325 N Franklin St · Hanover, PA 17331

$160,000

4 bd · 2.0 ba · 1,509 sqft · MultiFamily public records · 49 Days on market

Built 1896 3,781 sqft lot $106/sqft · 26% below area Est $238k · 33% 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 +3.8/5.0
• Rent growth +3.7/5.0
• Schools +3.7/10.0
• 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 MLS

Welcome to this 4-bedroom, 2 full bathroom home in Hanover, PA, offering a great opportunity for buyers looking for a chance to build equity in York County. This home features a flexible layout with spacious living areas and strong potential to become a fully updated, move-in ready home with the right improvements. It does need new flooring and minor repairs throughout, making it ideal for investors, first-time buyers, or anyone searching for a home with renovation potential. With solid bones and a great floor plan, this is a great opportunity to create your dream home or add to your real estate portfolio. Additional features include off-street parking accessible from the rear alley, along with a detached shed equipped with electric and lighting - perfect for storage, workshop use, or hobby space. The fully fenced, ample sized yard adds convenience and usability. A large rear deck is perfect for entertaining! Located in the Boro of Hanover, PA, this home is close to shopping, dining, parks, and schools, and offers easy access to major commuter routes. This location makes it ideal for buyers searching for an affordable home with value-add potential. Regardless of what you're looking for. .. this property offers a unique opportunity at an attractive price point!

Key facts

• 3,781 sq ft lot
• Parking
• Built 1896

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $160k.

Deal economics

• At list price, monthly cash flow is $3k ($30k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $160k).
• Recommended offer: $155k (3.0% below list) — sets the bar for market timing.
• Cap rate 25.3% vs local median 3.9% in Hanover — 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 76/100 on livability (#373 in PA, #3,295 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities C-, employment D, commute F.
• Hanover Public SD (urban): math 34% / reading 54% proficiency, ranked #294 of 539 in PA (top 54%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+4.7%/yr); 386 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 43% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 1,328 units permitted in York County in 2024 (338 in 5+ unit buildings).
• At $4,683/mo this rent would consume 71% of the median local household income ($79k/yr) (locally 1076% 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 $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 4.7% rent growth), your $45k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 49 days — a 3% lower offer ($155k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 26y 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 $84k; list at $160k implies a 91% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1896 — 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 $155,200 (3.0% below list)

Questions for the listing agent

1. It's been on market 49 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1896 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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: 2.93% ✓
• Cap rate: 25.33%
• Cash-on-cash: 68.00%
• DSCR: 4.03
• GRM: 2.8

CMA / ARV

• ARV (median comp): $238,025
• List price: $160,000
• Delta: -32.78%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
399 Frederick St	0.62mi	3/— (-1)	1,381 (-8%)	5mo	$217,500	$157	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 · 4.67% rent growth · sell at horizon

5-year hold

• IRR: 69.3%
• Equity multiple: 4.21×
• Total profit: $143,870
• Equity at exit: $23,857

10-year hold

• IRR: 73.9%
• Equity multiple: 9.21×
• Total profit: $367,875
• Equity at exit: $13,834

Cash invested: $44,800 (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 17331

• Home prices YoY: -33.8%
• Rents YoY: 4.7%
• Active inventory: 386
• Price-to-rent: 11.4×

Monthly cashflow live

• Estimated rent: $4,683 medium
• Mortgage (P&I): −$839
• Tax from tax record: −$255 /mo · $3,061/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$983
• Net cashflow: $2,539

Break-even live

Break-even rent $1,469

Max offer price $160,000

Occupancy floor 41%

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$4,684
Total (4 units)			$4,683

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: $40,000
• Closing costs: $4,800
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
261 N Franklin St Unit 302 Hanover, PA	3.0	2.0	1398	$1,130	$0.81	44d	1	0.11mi
28 McCosh St Hanover, PA	3.0	1.0	1800	$2,050	$1.14	14d	1	0.24mi
607 3rd St Hanover, PA	3.0	1.0	1276	$1,400	$1.10	21d	1	0.91mi
76 Brookside Ave Hanover, PA	3.0	2.5	1625	$1,963	$1.21	21d	1	1.37mi
76 Brookside Ave Hanover, PA	3.0	2.5	1625	$1,906	$1.17	44d	1	1.37mi
88 Brookside Ave Hanover, PA	3.0	2.5	1625	$1,963	$1.21	21d	1	1.38mi
88 Brookside Ave Hanover, PA	3.0	2.5	1625	$1,906	$1.17	44d	1	1.38mi

Listing history 26 events

1. 2026-06-18
   days on market $160,000 Active 49 DOM
2. 2026-06-17
   days on market $160,000 Active 48 DOM
3. 2026-06-16
   days on market $160,000 Active 47 DOM
4. 2026-06-15
   days on market $160,000 Active 46 DOM
5. 2026-06-14
   days on market $160,000 Active 44 DOM
6. 2026-06-13
   days on market $160,000 Active 43 DOM
7. 2026-06-10
   days on market $160,000 Active 41 DOM
8. 2026-06-09
   days on market $160,000 Active 40 DOM
9. 2026-06-08
   days on market $160,000 Active 39 DOM
10. 2026-06-07
    days on market $160,000 Active 38 DOM
11. 2026-06-03
    days on market $160,000 Active 34 DOM
12. 2026-06-02
    days on market $160,000 Active 33 DOM
13. 2026-06-01
    days on market $160,000 Active 32 DOM
14. 2026-05-31
    days on market $160,000 Active 31 DOM
15. 2026-05-30
    days on market $160,000 Active 30 DOM
16. 2026-05-01
    listed $160,000 Active 1280-char remark

    Show marketing remark (1280 chars)

    Welcome to this 4-bedroom, 2 full bathroom home in Hanover, PA, offering a great opportunity for buyers looking for a chance to build equity in York County. This home features a flexible layout with spacious living areas and strong potential to become a fully updated, move-in ready home with the right improvements. It does need new flooring and minor repairs throughout, making it ideal for investors, first-time buyers, or anyone searching for a home with renovation potential. With solid bones and a great floor plan, this is a great opportunity to create your dream home or add to your real estate portfolio. Additional features include off-street parking accessible from the rear alley, along with a detached shed equipped with electric and lighting - perfect for storage, workshop use, or hobby space. The fully fenced, ample sized yard adds convenience and usability. A large rear deck is perfect for entertaining! Located in the Boro of Hanover, PA, this home is close to shopping, dining, parks, and schools, and offers easy access to major commuter routes. This location makes it ideal for buyers searching for an affordable home with value-add potential. Regardless of what you're looking for. .. this property offers a unique opportunity at an attractive price point!

17. 2026-04-13
    historical $160,000 1280-char remark

    Show marketing remark (1280 chars)

    Welcome to this 4-bedroom, 2 full bathroom home in Hanover, PA, offering a great opportunity for buyers looking for a chance to build equity in York County. This home features a flexible layout with spacious living areas and strong potential to become a fully updated, move-in ready home with the right improvements. It does need new flooring and minor repairs throughout, making it ideal for investors, first-time buyers, or anyone searching for a home with renovation potential. With solid bones and a great floor plan, this is a great opportunity to create your dream home or add to your real estate portfolio. Additional features include off-street parking accessible from the rear alley, along with a detached shed equipped with electric and lighting - perfect for storage, workshop use, or hobby space. The fully fenced, ample sized yard adds convenience and usability. A large rear deck is perfect for entertaining! Located in the Boro of Hanover, PA, this home is close to shopping, dining, parks, and schools, and offers easy access to major commuter routes. This location makes it ideal for buyers searching for an affordable home with value-add potential. Regardless of what you're looking for. .. this property offers a unique opportunity at an attractive price point!

18. 2009-05-26
    historical
19. 2008-11-26
    listed $120,000
20. 2001-08-01
    soldstatus $83,900
21. 2000-10-28
    historical
22. 2000-10-26
    soldstatus $29,000
23. 2000-10-24
    soldstatus $29,000
24. 2000-06-15
    listed $33,000
25. 1996-07-25
    soldstatus $69,900
26. 1995-05-02
    soldstatus $64,900

ⓘ 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: $3,061 · $255/mo
• Projected year-2 tax: $3,061 · $255/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 ≥102°F today · 15 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 9% 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: $56,196
• − Mortgage interest: −$8,962
• − Property taxes: −$3,061
• − Insurance: −$800
• − Repairs & maintenance: −$4,496
• − Management: −$4,496
• − Depreciation: −$4,655
• Taxable income: $29,726
• Est. tax owed @ 24.0%: −$7,134
• After-tax cash flow: $23,331/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: Hanover Public SD
• NCES district ID: 4211450
• Math proficiency: 34% ▼ -11.00%
• Reading proficiency: 54% ▼ -8.00%
• Median HH income: $45,022
• Composite: 37.26/100
• National rank: #4457
• State rank: #294 of 539 in PA

Livability — Hanover

• Score: 76/100
• State rank: #373
• US rank: #3295

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hanover, PA
• County: York County · 278,806 people
• City population: 56,443
• Metro: York-Hanover, PA
• Population (ZIP): 56,443
• Household income: $79,488
• Rent vs Own: 23.6% rent · 76.4% own
• Severe rent burden: 1076.0

Population outlook (York County) Hauer SSP2

• Today (2025): 454,205 people
• By 2030: 457,407 · +0.7%
• By 2040: 457,529 · +0.7%
• By 2050: 448,261 · -1.3%
• By 2075: 427,388 · -5.9%
• By 2100: 384,218 · -15.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Hispanic / Latino 7% Two or more races 7% Black 3% Asian 1%
• Hispanic origin (detail): Mexican 3% Puerto Rican 2%
• Common ancestry: Romanian 3% Lithuanian 2% Slovak 2%
• Foreign-born: 4% · Canada
• Languages at home: 95% English-only · Spanish 3%

Political lean MEDSL · York

• 2024 margin: Strong R (+25.3) · D 36.9% · R 62.1%
• 2008→2024 swing: -11.7pp toward R · 2008: -13.6pp · 2024: -25.3pp
• All cycles: 2024: R+25.3 2020: R+24.6 2016: R+29.3 2012: R+21.2 2008: R+13.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -128.48%
• Current HPI: 251.8974
• Rent YoY: ▲ 4.67%
• Metro: York-Hanover, 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

+146.5% since first listed

11 events — show timeline

• 2026-05-01 Listed $160,000 BRIGHT MLS
• 2026-04-13 Coming Soon $160,000 BRIGHT MLS
• 2009-05-26 Listing Removed — BRIGHT MLS
• 2008-11-26 Listed $120,000 BRIGHT MLS
• 2001-08-01 Sold (Public Records) $83,900 Public Records
• 2000-10-28 Listing Removed — BRIGHT MLS
• 2000-10-26 Sold (Public Records) $29,000 Public Records
• 2000-10-24 Sold (MLS) $29,000 BRIGHT MLS
• 2000-06-15 Listed $33,000 BRIGHT MLS
• 1996-07-25 Sold (Public Records) $69,900 Public Records
• 1995-05-02 Sold (Public Records) $64,900 Public Records

Property tax history

+2.0%/yr

Latest (2025): $3,061 · +0.8% YoY. Source: county tax records.