6% / reading 13% proficiency, ranked #535 of 539 in PA (top 99%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 82% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Harrisburg Hs (math 24% / reading 10%, grade F, #399 of 437 statewide, top 92%, 1,230 students, 100% FRL) — zoned schools average 100% FRL vs 82% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+9.1%/yr); 66 active listings in the ZIP; lower-income renter base — watch delinquency; 540 units permitted in Dauphin County in 2024 (194 in 5+ unit buildings).
• At $5,406/mo this rent would consume 163% of the median local household income ($40k/yr) (locally 1014% 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 $12k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $112k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 43 days — a 3% lower offer ($387k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 14y 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 $100k; list at $399k implies a 299% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1917 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $387,030 (3.0% below list)

Questions for the listing agent

1. It's been on market 43 days. Have you received any prior offers? Is the seller open to a 3% 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 1917 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
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: 1.35% ✓
• Cap rate: 11.09%
• Cash-on-cash: 17.15%
• DSCR: 1.76
• GRM: 6.2

CMA / ARV

• ARV (median comp): $175,463
• List price: $399,000
• Delta: 127.40%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 13.2%
• Equity multiple: 1.56×
• Total profit: $62,126
• Equity at exit: $59,492

10-year hold

• IRR: 25.6%
• Equity multiple: 3.78×
• Total profit: $310,772
• Equity at exit: $34,498

Cash invested: $111,720 (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 17103

• Rents YoY: 9.1%
• Active inventory: 66
• Price-to-rent: 28.9×

Monthly cashflow live

• Estimated rent: $5,406 high
• Mortgage (P&I): −$2,092
• Tax from tax record: −$416 /mo · $4,987/yr
• Insurance: −$166
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,135
• Net cashflow: $1,541

Break-even live

Break-even rent $3,455

Max offer price $399,000

Occupancy floor 66%

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

Units	Beds	Baths	Est. rent
1× unit	2	1	$1,152
▸ 4× units	1	1	$4,256
Total (5 units)			$5,406

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: $99,750
• Closing costs: $11,970
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-18
   days on market $399,000 Active 43 DOM
2. 2026-06-17
   days on market $399,000 Active 42 DOM
3. 2026-06-16
   days on market $399,000 Active 41 DOM
4. 2026-06-15
   days on market $399,000 Active 40 DOM
5. 2026-06-14
   days on market $399,000 Active 38 DOM
6. 2026-06-13
   days on market $399,000 Active 37 DOM
7. 2026-06-10
   days on market $399,000 Active 35 DOM
8. 2026-06-09
   days on market $399,000 Active 34 DOM
9. 2026-06-08
   days on market $399,000 Active 33 DOM
10. 2026-06-07
    days on market $399,000 Active 32 DOM
11. 2026-06-03
    days on market $399,000 Active 28 DOM
12. 2026-06-02
    days on market $399,000 Active 27 DOM
13. 2026-06-01
    days on market $399,000 Active 26 DOM
14. 2026-05-31
    days on market $399,000 Active 25 DOM
15. 2026-05-31
    days on market $399,000 Active 24 DOM
16. 2026-05-07
    listed $399,000 Active 281-char remark
17. 2026-05-05
    historical $399,000 281-char remark
18. 2017-10-11
    soldstatus $100,000
19. 2013-03-31
    historical
20. 2012-11-01
    listed $179,900
21. 2005-12-30
    soldstatus $175,000

ⓘ 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: $4,987 · $416/mo
• Projected year-2 tax: $5,645 · $470/mo
• Expected delta: +$659/yr (+$55/mo · 13.2%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥100°F today · 15 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 5% 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: $64,872
• − Mortgage interest: −$22,350
• − Property taxes: −$4,987
• − Insurance: −$2,662
• − Repairs & maintenance: −$5,190
• − Management: −$5,190
• − Depreciation: −$11,607
• Taxable income: $12,887
• Est. tax owed @ 24.0%: −$3,093
• After-tax cash flow: $15,399/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: Harrisburg City SD
• NCES district ID: 4211580
• Math proficiency: 6% ▼ -6.00%
• Reading proficiency: 13% ▼ -10.00%
• Median HH income: $33,432
• Composite: 7.6/100
• National rank: #9945
• State rank: #535 of 539 in PA

Livability — Harrisburg

• Score: 84/100
• State rank: #107
• US rank: #826

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Harrisburg, PA
• County: Dauphin County · 247,857 people
• City population: 184,296
• Metro: Harrisburg-Carlisle, PA
• Population (ZIP): 13,115
• Household income: $39,825
• Rent vs Own: 58.8% rent · 41.2% own
• Severe rent burden: 1014.0

Population outlook (Dauphin County) Hauer SSP2

• Today (2025): 281,628 people
• By 2030: 283,549 · +0.7%
• By 2040: 285,385 · +1.3%
• By 2050: 286,188 · +1.6%
• By 2075: 291,053 · +3.3%
• By 2100: 282,374 · +0.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.66)
• Race & ethnicity: Black 47% Hispanic / Latino 31% White 18% Two or more races 10%
• Hispanic origin (detail): Mexican 4% Puerto Rican 18% Dominican 5%
• Common ancestry: Hispanic 1% Romanian 1% Italian 1%
• Foreign-born: 9% · Canada
• Languages at home: 83% English-only · Spanish 11% French/Haitian/Cajun 2% Tagalog/Filipino 1%

Political lean MEDSL · Dauphin

• 2024 margin: Lean D (+5.9) · D 52.4% · R 46.5% · Other 1.1%
• 2008→2024 swing: -3.1pp toward R · 2008: 9.1pp · 2024: 5.9pp
• All cycles: 2024: D+5.9 2020: D+8.5 2016: D+2.8 2012: D+6.0 2008: D+9.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -119.52%
• Current HPI: 211.455
• Rent YoY: ▲ 9.09%
• Metro: Harrisburg-Carlisle, 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

+128.0% since first listed

6 events — show timeline

• 2026-05-07 Listed $399,000 BRIGHT MLS
• 2026-05-05 Coming Soon $399,000 BRIGHT MLS
• 2017-10-11 Sold (Public Records) $100,000 Public Records
• 2013-03-31 Listing Removed — BRIGHT MLS
• 2012-11-01 Listed $179,900 BRIGHT MLS
• 2005-12-30 Sold (Public Records) $175,000 Public Records

Property tax history

+1.0%/yr

Latest (2026): $4,987 · +1.7% YoY. Source: county tax records.