815-817 S Spruce St · Elizabethtown, PA 17022

$400,000

16 bd · 16.0 ba · 2,760 sqft · MultiFamily · 6 Days on market

Built 1900 Good condition 7,841 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 +29.2/30.0
• DSCR +10.0/10.0
• 1% rule +8.2/10.0
• ARV discount +7.5/15.0
• Schools +4.7/10.0
• Rent growth +4.1/5.0
• Livability +4.0/5.0
• Condition / age +3.8/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks

Elizabethtown Multi-Unit – Four individual units, each offering 1 bedroom, kitchen, living room, and full bath. Convenient location on a sidewalk-lined street with a yard and four easily accessible off-street parking spaces. Coin-operated laundry and a two-car garage provide additional income potential. Opportunity for investors seeking to add value and maximize returns.

Key facts

• Yard
• Convenient location
• Off-street parking

Tags

• CONVENIENT LOCATION
• SIDEWALK-LINED STREET
• YARD
• OFF-STREET PARKING
• TWO-CAR GARAGE
• ADDITIONAL INCOME POTENTIAL

Property features AI

Finance

• Other: Unfinished basement
• Financial info: Fee simple ownership; Property has 4 total units (all one-bedroom); All 4 units leased month-to-month; Income includes apartment rentals and laundry

Exterior

• Parking: Detached 2-car garage (rear entry) with additional storage and oversized space; 4 off-street parking spaces; On-street parking; Total of 6 garage/parking spaces
• Utilities: Public water; Public sewer; Electric service
• Home design: Detached structure; Slate roof
• Construction: Frame construction with metal siding; Brick/mortar foundation; Built (year per assessor)
• Exterior features: Sidewalks; Porches; Multiple balconies; Level lot

Interior

• Kitchen: Eat-in kitchen
• Bedrooms: Entry-level bedroom(s)
• Flooring: Carpet
• Heating & cooling: Electric baseboard heating; Electric hot water
• Interior features: Attic; Tub with shower; Ceiling fans; Combination kitchen and dining; Dining area; Traditional floor plan
• Laundry & utility: On-site laundry income (laundry included in income)

What this means for you Summary

Snapshot

• This is a 4 × 1-bed/1.0-bath units multifamily listed at $400k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive. Per door: $349/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $400k).
• Cap rate 10.5% vs local median 3.1% in Elizabethtown — 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 80/100 on livability (#201 in PA, #1,759 nationally) — a professional / high-income tenant draw. Strengths: crime A+, cost of living A+, housing A+; Watch: commute F.
• Elizabethtown Area SD (suburban): math 46% / reading 62% proficiency, ranked #123 of 539 in PA (top 23%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+6.5%/yr); 202 active listings in the ZIP; solid renter incomes; 1,093 units permitted in Lancaster County in 2024 (201 in 5+ unit buildings).
• At $5,267/mo this rent would consume 73% of the median local household income ($87k/yr) (locally 1404% 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.
• Lancaster County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 6.5% rent growth), your $112k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1900 — 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 $400,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.32% ✓
• Cap rate: 10.48%
• Cash-on-cash: 14.96%
• DSCR: 1.67
• GRM: 6.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.52% rent growth · sell at horizon

5-year hold

• IRR: 9.5%
• Equity multiple: 1.39×
• Total profit: $43,526
• Equity at exit: $59,641

10-year hold

• IRR: 21.4%
• Equity multiple: 3.12×
• Total profit: $237,969
• Equity at exit: $34,585

Cash invested: $112,000 (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 17022

• Home prices YoY: -29.0%
• Rents YoY: 6.5%
• Active inventory: 202
• Price-to-rent: 25.3×

Monthly cashflow live

• Estimated rent: $5,267 medium
• Mortgage (P&I): −$2,098
• Tax est. 1.5%: −$500 /mo · $6,000/yr
• Insurance: −$167
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,106
• Net cashflow: $1,397

Break-even live

Break-even rent $3,499

Max offer price $400,000

Occupancy floor 68%

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

Units	Beds	Baths	Est. rent
▸ 4× units	1	1	$5,268
Total (4 units)			$5,267

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: $100,000
• Closing costs: $12,000
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-06-18
   status $400,000 Pending 6 DOM
2. 2026-06-17
   days on market $400,000 Active 6 DOM
3. 2026-06-16
   days on market $400,000 Active 5 DOM
4. 2026-06-15
   days on market $400,000 Active 4 DOM
5. 2026-06-14
   days on market $400,000 Active 2 DOM
6. 2026-06-13
   remarks 373-char remark
7. 2026-06-13
   listed $400,000 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥101°F today · 15 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 10% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $63,204
• − Mortgage interest: −$22,406
• − Property taxes: −$6,000
• − Insurance: −$2,000
• − Repairs & maintenance: −$5,056
• − Management: −$5,056
• − Depreciation: −$11,636
• Taxable income: $11,049
• Est. tax owed @ 24.0%: −$2,652
• After-tax cash flow: $14,108/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.

Condition & rehab AI · 2 photos

Good 75/100 Cosmetic rehab

This multi-family property is in good condition with a well-maintained exterior and interior. Painting the exterior and maintaining the landscaping would significantly enhance its curb appeal and value.

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and can increase both resale and rental value.
• Both Landscaping — Improves curb appeal and can attract more potential tenants or buyers.
• Both HVAC maintenance — Ensures the system is functioning properly and can improve both resale and rental value by providing a comfortable living environment.

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior — Enhances curb appeal and can increase both resale and rental value. ↑
• Both Landscaping — Improves curb appeal and can attract more potential tenants or buyers. ↑
• Both HVAC maintenance — Ensures the system is functioning properly and can improve both resale and rental value by providing a comfortable living environment. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Elizabethtown Area SD
• NCES district ID: 4209120
• Math proficiency: 46% ▼ -10.00%
• Reading proficiency: 62% ▼ -8.00%
• Median HH income: $59,380
• Composite: 46.94/100
• National rank: #2361
• State rank: #123 of 539 in PA

Livability — Elizabethtown

• Score: 80/100
• State rank: #201
• US rank: #1759

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Elizabethtown, PA
• County: Lancaster County · 390,309 people
• City population: 31,908
• Metro: Lancaster, PA
• Population (ZIP): 31,908
• Household income: $86,767
• Rent vs Own: 31.8% rent · 68.2% own
• Severe rent burden: 1404.0

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 (89%)
• Race & ethnicity: White 89% Hispanic / Latino 6% Two or more races 4% Black 1% Asian 1%
• Hispanic origin (detail): Mexican 1% Puerto Rican 2%
• Common ancestry: Romanian 4% Lithuanian 2% Slovak 2%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 2% Other Asian/Pacific 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: ▼ -108.73%
• Current HPI: 266.3184
• Rent YoY: ▲ 6.52%
• 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

1 event — show timeline

• 2026-06-11 Listed $400,000 BRIGHT MLS