633 E Fulton St · Lancaster, PA 17602

$299,900

3 bd · 1.5 ba · 1,156 sqft · MultiFamily public records · 23 Days on market

Built 2016 3,485 sqft lot Est $205k · 47% over

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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 +26.1/30.0
• DSCR +8.8/10.0
• 1% rule +7.1/10.0
• 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 (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

This wonderful all brick semi detached home is only 2 years old and hand crafted by the Thaddeus Stevens Trade School. Offering great amenities such as a large living room w/ open staircase, custom kitchen w/ breakfast bar & pantry, sliding doors to rear patio, convenient 1st floor powder room, plus 3 generous-sized bedrooms w/ extra closet space. This home offers efficient Gas Heat w/ Central Air, Rear yard w/ Off-street parking. Also a huge basement just waiting to be finished with a roughed in powder room. Also taxes are very low as this home is only in year 2 of the 7 year LERTA tax abatement program Tax total for 2018 were $1294.26

Key facts

• Fresh paint
• Modern updates
• All brick

Tags

• ALL BRICK
• MODERN UPDATES
• BRAND NEW CARPET
• FRESH PAINT
• NEW APPLIANCES
• SPACIOUS LIVING ROOM

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath multifamily listed at $300k.

Deal economics

• At list price, monthly cash flow is $756 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $300k).
• Recommended offer: $295k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.3% 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; 36 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,093 units permitted in Lancaster County in 2024 (201 in 5+ unit buildings).
• At $3,618/mo this rent would consume 57% 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 $2k of loan paydown is wiped out by about $9k 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 23 days — a 2% lower offer ($295k) is reasonable based on typical stale-listing flexibility.
• 5 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.

Risks & watch-outs

• 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 $295,401 (1.5% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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.
3. 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.
4. 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: 1.21% ✓
• Cap rate: 9.32%
• Cash-on-cash: 10.80%
• DSCR: 1.48
• GRM: 6.9

CMA / ARV

• ARV (on-the-fly): $204,612
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
742 E Marion St	0.17mi	2/2.0 (-1)	1,290 (+12%)	16mo	$228,000	$177	52

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 · 1.2% rent growth · sell at horizon

5-year hold

• IRR: -2.2%
• Equity multiple: 0.92×
• Total profit: $-6,834
• Equity at exit: $44,716

10-year hold

• IRR: 5.4%
• Equity multiple: 1.37×
• Total profit: $30,839
• Equity at exit: $25,930

Cash invested: $83,972 (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: 13.8×

Monthly cashflow live

• Estimated rent: $3,618 high
• Mortgage (P&I): −$1,573
• Tax from tax record: −$405 /mo · $4,859/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$760
• Net cashflow: $756

Break-even live

Break-even rent $2,662

Max offer price $299,900

Occupancy floor 74%

Sensitivity live

Price	-10% $925	-5% $841	+0% $756	+5% $671	+10% $586
Rent	-10% $470	-5% $613	+0% $756	+5% $899	+10% $1,041
Rate	-1.0pp $907	-0.5pp $832	base $756	+0.5pp $678	+1.0pp $599

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1.5	$3,618
Total (2 units)			$3,618

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: $74,975
• Closing costs: $8,997
• Reserves months: —
• Total cash needed: —

Rent comps 36 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
738 E Madison St Lancaster, PA	3.0	1.0	1102	$1,750	$1.59	44d	1	0.17mi
605 Lehigh Ave Lancaster, PA	2.0	1.0	784	$1,395	$1.78	44d	1	0.19mi
231 N Shippen St #224 Lancaster, PA	2.0	2.0	1155	$2,285	$1.98	14d	1	0.36mi
225 E King St Unit 2 Lancaster, PA	2.0	2.5	1075	$2,600	$2.42	44d	1	0.49mi
225 E King St Unit 1 Lancaster, PA	2.0	1.0	957	$1,950	$2.04	14d	1	0.49mi
766 New Holland Ave Lancaster, PA	3.0	1.0	1152	$1,795	$1.56	14d	1	0.55mi
767 Clermont Ave Lancaster, PA	2.0	1.0	850	$1,395	$1.64	14d	1	0.58mi
202 N Queen St Lancaster, PA	2.0	1.0–2.0	697	$2,718	$3.90	14d	12	0.73mi
701 Martha Ave Lancaster, PA	2.0	1.0–2.0	1096	$2,600	$2.37	14d	1	0.77mi
1216 Clark St Lancaster, PA	4.0	1.5	1270	$2,195	$1.73	14d	1	0.79mi
425 N Prince St Apt 206 Lancaster, PA	2.0	2.0	1138	$1,995	$1.75	44d	1	0.83mi
118 N Prince St Lancaster, PA	1.0–3.0	1.0–3.0	1274	$4,703	$3.69	14d	48	0.85mi
135 E Ross St Unit 2nd Floor Lancaster, PA	2.0	1.0	1000	$1,575	$1.57	14d	1	0.86mi
549 Howard Ave Lancaster, PA	4.0	1.0	1439	$1,700	$1.18	44d	1	0.93mi
537 Woodward St Lancaster, PA	3.0	2.0	1288	$1,650	$1.28	24d	1	0.94mi
128 N Mulberry St Unit 1 Lancaster, PA	2.0	2.0	1500	$2,250	$1.50	24d	1	0.99mi
345 1/2 Beaver St Lancaster, PA	4.0	1.0	1382	$2,095	$1.52	44d	1	1.01mi
214 W Strawberry St Lancaster, PA	3.0	1.0	1175	$1,345	$1.14	21d	1	1.03mi
404 Beaver St Lancaster, PA	3.0	1.0	1025	$1,425	$1.39	24d	1	1.05mi
816 N Prince St Lancaster, PA	1.0–2.0	1.0–2.0	794	$2,195	$2.76	14d	7	1.08mi
433 W Walnut St Apt 2 Lancaster, PA	2.0	1.0	900	$1,840	$2.04	24d	1	1.16mi
519 1/2 S Prince St Lancaster, PA	2.0	1.0	848	$1,550	$1.83	14d	1	1.18mi
513 Poplar St Lancaster, PA	3.0	1.5	1184	$1,695	$1.43	44d	1	1.19mi
37 E Filbert St Lancaster, PA	3.0	1.0	1002	$1,750	$1.75	44d	1	1.19mi
422 Hillside Ave Lancaster, PA	2.0	1.0	960	$1,245	$1.30	44d	1	1.22mi
324 New Dorwart St Lancaster, PA	3.0	1.0	1020	$1,495	$1.47	14d	1	1.24mi
529 Manor St Lancaster, PA	3.0	1.0	1434	$1,635	$1.14	14d	1	1.28mi
50 Knollwood Dr Lancaster, PA	2.0	1.5	1067	$1,925	$1.80	14d	3	1.29mi
1635 Old Philadelphia Pike Lancaster, PA	2.0	2.0	1160	$1,845	$1.59	14d	1	1.30mi
1000 Strand WAY Neffsville, PA	1.0–2.0	1.0–2.0	1033	$2,850	$2.76	14d	15	1.31mi
1522 Princess Anne Dr Lancaster, PA	4.0	2.0	1352	$2,400	$1.78	44d	1	1.36mi
5000 Foundry Dr Lancaster, PA	1.0–2.0	1.0–2.0	970	$2,575	$2.65	14d	10	1.37mi
14 Coral St Lancaster, PA	3.0	1.5	1355	$1,525	$1.13	44d	1	1.40mi
850 Highland Ave Lancaster, PA	2.0	1.0	1000	$1,300	$1.30	21d	1	1.43mi
1405 Oregon Pike Apt A Lancaster, PA	2.0	1.0	1000	$1,295	$1.29	44d	1	1.43mi
678 1/2 Columbia Ave Apt 2 Lancaster, PA	3.0	1.0	1100	$1,495	$1.36	14d	1	1.46mi

Listing history 15 events

1. 2026-05-12
   soldstatus $299,900
2. 2026-04-26
   status Pending
3. 2026-04-02
   listed $299,900 Active
4. 2018-11-01
   soldstatus $149,900
5. 2018-10-30
   soldstatus $149,900 Closed 651-char remark

   Show marketing remark (651 chars)

   This wonderful all brick semi detached home is only 2 years old and hand crafted by the Thaddeus Stevens Trade School. Offering great amenities such as a large living room w/ open staircase, custom kitchen w/ breakfast bar & pantry, sliding doors to rear patio, convenient 1st floor powder room, plus 3 generous-sized bedrooms w/ extra closet space. This home offers efficient Gas Heat w/ Central Air, Rear yard w/ Off-street parking. Also a huge basement just waiting to be finished with a roughed in powder room. Also taxes are very low as this home is only in year 2 of the 7 year LERTA tax abatement program Tax total for 2018 were $1294.26

6. 2018-10-06
   status Pending 651-char remark

   Show marketing remark (651 chars)

   This wonderful all brick semi detached home is only 2 years old and hand crafted by the Thaddeus Stevens Trade School. Offering great amenities such as a large living room w/ open staircase, custom kitchen w/ breakfast bar & pantry, sliding doors to rear patio, convenient 1st floor powder room, plus 3 generous-sized bedrooms w/ extra closet space. This home offers efficient Gas Heat w/ Central Air, Rear yard w/ Off-street parking. Also a huge basement just waiting to be finished with a roughed in powder room. Also taxes are very low as this home is only in year 2 of the 7 year LERTA tax abatement program Tax total for 2018 were $1294.26

7. 2018-10-05
   listed $149,900 Active 651-char remark

   Show marketing remark (651 chars)

   This wonderful all brick semi detached home is only 2 years old and hand crafted by the Thaddeus Stevens Trade School. Offering great amenities such as a large living room w/ open staircase, custom kitchen w/ breakfast bar & pantry, sliding doors to rear patio, convenient 1st floor powder room, plus 3 generous-sized bedrooms w/ extra closet space. This home offers efficient Gas Heat w/ Central Air, Rear yard w/ Off-street parking. Also a huge basement just waiting to be finished with a roughed in powder room. Also taxes are very low as this home is only in year 2 of the 7 year LERTA tax abatement program Tax total for 2018 were $1294.26

8. 2016-09-30
   historical
9. 2016-08-17
   soldstatus $255,000
10. 2016-07-29
    historical
11. 2016-05-10
    listed $269,800
12. 2016-05-09
    listed $134,900
13. 2009-09-28
    historical
14. 2009-09-25
    soldstatus $26,000
15. 2009-08-17
    listed $30,000

ⓘ 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: $4,859 · $405/mo
• Projected year-2 tax: $4,859 · $405/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 1/10 Low FEMA zone X (unshaded) · 0% 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 16% 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: $43,416
• − Mortgage interest: −$16,799
• − Property taxes: −$4,859
• − Insurance: −$1,500
• − Repairs & maintenance: −$3,473
• − Management: −$3,473
• − Depreciation: −$8,724
• Taxable income: $4,587
• Est. tax owed @ 24.0%: −$1,101
• After-tax cash flow: $7,967/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

+899.7% since first listed

15 events — show timeline

• 2026-05-12 Sold (Public Records) $299,900 Public Records
• 2026-04-26 Pending — BRIGHT MLS
• 2026-04-02 Listed $299,900 BRIGHT MLS
• 2018-11-01 Sold (Public Records) $149,900 Public Records
• 2018-10-30 Sold (MLS) $149,900 BRIGHT MLS
• 2018-10-06 Pending — BRIGHT MLS
• 2018-10-05 Listed $149,900 BRIGHT MLS
• 2016-09-30 Listing Removed — BRIGHT MLS
• 2016-08-17 Sold (MLS) $255,000 BRIGHT MLS
• 2016-07-29 Listing Removed — BRIGHT MLS
• 2016-05-10 Listed $269,800 BRIGHT MLS
• 2016-05-09 Listed $134,900 BRIGHT MLS
• 2009-09-28 Listing Removed — BRIGHT MLS
• 2009-09-25 Sold (MLS) $26,000 BRIGHT MLS
• 2009-08-17 Listed $30,000 BRIGHT MLS

Property tax history

+1.0%/yr

Latest (2026): $4,859 · +3.3% YoY. Source: county tax records.