469 Locust St · Columbia, PA 17512

$325,000

12 bd · None ba · 3,624 sqft · MultiFamily · 1 Days on market

Built 1900 3,485 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 +9.6/10.0
• ARV discount +7.5/15.0
• Rent growth +4.2/5.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• 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: 4 units. confirmed

Listing remarks MLS

Good cash flow in Columbia business district. Fantastic visibility in the first block off Columbia Ave. Storefront and 3 apartments.

Key facts

• Strong cash-flow
• 3,485 sq ft lot
• Built 1900

Tags

• FIRST-FLOOR COMMERCIAL SPACE
• THREE 1-BEDROOM APARTMENTS
• MULTIPLE INCOME STREAMS
• STRONG CASH-FLOW
• OWNER-OCCUPANT OPPORTUNITY
• ADDITIONAL RENTAL INCOME

Property features AI

Finance

• Other: Fee simple ownership
• Financial info: Net operating income: $22,672; Operating expenses: $11,348; Total actual rent: $34,020; Existing leases are month-to-month

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer; Electric hot water
• Home design: Multi-unit property with 4 total units; Above-grade living space
• Construction: Brick and vinyl siding construction
• Exterior features: No tidal water

Interior

• Bedrooms: One single-room unit and three one-bedroom units (total 4 units)
• Heating & cooling: Hot water heating; Electric baseboard heating; Heating fuel: Electric and Natural Gas
• Interior features: Estimated living area

What this means for you Summary

Snapshot

• This is a 3×1bd/1ba + 1×?bd/?ba units multifamily listed at $325k.

Deal economics

• At list price, monthly cash flow is $1k ($18k/yr) — positive. Per door: $374/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $325k).
• Cap rate 11.8% 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; 1,093 units permitted in Lancaster County in 2024 (201 in 5+ unit buildings).
• At $4,736/mo this rent would consume 85% 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 $2k of loan paydown is wiped out by about $10k 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 $91k 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.
• 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 $98k; list at $325k implies a 233% gain — meaningful room to come down on a strong offer.

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 $325,000

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 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. 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: 1.46% ✓
• Cap rate: 11.81%
• Cash-on-cash: 19.72%
• DSCR: 1.88
• GRM: 5.7

CMA / ARV

• ARV (on-the-fly): $746,544
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
440-448 Union St	0.26mi	11/— (-1)	3,548 (-2%)	17mo	$730,000	$206	66

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: 16.3%
• Equity multiple: 1.69×
• Total profit: $62,480
• Equity at exit: $48,459

10-year hold

• IRR: 27.6%
• Equity multiple: 3.92×
• Total profit: $265,699
• Equity at exit: $28,100

Cash invested: $91,000 (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 17512

• Home prices YoY: -23.7%
• Rents YoY: 7.0%
• Active inventory: 126
• Price-to-rent: 22.9×

Monthly cashflow live

• Estimated rent: $4,736 high
• Mortgage (P&I): −$1,704
• Tax est. 1.5%: −$406 /mo · $4,875/yr
• Insurance: −$135
• HOA: −$0
• Vacancy / Maint / Mgmt: −$995
• Net cashflow: $1,495

Break-even live

Break-even rent $2,843

Max offer price $325,000

Occupancy floor 63%

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

Units	Beds	Baths	Est. rent
▸ 3× units	1	1	$3,543
1× unit	0	0	$1,194
Total (4 units)			$4,736

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: $81,250
• Closing costs: $9,750
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-05-22
   listed $325,000 Active
2. 2010-09-02
   historical
3. 2010-05-03
   listed $139,900
4. 2009-04-30
   soldstatus $97,500 132-char remark

   Show marketing remark (132 chars)

   Good cash flow in Columbia business district. Fantastic visibility in the first block off Columbia Ave. Storefront and 3 apartments.

5. 2009-04-21
   historical 132-char remark

   Show marketing remark (132 chars)

   Good cash flow in Columbia business district. Fantastic visibility in the first block off Columbia Ave. Storefront and 3 apartments.

6. 2009-03-30
   listed $109,900 132-char remark

   Show marketing remark (132 chars)

   Good cash flow in Columbia business district. Fantastic visibility in the first block off Columbia Ave. Storefront and 3 apartments.

ⓘ 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: $56,832
• − Mortgage interest: −$18,205
• − Property taxes: −$4,875
• − Insurance: −$1,625
• − Repairs & maintenance: −$4,547
• − Management: −$4,547
• − Depreciation: −$9,455
• Taxable income: $13,579
• Est. tax owed @ 24.0%: −$3,259
• After-tax cash flow: $14,686/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: 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

+195.7% since first listed

6 events — show timeline

• 2026-05-22 Listed $325,000 BRIGHT MLS
• 2010-09-02 Listing Removed — BRIGHT MLS
• 2010-05-03 Listed $139,900 BRIGHT MLS
• 2009-04-30 Sold (MLS) $97,500 BRIGHT MLS
• 2009-04-21 Listing Removed — BRIGHT MLS
• 2009-03-30 Listed $109,900 BRIGHT MLS