362 Locust St · Steelton, PA 17113

$250,000

4 bd · 3.0 ba · 3,326 sqft · MultiFamily public records · 78 Days on market

Built 1920 2,178 sqft lot $75/sqft · at area comps Est $214k · 17% over

---

Why this score? — see what drove the D 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 +22.8/30.0
• DSCR +7.3/10.0
• 1% rule +5.4/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +0.5/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 2 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Well-maintained residential multi-unit in Steelton Borough! This semi-detached property features Two 1-bedroom, 1-bathroom apartments, and one 2 Bedroom and 1 bath all with recent interior updates. Each unit is separately metered for electric. Two units are currently tenant-occupied on month-to-month leases, and the third unit will be delivered vacant at settlement. With one unit available, this property presents a great opportunity for investors seeking to expand their portfolio or buyers looking for flexible occupancy options. Rent rolls and utility expense details are available upon request.

Key facts

• 2,178 sq ft lot
• Built 1920
• Listed 78 days

Tags

• RECENT INTERIOR UPDATES
• FLEXIBLE OCCUPANCY OPTIONS

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/?-bath units multifamily listed at $250k.

Deal economics

• At list price, monthly cash flow is $434 ($5k/yr) — positive. Per door: $217/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $250k).
• Recommended offer: $235k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.4% vs local median 6.9% in Steelton — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads 67/100 on livability (#971 in PA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment C-, schools F, crime F.
• Steelton-Highspire SD (suburban): math 2% / reading 9% proficiency, ranked #538 of 539 in PA (top 100%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 68% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 68 active listings in the ZIP; 540 units permitted in Dauphin County in 2024 (194 in 5+ unit buildings).
• At $2,606/mo this rent would consume 46% of the median local household income ($68k/yr) (locally 338% 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 $8k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 78 days — a 6% lower offer ($235k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 5y ago; this cycle's ask has dropped $35k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.

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 $235,000 (6.0% below list)

Questions for the listing agent

1. It's been on market 78 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
8. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
9. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
10. 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.
11. 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.
12. 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: 1.04% ✓
• Cap rate: 8.38%
• Cash-on-cash: 7.44%
• DSCR: 1.33
• GRM: 8.0

CMA / ARV

• ARV (median comp): $213,690
• List price: $250,000
• Delta: 16.99%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
222 Pine St	0.13mi	4/—	3,507 (+5%)	5mo	$154,000	$44	80
233 S 2nd St	0.31mi	4/3.0	2,898 (-13%)	20mo	$265,000	$91	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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -4.9%
• Equity multiple: 0.82×
• Total profit: $-12,896
• Equity at exit: $37,276

10-year hold

• IRR: 4.7%
• Equity multiple: 1.35×
• Total profit: $24,263
• Equity at exit: $21,615

Cash invested: $70,000 (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 17113

• Home prices YoY: -16.3%
• Active inventory: 68
• Price-to-rent: 16.0×

Monthly cashflow live

• Estimated rent: $2,606 high
• Mortgage (P&I): −$1,311
• Tax from tax record: −$210 /mo · $2,515/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$547
• Net cashflow: $434

Break-even live

Break-even rent $2,057

Max offer price $250,000

Occupancy floor 78%

Sensitivity live

Price	-10% $575	-5% $505	+0% $434	+5% $363	+10% $292
Rent	-10% $228	-5% $331	+0% $434	+5% $537	+10% $640
Rate	-1.0pp $560	-0.5pp $498	base $434	+0.5pp $369	+1.0pp $303

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	—	$2,606
Total (2 units)			$2,606

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: $62,500
• Closing costs: $7,500
• Reserves months: —
• Total cash needed: —

Listing history 24 events

1. 2026-05-12
   status Pending 601-char remark

   Show marketing remark (601 chars)

   Well-maintained residential multi-unit in Steelton Borough! This semi-detached property features Two 1-bedroom, 1-bathroom apartments, and one 2 Bedroom and 1 bath all with recent interior updates. Each unit is separately metered for electric. Two units are currently tenant-occupied on month-to-month leases, and the third unit will be delivered vacant at settlement. With one unit available, this property presents a great opportunity for investors seeking to expand their portfolio or buyers looking for flexible occupancy options. Rent rolls and utility expense details are available upon request.

2. 2026-04-21
   price $250,000 601-char remark

   Show marketing remark (601 chars)

   Well-maintained residential multi-unit in Steelton Borough! This semi-detached property features Two 1-bedroom, 1-bathroom apartments, and one 2 Bedroom and 1 bath all with recent interior updates. Each unit is separately metered for electric. Two units are currently tenant-occupied on month-to-month leases, and the third unit will be delivered vacant at settlement. With one unit available, this property presents a great opportunity for investors seeking to expand their portfolio or buyers looking for flexible occupancy options. Rent rolls and utility expense details are available upon request.

3. 2026-03-31
   price $260,000 601-char remark

   Show marketing remark (601 chars)

   Well-maintained residential multi-unit in Steelton Borough! This semi-detached property features Two 1-bedroom, 1-bathroom apartments, and one 2 Bedroom and 1 bath all with recent interior updates. Each unit is separately metered for electric. Two units are currently tenant-occupied on month-to-month leases, and the third unit will be delivered vacant at settlement. With one unit available, this property presents a great opportunity for investors seeking to expand their portfolio or buyers looking for flexible occupancy options. Rent rolls and utility expense details are available upon request.

4. 2026-03-31
   status Active 601-char remark

   Show marketing remark (601 chars)

   Well-maintained residential multi-unit in Steelton Borough! This semi-detached property features Two 1-bedroom, 1-bathroom apartments, and one 2 Bedroom and 1 bath all with recent interior updates. Each unit is separately metered for electric. Two units are currently tenant-occupied on month-to-month leases, and the third unit will be delivered vacant at settlement. With one unit available, this property presents a great opportunity for investors seeking to expand their portfolio or buyers looking for flexible occupancy options. Rent rolls and utility expense details are available upon request.

5. 2026-03-06
   status Pending 601-char remark

   Show marketing remark (601 chars)

   Well-maintained residential multi-unit in Steelton Borough! This semi-detached property features Two 1-bedroom, 1-bathroom apartments, and one 2 Bedroom and 1 bath all with recent interior updates. Each unit is separately metered for electric. Two units are currently tenant-occupied on month-to-month leases, and the third unit will be delivered vacant at settlement. With one unit available, this property presents a great opportunity for investors seeking to expand their portfolio or buyers looking for flexible occupancy options. Rent rolls and utility expense details are available upon request.

6. 2026-01-29
   listed $285,000 Active 601-char remark

   Show marketing remark (601 chars)

   Well-maintained residential multi-unit in Steelton Borough! This semi-detached property features Two 1-bedroom, 1-bathroom apartments, and one 2 Bedroom and 1 bath all with recent interior updates. Each unit is separately metered for electric. Two units are currently tenant-occupied on month-to-month leases, and the third unit will be delivered vacant at settlement. With one unit available, this property presents a great opportunity for investors seeking to expand their portfolio or buyers looking for flexible occupancy options. Rent rolls and utility expense details are available upon request.

7. 2025-09-25
   soldstatus $240,000 Closed 332-char remark

   Show marketing remark (332 chars)

   Great 3-unit investment property in Steelton available now. Total Monthly Rent: $3,025. Annual Rent Income: $36,300 Estimated Annual Expenses: Property Taxes: $2,345 Insurance: $1,200 Utilities: $1,800 Estimated Annual Net Operating Income (NOI): $30,955 Capitalization Rate (Cap Rate): 12.38% Rent-to-Price Ratio: 1.21%

8. 2025-08-22
   status Pending 332-char remark

   Show marketing remark (332 chars)

   Great 3-unit investment property in Steelton available now. Total Monthly Rent: $3,025. Annual Rent Income: $36,300 Estimated Annual Expenses: Property Taxes: $2,345 Insurance: $1,200 Utilities: $1,800 Estimated Annual Net Operating Income (NOI): $30,955 Capitalization Rate (Cap Rate): 12.38% Rent-to-Price Ratio: 1.21%

9. 2025-08-08
   listed $249,999 Active 332-char remark

   Show marketing remark (332 chars)

   Great 3-unit investment property in Steelton available now. Total Monthly Rent: $3,025. Annual Rent Income: $36,300 Estimated Annual Expenses: Property Taxes: $2,345 Insurance: $1,200 Utilities: $1,800 Estimated Annual Net Operating Income (NOI): $30,955 Capitalization Rate (Cap Rate): 12.38% Rent-to-Price Ratio: 1.21%

10. 2022-05-19
    soldstatus $165,000
11. 2022-04-29
    soldstatus $165,000 Closed
12. 2022-03-21
    status Pending
13. 2022-02-01
    status Active
14. 2022-01-31
    historical
15. 2022-01-10
    price $175,000
16. 2022-01-10
    status Active
17. 2021-12-22
    status Pending
18. 2021-11-29
    price $180,000
19. 2021-11-16
    price $770,000
20. 2021-10-25
    price $1,950,000
21. 2021-10-14
    listed $2,150,000 Active
22. 2020-05-22
    soldstatus $735,000
23. 1988-05-04
    soldstatus $58,000
24. 1983-03-01
    soldstatus $44,000

ⓘ 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: $2,515 · $210/mo
• Projected year-2 tax: $3,233 · $269/mo
• Expected delta: +$717/yr (+$60/mo · 28.5%)

ⓘ 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 3/10 Moderate 5% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $31,272
• − Mortgage interest: −$14,004
• − Property taxes: −$2,515
• − Insurance: −$1,250
• − Repairs & maintenance: −$2,502
• − Management: −$2,502
• − Depreciation: −$7,273
• Taxable income: $1,227
• Est. tax owed @ 24.0%: −$294
• After-tax cash flow: $4,913/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: Steelton-Highspire SD
• NCES district ID: 4222800
• Math proficiency: 2% ▼ -4.00%
• Reading proficiency: 9% ▼ -12.00%
• Median HH income: $40,685
• Composite: 4.98/100
• National rank: #10040
• State rank: #538 of 539 in PA

Livability — Steelton

• Score: 67/100
• State rank: #971
• US rank: #10606

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Steelton, PA
• County: Dauphin County · 247,857 people
• City population: 19,401
• Metro: Harrisburg-Carlisle, PA
• Population (ZIP): 11,724
• Household income: $68,244
• Rent vs Own: 37.6% rent · 62.4% own
• Severe rent burden: 338.0

Population outlook (Dauphin County) Hauer SSP2

• Today (2025): 281,628 people
• By 2030: 283,549 · +0.7%
• By 2040: 285,385 · +1.3%
• By 2050: 286,188 · +1.6%
• By 2075: 291,053 · +3.3%
• By 2100: 282,374 · +0.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.67)
• Race & ethnicity: White 48% Hispanic / Latino 24% Black 22% Two or more races 19% Native American 2% Asian 2%
• Hispanic origin (detail): Mexican 7% Puerto Rican 11% Cuban 2%
• Common ancestry: Romanian 1% Lithuanian 1% Iranian 1%
• Foreign-born: 7% · Canada, India
• Languages at home: 80% English-only · Spanish 17% Other Indo-European 1% Russian/Polish/Slavic 1%

Political lean MEDSL · Dauphin

• 2024 margin: Lean D (+5.9) · D 52.4% · R 46.5% · Other 1.1%
• 2008→2024 swing: -3.1pp toward R · 2008: 9.1pp · 2024: 5.9pp
• All cycles: 2024: D+5.9 2020: D+8.5 2016: D+2.8 2012: D+6.0 2008: D+9.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -54.73%
• Current HPI: 281.6906
• Rent YoY: —
• Metro: Harrisburg-Carlisle, 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

+468.2% since first listed

24 events — show timeline

• 2026-05-12 Pending — BRIGHT MLS
• 2026-04-21 Price Changed $250,000 BRIGHT MLS
• 2026-03-31 Price Changed $260,000 BRIGHT MLS
• 2026-03-31 Relisted — BRIGHT MLS
• 2026-03-06 Pending — BRIGHT MLS
• 2026-01-29 Listed $285,000 BRIGHT MLS
• 2025-09-25 Sold (MLS) $240,000 BRIGHT MLS
• 2025-08-22 Pending — BRIGHT MLS
• 2025-08-08 Listed $249,999 BRIGHT MLS
• 2022-05-19 Sold (Public Records) $165,000 Public Records
• 2022-04-29 Sold (MLS) $165,000 BRIGHT MLS
• 2022-03-21 Pending — BRIGHT MLS
• 2022-02-01 Relisted — BRIGHT MLS
• 2022-01-31 Listing Removed — BRIGHT MLS
• 2022-01-10 Price Changed $175,000 BRIGHT MLS
• 2022-01-10 Relisted — BRIGHT MLS
• 2021-12-22 Pending — BRIGHT MLS
• 2021-11-29 Price Changed $180,000 BRIGHT MLS
• 2021-11-16 Price Changed $770,000 BRIGHT MLS
• 2021-10-25 Price Changed $1,950,000 BRIGHT MLS
• 2021-10-14 Listed $2,150,000 BRIGHT MLS
• 2020-05-22 Sold (Public Records) $735,000 Public Records
• 1988-05-04 Sold (Public Records) $58,000 Public Records
• 1983-03-01 Sold (Public Records) $44,000 Public Records

Property tax history

+1.2%/yr

Latest (2026): $2,515 · +7.2% YoY. Source: county tax records.