213 N Mulberry St · Lancaster, PA 17603

$297,000

5 bd · 3.0 ba · 2,592 sqft · MultiFamily public records · 12 Days on market

Built 1900 5,227 sqft lot $115/sqft · 27% below area Est $405k · 27% under

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Why this score? — see what drove the B+ 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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +4.2/5.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0
• 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

Don't miss this rare opportunity to own a three-unit apartment building just a walk to downtown. This property offers strong upside future potential for a buyer looking to increase cash through strategic updates and rent adjustments. The building has been consistently occupied and is a prime location to shopping, dining and transit. Whether you're a seasoned investor or looking to expand your portfolio, definitely take a look and bring your vision!

Key facts

• Location to transit
• Location to dining
• 5,227 sq ft lot

Tags

• THREE UNIT APARTMENT BUILDING
• PRIME LOCATION TO SHOPPING
• LOCATION TO DINING
• LOCATION TO TRANSIT

Property features AI

Finance

• Other: Fee simple ownership
• Financial info: Three total units with apartment rental income included; Three units currently leased
• HOA & community: Details not provided

Exterior

• Parking: On-street parking
• Security: Details not provided
• Utilities: Public water; Public sewer; 100 amp electric service with circuit breakers; Natural gas service
• Home design: Detached building; Good to average condition; Year built (assessor source)
• Construction: Brick and masonry construction; Stone foundation; Shingle roof
• Exterior features: Sidewalks; Street lights; Porch(es); Shed; Level lot

Interior

• Kitchen: Gas range; Refrigerator
• Bedrooms: Three units: one 1-bedroom unit and two 2-bedroom units (Unit 1, Unit 2, Unit 3)
• Flooring: Vinyl; Wood
• Bathrooms: Details not provided
• Heating & cooling: Forced air heating; Natural gas hot water
• Interior features: Attic; Ceiling fans; Eat-in kitchen; Plaster walls
• Laundry & utility: Details not provided

What this means for you Summary

Snapshot

• This is a 5-bed/3.0-bath multifamily listed at $297k.

Deal economics

• At list price, monthly cash flow is $2k ($18k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $297k).
• Cap rate 12.5% vs local median 4.4% 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 flat; 296 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 1,093 units permitted in Lancaster County in 2024 (201 in 5+ unit buildings).
• At $4,889/mo this rent would consume 76% of the median local household income ($77k/yr) (locally 2557% 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.
• At projected returns (-3.0% appreciation + 0.5% rent growth), your $83k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: property tax is 2.6% of price; built in 1900 — 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 $297,000

Questions for the listing agent

1. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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: 1.65% ✓
• Cap rate: 12.50%
• Cash-on-cash: 22.18%
• DSCR: 1.99
• GRM: 5.1

CMA / ARV

• ARV (median comp): $405,455
• List price: $297,000
• Delta: -26.75%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
213 N Mulberry St	0.00mi	5/—	2,592 (0%)	1mo	$400,000	$154	99
506 N Queen St	0.39mi	5/3.0	2,553 (-2%)	1mo	$440,000	$172	78
249 N Mulberry St	0.06mi	4/— (-1)	2,800 (+8%)	4mo	$705,000	$252	75
116 College Ave	0.59mi	4/— (-1)	2,608 (+1%)	9mo	$354,000	$136	59
154 E Lemon St	0.49mi	5/—	2,429 (-6%)	9mo	$365,000	$150	59
410 W Vine St	0.39mi	5/2.5	2,311 (-11%)	4mo	$252,500	$109	58
635 Manor St	0.57mi	4/— (-1)	2,490 (-4%)	5mo	$356,775	$143	58
128 E New St	0.64mi	4/— (-1)	2,474 (-5%)	2mo	$360,000	$146	56
528 Manor St	0.45mi	4/4.0 (-1)	2,465 (-5%)	8mo	$434,000	$176	55
102 Ruby St	0.60mi	4/3.0 (-1)	2,379 (-8%)	1mo	$300,000	$126	52
14 W James St	0.36mi	4/2.0 (-1)	2,280 (-12%)	4mo	$330,000	$145	51
240 S Queen St	0.61mi	4/— (-1)	2,462 (-5%)	10mo	$325,000	$132	50

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 · 0.47% rent growth · sell at horizon

5-year hold

• IRR: 11.9%
• Equity multiple: 1.46×
• Total profit: $37,857
• Equity at exit: $44,284

10-year hold

• IRR: 18.6%
• Equity multiple: 2.35×
• Total profit: $112,635
• Equity at exit: $25,679

Cash invested: $83,160 (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 17603

• Rents YoY: 0.5%
• Active inventory: 296
• Price-to-rent: 15.2×

Monthly cashflow live

• Estimated rent: $4,889 high
• Mortgage (P&I): −$1,558
• Tax from tax record: −$644 /mo · $7,731/yr
• Insurance: −$124
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,027
• Net cashflow: $1,537

Break-even live

Break-even rent $2,944

Max offer price $297,000

Occupancy floor 64%

Sensitivity live

Price	-10% $1,705	-5% $1,621	+0% $1,537	+5% $1,453	+10% $1,369
Rent	-10% $1,151	-5% $1,344	+0% $1,537	+5% $1,730	+10% $1,923
Rate	-1.0pp $1,686	-0.5pp $1,612	base $1,537	+0.5pp $1,460	+1.0pp $1,382

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$4,890
Total (3 units)			$4,889

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: $74,250
• Closing costs: $8,910
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1121 Spring Grove Ave Lancaster, PA	4.0	2.0	1755	$2,200	$1.25	44d	1	1.11mi

Listing history 5 events

1. 2026-05-05
   status Pending 452-char remark
2. 2026-04-23
   listed $297,000 Active 452-char remark
3. 2003-12-01
   soldstatus $95,600
4. 2002-10-11
   soldstatus $79,900
5. 1990-08-01
   soldstatus $72,000

ⓘ 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: $7,731 · $644/mo
• Projected year-2 tax: $7,731 · $644/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: $58,668
• − Mortgage interest: −$16,637
• − Property taxes: −$7,731
• − Insurance: −$1,485
• − Repairs & maintenance: −$4,693
• − Management: −$4,693
• − Depreciation: −$8,640
• Taxable income: $14,789
• Est. tax owed @ 24.0%: −$3,549
• After-tax cash flow: $14,893/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): 67,571
• Household income: $77,084
• Rent vs Own: 38.1% rent · 61.9% own
• Severe rent burden: 2557.0

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 0.59)
• Race & ethnicity: White 58% Hispanic / Latino 27% Two or more races 12% Black 7% Asian 4%
• Hispanic origin (detail): Mexican 1% Puerto Rican 19% Cuban 1% Dominican 2%
• Common ancestry: Romanian 2% Slovak 2% Lithuanian 1%
• Foreign-born: 9% · Canada, China, India
• Languages at home: 77% English-only · Spanish 17% Other Indo-European 1% Chinese 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: ▼ -508.78%
• Current HPI: 289.3324
• Rent YoY: ▲ 0.47%
• 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

+455.6% since first listed

7 events — show timeline

• 2026-05-29 Sold (Public Records) $400,000 Public Records
• 2026-05-26 Sold (MLS) $400,000 BRIGHT MLS
• 2026-05-05 Pending — BRIGHT MLS
• 2026-04-23 Listed $297,000 BRIGHT MLS
• 2003-12-01 Sold (Public Records) $95,600 Public Records
• 2002-10-11 Sold (Public Records) $79,900 Public Records
• 1990-08-01 Sold (Public Records) $72,000 Public Records

Property tax history

+4.8%/yr

Latest (2026): $7,731 · +3.3% YoY. Source: county tax records.