657 Lehigh Ave · Lancaster, PA 17602

$159,000

2 bd · 1.0 ba · 784 sqft · Townhouse public records · 5 Days on market

Built 1923 1,307 sqft lot $203/sqft · 19% below area Est $196k · 19% under

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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 +18.2/30.0
• ARV discount +15.0/15.0
• DSCR +5.7/10.0
• 1% rule +4.9/10.0
• Livability +4.2/5.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0
• Appreciation +0.0/10.0

Listing remarks

Investment opportunity in fantastic Lancaster location. Open living room and kitchen area, two bedrooms, one full bathroom, large basement with walkout. Back patio and fenced in yard. Gas heat. Original banister and wood trim. Walkable to Lancaster Brewing Company, JP McCaskey High School, and Reservoir Park. Minutes from route 30 and 222.

Key facts

• Fenced in yard
• Back patio
• Built 1923

Tags

• OPEN LIVING ROOM AND KITCHEN
• LARGE BASEMENT WITH WALKOUT
• BACK PATIO
• FENCED IN YARD
• MINUTES OFF ROUTE 30 AND 222

Property features AI

Finance

• HOA & community: Ground rent paid annually

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer; Natural gas; Electric hot water
• Home design: Interior townhouse/rowhouse
• Construction: Brick/masonry construction; Block foundation; Built-up and shingle roof; Built in (assessor) year
• Exterior features: Patio(s); Porch(es)

Interior

• Kitchen: Eat-in kitchen
• Bedrooms: Two bedrooms on the first upper level
• Bathrooms: One full bathroom
• Heating & cooling: Hot water baseboard heating; Natural gas heating; Electric hot water
• Interior features: Eat-in kitchen; Partial basement with walkout stairs
• Laundry & utility: Laundry in basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath townhouse listed at $159k.

Deal economics

• At list price, monthly cash flow is $142 ($2k/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 $157k (1.3% below list).
• Recommended offer: $157k (1.3% below list) — sets the bar for 1% rule.
• Cap rate 7.4% vs local median 4.2% in Lancaster — 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 85/100 on livability (#71 in PA, #498 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: crime C-, employment C-.
• Lancaster SD (urban): math 12% / reading 25% proficiency, ranked #500 of 539 in PA (top 93%) — 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.
• Zoned schools: Mccaskey Campus (math 50% / reading 34%, grade F, #230 of 437 statewide, top 53%, 2,620 students, 88% FRL) — zoned schools average 88% FRL vs 72% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 42% at this address vs 18% district-wide (+24 pts) — the actual schools serving this property are materially stronger than the Lancaster SD average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising (+1.2%/yr); 161 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,093 units permitted in Lancaster County in 2024 (201 in 5+ unit buildings).

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.
• Lancaster County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.

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 $156,972 (1.3% below list)

Questions for the listing agent

1. Built in 1923 — 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. 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.
4. 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.
5. 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: 0.99% ✗
• Cap rate: 7.36%
• Cash-on-cash: 3.83%
• DSCR: 1.17
• GRM: 8.4

CMA / ARV

• ARV (median comp): $196,500
• List price: $159,000
• Delta: -19.08%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
657 Lehigh Ave	0.00mi	2/1.0	784 (0%)	0mo	$160,000	$204	100
659 Lehigh Ave	0.00mi	2/1.0	784 (0%)	4mo	$198,000	$253	97
661 Lehigh Ave	0.01mi	2/1.0	784 (0%)	4mo	$195,000	$249	96
638 Lehigh Ave	0.04mi	2/2.0	784 (0%)	16mo	$215,000	$274	81
587 Zook Ave	0.35mi	2/1.0	798 (+2%)	3mo	$217,000	$272	78
305 N Marshall St	0.12mi	2/1.0	720 (-8%)	7mo	$99,500	$138	75
632 New Holland Ave	0.22mi	2/1.0	840 (+7%)	13mo	$226,000	$269	67
549 Hamilton St	0.28mi	2/1.0	840 (+7%)	22mo	$217,500	$259	56
977 Clark St	0.54mi	2/1.5	879 (+12%)	8mo	$210,000	$239	46
227 E Madison St	0.48mi	3/1.0 (+1)	864 (+10%)	15mo	$175,000	$203	43
238 E Liberty St	0.72mi	2/1.0	840 (+7%)	20mo	$252,000	$300	38
219 E Madison St	0.49mi	2/1.5	900 (+15%)	23mo	$231,700	$257	32

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 · 1.2% rent growth · sell at horizon

5-year hold

• IRR: -12.3%
• Equity multiple: 0.56×
• Total profit: $-19,489
• Equity at exit: $23,707

10-year hold

• IRR: -6.2%
• Equity multiple: 0.63×
• Total profit: $-16,281
• Equity at exit: $13,747

Cash invested: $44,520 (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 17602

• Rents YoY: 1.2%
• Active inventory: 161
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $1,570 high
• Mortgage (P&I): −$834
• Tax from tax record: −$198 /mo · $2,376/yr
• Insurance: −$66
• HOA: −$0
• Vacancy / Maint / Mgmt: −$330
• Net cashflow: $142

Break-even live

Break-even rent $1,390

Max offer price $159,000

Occupancy floor 86%

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: $39,750
• Closing costs: $4,770
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
605 Lehigh Ave Lancaster, PA	2.0	1.0	784	$1,395	$1.78	43d	1	0.07mi
738 E Madison St Lancaster, PA	3.0	1.0	1102	$1,750	$1.59	43d	1	0.13mi
442 E King St Lancaster, PA	1.0	1.0	600	$925	$1.54	23d	1	0.50mi
701 Martha Ave Lancaster, PA	2.0	1.0–2.0	1096	$2,600	$2.37	13d	1	0.56mi
114 E Lemon St Lancaster, PA	1.0	1.0	627	$1,347	$2.15	13d	2	0.61mi
225 E King St Unit 1 Lancaster, PA	2.0	1.0	957	$1,950	$2.04	13d	1	0.64mi
225 E King St Unit 2 Lancaster, PA	2.0	2.5	1075	$2,600	$2.42	43d	1	0.64mi
61 Howard Ave Apt 1 Lancaster, PA	2.0	1.0	650	$1,045	$1.61	43d	1	0.65mi
446 N Duke St Unit 1R Lancaster, PA	1.0	1.0	580	$1,095	$1.89	43d	1	0.66mi
72 Howard Ave Lancaster, PA	2.0	1.0	572	$1,495	$2.61	21d	1	0.67mi
38 E Walnut St Lancaster, PA	1.0	1.0	587	$1,495	$2.55	23d	1	0.68mi
709 N Duke St Lancaster, PA	1.0	1.0	588	$1,550	$2.64	21d	1	0.70mi
721 N Duke St Unit 1 Lancaster, PA	1.0	1.0	850	$1,295	$1.52	13d	1	0.71mi
135 E Ross St Unit 2nd Floor Lancaster, PA	2.0	1.0	1000	$1,575	$1.57	13d	1	0.73mi
347 N Queen St Lancaster, PA	1.0	1.0	687	$2,025	$2.95	13d	10	0.73mi
767 Clermont Ave Lancaster, PA	2.0	1.0	850	$1,395	$1.64	13d	1	0.77mi
506 N Queen St Unit 2 Lancaster, PA	1.0	1.0	556	$1,500	$2.70	13d	1	0.77mi
202 N Queen St Lancaster, PA	2.0	1.0–2.0	697	$2,718	$3.90	13d	12	0.79mi
145 Chester St Fl REAR Lancaster, PA	1.0	1.0	800	$1,125	$1.41	13d	1	0.79mi
227 N Prince St Lancaster, PA	1.0	1.0	483	$1,575	$3.26	13d	4	0.86mi
118 N Prince St Lancaster, PA	1.0–3.0	1.0–3.0	1274	$3,199	$2.51	13d	48	0.92mi
323 N Mulberry St Unit 4 Lancaster, PA	1.0	1.0	600	$1,500	$2.50	13d	1	0.99mi
816 N Prince St Lancaster, PA	1.0–2.0	1.0–2.0	794	$2,195	$2.76	13d	7	1.01mi
344 N Mulberry St Unit 2 Lancaster, PA	1.0	1.0	722	$1,065	$1.48	23d	1	1.01mi
35 N Mulberry St Unit 1st floor Lancaster, PA	1.0	1.0	700	$1,085	$1.55	43d	1	1.06mi
1000 Strand WAY Neffsville, PA	1.0–2.0	1.0–2.0	1033	$2,850	$2.76	13d	15	1.12mi
34 Conestoga St Unit 1 Lancaster, PA	2.0	1.0	671	$995	$1.48	21d	1	1.14mi
50 Knollwood Dr Lancaster, PA	2.0	1.5	1067	$1,925	$1.80	13d	3	1.14mi
433 W Walnut St Apt 2 Lancaster, PA	2.0	1.0	900	$1,840	$2.04	23d	1	1.18mi
431 Fremont St Unit 4 Lancaster, PA	1.0	1.0	641	$1,095	$1.71	43d	1	1.19mi
445 W Lemon St Unit 4 Lancaster, PA	1.0	1.5	540	$1,445	$2.68	23d	1	1.20mi
404 Beaver St Lancaster, PA	3.0	1.0	1025	$1,425	$1.39	23d	1	1.22mi
5000 Foundry Dr Lancaster, PA	1.0–2.0	1.0–2.0	970	$2,575	$2.65	13d	10	1.24mi
437 W Grant St Lancaster, PA	1.0	1.0	713	$1,795	$2.52	23d	1	1.25mi
437 W Grant St Unit 302 Lancaster, PA	1.0	1.0	650	$1,775	$2.73	23d	1	1.25mi
1405 Oregon Pike Apt A Lancaster, PA	2.0	1.0	1000	$1,295	$1.29	43d	1	1.25mi
475 Saint Joseph St Lancaster, PA	1.0	1.0	750	$1,000	$1.33	13d	1	1.28mi
37 E Filbert St Lancaster, PA	3.0	1.0	1002	$1,750	$1.75	43d	1	1.30mi
519 1/2 S Prince St Lancaster, PA	2.0	1.0	848	$1,550	$1.83	13d	1	1.35mi
422 Hillside Ave Lancaster, PA	2.0	1.0	960	$1,245	$1.30	43d	1	1.38mi

Listing history 2 events

1. 2026-05-18
   status Pending 341-char remark
2. 2026-05-13
   listed $159,000 Active 341-char remark

ⓘ 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: $2,376 · $198/mo
• Projected year-2 tax: $2,444 · $204/mo
• Expected delta: +$68/yr (+$6/mo · 2.9%)

ⓘ 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 14% 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: $18,837
• − Mortgage interest: −$8,906
• − Property taxes: −$2,376
• − Insurance: −$795
• − Repairs & maintenance: −$1,507
• − Management: −$1,507
• − Depreciation: −$4,625
• Taxable loss: −$880
• Est. tax savings @ 24.0%: +$211
• After-tax cash flow: $1,916/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: Lancaster SD
• NCES district ID: 4213140
• Math proficiency: 12% ▼ -10.00%
• Reading proficiency: 25% ▼ -13.00%
• Median HH income: $38,500
• Composite: 15.52/100
• National rank: #9301
• State rank: #500 of 539 in PA

Livability — Lancaster

• Score: 85/100
• State rank: #71
• US rank: #498

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lancaster, PA
• County: Lancaster County · 390,309 people
• City population: 176,170
• Metro: Lancaster, PA
• Population (ZIP): 52,217
• Household income: $75,862
• Rent vs Own: 41.7% rent · 58.3% own
• Severe rent burden: 1556.0

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 0.61)
• Race & ethnicity: White 52% Hispanic / Latino 32% Two or more races 12% Black 11% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 21% Cuban 1% Dominican 4%
• Common ancestry: Romanian 2% Italian 1% Lithuanian 1%
• Foreign-born: 13% · Canada, Vietnam, South Korea
• Languages at home: 70% English-only · Spanish 22% German/W. Germanic 2% French/Haitian/Cajun 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: ▼ -248.05%
• Current HPI: 288.9141
• Rent YoY: ▲ 1.20%
• 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

+0.6% since first listed

3 events — show timeline

• 2026-06-17 Sold (MLS) $160,000 BRIGHT MLS
• 2026-05-18 Pending — BRIGHT MLS
• 2026-05-13 Listed $159,000 BRIGHT MLS

Property tax history

+0.2%/yr

Latest (2026): $2,376 · +3.3% YoY. Source: county tax records.