352 E New St · Lancaster, PA 17602

$695,000

24 bd · None ba · 4,392 sqft · MultiFamily · 40 Days on market

Built 1900 3,049 sqft lot $158/sqft · 26% above area Est $553k · 26% over

---

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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +4.2/5.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0
• 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: 6 units. confirmed

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

Unique 6 unit building consists of 4 one BR apartments, 860 SF Laundromat which is operated by building owner, and a vacant 720 SF restaurant. Restaurant and Laundromat equipment available for sale. Plenty of opportunities to increase revenue.

Key facts

• 3,049 sq ft lot
• Built 1900
• Listed 40 days

Property features AI

Finance

• Financial info: Gross income: $72,360; Net operating income: $41,795; Income includes apartment rentals, laundry, and other; Operating expenses include insurance, snow removal, and trash; Trash expense: $2,064; Electric average ~ $115/month; Gas average ~ $283.33/month; Water average ~ $497/month

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer (public septic); Natural gas available; 200+ amp electric service; Natural gas hot water
• Home design: Brick construction; 3 stories; Fee simple ownership
• Construction: Built (year per assessor); Stone foundation; Metal and rubber roof; Replacement windows
• Exterior features: Fire escape; Sidewalks; Street lights; Corner lot; Multiple balconies

Interior

• Kitchen: Electric oven/range; Refrigerator
• Bedrooms: Four one-bedroom units (multi-unit property)
• Flooring: Vinyl; Wood
• Heating & cooling: Hot water heating; Natural gas fuel
• Interior features: Eat-in kitchen; Drywall walls and ceilings; Wood floors
• Laundry & utility: On-site laundry income included (laundry facilities)

What this means for you Summary

Snapshot

• This is a 4×4bd/?ba + 2×?bd/?ba units multifamily listed at $695k.

Deal economics

• At list price, monthly cash flow is $5k ($61k/yr) — positive. Per door: $854/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($13k rent vs $695k).
• Recommended offer: $674k (3.0% below list) — sets the bar for market timing.
• Cap rate 15.1% vs local median 4.2% 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 rising (+1.2%/yr); 161 active listings in the ZIP; solid renter incomes; 1,093 units permitted in Lancaster County in 2024 (201 in 5+ unit buildings).
• At $12,567/mo this rent would consume 199% of the median local household income ($76k/yr) (locally 1556% 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 $5k of loan paydown is wiped out by about $21k 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 + 1.2% rent growth), your $195k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 40 days — a 3% lower offer ($674k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 10y 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 $295k; list at $695k implies a 136% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $674,150 (3.0% below list)

Questions for the listing agent

1. It's been on market 40 days. Have you received any prior offers? Is the seller open to a 3% 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 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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: 1.81% ✓
• Cap rate: 15.14%
• Cash-on-cash: 31.60%
• DSCR: 2.41
• GRM: 4.6

CMA / ARV

• ARV (median comp): $553,449
• List price: $695,000
• Delta: 25.58%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 1.2% rent growth · sell at horizon

5-year hold

• IRR: 24.5%
• Equity multiple: 1.98×
• Total profit: $191,620
• Equity at exit: $103,627

10-year hold

• IRR: 31.1%
• Equity multiple: 3.57×
• Total profit: $499,442
• Equity at exit: $60,091

Cash invested: $194,600 (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 17602

• Rents YoY: 1.2%
• Active inventory: 161
• Price-to-rent: 23.8×

Monthly cashflow live

• Estimated rent: $12,567 medium
• Mortgage (P&I): −$3,645
• Tax est. 1.5%: −$869 /mo · $10,425/yr
• Insurance: −$290
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,639
• Net cashflow: $5,125

Break-even live

Break-even rent $6,080

Max offer price $695,000

Occupancy floor 54%

Sensitivity live

Price	-10% $5,605	-5% $5,365	+0% $5,125	+5% $4,885	+10% $4,645
Rent	-10% $4,132	-5% $4,629	+0% $5,125	+5% $5,621	+10% $6,118
Rate	-1.0pp $5,475	-0.5pp $5,302	base $5,125	+0.5pp $4,945	+1.0pp $4,762

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

Units	Beds	Baths	Est. rent
▸ 4× units	4	0	$9,736
▸ 2× units	0	0	$2,830
Total (6 units)			$12,567

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: $173,750
• Closing costs: $20,850
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-18
   days on market $695,000 Active 40 DOM
2. 2026-06-17
   days on market $695,000 Active 39 DOM
3. 2026-06-16
   days on market $695,000 Active 38 DOM
4. 2026-06-15
   days on market $695,000 Active 37 DOM
5. 2026-06-14
   days on market $695,000 Active 35 DOM
6. 2026-06-13
   days on market $695,000 Active 34 DOM
7. 2026-06-10
   days on market $695,000 Active 32 DOM
8. 2026-06-09
   days on market $695,000 Active 31 DOM
9. 2026-06-08
   days on market $695,000 Active 30 DOM
10. 2026-06-07
    days on market $695,000 Active 29 DOM
11. 2026-06-03
    days on market $695,000 Active 25 DOM
12. 2026-06-02
    days on market $695,000 Active 24 DOM
13. 2026-06-01
    days on market $695,000 Active 23 DOM
14. 2026-05-31
    days on market $695,000 Active 22 DOM
15. 2026-05-30
    days on market $695,000 Active 21 DOM
16. 2026-05-10
    listed $695,000 Active 509-char remark
17. 2026-05-01
    historical $695,000 509-char remark
18. 2016-09-15
    soldstatus $295,000 244-char remark

    Show marketing remark (244 chars)

    Unique 6 unit building consists of 4 one BR apartments, 860 SF Laundromat which is operated by building owner, and a vacant 720 SF restaurant. Restaurant and Laundromat equipment available for sale. Plenty of opportunities to increase revenue.

19. 2016-07-27
    historical 244-char remark

    Show marketing remark (244 chars)

    Unique 6 unit building consists of 4 one BR apartments, 860 SF Laundromat which is operated by building owner, and a vacant 720 SF restaurant. Restaurant and Laundromat equipment available for sale. Plenty of opportunities to increase revenue.

20. 2016-02-29
    listed $329,900 244-char remark

    Show marketing remark (244 chars)

    Unique 6 unit building consists of 4 one BR apartments, 860 SF Laundromat which is operated by building owner, and a vacant 720 SF restaurant. Restaurant and Laundromat equipment available for sale. Plenty of opportunities to increase revenue.

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

Taxation est. · year 1

• Rental income: $150,804
• − Mortgage interest: −$38,931
• − Property taxes: −$10,425
• − Insurance: −$3,475
• − Repairs & maintenance: −$12,064
• − Management: −$12,064
• − Depreciation: −$20,218
• Taxable income: $53,626
• Est. tax owed @ 24.0%: −$12,870
• After-tax cash flow: $48,629/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): 52,217
• Household income: $75,862
• Rent vs Own: 41.7% rent · 58.3% own
• Severe rent burden: 1556.0

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 0.61)
• Race & ethnicity: White 52% Hispanic / Latino 32% Two or more races 12% Black 11% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 21% Cuban 1% Dominican 4%
• Common ancestry: Romanian 2% Italian 1% Lithuanian 1%
• Foreign-born: 13% · Canada, Vietnam, South Korea
• Languages at home: 70% English-only · Spanish 22% German/W. Germanic 2% French/Haitian/Cajun 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: ▼ -248.05%
• Current HPI: 288.9141
• Rent YoY: ▲ 1.20%
• 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

+110.7% since first listed

5 events — show timeline

• 2026-05-10 Listed $695,000 BRIGHT MLS
• 2026-05-01 Coming Soon $695,000 BRIGHT MLS
• 2016-09-15 Sold (MLS) $295,000 BRIGHT MLS
• 2016-07-27 Listing Removed — BRIGHT MLS
• 2016-02-29 Listed $329,900 BRIGHT MLS