236 N Franklin St · Lancaster, PA 17602

$294,900

4 bd · 2.0 ba · 1,997 sqft · MultiFamily public records · 19 Days on market

Built 1900 1,307 sqft lot Est $326k · 9% 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 +22.6/30.0
• ARV discount +11.7/15.0
• DSCR +7.3/10.0
• 1% rule +6.0/10.0
• 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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Excellent opportunity to own a well-maintained 2-unit property in Lancaster City. Whether you're looking to expand your investment portfolio or purchase your first income-producing property, this duplex offers stable rental income and long-term potential. The property features two spacious units totaling approximately 1,997 square feet and has a strong rental history. An additional bonus is the separately rented garage, providing supplemental income. Conveniently located near downtown Lancaster, shopping, restaurants, schools, and local colleges, this property is well-positioned to attract and retain tenants. Lancaster City's strong rental market and continued growth make this an attractive

Key facts

• 1,307 sq ft lot
• Garage
• Built 1900

Property features AI

Finance

• Other: Two total residential units; Finished above-grade area reported by assessor

Exterior

• Parking: Side-entry attached garage (1 space); On-street parking
• Utilities: Public water; Public sewer; Electric service with circuit breakers; Natural gas available (heating and hot water)
• Home design: End of row townhouse; Fee simple ownership
• Construction: Brick and masonry construction; Crawl space foundation; Roof materials include metal, rubber, and slate (one listed as unknown)
• Exterior features: Porch(es); Above-grade and below-grade structures (including garages)

Interior

• Kitchen: Gas oven/range; Refrigerator
• Bedrooms: Two 2-bedroom units (Unit 1, Unit 2)
• Flooring: Carpet; Wood
• Heating & cooling: Radiator heating (natural gas); Window air conditioning units (electric)
• Interior features: Wood floors

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $295k.

Deal economics

• At list price, monthly cash flow is $503 ($6k/yr) — positive. Per door: $252/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $295k).
• Recommended offer: $290k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.3% vs local median 4.3% 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.
• Market conditions: Rents rising (+1.2%/yr); 163 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 61% 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 $3,245/mo this rent would consume 51% of the median local household income ($76k/yr) (locally 1556% 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 $9k 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

• It's been on market 19 days — a 2% lower offer ($290k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $234k; 26% 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→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $290,476 (1.5% below list)

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: 1.10% ✓
• Cap rate: 8.34%
• Cash-on-cash: 7.31%
• DSCR: 1.33
• GRM: 7.6

CMA / ARV

• ARV (on-the-fly): $325,511
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
312 N Reservoir St	0.12mi	4/2.0	1,742 (-13%)	2mo	$372,000	$214	72
409 S Shippen St	0.51mi	4/—	1,900 (-5%)	2mo	$380,000	$200	67
47 S Marshall St	0.34mi	4/—	2,112 (+6%)	10mo	$262,000	$124	67
153 N Broad St	0.25mi	4/1.0	1,789 (-10%)	3mo	$257,000	$144	64
440 E Orange St	0.30mi	3/— (-1)	2,139 (+7%)	6mo	$385,000	$180	64
405 S Shippen St	0.51mi	4/—	1,880 (-6%)	4mo	$292,000	$155	63
53 S Marshall St	0.35mi	4/2.0	1,739 (-13%)	2mo	$362,000	$208	60
28 N Broad St	0.30mi	5/— (+1)	1,844 (-8%)	14mo	$300,000	$163	56
45 Green St	0.56mi	3/— (-1)	1,816 (-9%)	6mo	$234,900	$129	48
332 S Ann St	0.66mi	5/2.0 (+1)	1,898 (-5%)	10mo	$247,000	$130	47
349 E New St	0.58mi	4/—	2,286 (+14%)	4mo	$315,000	$138	46
616 N Shippen St	0.61mi	4/—	1,742 (-13%)	15mo	$300,000	$172	38

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: -7.2%
• Equity multiple: 0.74×
• Total profit: $-21,459
• Equity at exit: $43,971

10-year hold

• IRR: -0.0%
• Equity multiple: 1.00×
• Total profit: $-26
• Equity at exit: $25,498

Cash invested: $82,572 (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: 163
• Price-to-rent: 15.1×

Monthly cashflow live

• Estimated rent: $3,245 high
• Mortgage (P&I): −$1,546
• Tax from tax record: −$391 /mo · $4,694/yr
• Insurance: −$123
• HOA: −$0
• Vacancy / Maint / Mgmt: −$681
• Net cashflow: $503

Break-even live

Break-even rent $2,608

Max offer price $294,900

Occupancy floor 80%

Sensitivity live

Price	-10% $670	-5% $587	+0% $503	+5% $420	+10% $336
Rent	-10% $247	-5% $375	+0% $503	+5% $631	+10% $759
Rate	-1.0pp $652	-0.5pp $578	base $503	+0.5pp $427	+1.0pp $349

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,244
Total (2 units)			$3,245

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: $73,725
• Closing costs: $8,847
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
631 E Frederick St Lancaster, PA	3.0	1.0	1830	$1,850	$1.01	45d	1	0.50mi
836 N Plum St Lancaster, PA	3.0	2.0	1602	$2,150	$1.34	15d	1	0.68mi
1216 Clark St Lancaster, PA	4.0	1.5	1270	$2,195	$1.73	15d	1	0.76mi
403 N Queen St Lancaster, PA	3.0	2.0	1950	$3,500	$1.79	15d	1	0.78mi
708 S Lime St Unit 3 Lancaster, PA	4.0	1.0	1742	$1,850	$1.06	45d	1	0.79mi
118 N Prince St Lancaster, PA	1.0–3.0	1.0–3.0	1274	$4,703	$3.69	15d	48	0.92mi
862 Pleasure Rd Lancaster, PA	3.0	1.5	1707	$2,300	$1.35	45d	1	1.01mi
49 W Farnum St Lancaster, PA	3.0	1.0	1820	$1,650	$0.91	45d	1	1.02mi
549 Howard Ave Lancaster, PA	4.0	1.0	1439	$1,700	$1.18	45d	1	1.02mi
537 Woodward St Lancaster, PA	3.0	2.0	1288	$1,650	$1.28	24d	1	1.03mi
860 N Market St Lancaster, PA	3.0	2.0	1514	$1,850	$1.22	45d	1	1.06mi
345 1/2 Beaver St Lancaster, PA	4.0	1.0	1382	$2,095	$1.52	45d	1	1.10mi
337 W Lemon St Unit 2 Lancaster, PA	3.0	1.0	1588	$1,895	$1.19	15d	1	1.12mi
1522 Princess Anne Dr Lancaster, PA	4.0	2.0	1352	$2,400	$1.78	45d	1	1.28mi
520 W Frederick St Lancaster, PA	4.0	1.0	1713	$1,895	$1.11	45d	1	1.32mi
529 Manor St Lancaster, PA	3.0	1.0	1434	$1,635	$1.14	15d	1	1.35mi
609 Saint Joseph St Lancaster, PA	4.0	2.0	1523	$1,695	$1.11	45d	1	1.36mi
14 Coral St Lancaster, PA	3.0	1.5	1355	$1,525	$1.13	45d	1	1.47mi

Listing history 22 events

1. 2026-06-21
   days on market $294,900 Active 19 DOM
2. 2026-06-18
   days on market $294,900 Active 16 DOM
3. 2026-06-17
   days on market $294,900 Active 15 DOM
4. 2026-06-16
   days on market $294,900 Active 14 DOM
5. 2026-06-15
   days on market $294,900 Active 13 DOM
6. 2026-06-14
   days on market $294,900 Active 11 DOM
7. 2026-06-13
   days on market $294,900 Active 10 DOM
8. 2026-06-10
   days on market $294,900 Active 8 DOM
9. 2026-06-09
   days on market $294,900 Active 7 DOM
10. 2026-06-08
    days on market $294,900 Active 6 DOM
11. 2026-06-07
    days on market $294,900 Active 5 DOM
12. 2026-06-03
    statusdays on market $294,900 Active 1 DOM
13. 2026-06-02
    days on market $294,900 Coming Soon 7 DOM
14. 2026-06-01
    days on market $294,900 Coming Soon 6 DOM
15. 2026-05-31
    days on market $294,900 Coming Soon 5 DOM
16. 2026-05-30
    days on market $294,900 Coming Soon 4 DOM
17. 2026-05-26
    historical $294,900
18. 2024-08-29
    soldstatus $234,000
19. 2020-09-25
    soldstatus $179,900
20. 2002-02-28
    soldstatus $50,000
21. 2000-10-03
    soldstatus $70,000
22. 1989-08-01
    soldstatus $79,000

ⓘ 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: $4,694 · $391/mo
• Projected year-2 tax: $4,694 · $391/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 ≥101°F today · 15 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 16% 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: $38,940
• − Mortgage interest: −$16,519
• − Property taxes: −$4,694
• − Insurance: −$1,474
• − Repairs & maintenance: −$3,115
• − Management: −$3,115
• − Depreciation: −$8,579
• Taxable income: $1,443
• Est. tax owed @ 24.0%: −$346
• After-tax cash flow: $5,690/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

+273.3% since first listed

6 events — show timeline

• 2026-05-26 Coming Soon $294,900 BRIGHT MLS
• 2024-08-29 Sold (Public Records) $234,000 Public Records
• 2020-09-25 Sold (Public Records) $179,900 Public Records
• 2002-02-28 Sold (Public Records) $50,000 Public Records
• 2000-10-03 Sold (Public Records) $70,000 Public Records
• 1989-08-01 Sold (Public Records) $79,000 Public Records

Property tax history

+2.0%/yr

Latest (2026): $4,694 · +3.3% YoY. Source: county tax records.