104 E College Ave · York, PA 17401

$176,900

6 bd · 2.0 ba · 2,306 sqft · MultiFamily public records · 34 Days on market

Built 1900 2,422 sqft lot Est $217k · 18% 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 +30.0/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.1/10.0
• Rent growth +4.1/5.0
• Livability +3.8/5.0
• 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 (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Opportunity for investor or owner occupant w/ conv or 203k financing. Semi-detached 4 BDRM, 2 full baths, dining, family & living rooms, walk up attic & 2 car det garg. Possible 2nd kitchen on 2nd level. Property was set up as a 2-family home one time but is zoned single family residence. Living room on first level could be used as 5th bedroom and walk-up attic has potential for additional living space. This is a Fannie Mae property.

Key facts

• Flexible lease terms
• 2,422 sq ft lot
• 2 garage spots

Tags

• FULLY OCCUPIED 2-UNIT
• FLEXIBLE LEASE TERMS
• WELL-MAINTAINED DUPLEX
• DETACHED 2-CAR GARAGE
• ADDITIONAL INCOME POTENTIAL

What this means for you Summary

Snapshot

• This is a 1×1bd/1.0ba + 1×3bd/1.0ba units multifamily listed at $177k.

Deal economics

• At list price, monthly cash flow is $807 ($10k/yr) — positive. Per door: $404/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $177k).
• Recommended offer: $172k (3.0% below list) — sets the bar for market timing.
• Cap rate 11.8% vs local median 5.0% in York — 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 75/100 on livability (#427 in PA, #3,987 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A; Watch: amenities D+, crime F, employment F.
• York City SD (urban): math 4% / reading 16% proficiency, ranked #534 of 539 in PA (top 99%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 72% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+6.4%/yr); 63 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 60% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 1,328 units permitted in York County in 2024 (338 in 5+ unit buildings).
• At $2,492/mo this rent would consume 70% of the median local household income ($43k/yr) (locally 1360% 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 $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 6.4% rent growth), your $50k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 34 days — a 3% lower offer ($172k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 25y 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 $16k; list at $177k implies a 1006% gain — meaningful room to come down on a strong offer.

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 $171,593 (3.0% below list)

Questions for the listing agent

1. It's been on market 34 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 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 1.41% ✓
• Cap rate: 11.77%
• Cash-on-cash: 19.56%
• DSCR: 1.87
• GRM: 5.9

CMA / ARV

• ARV (on-the-fly): $216,764
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
22 W King St	0.26mi	5/4.0 (-1)	2,276 (-1%)	6mo	$215,000	$94	67
49 W Princess St	0.24mi	5/3.0 (-1)	2,462 (+7%)	23mo	$240,000	$97	49
339 W Philadelphia St	0.73mi	6/2.0	2,522 (+9%)	6mo	$180,000	$71	46

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 · 6.37% rent growth · sell at horizon

5-year hold

• IRR: 15.2%
• Equity multiple: 1.64×
• Total profit: $31,486
• Equity at exit: $26,376

10-year hold

• IRR: 26.2%
• Equity multiple: 3.67×
• Total profit: $132,043
• Equity at exit: $15,295

Cash invested: $49,532 (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 17401

• Home prices YoY: -16.5%
• Rents YoY: 6.4%
• Active inventory: 63
• Price-to-rent: 12.8×

Monthly cashflow live

• Estimated rent: $2,492 high
• Mortgage (P&I): −$928
• Tax from tax record: −$160 /mo · $1,920/yr
• Insurance: −$74
• HOA: −$0
• Vacancy / Maint / Mgmt: −$523
• Net cashflow: $807

Break-even live

Break-even rent $1,470

Max offer price $176,900

Occupancy floor 63%

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

Units	Beds	Baths	Est. rent
1× unit	1	1	$1,150
1× unit	3	1	$1,342
Total (2 units)			$2,492

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: $44,225
• Closing costs: $5,307
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
213 Kurtz Ave York, PA	5.0	1.0	1921	$1,850	$0.96	13d	1	0.47mi
330 Smyser St York, PA	5.0	1.0	1634	$1,425	$0.87	43d	1	0.80mi
26 N West St York, PA	6.0	2.0	2100	$2,200	$1.05	21d	1	1.10mi
121 S Belvidere Ave Unit 121 York, PA	5.0	1.5	1846	$1,450	$0.79	43d	1	1.15mi
709 W Princess St York, PA	5.0	1.0	1829	$1,425	$0.78	43d	1	1.17mi

Listing history 12 events

1. 2026-04-24
   status Pending
2. 2026-04-18
   price $176,900
3. 2026-04-18
   status Active
4. 2026-04-01
   status Pending
5. 2026-03-05
   listed $179,900 Active
6. 2016-01-21
   soldstatus $16,000 449-char remark

   Show marketing remark (449 chars)

   Opportunity for investor or owner occupant w/ conv or 203k financing. Semi-detached 4 BDRM, 2 full baths, dining, family & living rooms, walk up attic & 2 car det garg. Possible 2nd kitchen on 2nd level. Property was set up as a 2-family home one time but is zoned single family residence. Living room on first level could be used as 5th bedroom and walk-up attic has potential for additional living space. This is a Fannie Mae property.

7. 2016-01-07
   historical 449-char remark

   Show marketing remark (449 chars)

   Opportunity for investor or owner occupant w/ conv or 203k financing. Semi-detached 4 BDRM, 2 full baths, dining, family & living rooms, walk up attic & 2 car det garg. Possible 2nd kitchen on 2nd level. Property was set up as a 2-family home one time but is zoned single family residence. Living room on first level could be used as 5th bedroom and walk-up attic has potential for additional living space. This is a Fannie Mae property.

8. 2015-10-26
   listed $22,500 449-char remark

   Show marketing remark (449 chars)

   Opportunity for investor or owner occupant w/ conv or 203k financing. Semi-detached 4 BDRM, 2 full baths, dining, family & living rooms, walk up attic & 2 car det garg. Possible 2nd kitchen on 2nd level. Property was set up as a 2-family home one time but is zoned single family residence. Living room on first level could be used as 5th bedroom and walk-up attic has potential for additional living space. This is a Fannie Mae property.

9. 2005-10-18
   historical
10. 2004-10-18
    listed $40,000
11. 2001-09-27
    historical
12. 2001-08-01
    listed $29,900

ⓘ 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: $1,920 · $160/mo
• Projected year-2 tax: $2,358 · $196/mo
• Expected delta: +$438/yr (+$36/mo · 22.8%)

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

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 20% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥102°F today · 15 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 10% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $29,904
• − Mortgage interest: −$9,909
• − Property taxes: −$1,920
• − Insurance: −$884
• − Repairs & maintenance: −$2,392
• − Management: −$2,392
• − Depreciation: −$5,146
• Taxable income: $7,260
• Est. tax owed @ 24.0%: −$1,742
• After-tax cash flow: $7,945/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: York City SD
• NCES district ID: 4226820
• Math proficiency: 4% ▼ -7.00%
• Reading proficiency: 16% ▼ -9.00%
• Median HH income: $29,470
• Composite: 7.61/100
• National rank: #9943
• State rank: #534 of 539 in PA

Livability — York

• Score: 75/100
• State rank: #427
• US rank: #3987

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: York, PA
• County: York County · 278,806 people
• City population: 184,764
• Metro: York-Hanover, PA
• Population (ZIP): 18,570
• Household income: $42,826
• Rent vs Own: 67.4% rent · 32.6% own
• Severe rent burden: 1360.0

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: Diverse neighborhood (Simpson 0.69)
• Race & ethnicity: Hispanic / Latino 39% White 31% Black 24% Two or more races 15%
• Hispanic origin (detail): Mexican 5% Puerto Rican 22% Dominican 10%
• Common ancestry: Romanian 2% Hispanic 1% Italian 1%
• Foreign-born: 14% · Canada
• Languages at home: 72% English-only · Spanish 25% French/Haitian/Cajun 2%

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: ▼ -63.82%
• Current HPI: 323.5537
• Rent YoY: ▲ 6.37%
• Metro: York-Hanover, 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

+491.6% since first listed

12 events — show timeline

• 2026-04-24 Pending — BRIGHT MLS
• 2026-04-18 Price Changed $176,900 BRIGHT MLS
• 2026-04-18 Relisted — BRIGHT MLS
• 2026-04-01 Pending — BRIGHT MLS
• 2026-03-05 Listed $179,900 BRIGHT MLS
• 2016-01-21 Sold (MLS) $16,000 BRIGHT MLS
• 2016-01-07 Listing Removed — BRIGHT MLS
• 2015-10-26 Listed $22,500 BRIGHT MLS
• 2005-10-18 Listing Removed — BRIGHT MLS
• 2004-10-18 Listed $40,000 BRIGHT MLS
• 2001-09-27 Listing Removed — BRIGHT MLS
• 2001-08-01 Listed $29,900 BRIGHT MLS

Property tax history

+0.7%/yr

Latest (2025): $1,920 · +0.9% YoY. Source: county tax records.