348 S Prince St · Lancaster, PA 17603

$185,000

3 bd · 1.0 ba · 1,827 sqft · Townhouse public records · 203 Days on market

Built 1889 3,485 sqft lot $101/sqft · 18% below area Est $224k · 18% 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 +19.7/30.0
• ARV discount +15.0/15.0
• DSCR +6.2/10.0
• 1% rule +5.3/10.0
• Livability +4.2/5.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Spacious townhome located within walking distance of the heart of Lancaster City. This property has active rental license and has passed all Lead Safe Requirements. Currently vacant. Long term tenant was recently paying $1150 + all utilities. Property is well maintained by tenant, current lease agreement ends April 2026 but tenant is willing to vacate earlier. If you're an investor looking to add a sold property to your inventory, be sure to check out this listing! Property is being sold AS IS,

Key facts

• Walking distance
• Townhome
• Well maintained

Tags

• TOWNHOME
• WALKING DISTANCE
• ACTIVE RENTAL LICENSE
• WELL MAINTAINED

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath townhouse listed at $185k.

Deal economics

• At list price, monthly cash flow is $161 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $185k).
• Recommended offer: $163k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.7% vs local median 4.4% 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 flat; 296 active listings in the ZIP; 24 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 54% 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).

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.

Negotiation context

• It's been on market 203 days — a 12% lower offer ($163k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 11y 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 $60k; list at $185k implies a 209% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1889 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $162,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 203 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1889 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.03% ✓
• Cap rate: 7.70%
• Cash-on-cash: 5.02%
• DSCR: 1.22
• GRM: 8.1

CMA / ARV

• ARV (median comp): $224,348
• List price: $185,000
• Delta: -17.54%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
870 Hilton Dr	0.48mi	4/1.5 (+1)	1,800 (-2%)	2mo	$275,000	$153	67
415 W King St	0.53mi	4/1.5 (+1)	1,844 (+1%)	1mo	$210,000	$114	66
39 W Farnum St	0.22mi	4/1.0 (+1)	1,564 (-14%)	0mo	$135,000	$86	60
614 Saint Joseph St	0.35mi	4/1.5 (+1)	1,632 (-11%)	0mo	$184,000	$113	59
145 E King St #401	0.53mi	2/2.0 (-1)	1,696 (-7%)	1mo	$450,000	$265	53
643 Fairview Ave	0.43mi	4/2.5 (+1)	2,000 (+10%)	1mo	$270,000	$135	52
519 3rd St	0.58mi	3/2.0	1,636 (-10%)	1mo	$215,000	$131	50
529 Poplar St	0.30mi	4/2.5 (+1)	1,560 (-15%)	1mo	$283,000	$181	49
631 Rockland St	0.55mi	4/1.5 (+1)	1,638 (-10%)	1mo	$293,000	$179	49
542 High St	0.41mi	4/1.5 (+1)	1,554 (-15%)	2mo	$182,000	$117	48
545 W Orange St	0.72mi	4/2.5 (+1)	1,916 (+5%)	0mo	$542,000	$283	47
120 S Ann St	0.73mi	4/2.5 (+1)	1,950 (+7%)	1mo	$286,082	$147	43

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 · 0.47% rent growth · sell at horizon

5-year hold

• IRR: -13.4%
• Equity multiple: 0.53×
• Total profit: $-24,395
• Equity at exit: $27,584

10-year hold

• IRR: -9.3%
• Equity multiple: 0.49×
• Total profit: $-26,238
• Equity at exit: $15,995

Cash invested: $51,800 (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 17603

• Rents YoY: 0.5%
• Active inventory: 296
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $1,908 high
• Mortgage (P&I): −$970
• Tax from tax record: −$244 /mo · $2,925/yr
• Insurance: −$77
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$401
• Net cashflow: $161

Break-even live

Break-even rent $1,705

Max offer price $185,000

Occupancy floor 87%

Sensitivity live

Price	-10% $266	-5% $213	+0% $161	+5% $109	+10% $56
Rent	-10% $10	-5% $86	+0% $161	+5% $236	+10% $312
Rate	-1.0pp $254	-0.5pp $208	base $161	+0.5pp $113	+1.0pp $64

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: $46,250
• Closing costs: $5,550
• Reserves months: —
• Total cash needed: —

Rent comps 24 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
345 1/2 Beaver St Lancaster, PA	4.0	1.0	1382	$2,095	$1.52	44d	1	0.08mi
549 Howard Ave Lancaster, PA	4.0	1.0	1439	$1,700	$1.18	44d	1	0.15mi
49 W Farnum St Lancaster, PA	3.0	1.0	1820	$1,650	$0.91	44d	1	0.19mi
609 Saint Joseph St Lancaster, PA	4.0	2.0	1523	$1,695	$1.11	44d	1	0.34mi
537 Woodward St Lancaster, PA	3.0	2.0	1288	$1,650	$1.28	24d	1	0.34mi
529 Manor St Lancaster, PA	3.0	1.0	1434	$1,635	$1.14	14d	1	0.48mi
118 N Prince St Lancaster, PA	1.0–3.0	1.0–3.0	1274	$4,703	$3.69	14d	48	0.55mi
128 N Mulberry St Unit 1 Lancaster, PA	2.0	2.0	1500	$2,250	$1.50	24d	1	0.59mi
708 S Lime St Unit 3 Lancaster, PA	4.0	1.0	1742	$1,850	$1.06	44d	1	0.62mi
14 Coral St Lancaster, PA	3.0	1.5	1355	$1,525	$1.13	44d	1	0.71mi
403 N Queen St Lancaster, PA	3.0	2.0	1950	$3,500	$1.79	14d	1	0.86mi
337 W Lemon St Unit 2 Lancaster, PA	3.0	1.0	1588	$1,895	$1.19	14d	1	0.88mi
611 S West End Ave Lancaster, PA	4.0	1.5	1589	$1,800	$1.13	14d	1	0.92mi
520 W Frederick St Lancaster, PA	4.0	1.0	1713	$1,895	$1.11	44d	1	1.11mi
204 Elmshire Dr Lancaster, PA	3.0	2.5	1364	$1,595	$1.17	45d	1	1.14mi
1330 Wabank Rd Lancaster, PA	1.0–3.0	1.0–2.5	1423	$2,062	$1.45	14d	21	1.15mi
135 Grandview Ave Lancaster, PA	3.0	2.0	1395	$3,295	$2.36	14d	1	1.19mi
1121 Spring Grove Ave Lancaster, PA	4.0	2.0	1755	$2,200	$1.25	44d	1	1.24mi
270 Kentshire Dr Lancaster, PA	3.0	2.5	1512	$2,000	$1.32	45d	1	1.26mi
860 N Market St Lancaster, PA	3.0	2.0	1514	$1,850	$1.22	44d	1	1.35mi
1415 Spencer Ave Lancaster, PA	1.0–3.0	1.0–2.0	1181	$3,720	$3.15	14d	1	1.39mi
836 N Plum St Lancaster, PA	3.0	2.0	1602	$2,150	$1.34	14d	1	1.42mi
631 E Frederick St Lancaster, PA	3.0	1.0	1830	$1,850	$1.01	44d	1	1.43mi
1115 Marietta Ave Unit WH15037 Lancaster, PA	2.0	2.0	1298	$1,695	$1.31	44d	1	1.45mi

Listing history 13 events

1. 2026-05-15
   status Pending 500-char remark

   Show marketing remark (500 chars)

   Spacious townhome located within walking distance of the heart of Lancaster City. This property has active rental license and has passed all Lead Safe Requirements. Currently vacant. Long term tenant was recently paying $1150 + all utilities. Property is well maintained by tenant, current lease agreement ends April 2026 but tenant is willing to vacate earlier. If you're an investor looking to add a sold property to your inventory, be sure to check out this listing! Property is being sold AS IS,

2. 2026-04-18
   price $185,000 500-char remark

   Show marketing remark (500 chars)

   Spacious townhome located within walking distance of the heart of Lancaster City. This property has active rental license and has passed all Lead Safe Requirements. Currently vacant. Long term tenant was recently paying $1150 + all utilities. Property is well maintained by tenant, current lease agreement ends April 2026 but tenant is willing to vacate earlier. If you're an investor looking to add a sold property to your inventory, be sure to check out this listing! Property is being sold AS IS,

3. 2026-04-01
   status Active 500-char remark

   Show marketing remark (500 chars)

   Spacious townhome located within walking distance of the heart of Lancaster City. This property has active rental license and has passed all Lead Safe Requirements. Currently vacant. Long term tenant was recently paying $1150 + all utilities. Property is well maintained by tenant, current lease agreement ends April 2026 but tenant is willing to vacate earlier. If you're an investor looking to add a sold property to your inventory, be sure to check out this listing! Property is being sold AS IS,

4. 2026-03-31
   historical 500-char remark

   Show marketing remark (500 chars)

   Spacious townhome located within walking distance of the heart of Lancaster City. This property has active rental license and has passed all Lead Safe Requirements. Currently vacant. Long term tenant was recently paying $1150 + all utilities. Property is well maintained by tenant, current lease agreement ends April 2026 but tenant is willing to vacate earlier. If you're an investor looking to add a sold property to your inventory, be sure to check out this listing! Property is being sold AS IS,

5. 2025-12-02
   status Active 500-char remark

   Show marketing remark (500 chars)

   Spacious townhome located within walking distance of the heart of Lancaster City. This property has active rental license and has passed all Lead Safe Requirements. Currently vacant. Long term tenant was recently paying $1150 + all utilities. Property is well maintained by tenant, current lease agreement ends April 2026 but tenant is willing to vacate earlier. If you're an investor looking to add a sold property to your inventory, be sure to check out this listing! Property is being sold AS IS,

6. 2025-11-10
   status Pending 500-char remark

   Show marketing remark (500 chars)

   Spacious townhome located within walking distance of the heart of Lancaster City. This property has active rental license and has passed all Lead Safe Requirements. Currently vacant. Long term tenant was recently paying $1150 + all utilities. Property is well maintained by tenant, current lease agreement ends April 2026 but tenant is willing to vacate earlier. If you're an investor looking to add a sold property to your inventory, be sure to check out this listing! Property is being sold AS IS,

7. 2025-11-01
   status Active 500-char remark

   Show marketing remark (500 chars)

   Spacious townhome located within walking distance of the heart of Lancaster City. This property has active rental license and has passed all Lead Safe Requirements. Currently vacant. Long term tenant was recently paying $1150 + all utilities. Property is well maintained by tenant, current lease agreement ends April 2026 but tenant is willing to vacate earlier. If you're an investor looking to add a sold property to your inventory, be sure to check out this listing! Property is being sold AS IS,

8. 2025-10-29
   historical Active Under Contract 500-char remark

   Show marketing remark (500 chars)

   Spacious townhome located within walking distance of the heart of Lancaster City. This property has active rental license and has passed all Lead Safe Requirements. Currently vacant. Long term tenant was recently paying $1150 + all utilities. Property is well maintained by tenant, current lease agreement ends April 2026 but tenant is willing to vacate earlier. If you're an investor looking to add a sold property to your inventory, be sure to check out this listing! Property is being sold AS IS,

9. 2025-09-28
   listed $190,000 Active 500-char remark

   Show marketing remark (500 chars)

   Spacious townhome located within walking distance of the heart of Lancaster City. This property has active rental license and has passed all Lead Safe Requirements. Currently vacant. Long term tenant was recently paying $1150 + all utilities. Property is well maintained by tenant, current lease agreement ends April 2026 but tenant is willing to vacate earlier. If you're an investor looking to add a sold property to your inventory, be sure to check out this listing! Property is being sold AS IS,

10. 2015-12-23
    soldstatus $59,900
11. 2015-12-22
    soldstatus $59,900 104-char remark

    Show marketing remark (104 chars)

    All Brick Home, Freshly Painted. Gas Hot Water Heat System. 4th Bedroom on 3rd Floor. Move in Condition!

12. 2015-11-11
    historical 104-char remark

    Show marketing remark (104 chars)

    All Brick Home, Freshly Painted. Gas Hot Water Heat System. 4th Bedroom on 3rd Floor. Move in Condition!

13. 2015-11-02
    listed $59,900 104-char remark

    Show marketing remark (104 chars)

    All Brick Home, Freshly Painted. Gas Hot Water Heat System. 4th Bedroom on 3rd Floor. Move in Condition!

ⓘ 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: $2,925 · $244/mo
• Projected year-2 tax: $2,925 · $244/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 8/10 Severe FEMA zone X (unshaded) · 99% 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 14% 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: $22,899
• − Mortgage interest: −$10,363
• − Property taxes: −$2,925
• − Insurance: −$1,592
• − Repairs & maintenance: −$1,832
• − Management: −$1,832
• − Depreciation: −$5,382
• Taxable loss: −$1,026
• Est. tax savings @ 24.0%: +$246
• After-tax cash flow: $2,178/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): 67,571
• Household income: $77,084
• Rent vs Own: 38.1% rent · 61.9% own
• Severe rent burden: 2557.0

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 0.59)
• Race & ethnicity: White 58% Hispanic / Latino 27% Two or more races 12% Black 7% Asian 4%
• Hispanic origin (detail): Mexican 1% Puerto Rican 19% Cuban 1% Dominican 2%
• Common ancestry: Romanian 2% Slovak 2% Lithuanian 1%
• Foreign-born: 9% · Canada, China, India
• Languages at home: 77% English-only · Spanish 17% Other Indo-European 1% Chinese 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: ▼ -508.78%
• Current HPI: 289.3324
• Rent YoY: ▲ 0.47%
• 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

+208.8% since first listed

13 events — show timeline

• 2026-05-15 Pending — BRIGHT MLS
• 2026-04-18 Price Changed $185,000 BRIGHT MLS
• 2026-04-01 Relisted — BRIGHT MLS
• 2026-03-31 Listing Removed — BRIGHT MLS
• 2025-12-02 Relisted — BRIGHT MLS
• 2025-11-10 Pending — BRIGHT MLS
• 2025-11-01 Relisted — BRIGHT MLS
• 2025-10-29 Contingent — BRIGHT MLS
• 2025-09-28 Listed $190,000 BRIGHT MLS
• 2015-12-23 Sold (Public Records) $59,900 Public Records
• 2015-12-22 Sold (MLS) $59,900 BRIGHT MLS
• 2015-11-11 Listing Removed — BRIGHT MLS
• 2015-11-02 Listed $59,900 BRIGHT MLS

Property tax history

+3.3%/yr

Latest (2026): $2,925 · +3.3% YoY. Source: county tax records.