465 Locust St · Columbia, PA 17512

$199,900

3 bd · None ba · 2,432 sqft · MultiFamily · 1 Days on market

Built 1900 Fair condition 3,920 sqft lot Est $265k · 25% 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
• DSCR +10.0/10.0
• 1% rule +8.6/10.0
• Rent growth +4.2/5.0
• Livability +3.7/5.0
• Condition / age +2.2/5.0
• Schools +1.9/10.0
• 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

Unlock the potential of this mixed-use investment opportunity in the heart of Columbia! Offering 2,432 square feet of finished space, this versatile property features a first-floor commercial unit and a spacious second-floor 3-bedroom apartment — creating multiple income-producing possibilities under one roof. Whether you’re looking to expand your investment portfolio, occupy one unit while generating rental income from the other, or reposition the property for increased cash flow, the opportunities here are endless. Conveniently located near shops, restaurants, and major commuter routes, this property combines strong visibility, flexibility, and long-term upside potential in on

Key facts

• Strong visibility
• Flexibility
• Prime location

Tags

• FIRST-FLOOR COMMERCIAL UNIT
• SECOND-FLOOR APARTMENT
• STRONG VISIBILITY
• FLEXIBILITY
• LONG-TERM UPSIDE POTENTIAL
• PRIME LOCATION

Property features AI

Finance

• Other: Land and improvement assessed values reported (assessment year 2026); Taxes reported for 2026
• Financial info: Net operating income reported at $10,784; Total actual rent reported at $19,020; Two units currently leased on month-to-month terms; Existing lease type: Month to Month; Property owned as fee simple

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer
• Home design: Multi-family property
• Construction: Brick and vinyl siding exterior
• Exterior features: Above-grade other structures; No tidal water

Interior

• Bedrooms: One single-room unit; One three-bedroom unit
• Heating & cooling: Hot water heating; Natural gas fuel; Electric hot water
• Interior features: Estimated living area; Two total units

What this means for you Summary

Snapshot

• This is a 3-bed/?-bath multifamily listed at $200k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $770 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $200k).
• Cap rate 10.9% vs local median 4.0% in Columbia — 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 73/100 on livability (#538 in PA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D+, amenities D, schools D-.
• Columbia Borough SD (suburban): math 14% / reading 32% proficiency, ranked #482 of 539 in PA (top 89%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 60% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+7.0%/yr); 126 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 1,093 units permitted in Lancaster County in 2024 (201 in 5+ unit buildings).
• At $2,724/mo this rent would consume 49% of the median local household income ($67k/yr) (locally 647% 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 $6k 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 + 7.0% rent growth), your $56k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.

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 $199,900

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. Built in 1900 — 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. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 1.36% ✓
• Cap rate: 10.92%
• Cash-on-cash: 16.52%
• DSCR: 1.73
• GRM: 6.1

CMA / ARV

• ARV (on-the-fly): $265,088
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
125 N 4th St	0.14mi	4/2.5 (+1)	2,517 (+4%)	7mo	$265,000	$105	77
18 N 5th St	0.03mi	4/3.0 (+1)	2,212 (-9%)	11mo	$325,000	$147	70
20 N 7th St	0.23mi	3/—	2,108 (-13%)	2mo	$230,000	$109	66
336 Cherry St	0.16mi	4/— (+1)	2,118 (-13%)	7mo	$230,000	$109	60
815 Locust St	0.38mi	4/— (+1)	2,267 (-7%)	8mo	$360,000	$159	59

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 · 7.0% rent growth · sell at horizon

5-year hold

• IRR: 12.1%
• Equity multiple: 1.50×
• Total profit: $28,126
• Equity at exit: $29,806

10-year hold

• IRR: 24.0%
• Equity multiple: 3.48×
• Total profit: $138,670
• Equity at exit: $17,284

Cash invested: $55,972 (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 17512

• Home prices YoY: -23.7%
• Rents YoY: 7.0%
• Active inventory: 126
• Price-to-rent: 11.0×

Monthly cashflow live

• Estimated rent: $2,724 medium
• Mortgage (P&I): −$1,048
• Tax est. 1.5%: −$250 /mo · $2,998/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$572
• Net cashflow: $770

Break-even live

Break-even rent $1,749

Max offer price $199,900

Occupancy floor 67%

Sensitivity live

Price	-10% $909	-5% $840	+0% $770	+5% $701	+10% $632
Rent	-10% $555	-5% $663	+0% $770	+5% $878	+10% $986
Rate	-1.0pp $871	-0.5pp $821	base $770	+0.5pp $719	+1.0pp $666

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

Units	Beds	Baths	Est. rent
1× unit	3	1	$1,515
1× unit	0	0	$1,208
Total (2 units)			$2,724

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
521 Locust St Columbia, PA	3.0	1.5	1768	$2,550	$1.44	24d	1	0.04mi

Listing history 1 events

1. 2026-05-22
   listed $199,900 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 · 16 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 12% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $32,688
• − Mortgage interest: −$11,198
• − Property taxes: −$2,998
• − Insurance: −$1,000
• − Repairs & maintenance: −$2,615
• − Management: −$2,615
• − Depreciation: −$5,815
• Taxable income: $6,447
• Est. tax owed @ 24.0%: −$1,547
• After-tax cash flow: $7,699/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.

Condition & rehab AI · 4 photos

Fair 45/100 Moderate rehab

This mixed-use property offers a moderate rehab opportunity with average condition, requiring exterior paint and flooring replacement to enhance its resale and rental value.

Repairs flagged

• Minor Exterior paint — Some discoloration
• Minor Flooring — Some wear

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and value
• Both Replace flooring — Improves living space and value

Renovation cost estimate screening

Repair item	Severity	Est. cost
Exterior paint · Some discoloration	Minor	$500–3,000
Flooring · Some wear	Minor	$500–3,000
Total estimated repair cost · 2 items		$1,000–6,000

Value-add ROI direction

• Both Paint exterior — Enhances curb appeal and value ↑
• Both Replace flooring — Improves living space and value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Columbia Borough SD
• NCES district ID: 4206360
• Math proficiency: 14% ▼ -11.00%
• Reading proficiency: 32% ▼ -12.00%
• Median HH income: $39,162
• Composite: 19.3/100
• National rank: #8799
• State rank: #482 of 539 in PA

Livability — Columbia

• Score: 73/100
• State rank: #538
• US rank: #5040

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Columbia, PA
• County: Lancaster County · 390,309 people
• City population: 18,148
• Metro: Lancaster, PA
• Population (ZIP): 18,148
• Household income: $66,684
• Rent vs Own: 35.0% rent · 65.0% own
• Severe rent burden: 647.0

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 (77%)
• Race & ethnicity: White 77% Hispanic / Latino 15% Two or more races 7% Black 5%
• Hispanic origin (detail): Mexican 1% Puerto Rican 10% Dominican 2%
• Common ancestry: Romanian 2% Lithuanian 2% Polish 1%
• Foreign-born: 4% · Canada
• Languages at home: 89% English-only · Spanish 9% German/W. Germanic 1% Arabic 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: ▼ -86.48%
• Current HPI: 278.1465
• Rent YoY: ▲ 7.00%
• 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

1 event — show timeline

• 2026-05-22 Listed $199,900 BRIGHT MLS