1951 Park St · Dover, PA 17315

$225,000

3 bd · 1.0 ba · 1,280 sqft · MultiFamily public records · 3 Days on market

Built 1880 10,019 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 +8.0/10.0
• ARV discount +7.5/15.0
• Schools +4.0/10.0
• Livability +3.6/5.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

Bank Owned Semi Detached Home in Dover. Great opportunity. This property is subject to the Freddie Mac First Look Initiative. The Freddie Mac First Look Initiative limits offers from being entertained during the first 20 days of listing to owner occupant and non-profit buyers. Investor offers will be responded to after the first look period ends on 11/20/2025.

Key facts

• Quartz countertops
• New appliances
• New cabinetry

Tags

• LUXURY VINYL PLANK FLOORING
• FULLY RENOVATED KITCHEN
• QUARTZ COUNTERTOPS
• NEW CABINETRY
• SOFT-CLOSE DRAWERS
• NEW APPLIANCES

Property features AI

Exterior

• Parking: Detached front-entry garage (1 car); Driveway parking for three cars; Off-street parking; Total of 4 parking spaces; Crushed stone driveway
• Utilities: 100 amp electric service; Public sewer; Private water supply; Propane fuel
• Home design: Semi-detached; Rural location; Fee simple ownership
• Construction: Vinyl and aluminum siding; Block foundation; Asphalt and metal roof; Built information from assessor
• Exterior features: Porch(es); Chimney cap(s); Exterior lighting

Interior

• Kitchen: Dishwasher; Electric oven/range; Range hood; Refrigerator
• Bedrooms: Three bedrooms on the upper level
• Flooring: Carpet; Luxury vinyl plank; Vinyl
• Bathrooms: One full bathroom
• Heating & cooling: Forced air heating; Propane (owned)
• Interior features: Attic; Tub with shower; Combination dining and living area; Dining area; Eat-in kitchen; Upgraded countertops; Drywall walls and ceilings; Not furnished; Full basement
• Laundry & utility: Main-floor laundry with hookups; Electric hot water

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath multifamily listed at $225k.

Deal economics

• At list price, monthly cash flow is $781 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $225k).
• Cap rate 10.5% vs local median 4.1% in Dover — 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 71/100 on livability (#680 in PA) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Dover Area SD (suburban): math 39% / reading 54% proficiency, ranked #232 of 539 in PA (top 43%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Dover Area Hs (math 72% / reading 15%, grade F, #213 of 437 statewide, top 49%, 1,016 students, 49% FRL) — zoned schools average 49% FRL vs 30% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 170 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 1,328 units permitted in York County in 2024 (338 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $63k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts 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 $132k; list at $225k implies a 71% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1880 — 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 $225,000

Questions for the listing agent

1. Built in 1880 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are B-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?
4. 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.
5. 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.
6. 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: 1.30% ✓
• Cap rate: 10.46%
• Cash-on-cash: 14.87%
• DSCR: 1.66
• GRM: 6.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 5.4%
• Equity multiple: 1.21×
• Total profit: $13,304
• Equity at exit: $33,548

10-year hold

• IRR: 14.9%
• Equity multiple: 2.20×
• Total profit: $75,740
• Equity at exit: $19,454

Cash invested: $63,000 (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 17315

• Home prices YoY: -28.5%
• Active inventory: 170
• Price-to-rent: 12.8×

Monthly cashflow live

• Estimated rent: $2,922 medium
• Mortgage (P&I): −$1,180
• Tax from tax record: −$254 /mo · $3,045/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$614
• Net cashflow: $781

Break-even live

Break-even rent $1,933

Max offer price $225,000

Occupancy floor 68%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$2,922
Total (2 units)			$2,922

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
30g Stony Ln Dover, PA	1.0–2.0	1.0	697	$1,389	$1.99	13d	13	0.75mi
400 1 Dover Highlands Dover, PA	1.0–2.0	1.0	910	$1,595	$1.75	13d	12	1.07mi
3712 Castle Dr Dover, PA	3.0	2.5	1450	$1,895	$1.31	43d	1	1.24mi
3807 Castle Dr Dover, PA	3.0	2.5	1402	$2,150	$1.53	21d	1	1.30mi
2670 Springhouse Bnd Dover, PA	1.0–2.0	1.0–2.0	991	$1,765	$1.78	13d	17	1.43mi
4077 Majestic Ct Dover, PA	3.0	2.5	1598	$1,775	$1.11	21d	1	1.49mi

Listing history 10 events

1. 2026-05-09
   status Pending
2. 2026-05-09
   status Active
3. 2026-04-24
   status Pending
4. 2026-04-21
   listed $225,000 Active
5. 2026-01-27
   soldstatus $131,655
6. 2026-01-23
   soldstatus $131,655 Closed 362-char remark

   Show marketing remark (362 chars)

   Bank Owned Semi Detached Home in Dover. Great opportunity. This property is subject to the Freddie Mac First Look Initiative. The Freddie Mac First Look Initiative limits offers from being entertained during the first 20 days of listing to owner occupant and non-profit buyers. Investor offers will be responded to after the first look period ends on 11/20/2025.

7. 2025-12-24
   status Pending 362-char remark

   Show marketing remark (362 chars)

   Bank Owned Semi Detached Home in Dover. Great opportunity. This property is subject to the Freddie Mac First Look Initiative. The Freddie Mac First Look Initiative limits offers from being entertained during the first 20 days of listing to owner occupant and non-profit buyers. Investor offers will be responded to after the first look period ends on 11/20/2025.

8. 2025-12-06
   price $112,320 362-char remark

   Show marketing remark (362 chars)

   Bank Owned Semi Detached Home in Dover. Great opportunity. This property is subject to the Freddie Mac First Look Initiative. The Freddie Mac First Look Initiative limits offers from being entertained during the first 20 days of listing to owner occupant and non-profit buyers. Investor offers will be responded to after the first look period ends on 11/20/2025.

9. 2025-11-01
   listed $124,800 Active 362-char remark

   Show marketing remark (362 chars)

   Bank Owned Semi Detached Home in Dover. Great opportunity. This property is subject to the Freddie Mac First Look Initiative. The Freddie Mac First Look Initiative limits offers from being entertained during the first 20 days of listing to owner occupant and non-profit buyers. Investor offers will be responded to after the first look period ends on 11/20/2025.

10. 1994-03-04
    soldstatus $58,900

ⓘ 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: $3,045 · $254/mo
• Projected year-2 tax: $3,300 · $275/mo
• Expected delta: +$255/yr (+$21/mo · 8.4%)

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥102°F today · 15 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 9% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $35,064
• − Mortgage interest: −$12,603
• − Property taxes: −$3,045
• − Insurance: −$1,125
• − Repairs & maintenance: −$2,805
• − Management: −$2,805
• − Depreciation: −$6,545
• Taxable income: $6,134
• Est. tax owed @ 24.0%: −$1,472
• After-tax cash flow: $7,899/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: Dover Area SD
• NCES district ID: 4207680
• Math proficiency: 39% ▼ -12.00%
• Reading proficiency: 54% ▼ -9.00%
• Median HH income: $56,418
• Composite: 40.44/100
• National rank: #3725
• State rank: #232 of 539 in PA

Livability — Dover

• Score: 71/100
• State rank: #680
• US rank: #6649

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 26,434

Population outlook (York County) Hauer SSP2

• Today (2025): 454,205 people
• By 2030: 457,407 · +0.7%
• By 2040: 457,529 · +0.7%
• By 2050: 448,261 · -1.3%
• By 2075: 427,388 · -5.9%
• By 2100: 384,218 · -15.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Two or more races 5% Hispanic / Latino 4% Black 3% Asian 1%
• Common ancestry: Romanian 3% Iranian 2% Lithuanian 1%
• Foreign-born: 3% · Canada
• Languages at home: 95% English-only · Spanish 2% Other Indo-European 1%

Political lean MEDSL · York

• 2024 margin: Strong R (+25.3) · D 36.9% · R 62.1%
• 2008→2024 swing: -11.7pp toward R · 2008: -13.6pp · 2024: -25.3pp
• All cycles: 2024: R+25.3 2020: R+24.6 2016: R+29.3 2012: R+21.2 2008: R+13.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -98.65%
• Current HPI: 247.2403
• Rent YoY: —
• Metro: —
• 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

+282.0% since first listed

10 events — show timeline

• 2026-05-09 Pending — BRIGHT MLS
• 2026-05-09 Relisted — BRIGHT MLS
• 2026-04-24 Pending — BRIGHT MLS
• 2026-04-21 Listed $225,000 BRIGHT MLS
• 2026-01-27 Sold (Public Records) $131,655 Public Records
• 2026-01-23 Sold (MLS) $131,655 BRIGHT MLS
• 2025-12-24 Pending — BRIGHT MLS
• 2025-12-06 Price Changed $112,320 BRIGHT MLS
• 2025-11-01 Listed $124,800 BRIGHT MLS
• 1994-03-04 Sold (Public Records) $58,900 Public Records

Property tax history

+1.8%/yr

Latest (2025): $3,045 · +0.9% YoY. Source: county tax records.