1694, 1696, 1698 Columbia Ave · Manor, PA 17603

$475,000

4 bd · 3.0 ba · 3,353 sqft · MultiFamily public records · 78 Days on market

Built 1920 7,405 sqft lot $142/sqft · at area comps Est $453k · at est.

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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 +5.3/15.0
• Schools +5.1/10.0
• Livability +3.4/5.0
• Rent growth +2.6/5.0
• 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: 3 units. confirmed

Listing remarks MLS

Exceptional multi-unit opportunity in a prime Lancaster location! This well-maintained triplex features three thoughtfully designed units, each offering comfortable living spaces and strong rental appeal. The first main-level unit boasts a spacious living area, a dine-in kitchen with abundant built-ins, and two bedrooms connected by a Jack-and-Jill full bath with a tub/shower combo. The second main-level unit offers a generous eat-in kitchen, a bright living room with well-kept luxury vinyl plank flooring, and sizable bedrooms sharing a Jack-and-Jill full bath with a walk-in shower. The upper-level unit features plush carpeting throughout, expansive living spaces, and numerous windows that fill the home with natural light. Situated on a corner lot, the property includes three private off-street parking spaces along with front and side yard areas. Conveniently located near local dining, shopping, and everyday amenities, this property presents an excellent investment or owner-occupant opportunity.

Key facts

• 7,405 sq ft lot
• 3 parking spots
• Built 1920

What this means for you Summary

Snapshot

• This is a 3 × 5-bed/3.5-bath units multifamily listed at $475k.

Deal economics

• At list price, monthly cash flow is $2k ($23k/yr) — positive. Per door: $639/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $475k).
• Recommended offer: $446k (6.0% below list) — sets the bar for market timing.
• Cap rate 11.1% vs local median 3.3% in Manor — 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 68/100 on livability (#888 in PA) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, cost of living A+; Watch: schools D, amenities F, 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: Rents flat; 292 active listings in the ZIP; solid renter incomes; 1,093 units permitted in Lancaster County in 2024 (201 in 5+ unit buildings).
• At $6,397/mo this rent would consume 100% of the median local household income ($77k/yr) (locally 2557% 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 $14k 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 + 0.5% rent growth), your $133k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 78 days — a 6% lower offer ($446k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1920 — 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 $446,500 (6.0% below list)

Questions for the listing agent

1. It's been on market 78 days. Have you received any prior offers? Is the seller open to a 6% 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 1920 — 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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 11.14%
• Cash-on-cash: 17.31%
• DSCR: 1.77
• GRM: 6.2

CMA / ARV

• ARV (median comp): $452,696
• List price: $475,000
• Delta: 4.93%
• Verdict: FAIR
• Comps: 2 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.47% rent growth · sell at horizon

5-year hold

• IRR: 5.8%
• Equity multiple: 1.22×
• Total profit: $29,331
• Equity at exit: $70,824

10-year hold

• IRR: 12.9%
• Equity multiple: 1.91×
• Total profit: $120,934
• Equity at exit: $41,069

Cash invested: $133,000 (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 17603

• Rents YoY: 0.5%
• Active inventory: 292
• Price-to-rent: 18.6×

Monthly cashflow live

• Estimated rent: $6,397 medium
• Mortgage (P&I): −$2,491
• Tax from tax record: −$446 /mo · $5,357/yr
• Insurance: −$198
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,343
• Net cashflow: $1,918

Break-even live

Break-even rent $3,969

Max offer price $475,000

Occupancy floor 65%

Sensitivity live

Price	-10% $2,187	-5% $2,053	+0% $1,918	+5% $1,784	+10% $1,649
Rent	-10% $1,413	-5% $1,666	+0% $1,918	+5% $2,171	+10% $2,424
Rate	-1.0pp $2,158	-0.5pp $2,039	base $1,918	+0.5pp $1,795	+1.0pp $1,670

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

Units	Beds	Baths	Est. rent
▸ 3× units	5	3.5	$6,396
Total (3 units)			$6,397

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: $118,750
• Closing costs: $14,250
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-18
   days on market $475,000 Active 78 DOM
2. 2026-06-17
   days on market $475,000 Active 77 DOM
3. 2026-06-16
   days on market $475,000 Active 76 DOM
4. 2026-06-15
   days on market $475,000 Active 75 DOM
5. 2026-06-14
   days on market $475,000 Active 73 DOM
6. 2026-06-10
   days on market $475,000 Active 70 DOM
7. 2026-06-09
   days on market $475,000 Active 69 DOM
8. 2026-06-08
   days on market $475,000 Active 68 DOM
9. 2026-06-07
   days on market $475,000 Active 67 DOM
10. 2026-06-03
    days on market $475,000 Active 63 DOM
11. 2026-06-02
    days on market $475,000 Active 62 DOM
12. 2026-06-01
    days on market $475,000 Active 61 DOM
13. 2026-05-31
    days on market $475,000 Active 60 DOM
14. 2026-05-30
    pricedays on market $475,000 Active 59 DOM
15. 2026-04-02
    listed $495,000 Active 1010-char remark

    Show marketing remark (1010 chars)

    Exceptional multi-unit opportunity in a prime Lancaster location! This well-maintained triplex features three thoughtfully designed units, each offering comfortable living spaces and strong rental appeal. The first main-level unit boasts a spacious living area, a dine-in kitchen with abundant built-ins, and two bedrooms connected by a Jack-and-Jill full bath with a tub/shower combo. The second main-level unit offers a generous eat-in kitchen, a bright living room with well-kept luxury vinyl plank flooring, and sizable bedrooms sharing a Jack-and-Jill full bath with a walk-in shower. The upper-level unit features plush carpeting throughout, expansive living spaces, and numerous windows that fill the home with natural light. Situated on a corner lot, the property includes three private off-street parking spaces along with front and side yard areas. Conveniently located near local dining, shopping, and everyday amenities, this property presents an excellent investment or owner-occupant opportunity.

16. 2026-03-30
    historical $495,000 1010-char remark

    Show marketing remark (1010 chars)

    Exceptional multi-unit opportunity in a prime Lancaster location! This well-maintained triplex features three thoughtfully designed units, each offering comfortable living spaces and strong rental appeal. The first main-level unit boasts a spacious living area, a dine-in kitchen with abundant built-ins, and two bedrooms connected by a Jack-and-Jill full bath with a tub/shower combo. The second main-level unit offers a generous eat-in kitchen, a bright living room with well-kept luxury vinyl plank flooring, and sizable bedrooms sharing a Jack-and-Jill full bath with a walk-in shower. The upper-level unit features plush carpeting throughout, expansive living spaces, and numerous windows that fill the home with natural light. Situated on a corner lot, the property includes three private off-street parking spaces along with front and side yard areas. Conveniently located near local dining, shopping, and everyday amenities, this property presents an excellent investment or owner-occupant opportunity.

ⓘ 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: $5,357 · $446/mo
• Projected year-2 tax: $6,431 · $536/mo
• Expected delta: +$1,074/yr (+$89/mo · 20.0%)

ⓘ 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 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥101°F today · 15 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 15% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $76,764
• − Mortgage interest: −$26,607
• − Property taxes: −$5,357
• − Insurance: −$2,375
• − Repairs & maintenance: −$6,141
• − Management: −$6,141
• − Depreciation: −$13,818
• Taxable income: $16,324
• Est. tax owed @ 24.0%: −$3,918
• After-tax cash flow: $19,102/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 — Manor

• Score: 68/100
• State rank: #888
• US rank: #9450

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Lancaster County · 390,309 people
• City population: 1,171
• Metro: Lancaster, PA
• Population (ZIP): 67,571
• Household income: $77,084
• Rent vs Own: 38.1% rent · 61.9% own
• Severe rent burden: 2557.0

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: Diverse neighborhood (Simpson 0.59)
• Race & ethnicity: White 58% Hispanic / Latino 27% Two or more races 12% Black 7% Asian 4%
• Hispanic origin (detail): Mexican 1% Puerto Rican 19% Cuban 1% Dominican 2%
• Common ancestry: Romanian 2% Slovak 2% Lithuanian 1%
• Foreign-born: 9% · Canada, China, India
• Languages at home: 77% English-only · Spanish 17% Other Indo-European 1% 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: ▼ -508.78%
• Current HPI: 289.3324
• Rent YoY: ▲ 0.47%
• 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

+0.0% since first listed

2 events — show timeline

• 2026-04-02 Listed $495,000 BRIGHT MLS
• 2026-03-30 Coming Soon $495,000 BRIGHT MLS

Property tax history

+3.5%/yr

Latest (2026): $5,357 · +4.1% YoY. Source: county tax records.