229 Old Hershey Rd · Elizabethtown, PA 17022

$340,000

4 bd · 2.0 ba · 2,400 sqft · MultiFamily public records · 8 Days on market

Built 1986 0.46 ac lot $142/sqft · 36% below area Est $534k · 36% 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).

• ARV discount +15.0/15.0
• Cash flow +12.7/30.0
• Schools +4.7/10.0
• Rent growth +4.1/5.0
• Livability +4.0/5.0
• DSCR +3.8/10.0
• 1% rule +3.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Single 2 unit located in a cozy secluded park like setting close to route 743 in Elizabethtown. Great long term tenants $700 for the first floor and $675 for the second. As a convenience, a coin operated laundry is located on the the first floor. There's plenty of off street parking available. Roof is 3-5 years old, each unit has electric baseboard heat that tenants pay. Property has been professionally cleaned and all appliances stay with the property. Property is in need of updating and rents should be raised. The owner has only been responsible for these annual expenses: Homeowner's Insurance $752, County & Municipal Taxes $1,085, School Tax $3,539, Electric $960, Sewer $1,200, Trash $1,120, Water $240. Total Expenses $8,896

Key facts

• Main entrance
• Off street parking
• 5 acre lot

Tags

• 5 ACRE LOT
• MAIN ENTRANCE
• COIN OPERATED LAUNDRY
• OFF STREET PARKING
• ROOF REPLACED

Property features AI

Finance

• Other: Accessibility: level entry to main
• Financial info: Property is fee simple; Contains 2 total units (both currently leased); Total actual rent reported

Exterior

• Parking: Asphalt driveway; Driveway / off-street parking
• Utilities: Public water; Public sewer; Electric service
• Home design: Detached structure; 2 total stories; Level entry at main
• Construction: Frame construction with vinyl siding; Shingle roof; Slab foundation; Built/finished above grade (2,400 finished above-grade square feet)
• Exterior features: Front yard; Secluded lot

Interior

• Kitchen: Electric range/oven; Refrigerator
• Bedrooms: Two 2-bedroom units (multifamily property)
• Flooring: Carpet
• Bathrooms: Bathrooms included (tub/shower)
• Heating & cooling: Electric baseboard heating; Electric hot water
• Interior features: Eat-in kitchen; Tub with shower; Walk-in closet(s); No basement
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/?-bath units multifamily listed at $340k.

Deal economics

• At list price, monthly cash flow is $-38 ($-454/yr) — negative. Per door: $-19/mo.
• To cash-flow at today's rent, offer at most $333k (2.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $295k (13.2% below list).
• Recommended offer: $295k (13.2% below list) — sets the bar for 1% rule.
• Cap rate 6.2% vs local median 3.1% in Elizabethtown — 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 80/100 on livability (#201 in PA, #1,759 nationally) — a professional / high-income tenant draw. Strengths: crime A+, cost of living A+, housing A+; Watch: commute F.
• Elizabethtown Area SD (suburban): math 46% / reading 62% proficiency, ranked #123 of 539 in PA (top 23%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+6.5%/yr); 202 active listings in the ZIP; solid renter incomes; 1,093 units permitted in Lancaster County in 2024 (201 in 5+ unit buildings).
• This rent runs 41% of the median local income ($87k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k 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

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 4y 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 $295,100 (13.2% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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: 0.87% ✗
• Cap rate: 6.16%
• Cash-on-cash: -0.48%
• DSCR: 0.98
• GRM: 9.6

CMA / ARV

• ARV (median comp): $533,857
• List price: $340,000
• Delta: -36.31%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 6.52% rent growth · sell at horizon

5-year hold

• IRR: -13.2%
• Equity multiple: 0.51×
• Total profit: $-46,627
• Equity at exit: $50,695

10-year hold

• IRR: 0.6%
• Equity multiple: 1.04×
• Total profit: $4,263
• Equity at exit: $29,397

Cash invested: $95,200 (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 17022

• Home prices YoY: -29.0%
• Rents YoY: 6.5%
• Active inventory: 202
• Price-to-rent: 19.2×

Monthly cashflow live

• Estimated rent: $2,951 medium
• Mortgage (P&I): −$1,783
• Tax from tax record: −$444 /mo · $5,334/yr
• Insurance: −$142
• HOA: −$0
• Vacancy / Maint / Mgmt: −$620
• Net cashflow: $-38

Break-even live

Break-even rent $2,999

Max offer price $333,317

Occupancy floor 96%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	—	$2,952
Total (2 units)			$2,951

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: $85,000
• Closing costs: $10,200
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-05-11
   listed $340,000 Active 422-char remark
2. 2022-07-28
   soldstatus $237,000 Closed 745-char remark

   Show marketing remark (745 chars)

   Single 2 unit located in a cozy secluded park like setting close to route 743 in Elizabethtown. Great long term tenants $700 for the first floor and $675 for the second. As a convenience, a coin operated laundry is located on the the first floor. There's plenty of off street parking available. Roof is 3-5 years old, each unit has electric baseboard heat that tenants pay. Property has been professionally cleaned and all appliances stay with the property. Property is in need of updating and rents should be raised. The owner has only been responsible for these annual expenses: Homeowner's Insurance $752, County & Municipal Taxes $1,085, School Tax $3,539, Electric $960, Sewer $1,200, Trash $1,120, Water $240. Total Expenses $8,896

3. 2022-06-21
   status Pending 745-char remark

   Show marketing remark (745 chars)

   Single 2 unit located in a cozy secluded park like setting close to route 743 in Elizabethtown. Great long term tenants $700 for the first floor and $675 for the second. As a convenience, a coin operated laundry is located on the the first floor. There's plenty of off street parking available. Roof is 3-5 years old, each unit has electric baseboard heat that tenants pay. Property has been professionally cleaned and all appliances stay with the property. Property is in need of updating and rents should be raised. The owner has only been responsible for these annual expenses: Homeowner's Insurance $752, County & Municipal Taxes $1,085, School Tax $3,539, Electric $960, Sewer $1,200, Trash $1,120, Water $240. Total Expenses $8,896

4. 2022-06-13
   listed $230,000 Active 745-char remark

   Show marketing remark (745 chars)

   Single 2 unit located in a cozy secluded park like setting close to route 743 in Elizabethtown. Great long term tenants $700 for the first floor and $675 for the second. As a convenience, a coin operated laundry is located on the the first floor. There's plenty of off street parking available. Roof is 3-5 years old, each unit has electric baseboard heat that tenants pay. Property has been professionally cleaned and all appliances stay with the property. Property is in need of updating and rents should be raised. The owner has only been responsible for these annual expenses: Homeowner's Insurance $752, County & Municipal Taxes $1,085, School Tax $3,539, Electric $960, Sewer $1,200, Trash $1,120, Water $240. Total Expenses $8,896

5. 1965-12-08
   soldstatus $11,950

ⓘ 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: $5,334 · $444/mo
• Projected year-2 tax: $5,353 · $446/mo
• Expected delta: +$19/yr (+$2/mo · 0.4%)

ⓘ 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 4/10 Moderate 10% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 3 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $35,412
• − Mortgage interest: −$19,045
• − Property taxes: −$5,334
• − Insurance: −$1,700
• − Repairs & maintenance: −$2,833
• − Management: −$2,833
• − Depreciation: −$9,891
• Taxable loss: −$6,224
• Est. tax savings @ 24.0%: +$1,494
• After-tax cash flow: $1,040/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: Elizabethtown Area SD
• NCES district ID: 4209120
• Math proficiency: 46% ▼ -10.00%
• Reading proficiency: 62% ▼ -8.00%
• Median HH income: $59,380
• Composite: 46.94/100
• National rank: #2361
• State rank: #123 of 539 in PA

Livability — Elizabethtown

• Score: 80/100
• State rank: #201
• US rank: #1759

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Lancaster County · 390,309 people
• City population: 31,908
• Metro: Lancaster, PA
• Population (ZIP): 31,908
• Household income: $86,767
• Rent vs Own: 31.8% rent · 68.2% own
• Severe rent burden: 1404.0

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: Predominantly White (89%)
• Race & ethnicity: White 89% Hispanic / Latino 6% Two or more races 4% Black 1% Asian 1%
• Hispanic origin (detail): Mexican 1% Puerto Rican 2%
• Common ancestry: Romanian 4% Lithuanian 2% Slovak 2%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 2% Other Asian/Pacific 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: ▼ -108.73%
• Current HPI: 266.3184
• Rent YoY: ▲ 6.52%
• 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

+2653.1% since first listed

8 events — show timeline

• 2026-06-04 Sold (Public Records) $329,000 Public Records
• 2026-06-03 Sold (MLS) $329,000 BRIGHT MLS
• 2026-05-19 Pending — BRIGHT MLS
• 2026-05-11 Listed $340,000 BRIGHT MLS
• 2022-07-28 Sold (MLS) $237,000 BRIGHT MLS
• 2022-06-21 Pending — BRIGHT MLS
• 2022-06-13 Listed $230,000 BRIGHT MLS
• 1965-12-08 Sold (Public Records) $11,950 Public Records

Property tax history

+3.4%/yr

Latest (2026): $5,334 · +5.0% YoY. Source: county tax records.