319 E Main St · Middletown, PA 17057

$220,000

4 bd · 2.0 ba · 1,925 sqft · MultiFamily public records · 3 Days on market

Built 1900 0.27 ac lot Est $225k · at est.

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Why this score? — see what drove the C 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 +24.0/30.0
• ARV discount +8.5/15.0
• DSCR +7.7/10.0
• 1% rule +6.5/10.0
• Livability +4.0/5.0
• Schools +3.3/10.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 2 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

What a great investment property. Detached home with 2 units. Perfect to live in one and rent the other or rent both for income. Both units are 2 bedrooms. Convenient location about 1 block from Middletown Square. 1 car detached garage in rear.

Key facts

• Updated units
• Investment property
• Separate entrances

Tags

• INVESTMENT PROPERTY
• UPDATED UNITS
• SEPARATE ENTRANCES
• OFF-STREET PARKING
• GRASSED SIDE LOT
• DETACHED GARAGE

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $220k.

Deal economics

• At list price, monthly cash flow is $432 ($5k/yr) — positive. Per door: $216/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $220k).
• Cap rate 8.7% vs local median 3.1% in Middletown — 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 (#214 in PA, #1,886 nationally) — a professional / high-income tenant draw. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F.
• Middletown Area SD (suburban): math 31% / reading 45% proficiency, ranked #368 of 539 in PA (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Middletown Area Hs (math 72% / reading 10%, grade F, #251 of 437 statewide, top 58%, 747 students, 51% FRL).
• Market conditions: Rents rising (+1.6%/yr); 146 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 14d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; 540 units permitted in Dauphin County in 2024 (194 in 5+ unit buildings).
• This rent runs 41% of the median local income ($73k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 12y 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 $50k; list at $220k implies a 339% 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: major flood risk; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $220,000

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. 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 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: 1.15% ✓
• Cap rate: 8.65%
• Cash-on-cash: 8.42%
• DSCR: 1.37
• GRM: 7.3

CMA / ARV

• ARV (on-the-fly): $225,225
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
333 & 335 N Catherine St	0.50mi	4/2.0	2,016 (+5%)	6mo	$235,000	$117	64

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 · 1.58% rent growth · sell at horizon

5-year hold

• IRR: -5.1%
• Equity multiple: 0.81×
• Total profit: $-11,604
• Equity at exit: $32,803

10-year hold

• IRR: 2.8%
• Equity multiple: 1.19×
• Total profit: $11,439
• Equity at exit: $19,022

Cash invested: $61,600 (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 17057

• Home prices YoY: -23.9%
• Rents YoY: 1.6%
• Active inventory: 146
• Price-to-rent: 14.5×

Monthly cashflow live

• Estimated rent: $2,521 high
• Mortgage (P&I): −$1,154
• Tax from tax record: −$314 /mo · $3,767/yr
• Insurance: −$92
• HOA: −$0
• Vacancy / Maint / Mgmt: −$529
• Net cashflow: $432

Break-even live

Break-even rent $1,974

Max offer price $220,000

Occupancy floor 78%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,522
Total (2 units)			$2,521

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: $55,000
• Closing costs: $6,600
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5001 Walden WAY Middletown, PA	3.0	2.5	1638	$2,800	$1.71	13d	9	0.31mi
221 N Spring St Unit A Middletown, PA	5.0	2.5	1725	$1,995	$1.16	43d	1	0.40mi
1900 Pineford Dr Middletown, PA	1.0–3.0	1.0–2.5	1020	$1,690	$1.66	13d	1	0.47mi
258 Ann St Middletown, PA	5.0	1.5	2120	$2,195	$1.04	43d	1	0.75mi
125 Market St Middletown, PA	3.0	1.5	1825	$2,200	$1.21	14d	1	0.76mi

Listing history 7 events

1. 2026-04-25
   status Pending
2. 2026-04-22
   listed $220,000 Active
3. 2014-07-29
   soldstatus $50,100 244-char remark

   Show marketing remark (244 chars)

   What a great investment property. Detached home with 2 units. Perfect to live in one and rent the other or rent both for income. Both units are 2 bedrooms. Convenient location about 1 block from Middletown Square. 1 car detached garage in rear.

4. 2014-07-25
   historical 244-char remark

   Show marketing remark (244 chars)

   What a great investment property. Detached home with 2 units. Perfect to live in one and rent the other or rent both for income. Both units are 2 bedrooms. Convenient location about 1 block from Middletown Square. 1 car detached garage in rear.

5. 2014-06-11
   listed $47,000 244-char remark

   Show marketing remark (244 chars)

   What a great investment property. Detached home with 2 units. Perfect to live in one and rent the other or rent both for income. Both units are 2 bedrooms. Convenient location about 1 block from Middletown Square. 1 car detached garage in rear.

6. 2003-07-21
   soldstatus $75,000
7. 1989-03-09
   soldstatus $55,000

ⓘ 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: $3,767 · $314/mo
• Projected year-2 tax: $3,767 · $314/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 70% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥101°F today · 16 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 7% 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: $30,252
• − Mortgage interest: −$12,323
• − Property taxes: −$3,767
• − Insurance: −$1,100
• − Repairs & maintenance: −$2,420
• − Management: −$2,420
• − Depreciation: −$6,400
• Taxable income: $1,822
• Est. tax owed @ 24.0%: −$437
• After-tax cash flow: $4,751/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: Middletown Area SD
• NCES district ID: 4215240
• Math proficiency: 31% ▼ -9.00%
• Reading proficiency: 45% ▼ -11.00%
• Median HH income: $53,128
• Composite: 33.08/100
• National rank: #5567
• State rank: #368 of 539 in PA

Livability — Middletown

• Score: 80/100
• State rank: #214
• US rank: #1886

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Middletown, PA
• County: Dauphin County · 247,857 people
• City population: 23,560
• Metro: Harrisburg-Carlisle, PA
• Population (ZIP): 23,560
• Household income: $73,407
• Rent vs Own: 33.4% rent · 66.6% own
• Severe rent burden: 748.0

Population outlook (Dauphin County) Hauer SSP2

• Today (2025): 281,628 people
• By 2030: 283,549 · +0.7%
• By 2040: 285,385 · +1.3%
• By 2050: 286,188 · +1.6%
• By 2075: 291,053 · +3.3%
• By 2100: 282,374 · +0.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (76%)
• Race & ethnicity: White 76% Hispanic / Latino 11% Two or more races 8% Black 6% Asian 2%
• Hispanic origin (detail): Mexican 1% Puerto Rican 7%
• Common ancestry: Romanian 3% Italian 2% Serbian 2%
• Foreign-born: 5% · Canada, China, South Korea
• Languages at home: 92% English-only · Spanish 4% Other Indo-European 1%

Political lean MEDSL · Dauphin

• 2024 margin: Lean D (+5.9) · D 52.4% · R 46.5% · Other 1.1%
• 2008→2024 swing: -3.1pp toward R · 2008: 9.1pp · 2024: 5.9pp
• All cycles: 2024: D+5.9 2020: D+8.5 2016: D+2.8 2012: D+6.0 2008: D+9.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -83.17%
• Current HPI: 265.6077
• Rent YoY: ▲ 1.58%
• Metro: Harrisburg-Carlisle, 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

+300.0% since first listed

7 events — show timeline

• 2026-04-25 Pending — BRIGHT MLS
• 2026-04-22 Listed $220,000 BRIGHT MLS
• 2014-07-29 Sold (MLS) $50,100 BRIGHT MLS
• 2014-07-25 Listing Removed — BRIGHT MLS
• 2014-06-11 Listed $47,000 BRIGHT MLS
• 2003-07-21 Sold (Public Records) $75,000 Public Records
• 1989-03-09 Sold (Public Records) $55,000 Public Records

Property tax history

+2.6%/yr

Latest (2026): $3,767 · +4.0% YoY. Source: county tax records.