132 S Hanover St · Carlisle, PA 17013

$465,000

7 bd · 4.0 ba · 1,200 sqft · MultiFamily · 10 Days on market

Built 1776 4,792 sqft lot

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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
• DSCR +10.0/10.0
• 1% rule +9.3/10.0
• ARV discount +7.5/15.0
• Livability +3.9/5.0
• Schools +3.8/10.0
• Rent growth +3.1/5.0
• 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: 5 units. confirmed

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

Here is your opportunity to own this well-maintained 4 unit property with an additional 16 parking spots. Currently, the owner rents 12 of the parking spots for additional income. Basement and attic allow for extra storage space. Amenities and attractions are within walking distance. Add this solid property to your investment portfolio today!

Key facts

• 4,792 sq ft lot
• 11 parking spots
• Built 1776

Tags

• 4 UNIT INVESTMENT OPPORTUNITY
• 11 OFF STREET PARKING SPACES
• AMPLE OFF STREET PARKING
• INCOME PRODUCING PROPERTY

Property features AI

Finance

• Financial info: Four total units; Above-grade finished area approximately 1,200; Investor-friendly multifamily with 4 units (2 one-bedrooms, 2 two-bedrooms)

Exterior

• Parking: Parking lot with 11 spaces; Off-street parking (11 spaces total)
• Utilities: Electric service; Public water; Public sewer
• Home design: End of row / townhouse style; Fee simple ownership
• Construction: Brick and stone construction; Other foundation; Above-grade and below-grade structures; Estimated year built
• Exterior features: Public water; Public sewer; No tidal water

Interior

• Bedrooms: Two 1-bedroom units; Two 2-bedroom units
• Heating & cooling: Baseboard electric heating; Electric hot water
• Interior features: Estimated living area; Accessible with 2+ access exits

What this means for you Summary

Snapshot

• This is a 2×1.0bd/1.0ba + 2×2.0bd/1.0ba + 1×1.2bd/?ba units multifamily listed at $465k.

Deal economics

• At list price, monthly cash flow is $2k ($26k/yr) — positive. Per door: $432/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $465k).
• Cap rate 11.9% vs local median 3.1% in Carlisle — 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 78/100 on livability (#297 in PA, #2,632 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment C-, amenities D, commute F.
• Carlisle Area SD (urban): math 33% / reading 55% proficiency, ranked #277 of 539 in PA (top 51%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Mooreland El Sch (math 52% / reading 72%, grade B, #313 of 1,518 statewide, top 24%, 368 students, 52% FRL); Lamberton Ms (math 25% / reading 56%, grade F, #248 of 512 statewide, top 50%, 543 students, 43% FRL); Carlisle Area Hs (math 70% / reading 75%, grade B+, #37 of 437 statewide, top 8%, 1,578 students, 39% FRL) — zoned schools average 45% FRL vs 30% district-wide (15 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 58% at this address vs 44% district-wide (+14 pts) — the actual schools serving this property are materially stronger than the Carlisle Area SD average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising (+2.5%/yr); 312 active listings in the ZIP; 1,052 units permitted in Cumberland County in 2024 (310 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $14k of value loss. Plan a longer hold.
• Cumberland County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 2.5% rent growth), your $130k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 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 $385k; 21% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1776 — 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 $465,000

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 1776 — 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. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
6. 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.
7. 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.
8. 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: 1.43% ✓
• Cap rate: 11.87%
• Cash-on-cash: 19.91%
• DSCR: 1.89
• GRM: 5.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.54% rent growth · sell at horizon

5-year hold

• IRR: 11.5%
• Equity multiple: 1.45×
• Total profit: $59,232
• Equity at exit: $69,333

10-year hold

• IRR: 20.2%
• Equity multiple: 2.66×
• Total profit: $216,438
• Equity at exit: $40,205

Cash invested: $130,200 (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 17013

• Rents YoY: 2.5%
• Active inventory: 312
• Price-to-rent: 30.3×

Monthly cashflow live

• Estimated rent: $6,672 high
• Mortgage (P&I): −$2,439
• Tax from tax record: −$478 /mo · $5,734/yr
• Insurance: −$194
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,401
• Net cashflow: $2,161

Break-even live

Break-even rent $3,937

Max offer price $465,000

Occupancy floor 63%

Sensitivity live

Price	-10% $2,424	-5% $2,292	+0% $2,161	+5% $2,029	+10% $1,898
Rent	-10% $1,634	-5% $1,897	+0% $2,161	+5% $2,424	+10% $2,688
Rate	-1.0pp $2,395	-0.5pp $2,279	base $2,161	+0.5pp $2,040	+1.0pp $1,918

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

Units	Beds	Baths	Est. rent
▸ 2× units	1.0	1	$2,556
▸ 2× units	2.0	1	$2,840
1× unit	1.2	0	$1,278
Total (5 units)			$6,672

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: $116,250
• Closing costs: $13,950
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-06-22
   days on market $465,000 Active 10 DOM
2. 2026-06-18
   days on market $465,000 Active 7 DOM
3. 2026-06-17
   days on market $465,000 Active 6 DOM
4. 2026-06-16
   days on market $465,000 Active 5 DOM
5. 2026-06-15
   days on market $465,000 Active 4 DOM
6. 2026-06-14
   remarks 651-char remark
7. 2026-06-14
   listed $465,000 Active 2 DOM

ⓘ 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: $5,734 · $478/mo
• Projected year-2 tax: $6,541 · $545/mo
• Expected delta: +$806/yr (+$67/mo · 14.1%)

ⓘ 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 · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 3% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $80,064
• − Mortgage interest: −$26,047
• − Property taxes: −$5,734
• − Insurance: −$2,325
• − Repairs & maintenance: −$6,405
• − Management: −$6,405
• − Depreciation: −$13,527
• Taxable income: $19,620
• Est. tax owed @ 24.0%: −$4,709
• After-tax cash flow: $21,220/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: Carlisle Area SD
• NCES district ID: 4205010
• Math proficiency: 33% ▼ -14.00%
• Reading proficiency: 55% ▼ -10.00%
• Median HH income: $55,334
• Composite: 38.23/100
• National rank: #4247
• State rank: #277 of 539 in PA

Livability — Carlisle

• Score: 78/100
• State rank: #297
• US rank: #2632

Category grades

Amenities D Commute F 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: Carlisle, PA
• County: Cumberland County · 257,673 people
• City population: 62,898
• Metro: Harrisburg-Carlisle, PA
• Population (ZIP): 38,513
• Household income: $71,042
• Rent vs Own: 38.3% rent · 61.7% own
• Severe rent burden: 1444.0

Population outlook (Cumberland County) Hauer SSP2

• Today (2025): 267,950 people
• By 2030: 278,105 · +3.8%
• By 2040: 296,552 · +10.7%
• By 2050: 312,937 · +16.8%
• By 2075: 349,233 · +30.3%
• By 2100: 361,875 · +35.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (79%)
• Race & ethnicity: White 79% Black 8% Hispanic / Latino 7% Two or more races 6% Asian 3%
• Hispanic origin (detail): Puerto Rican 3% Dominican 1%
• Common ancestry: Iranian 3% Romanian 3% Lithuanian 2%
• Foreign-born: 7% · Canada, Vietnam
• Languages at home: 91% English-only · Spanish 3% Russian/Polish/Slavic 1% Arabic 1%

Political lean MEDSL · Cumberland

• 2024 margin: Lean R (+9.4) · D 44.6% · R 54.1% · Other 1.3%
• 2008→2024 swing: +4.2pp toward D · 2008: -13.6pp · 2024: -9.4pp
• All cycles: 2024: R+9.4 2020: R+10.6 2016: R+18.6 2012: R+18.5 2008: R+13.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -140.48%
• Current HPI: 247.337
• Rent YoY: ▲ 2.54%
• 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

+144.7% since first listed

9 events — show timeline

• 2026-06-11 Listed $465,000 BRIGHT MLS
• 2024-04-10 Rental Removed $1,295 APPFOLIO
• 2024-03-26 Listed for Rent $1,295 APPFOLIO
• 2023-09-18 Rental Removed $995 APPFOLIO
• 2023-09-05 Listed for Rent $995 APPFOLIO
• 2023-08-21 Listed $385,000 BRIGHT MLS
• 2023-07-30 Sold (MLS) $385,000 BRIGHT MLS
• 2015-01-30 Sold (MLS) $185,000 BRIGHT MLS
• 2014-05-05 Listed $190,000 BRIGHT MLS

Property tax history

+2.1%/yr

Latest (2026): $5,734 · +2.1% YoY. Source: county tax records.