1148 N George St

North York, PA 17404

$290,000C+

9 bd · 3.0 ba · 3,774 sqft · Built 1900 · MultiFamily · Pending · 12 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,110/mo
• Mortgage (P&I): −$1,521
• Tax + insurance: −$442
• HOA: −$0
• Vac / Maint / Mgmt: −$863
• Net cashflow: $1,284/mo
• Annual: $15,410/yr
• Cap rate: 11.61%
• Cash-on-cash: 18.98%
• DSCR: 1.84
• 1% rule: 1.42%
• Cash to close: $81,200

Investor read

• This is a 3 × 2-bed/1-bath units multifamily listed at $290k.
• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $428/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $290k).
• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Location reads 71/100 on livability (#713 in PA) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities D+, commute F.
• Central York SD (suburban): math 33% / reading 57% proficiency, ranked #244 of 539 in PA (top 45%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Central York Hs (math 61% / reading 74%, grade B, #59 of 437 statewide, top 14%, 1,807 students, 40% FRL) — zoned schools average 40% FRL vs 24% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 68% at this address vs 45% district-wide (+23 pts) — the actual schools serving this property are materially stronger than the Central York SD average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+6.4%/yr); 249 active listings in the ZIP; solid renter incomes; 1,328 units permitted in York County in 2024 (338 in 5+ unit buildings).
• Current owner paid $110k; list at $290k implies a 164% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 6.4% rent growth), your $81k cash investment doubles in ~6 years — after that, you're playing with house money.
• 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.
• At $4,110/mo this rent would consume 63% of the median local household income ($79k/yr) (locally 722% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.
• 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.