729 Skyline Dr · Lancaster, PA 17601

$265,000

3 bd · 1.0 ba · 1,327 sqft · MultiFamily public records · 4 Days on market

Built 1952 4,356 sqft lot $200/sqft · 11% above area Est $239k · 11% over

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +5.3/10.0
• Livability +4.2/5.0
• Rent growth +3.5/5.0
• ARV discount +2.5/15.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Welcome to 729 Skyline Dr, a brick semi-detached home tucked away on a quiet dead-end street in Manheim Township’s Grandview Heights, just minutes from Lancaster City. This home offers 3 bedrooms and 1 full bathroom, with a large first floor addition completed in 2008 that significantly expands the living space and layout flexibility. Hardwood floors beneath the existing carpet offer an opportunity for future enhancement. The bathroom has been thoughtfully updated with a replacement tub/shower, new vanity, flooring, and toilet. Major mechanical updates include a new 200-amp electrical service and panel, central A/C, natural gas heat, and a water heater replaced in 2023. Outside, you&r

Key facts

• Built 1952
• Listed 4 days

Property features AI

Finance

• Other: Fee simple ownership; Not in a federal flood zone; Finished above-grade living area per assessor

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer; 200+ amp electric service; Natural gas for heating and hot water
• Home design: Semi-detached property
• Construction: Block and brick construction with brick front; Mixed plumbing (CPVC/PVC); Vinyl siding; Block foundation; Rubber roof; Insulated, replacement vinyl-clad and wood-frame windows; Built according to assessor records
• Exterior features: Sidewalks; Deck(s); Front yard, rear yard and side yards; Landscaped, level and private lot

Interior

• Kitchen: Kitchen with dining/breakfast area
• Bedrooms: Three bedrooms on the upper level
• Flooring: Hardwood; Wood; Vinyl; Carpet
• Bathrooms: One full bathroom
• Heating & cooling: Forced-air heating; Central air conditioning
• Interior features: Traditional floor plan; Family room off the kitchen; Combination kitchen and dining area; Dining area; Breakfast area; Tub with shower; Wood floors; Carpet
• Laundry & utility: Laundry in the basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath multifamily listed at $265k.

Deal economics

• At list price, monthly cash flow is $2k ($26k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $265k).
• Cap rate 16.2% 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-.
• Manheim Township SD (suburban): math 53% / reading 68% proficiency, ranked #61 of 539 in PA (top 11%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+4.0%/yr); 321 active listings in the ZIP; 23 comparable units currently listed for rent nearby; rentals at typical pace (median 14d on market — plan ~3-4 weeks tenant-placement turnaround); 43% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 1,093 units permitted in Lancaster County in 2024 (201 in 5+ unit buildings).
• At $5,016/mo this rent would consume 59% of the median local household income ($102k/yr) (locally 1296% 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 $2k of loan paydown is wiped out by about $8k 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.
• At projected returns (-3.0% appreciation + 4.0% rent growth), your $74k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1952 — 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 $265,000

Questions for the listing agent

1. Built in 1952 — 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 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: 1.89% ✓
• Cap rate: 16.18%
• Cash-on-cash: 35.31%
• DSCR: 2.57
• GRM: 4.4

CMA / ARV

• ARV (median comp): $238,584
• List price: $265,000
• Delta: 11.07%
• Verdict: OVERPRICED
• Comps: 3 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.99% rent growth · sell at horizon

5-year hold

• IRR: 32.0%
• Equity multiple: 2.36×
• Total profit: $101,207
• Equity at exit: $39,512

10-year hold

• IRR: 39.6%
• Equity multiple: 4.89×
• Total profit: $288,493
• Equity at exit: $22,912

Cash invested: $74,200 (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 17601

• Rents YoY: 4.0%
• Active inventory: 321
• Price-to-rent: 8.8×

Monthly cashflow live

• Estimated rent: $5,016 medium
• Mortgage (P&I): −$1,390
• Tax from tax record: −$279 /mo · $3,350/yr
• Insurance: −$110
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,053
• Net cashflow: $2,183

Break-even live

Break-even rent $2,252

Max offer price $265,000

Occupancy floor 51%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$5,016
Total (2 units)			$5,016

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: $66,250
• Closing costs: $7,950
• Reserves months: —
• Total cash needed: —

Rent comps 23 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1000 Strand WAY Neffsville, PA	1.0–2.0	1.0–2.0	1033	$2,850	$2.76	14d	15	0.25mi
862 Pleasure Rd Lancaster, PA	3.0	1.5	1707	$2,300	$1.35	44d	1	0.26mi
701 Martha Ave Lancaster, PA	2.0	1.0–2.0	1096	$2,600	$2.37	14d	1	0.42mi
1405 Oregon Pike Apt A Lancaster, PA	2.0	1.0	1000	$1,295	$1.29	44d	1	0.53mi
836 N Plum St Lancaster, PA	3.0	2.0	1602	$2,150	$1.34	14d	1	0.60mi
631 E Frederick St Lancaster, PA	3.0	1.0	1830	$1,850	$1.01	44d	1	0.64mi
766 New Holland Ave Lancaster, PA	3.0	1.0	1152	$1,795	$1.56	14d	1	0.70mi
135 E Ross St Unit 2nd Floor Lancaster, PA	2.0	1.0	1000	$1,575	$1.57	14d	1	0.74mi
5000 Foundry Dr Lancaster, PA	1.0–2.0	1.0–2.0	970	$2,575	$2.65	14d	10	0.90mi
860 N Market St Lancaster, PA	3.0	2.0	1514	$1,850	$1.22	44d	1	0.92mi
50 Knollwood Dr Lancaster, PA	2.0	1.5	1067	$1,925	$1.80	14d	3	1.01mi
816 N Prince St Lancaster, PA	1.0–2.0	1.0–2.0	794	$2,195	$2.76	14d	7	1.08mi
738 E Madison St Lancaster, PA	3.0	1.0	1102	$1,750	$1.59	44d	1	1.08mi
520 Hedgerow Ln Lancaster, PA	4.0	2.5	1834	$2,900	$1.58	44d	1	1.17mi
231 N Shippen St #224 Lancaster, PA	2.0	2.0	1155	$2,285	$1.98	14d	1	1.20mi
425 N Prince St Apt 206 Lancaster, PA	2.0	2.0	1138	$1,995	$1.75	44d	1	1.24mi
1917 Oregon Pike Lancaster, PA	1.0–2.0	1.0–2.0	896	$1,685	$1.88	14d	6	1.29mi
202 N Queen St Lancaster, PA	2.0	1.0–2.0	697	$2,718	$3.90	14d	12	1.40mi
337 W Lemon St Unit 2 Lancaster, PA	3.0	1.0	1588	$1,895	$1.19	14d	1	1.44mi
520 W Frederick St Lancaster, PA	4.0	1.0	1713	$1,895	$1.11	44d	1	1.45mi
1522 Princess Anne Dr Lancaster, PA	4.0	2.0	1352	$2,400	$1.78	44d	1	1.47mi
225 E King St Unit 2 Lancaster, PA	2.0	2.5	1075	$2,600	$2.42	44d	1	1.49mi
225 E King St Unit 1 Lancaster, PA	2.0	1.0	957	$1,950	$2.04	14d	1	1.49mi

Listing history 4 events

1. 2026-05-11
   status Pending 1407-char remark
2. 2026-05-08
   listed $265,000 Active 1407-char remark
3. 2026-05-05
   historical $265,000 1407-char remark
4. 1995-06-15
   soldstatus $38,000

ⓘ 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: $3,350 · $279/mo
• Projected year-2 tax: $3,769 · $314/mo
• Expected delta: +$418/yr (+$35/mo · 12.5%)

ⓘ 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 15% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $60,192
• − Mortgage interest: −$14,844
• − Property taxes: −$3,350
• − Insurance: −$1,325
• − Repairs & maintenance: −$4,815
• − Management: −$4,815
• − Depreciation: −$7,709
• Taxable income: $23,333
• Est. tax owed @ 24.0%: −$5,600
• After-tax cash flow: $20,600/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: Manheim Township SD
• NCES district ID: 4214580
• Math proficiency: 53% ▼ -10.00%
• Reading proficiency: 68% ▼ -11.00%
• Median HH income: $68,335
• Composite: 53.18/100
• National rank: #1506
• State rank: #61 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

• County: Lancaster County · 390,309 people
• City population: 176,170
• Metro: Lancaster, PA
• Population (ZIP): 56,382
• Household income: $102,435
• Rent vs Own: 27.5% rent · 72.5% own
• Severe rent burden: 1296.0

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: Predominantly White (78%)
• Race & ethnicity: White 78% Hispanic / Latino 10% Two or more races 7% Asian 6% Black 4%
• Hispanic origin (detail): Puerto Rican 5%
• Common ancestry: Romanian 5% Slovak 2% Lithuanian 2%
• Foreign-born: 9% · Canada, Vietnam, China
• Languages at home: 86% English-only · Spanish 5% Other Indo-European 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: ▼ -383.04%
• Current HPI: 257.0336
• Rent YoY: ▲ 3.99%
• 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

+636.8% since first listed

6 events — show timeline

• 2026-06-03 Sold (Public Records) $280,000 Public Records
• 2026-05-27 Sold (MLS) $280,000 BRIGHT MLS
• 2026-05-11 Pending — BRIGHT MLS
• 2026-05-08 Listed $265,000 BRIGHT MLS
• 2026-05-05 Coming Soon $265,000 BRIGHT MLS
• 1995-06-15 Sold (Public Records) $38,000 Public Records

Property tax history

+2.4%/yr

Latest (2026): $3,350 · +6.5% YoY. Source: county tax records.