234 Locust St · Steelton, PA 17113

$165,000

4 bd · 2.0 ba · 2,610 sqft · MultiFamily public records · 74 Days on market

Built 1900 1,742 sqft lot $63/sqft · 39% below area Est $205k · 19% 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +0.5/10.0
• 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

Professionally managed and fully rented 2-unit apartment building in Steelton offering immediate income potential. This well-maintained property features two occupied units, providing consistent rental revenue and a turnkey opportunity for investors looking to expand their portfolio. Separate water submeters have been installed, allowing the owner to bill residents for water, sewer, and trash—helping reduce operating expenses and improve overall returns. The building offers a practical layout, separate living spaces, and strong rental demand in the area. Conveniently located near local shops, restaurants, parks, and major commuter routes, making it attractive for everyday convenience. A solid investment opportunity with stable occupancy and professional management already in place. This seller is selling 303 and 305 S Front St, 517 N Front ST, and 234 Locust St

Key facts

• 1,742 sq ft lot
• Built 1900
• Listed 74 days

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1-bath units multifamily listed at $165k.

Deal economics

• At list price, monthly cash flow is $823 ($10k/yr) — positive. Per door: $411/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $165k).
• Recommended offer: $155k (6.0% below list) — sets the bar for market timing.
• Cap rate 12.3% vs local median 6.7% in Steelton — 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 67/100 on livability (#971 in PA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment C-, schools F, crime F.
• Steelton-Highspire SD (suburban): math 2% / reading 9% proficiency, ranked #538 of 539 in PA (top 100%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 68% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 68 active listings in the ZIP; 540 units permitted in Dauphin County in 2024 (194 in 5+ unit buildings).
• This rent runs 44% of the median local income ($68k/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 $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $46k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 74 days — a 6% lower offer ($155k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 23y ago; this cycle's ask has dropped $20k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $126k; 31% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $155,100 (6.0% below list)

Questions for the listing agent

1. It's been on market 74 days. Have you received any prior offers? Is the seller open to a 6% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
8. 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?
9. 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.
10. 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.
11. 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: 1.52% ✓
• Cap rate: 12.28%
• Cash-on-cash: 21.37%
• DSCR: 1.95
• GRM: 5.5

CMA / ARV

• ARV (median comp): $204,580
• List price: $165,000
• Delta: -19.35%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
366 Pine St	0.11mi	4/—	2,640 (+1%)	15mo	$160,000	$61	81
245 Pine St	0.09mi	5/— (+1)	2,599 (-0%)	19mo	$170,000	$65	74
214 N Harrisburg St	0.25mi	5/3.0 (+1)	2,378 (-9%)	15mo	$242,000	$102	52
233 S 2nd St	0.27mi	4/3.0	2,898 (+11%)	20mo	$265,000	$91	48

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 13.9%
• Equity multiple: 1.56×
• Total profit: $25,715
• Equity at exit: $24,602

10-year hold

• IRR: 22.7%
• Equity multiple: 2.95×
• Total profit: $90,067
• Equity at exit: $14,266

Cash invested: $46,200 (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 17113

• Home prices YoY: -16.3%
• Active inventory: 68
• Price-to-rent: 11.0×

Monthly cashflow live

• Estimated rent: $2,507 high
• Mortgage (P&I): −$865
• Tax from tax record: −$224 /mo · $2,685/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$526
• Net cashflow: $823

Break-even live

Break-even rent $1,466

Max offer price $165,000

Occupancy floor 62%

Sensitivity live

Price	-10% $916	-5% $869	+0% $823	+5% $776	+10% $729
Rent	-10% $625	-5% $724	+0% $823	+5% $922	+10% $1,021
Rate	-1.0pp $906	-0.5pp $865	base $823	+0.5pp $780	+1.0pp $737

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,506
Total (2 units)			$2,507

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: $41,250
• Closing costs: $4,950
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-05-31
   days on market $165,000 Active 74 DOM
2. 2026-05-31
   days on market $165,000 Active 73 DOM
3. 2026-04-22
   price $165,000 879-char remark

   Show marketing remark (879 chars)

   Professionally managed and fully rented 2-unit apartment building in Steelton offering immediate income potential. This well-maintained property features two occupied units, providing consistent rental revenue and a turnkey opportunity for investors looking to expand their portfolio. Separate water submeters have been installed, allowing the owner to bill residents for water, sewer, and trash—helping reduce operating expenses and improve overall returns. The building offers a practical layout, separate living spaces, and strong rental demand in the area. Conveniently located near local shops, restaurants, parks, and major commuter routes, making it attractive for everyday convenience. A solid investment opportunity with stable occupancy and professional management already in place. This seller is selling 303 and 305 S Front St, 517 N Front ST, and 234 Locust St

4. 2026-04-17
   price $170,000 879-char remark

   Show marketing remark (879 chars)

   Professionally managed and fully rented 2-unit apartment building in Steelton offering immediate income potential. This well-maintained property features two occupied units, providing consistent rental revenue and a turnkey opportunity for investors looking to expand their portfolio. Separate water submeters have been installed, allowing the owner to bill residents for water, sewer, and trash—helping reduce operating expenses and improve overall returns. The building offers a practical layout, separate living spaces, and strong rental demand in the area. Conveniently located near local shops, restaurants, parks, and major commuter routes, making it attractive for everyday convenience. A solid investment opportunity with stable occupancy and professional management already in place. This seller is selling 303 and 305 S Front St, 517 N Front ST, and 234 Locust St

5. 2026-04-09
   price $180,000 879-char remark

   Show marketing remark (879 chars)

   Professionally managed and fully rented 2-unit apartment building in Steelton offering immediate income potential. This well-maintained property features two occupied units, providing consistent rental revenue and a turnkey opportunity for investors looking to expand their portfolio. Separate water submeters have been installed, allowing the owner to bill residents for water, sewer, and trash—helping reduce operating expenses and improve overall returns. The building offers a practical layout, separate living spaces, and strong rental demand in the area. Conveniently located near local shops, restaurants, parks, and major commuter routes, making it attractive for everyday convenience. A solid investment opportunity with stable occupancy and professional management already in place. This seller is selling 303 and 305 S Front St, 517 N Front ST, and 234 Locust St

6. 2026-03-19
   listed $185,000 Active 879-char remark

   Show marketing remark (879 chars)

   Professionally managed and fully rented 2-unit apartment building in Steelton offering immediate income potential. This well-maintained property features two occupied units, providing consistent rental revenue and a turnkey opportunity for investors looking to expand their portfolio. Separate water submeters have been installed, allowing the owner to bill residents for water, sewer, and trash—helping reduce operating expenses and improve overall returns. The building offers a practical layout, separate living spaces, and strong rental demand in the area. Conveniently located near local shops, restaurants, parks, and major commuter routes, making it attractive for everyday convenience. A solid investment opportunity with stable occupancy and professional management already in place. This seller is selling 303 and 305 S Front St, 517 N Front ST, and 234 Locust St

7. 2026-03-11
   historical $185,000 879-char remark

   Show marketing remark (879 chars)

   Professionally managed and fully rented 2-unit apartment building in Steelton offering immediate income potential. This well-maintained property features two occupied units, providing consistent rental revenue and a turnkey opportunity for investors looking to expand their portfolio. Separate water submeters have been installed, allowing the owner to bill residents for water, sewer, and trash—helping reduce operating expenses and improve overall returns. The building offers a practical layout, separate living spaces, and strong rental demand in the area. Conveniently located near local shops, restaurants, parks, and major commuter routes, making it attractive for everyday convenience. A solid investment opportunity with stable occupancy and professional management already in place. This seller is selling 303 and 305 S Front St, 517 N Front ST, and 234 Locust St

8. 2022-09-16
   soldstatus $126,000 Closed 330-char remark

   Show marketing remark (330 chars)

   Excellent cash flow and investment opportunity! 2 unit-property available now. 1st floor 1 bed/1 bath market rent $925 and 2nd floor 3 bedroom/1 bath market rent $1095 are long-term tenant occupied. Don't delay! Schedule your visit today. Listing Agent is related to seller. Seller will hold a 20% second note for qualified buyer.

9. 2022-08-11
   status Pending 330-char remark

   Show marketing remark (330 chars)

   Excellent cash flow and investment opportunity! 2 unit-property available now. 1st floor 1 bed/1 bath market rent $925 and 2nd floor 3 bedroom/1 bath market rent $1095 are long-term tenant occupied. Don't delay! Schedule your visit today. Listing Agent is related to seller. Seller will hold a 20% second note for qualified buyer.

10. 2022-07-21
    listed $139,900 Active 330-char remark

    Show marketing remark (330 chars)

    Excellent cash flow and investment opportunity! 2 unit-property available now. 1st floor 1 bed/1 bath market rent $925 and 2nd floor 3 bedroom/1 bath market rent $1095 are long-term tenant occupied. Don't delay! Schedule your visit today. Listing Agent is related to seller. Seller will hold a 20% second note for qualified buyer.

11. 2004-04-17
    soldstatus $36,500
12. 2004-04-02
    soldstatus $36,500
13. 2004-04-02
    soldstatus $36,500
14. 2003-09-29
    listed $44,900
15. 2003-09-29
    historical
16. 1998-01-30
    soldstatus $50,000
17. 1992-02-26
    soldstatus $35,000

ⓘ 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: $2,685 · $224/mo
• Projected year-2 tax: $2,685 · $224/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥100°F today · 16 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 5% 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: $30,084
• − Mortgage interest: −$9,243
• − Property taxes: −$2,685
• − Insurance: −$825
• − Repairs & maintenance: −$2,407
• − Management: −$2,407
• − Depreciation: −$4,800
• Taxable income: $7,718
• Est. tax owed @ 24.0%: −$1,852
• After-tax cash flow: $8,021/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: Steelton-Highspire SD
• NCES district ID: 4222800
• Math proficiency: 2% ▼ -4.00%
• Reading proficiency: 9% ▼ -12.00%
• Median HH income: $40,685
• Composite: 4.98/100
• National rank: #10040
• State rank: #538 of 539 in PA

Livability — Steelton

• Score: 67/100
• State rank: #971
• US rank: #10606

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Steelton, PA
• County: Dauphin County · 247,857 people
• City population: 19,401
• Metro: Harrisburg-Carlisle, PA
• Population (ZIP): 11,724
• Household income: $68,244
• Rent vs Own: 37.6% rent · 62.4% own
• Severe rent burden: 338.0

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: Diverse neighborhood (Simpson 0.67)
• Race & ethnicity: White 48% Hispanic / Latino 24% Black 22% Two or more races 19% Native American 2% Asian 2%
• Hispanic origin (detail): Mexican 7% Puerto Rican 11% Cuban 2%
• Common ancestry: Romanian 1% Lithuanian 1% Iranian 1%
• Foreign-born: 7% · Canada, India
• Languages at home: 80% English-only · Spanish 17% Other Indo-European 1% Russian/Polish/Slavic 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: ▼ -54.73%
• Current HPI: 281.6906
• Rent YoY: —
• 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

+371.4% since first listed

15 events — show timeline

• 2026-04-22 Price Changed $165,000 BRIGHT MLS
• 2026-04-17 Price Changed $170,000 BRIGHT MLS
• 2026-04-09 Price Changed $180,000 BRIGHT MLS
• 2026-03-19 Listed $185,000 BRIGHT MLS
• 2026-03-11 Coming Soon $185,000 BRIGHT MLS
• 2022-09-16 Sold (MLS) $126,000 BRIGHT MLS
• 2022-08-11 Pending — BRIGHT MLS
• 2022-07-21 Listed $139,900 BRIGHT MLS
• 2004-04-17 Sold (MLS) $36,500 BRIGHT MLS
• 2004-04-02 Sold (Public Records) $36,500 Public Records
• 2004-04-02 Sold (Public Records) $36,500 Public Records
• 2003-09-29 Listing Removed — BRIGHT MLS
• 2003-09-29 Listed $44,900 BRIGHT MLS
• 1998-01-30 Sold (Public Records) $50,000 Public Records
• 1992-02-26 Sold (Public Records) $35,000 Public Records

Property tax history

+1.2%/yr

Latest (2026): $2,685 · +7.2% YoY. Source: county tax records.