1038 W Locust St · West Manchester, PA 17404

$139,900

2 bd · 1.0 ba · 1,016 sqft · Townhouse public records · 36 Days on market

Built 1923 1,999 sqft lot Est $124k · 13% over

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Why this score? — see what drove the D- 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 +14.9/30.0
• DSCR +4.6/10.0
• 1% rule +4.2/10.0
• Rent growth +4.1/5.0
• Schools +3.2/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +1.7/15.0
• Appreciation +0.0/10.0

Listing remarks

PRICE REDUCED!!!! WEST YORK SEMI-DETACHED HOME WITH 2 BEDROOMS AND 1 FULL BATH. FIRST FLOOR HAS A LIVING ROOM WITH A BUILT-IN ROOM DIVIDER AND SHELVES, DINING ROOM AND KITCHEN WITH OAK CABINETS. NEW REFRIGERATOR, ELECTRIC STOVE, WASHER AND DRYER & BASEMENT REFRIGERATOR ARE INCLUDED. THE 2ND FLOOR HAS 2 BEDROOMS AND A FULL BATH. THE BASEMENT HAS A DIRT FLOOR AND AN OUTSIDE ENTRANCE. THE LAUNDRY IS LOCATED IN THE BASEMENT AND THERE IS A NEW GAS FURNACE AND WATER HEATER. THERE IS OFF-STREET PARKING AND A PRIVATE BACKYARD. THE HOME IS CLOSE TO SHOPPING AND SCHOOLS. SECOND FLOOR HAS ELECTRIC BASEBOARD HEAT AND FIRST FLOOR HAS A NEW GAS FURNACE.

Key facts

• Oak cabinets
• Private backyard
• New refrigerator

Tags

• BUILT-IN ROOM DIVIDER
• OAK CABINETS
• NEW REFRIGERATOR
• NEW GAS FURNACE
• PRIVATE BACKYARD

Property features AI

Finance

• Other: Fee simple ownership; Property condition listed as average; No horse privileges; Pets allowed with no pet restrictions; Building not winterized

Exterior

• Parking: Off-street parking (2 spaces) with crushed stone; On-street parking available; Total of 2 garage/parking spaces
• Utilities: Public water; Public sewer; Electric available; Natural gas available; Cable TV available; Phone service available; Municipal trash service; Cable internet available; Electric hot water
• Home design: Semi-detached property; Estimated year built; Metal roof; Entry faces middle of block
• Construction: Stick-built construction with vinyl siding; Copper plumbing; Permanent block foundation; Windows are double pane, insulated, replacement units with screens and vinyl-clad/wood frames; Basement is full, unfinished dirt floor with interior access, outside entrance and windows (not finished)
• Exterior features: Sidewalks; Chain link rear fencing; Level lot with rear yard and road frontage; Lot dimensions approximately 39 x 109 x 39 x 108

Interior

• Kitchen: Electric oven/range; Refrigerator; Eat-in kitchen with table space
• Bedrooms: Two bedrooms on the upper level
• Flooring: Wood flooring; Vinyl flooring
• Bathrooms: One full bathroom
• Heating & cooling: Baseboard electric heat; Forced air heating; Window air conditioning units; Circuit breaker electric service
• Interior features: Tub with shower; Breakfast area; Built-in shelving; Traditional floor plan; Formal dining room; Eat-in kitchen / table space; Window treatments; Plaster walls; Wood floors
• Laundry & utility: Washer and dryer in unit; Washer/dryer hookups in basement; Dryer is electric; Water heater included

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath townhouse listed at $140k.

Deal economics

• At list price, monthly cash flow is $42 ($501/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $129k (8.0% below list).
• Recommended offer: $129k (8.0% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• West York Area SD (suburban): math 29% / reading 45% proficiency, ranked #379 of 539 in PA (top 70%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Lincolnway El Sch (math 31% / reading 47%, grade F, #983 of 1,518 statewide, top 65%, 405 students, 56% FRL); West York Area Ms (math 19% / reading 44%, grade F, #367 of 512 statewide, top 73%, 675 students, 53% FRL); West York Area Hs (math 57% / reading 30%, grade F, #213 of 437 statewide, top 49%, 869 students, 49% FRL) — zoned schools average 53% FRL vs 37% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+6.4%/yr); 252 active listings in the ZIP; 34 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 41% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 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 $967 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 36 days — a 3% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $32k; list at $140k implies a 337% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1923 — 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 $128,758 (8.0% below list)

Questions for the listing agent

1. It's been on market 36 days. Have you received any prior offers? Is the seller open to a 8% concession, seller financing, or rate buy-down credit?
2. Built in 1923 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
5. 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.
6. 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.
7. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.92% ✗
• Cap rate: 6.65%
• Cash-on-cash: 1.28%
• DSCR: 1.06
• GRM: 9.1

CMA / ARV

• ARV (on-the-fly): $123,952
• Comps found: 11

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1437 W King St	0.56mi	2/1.0	1,064 (+5%)	4mo	$140,000	$132	62
578 Salem Ave	0.48mi	2/1.0	936 (-8%)	10mo	$114,000	$122	56
122 N Cedar St	0.54mi	2/1.0	960 (-6%)	15mo	$70,000	$73	53
550 Salem Ave	0.51mi	3/1.0 (+1)	1,104 (+9%)	11mo	$149,900	$136	48
1303 W Poplar St	0.35mi	2/1.0	893 (-12%)	22mo	$132,000	$148	45
480 W Princess St	0.63mi	3/1.0 (+1)	1,105 (+9%)	10mo	$106,000	$96	42
568 Salem Ave	0.49mi	3/1.0 (+1)	1,100 (+8%)	19mo	$95,000	$86	42
571 W Philadelphia St	0.63mi	3/1.5 (+1)	1,134 (+12%)	8mo	$115,000	$101	37
712 Maryland Ave	0.69mi	3/1.0 (+1)	1,152 (+13%)	11mo	$111,000	$96	32
1476 Old Salem Rd	0.58mi	3/1.0 (+1)	1,167 (+15%)	17mo	$178,147	$153	29
545 W Clarke Ave	0.64mi	3/2.5 (+1)	890 (-12%)	22mo	$133,000	$149	20

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 · 6.38% rent growth · sell at horizon

5-year hold

• IRR: -10.5%
• Equity multiple: 0.61×
• Total profit: $-15,457
• Equity at exit: $20,860

10-year hold

• IRR: 3.1%
• Equity multiple: 1.25×
• Total profit: $9,983
• Equity at exit: $12,096

Cash invested: $39,172 (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 17404

• Rents YoY: 6.4%
• Active inventory: 252
• Price-to-rent: 9.1×

Monthly cashflow live

• Estimated rent: $1,288 high
• Mortgage (P&I): −$734
• Tax from tax record: −$183 /mo · $2,202/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$270
• Net cashflow: $42

Break-even live

Break-even rent $1,235

Max offer price $139,900

Occupancy floor 92%

Sensitivity live

Price	-10% $121	-5% $81	+0% $42	+5% $2	+10% $-37
Rent	-10% $-60	-5% $-9	+0% $42	+5% $93	+10% $143
Rate	-1.0pp $112	-0.5pp $77	base $42	+0.5pp $6	+1.0pp $-31

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: $34,975
• Closing costs: $4,197
• Reserves months: —
• Total cash needed: —

Rent comps 34 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
50 Carlisle Ave Unit 54-COMMERICAL York, PA	1.0	1.0	988	$1,500	$1.52	45d	1	0.37mi
648 W College Ave York, PA	3.0	1.0	1100	$1,275	$1.16	45d	1	0.38mi
39 N Belvidere Ave #1 York, PA	1.0	1.0	975	$1,000	$1.03	45d	1	0.45mi
50 S Highland Ave York, PA	2.0–3.0	1.0–1.5	1015	$1,042	$1.03	15d	1	0.49mi
813 Madison Ave York, PA	2.0	1.5	1100	$1,175	$1.07	15d	1	0.52mi
1410 Monroe St Ste M West York, PA	2.0	1.0	1100	$1,195	$1.09	23d	1	0.55mi
588 Company St York, PA	3.0	1.5	1416	$1,475	$1.04	45d	1	0.62mi
466 W College Ave York, PA	3.0	1.0	1068	$1,295	$1.21	45d	1	0.67mi
1559 W King St Unit 2 West York, PA	3.0	1.0	1020	$1,250	$1.23	15d	1	0.70mi
1704 W Market St Unit 2 West York, PA	2.0	1.0	850	$900	$1.06	23d	1	0.86mi
1627 Filbert St York, PA	3.0	1.0	1193	$1,395	$1.17	23d	1	0.87mi
330 W King St York, PA	3.0	1.0	713	$1,195	$1.68	15d	1	0.88mi
631 Roosevelt Ave Unit 2 York, PA	3.0	1.0	1170	$1,150	$0.98	15d	1	0.94mi
450 Madison Ave York, PA	1.0–2.0	1.0	862	$1,250	$1.45	15d	1	0.95mi
1060 Crest Way York, PA	1.0–2.0	1.0–2.0	1033	$1,850	$1.79	45d	1	0.99mi
1060 Crest Way York, PA	2.0	2.0	1251	$1,850	$1.48	15d	1	0.99mi
314 W Gay Ave York, PA	3.0	1.0	1060	$1,250	$1.18	23d	1	1.00mi
264 W Market St Unit 2 York, PA	1.0	1.0	1012	$1,125	$1.11	45d	1	1.00mi
264 W Market St Unit 2 York, PA	1.0	1.0	1012	$1,125	$1.11	15d	1	1.00mi
720 Elm Ter York, PA	3.0	1.5	1200	$1,950	$1.62	23d	1	1.02mi
403 N Newberry St Unit A10 York, PA	2.0	1.0	750	$1,095	$1.46	23d	1	1.11mi
403 N Newberry St Unit B12 York, PA	2.0	1.0	750	$1,050	$1.40	45d	1	1.11mi
132 S Beaver St Apt 4 York, PA	2.0	2.0	1000	$1,250	$1.25	45d	1	1.19mi
175 W Gay Ave York, PA	1.0–2.0	1.0	1219	$1,650	$1.35	15d	2	1.23mi
49 W Market St Unit 2 R York, PA	2.0	1.0	788	$975	$1.24	15d	1	1.25mi
133 Stevens Ave York, PA	3.0	1.0	1200	$1,300	$1.08	45d	1	1.30mi
28 N George St Unit H York, PA	2.0	2.0	1400	$1,550	$1.11	45d	1	1.34mi
28 N George St York, PA	1.0	1.5	990	$1,295	$1.31	45d	1	1.34mi
334 N Beaver St York, PA	3.0	1.0	1140	$1,050	$0.92	15d	1	1.36mi
101 N Forrest St York, PA	3.0	1.0	1340	$1,695	$1.26	23d	1	1.40mi
251 N George St York, PA	2.0	2.0	1100	$1,595	$1.45	15d	1	1.44mi
444 S Duke St York, PA	3.0	1.0	1200	$1,200	$1.00	45d	1	1.44mi
514 S Duke St York, PA	3.0	1.0	1289	$1,625	$1.26	23d	1	1.45mi
443 S Duke St York, PA	3.0	1.0	1028	$1,225	$1.19	45d	1	1.45mi

Listing history 19 events

1. 2026-06-21
   days on market $139,900 Active 36 DOM
2. 2026-06-18
   days on market $139,900 Active 33 DOM
3. 2026-06-17
   days on market $139,900 Active 32 DOM
4. 2026-06-16
   days on market $139,900 Active 31 DOM
5. 2026-06-15
   days on market $139,900 Active 30 DOM
6. 2026-06-14
   days on market $139,900 Active 28 DOM
7. 2026-06-13
   days on market $139,900 Active 27 DOM
8. 2026-06-10
   days on market $139,900 Active 25 DOM
9. 2026-06-09
   days on market $139,900 Active 24 DOM
10. 2026-06-08
    days on market $139,900 Active 23 DOM
11. 2026-06-07
    remarks 650-char remark
12. 2026-06-07
    pricedays on market $139,900 Active 22 DOM
13. 2026-06-03
    days on market $149,900 Active 18 DOM
14. 2026-06-02
    days on market $149,900 Active 17 DOM
15. 2026-06-01
    days on market $149,900 Active 16 DOM
16. 2026-05-31
    days on market $149,900 Active 15 DOM
17. 2026-05-30
    days on market $149,900 Active 14 DOM
18. 2026-05-16
    listed $149,900 Active
19. 1996-06-21
    soldstatus $32,000

ⓘ 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: $2,202 · $183/mo
• Projected year-2 tax: $2,206 · $184/mo
• Expected delta: +$4/yr ($0/mo · 0.2%)

ⓘ 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 ≥103°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: $15,451
• − Mortgage interest: −$7,837
• − Property taxes: −$2,202
• − Insurance: −$700
• − Repairs & maintenance: −$1,236
• − Management: −$1,236
• − Depreciation: −$4,070
• Taxable loss: −$1,829
• Est. tax savings @ 24.0%: +$439
• After-tax cash flow: $940/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: West York Area SD
• NCES district ID: 4225980
• Math proficiency: 29% ▼ -8.00%
• Reading proficiency: 45% ▼ -12.00%
• Median HH income: $54,375
• Composite: 32.36/100
• National rank: #5736
• State rank: #379 of 539 in PA

Livability — West Manchester

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• County: York County · 278,806 people
• Metro: York-Hanover, PA
• Population (ZIP): 39,374
• Household income: $78,506
• Rent vs Own: 28.9% rent · 71.1% own
• Severe rent burden: 722.0

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: Majority White (65%)
• Race & ethnicity: White 65% Hispanic / Latino 19% Black 12% Two or more races 8%
• Hispanic origin (detail): Mexican 2% Puerto Rican 9% Dominican 4%
• Common ancestry: Romanian 2% Slovak 2% Lithuanian 1%
• Foreign-born: 6% · Canada, Vietnam
• Languages at home: 85% English-only · Spanish 12% Russian/Polish/Slavic 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: ▼ -135.44%
• Current HPI: 237.5683
• Rent YoY: ▲ 6.38%
• 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

+368.4% since first listed

2 events — show timeline

• 2026-05-16 Listed $149,900 BRIGHT MLS
• 1996-06-21 Sold (Public Records) $32,000 Public Records

Property tax history

+2.6%/yr

Latest (2025): $2,202 · +2.6% YoY. Source: county tax records.