172-174 W Main St · Leola, PA 17540

$475,000

3 bd · 3.5 ba · 2,710 sqft · MultiFamily public records · 20 Days on market

Built 1920 0.40 ac 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 +28.9/30.0
• DSCR +10.0/10.0
• 1% rule +7.8/10.0
• ARV discount +7.5/15.0
• Schools +4.4/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• 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: 4 units. confirmed

Listing remarks MLS

Investment property fully leased and well maintained. It is a 4 unit property with 2 units in the main house, 1 unit in the basement, and 1 unit in the carriage house. It is in a nice suburban Leola area.

Key facts

• Historic leola pa
• Two buildings
• Off-street parking

Tags

• HISTORIC LEOLA PA
• TWO BUILDINGS
• FREESTANDING CARRIAGE HOUSE
• RENOVATION OF BASEMENT UNIT
• NEW HEATING SYSTEM
• OFF-STREET PARKING

What this means for you Summary

Snapshot

• This is a 3×2bd/1.0ba + 1×1bd/1.0ba units multifamily listed at $475k.

Deal economics

• At list price, monthly cash flow is $2k ($19k/yr) — positive. Per door: $404/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $475k).
• Recommended offer: $468k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.4% vs local median 3.4% in Leola — 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 72/100 on livability (#646 in PA) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A, crime A-; Watch: schools D, amenities F, commute F.
• Conestoga Valley SD (suburban): math 43% / reading 59% proficiency, ranked #156 of 539 in PA (top 29%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 26 active listings in the ZIP; solid renter incomes; 1,093 units permitted in Lancaster County in 2024 (201 in 5+ unit buildings).
• At $6,069/mo this rent would consume 79% of the median local household income ($92k/yr) (locally 159% 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 $3k of loan paydown is wiped out by about $14k 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 + 3.0% rent growth), your $133k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($468k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 17y 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 $350k; 36% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1920 — 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 $467,875 (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 1920 — 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 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?
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: 1.28% ✓
• Cap rate: 10.38%
• Cash-on-cash: 14.60%
• DSCR: 1.65
• GRM: 6.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 5.1%
• Equity multiple: 1.20×
• Total profit: $26,095
• Equity at exit: $70,824

10-year hold

• IRR: 14.5%
• Equity multiple: 2.17×
• Total profit: $155,509
• Equity at exit: $41,069

Cash invested: $133,000 (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 17540

• Home prices YoY: -27.3%
• Active inventory: 26
• Price-to-rent: 25.4×

Monthly cashflow live

• Estimated rent: $6,069 medium
• Mortgage (P&I): −$2,491
• Tax from tax record: −$488 /mo · $5,854/yr
• Insurance: −$198
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,274
• Net cashflow: $1,618

Break-even live

Break-even rent $4,021

Max offer price $475,000

Occupancy floor 68%

Sensitivity live

Price	-10% $1,887	-5% $1,752	+0% $1,618	+5% $1,483	+10% $1,349
Rent	-10% $1,138	-5% $1,378	+0% $1,618	+5% $1,858	+10% $2,097
Rate	-1.0pp $1,857	-0.5pp $1,739	base $1,618	+0.5pp $1,495	+1.0pp $1,369

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$4,674
1× unit	1	1	$1,396
Total (4 units)			$6,069

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: $118,750
• Closing costs: $14,250
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-02-18
   status Pending
2. 2026-01-29
   listed $475,000 Active
3. 2017-04-30
   historical
4. 2016-05-01
   listed $425,000
5. 2010-02-18
   soldstatus $350,000
6. 2010-02-17
   soldstatus $350,000 204-char remark

   Show marketing remark (204 chars)

   Investment property fully leased and well maintained. It is a 4 unit property with 2 units in the main house, 1 unit in the basement, and 1 unit in the carriage house. It is in a nice suburban Leola area.

7. 2009-05-07
   listed $369,950 204-char remark

   Show marketing remark (204 chars)

   Investment property fully leased and well maintained. It is a 4 unit property with 2 units in the main house, 1 unit in the basement, and 1 unit in the carriage house. It is in a nice suburban Leola area.

8. 2003-11-06
   soldstatus $140,000

ⓘ 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: $5,854 · $488/mo
• Projected year-2 tax: $6,680 · $557/mo
• Expected delta: +$825/yr (+$69/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 5/10 Major 7 d/yr ≥100°F today · 15 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 23% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $72,828
• − Mortgage interest: −$26,607
• − Property taxes: −$5,854
• − Insurance: −$2,375
• − Repairs & maintenance: −$5,826
• − Management: −$5,826
• − Depreciation: −$13,818
• Taxable income: $12,521
• Est. tax owed @ 24.0%: −$3,005
• After-tax cash flow: $16,409/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: Conestoga Valley SD
• NCES district ID: 4206480
• Math proficiency: 43% ▼ -8.00%
• Reading proficiency: 59% ▼ -11.00%
• Median HH income: $56,234
• Composite: 44.15/100
• National rank: #2861
• State rank: #156 of 539 in PA

Livability — Leola

• Score: 72/100
• State rank: #646
• US rank: #6281

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Leola, PA
• County: Lancaster County · 390,309 people
• City population: 10,728
• Metro: Lancaster, PA
• Population (ZIP): 10,728
• Household income: $91,895
• Rent vs Own: 38.3% rent · 61.7% own
• Severe rent burden: 159.0

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 8% Asian 5% Black 3%
• Hispanic origin (detail): Puerto Rican 8%
• Common ancestry: Scandinavian 3% Italian 3% Romanian 2%
• Foreign-born: 6% · Canada, Vietnam
• Languages at home: 79% English-only · German/W. Germanic 10% Spanish 5% Other Asian/Pacific 2%

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: ▼ -97.94%
• Current HPI: 260.303
• Rent YoY: —
• 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

+239.3% since first listed

8 events — show timeline

• 2026-02-18 Pending — BRIGHT MLS
• 2026-01-29 Listed $475,000 BRIGHT MLS
• 2017-04-30 Listing Removed — BRIGHT MLS
• 2016-05-01 Listed $425,000 BRIGHT MLS
• 2010-02-18 Sold (Public Records) $350,000 Public Records
• 2010-02-17 Sold (MLS) $350,000 BRIGHT MLS
• 2009-05-07 Listed $369,950 BRIGHT MLS
• 2003-11-06 Sold (Public Records) $140,000 Public Records

Property tax history

+3.7%/yr

Latest (2026): $5,854 · +5.0% YoY. Source: county tax records.