220 Locust St · Hanover, PA 17331

$159,900

4 bd · 1.5 ba · 1,872 sqft · SingleFamily public records · 4 Days on market

Built 1899 5,672 sqft lot Est $260k · 39% under

---

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 +23.5/30.0
• ARV discount +15.0/15.0
• DSCR +7.6/10.0
• 1% rule +6.9/10.0
• Livability +3.8/5.0
• Rent growth +3.7/5.0
• Schools +3.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to 220 Locust Street- Where You'll Discover a Charming 4-bedroom, 1.5 Bath Home with a Wrap-Around Front Porch that's Perfect for Enjoying Lazy Afternoons and Cool Evenings. Inside, This Home Features a Spacious and Cozy Living Room, Ideal for Family Gatherings and Relaxation. The Open and Airy Eat-in Kitchen and the Adjacent Dining Room is the Perfect Setting for Sharing Meals with Loved Ones. A Wood/Coal Stove Adds a Touch of Rustic Warmth to the Heart of the Home. Step Outside to Find a Fenced Yard and a Rear Deck, Creating an Excellent Outdoor Space for Entertaining, Barbecues, or Simply Unwinding in the Fresh Air. This Property Also Includes a Convenient Storage Shed, Providing Ample Space for Your Belongings. This home is Located with an Easy Commute to Harrisburg, Lancaster, or Maryland, Making it a Strategic Choice for Work and Leisure. Don't Miss the Chance to Make this Lovely Property Your New Home, Where Charm and Convenience Come Together to Create a Warm and Welcoming Living Space.

Key facts

• 5,672 sq ft lot
• Garage
• Built 1899

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $160k.

Deal economics

• At list price, monthly cash flow is $298 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $160k).
• Cap rate 8.5% vs local median 3.8% in Hanover — 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 76/100 on livability (#373 in PA, #3,295 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities C-, employment D, commute F.
• Hanover Public SD (urban): math 34% / reading 54% proficiency, ranked #294 of 539 in PA (top 54%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+4.7%/yr); 386 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 62% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 1,328 units permitted in York County in 2024 (338 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 4.7% rent growth), your $45k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 22y 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

• Watch-outs: built in 1899 — 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 $159,900

Questions for the listing agent

1. Built in 1899 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.19% ✓
• Cap rate: 8.53%
• Cash-on-cash: 7.98%
• DSCR: 1.36
• GRM: 7.0

CMA / ARV

• ARV (on-the-fly): $260,208
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
220 Locust St	0.00mi	4/2.0	2,050 (+10%)	1mo	$165,000	$80	82
300 Baer Ave	0.14mi	3/1.5 (-1)	1,804 (-4%)	2mo	$260,000	$144	81
566 Baer Ave	0.47mi	4/1.0	1,854 (-1%)	1mo	$250,000	$135	74
246 Locust St	0.07mi	4/2.0	1,632 (-13%)	0mo	$125,000	$77	73
203 York St	0.12mi	3/2.0 (-1)	2,004 (+7%)	4mo	$208,136	$104	72
2 Orchard St	0.32mi	3/2.0 (-1)	1,768 (-6%)	4mo	$225,000	$127	65
551 York St	0.39mi	4/1.0	1,704 (-9%)	4mo	$242,000	$142	62
463 Hartman Ave	0.68mi	3/1.5 (-1)	1,878 (+0%)	4mo	$261,000	$139	59
501 Hartman Ave	0.70mi	4/2.0	1,809 (-3%)	2mo	$325,000	$180	58
329 2nd Ave	0.56mi	3/1.5 (-1)	1,800 (-4%)	6mo	$229,000	$127	58
15 Highland Ave	0.64mi	3/1.5 (-1)	1,902 (+2%)	5mo	$390,000	$205	58
139 Mussetta St	0.51mi	3/1.5 (-1)	1,652 (-12%)	3mo	$300,000	$182	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 · 4.67% rent growth · sell at horizon

5-year hold

• IRR: -2.1%
• Equity multiple: 0.92×
• Total profit: $-3,607
• Equity at exit: $23,842

10-year hold

• IRR: 9.5%
• Equity multiple: 1.79×
• Total profit: $35,415
• Equity at exit: $13,825

Cash invested: $44,772 (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 17331

• Home prices YoY: -33.8%
• Rents YoY: 4.7%
• Active inventory: 386
• Price-to-rent: 7.0×

Monthly cashflow live

• Estimated rent: $1,898 high
• Mortgage (P&I): −$839
• Tax from tax record: −$297 /mo · $3,560/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$399
• Net cashflow: $298

Break-even live

Break-even rent $1,521

Max offer price $159,900

Occupancy floor 79%

Sensitivity live

Price	-10% $388	-5% $343	+0% $298	+5% $253	+10% $207
Rent	-10% $148	-5% $223	+0% $298	+5% $373	+10% $448
Rate	-1.0pp $378	-0.5pp $339	base $298	+0.5pp $256	+1.0pp $214

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: $39,975
• Closing costs: $4,797
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
28 McCosh St Hanover, PA	3.0	1.0	1800	$2,050	$1.14	15d	1	0.49mi
261 N Franklin St Unit 302 Hanover, PA	3.0	2.0	1398	$1,130	$0.81	45d	1	0.51mi
409 Carlisle St Unit A Hanover, PA	3.0	1.0	2372	$1,200	$0.51	15d	1	0.58mi
76 Brookside Ave Hanover, PA	3.0	2.5	1625	$1,963	$1.21	22d	1	0.76mi
76 Brookside Ave Hanover, PA	3.0	2.5	1625	$1,906	$1.17	45d	1	0.76mi
88 Brookside Ave Hanover, PA	3.0	2.5	1625	$1,906	$1.17	45d	1	0.77mi
88 Brookside Ave Hanover, PA	3.0	2.5	1625	$1,963	$1.21	22d	1	0.77mi
51 Overlook Dr Unit J Hanover, PA	3.0	2.5	1820	$2,120	$1.16	45d	1	1.05mi
51 Overlook Dr Unit F Hanover, PA	3.0	2.5	1820	$1,983	$1.09	45d	1	1.05mi
101 Pacer Dr Unit L Hanover, PA	3.0	2.5	1252	$1,901	$1.52	14d	1	1.06mi
101 Pacer Dr Unit K Hanover, PA	3.0	2.5	1252	$1,846	$1.47	45d	1	1.06mi
101 Pacer Dr Unit M Hanover, PA	3.0	2.5	1252	$1,751	$1.40	45d	1	1.06mi
22 Mustang Dr Hanover, PA	3.0	2.5	1625	$1,843	$1.13	45d	1	1.07mi
40 Mustang Dr Hanover, PA	4.0	2.5	1625	$1,843	$1.13	45d	1	1.07mi
34 Overlook Dr Hanover, PA	3.0	2.5	1749	$2,000	$1.14	14d	1	1.08mi
20 Mustang Dr Hanover, PA	4.0	2.5	1625	$1,931	$1.19	45d	1	1.08mi

Listing history 13 events

1. 2026-04-19
   status Pending
2. 2026-04-16
   listed $159,900 Active
3. 2026-04-15
   historical $159,900
4. 2023-12-22
   soldstatus $157,500 Closed 1017-char remark

   Show marketing remark (1017 chars)

   Welcome to 220 Locust Street- Where You'll Discover a Charming 4-bedroom, 1.5 Bath Home with a Wrap-Around Front Porch that's Perfect for Enjoying Lazy Afternoons and Cool Evenings. Inside, This Home Features a Spacious and Cozy Living Room, Ideal for Family Gatherings and Relaxation. The Open and Airy Eat-in Kitchen and the Adjacent Dining Room is the Perfect Setting for Sharing Meals with Loved Ones. A Wood/Coal Stove Adds a Touch of Rustic Warmth to the Heart of the Home. Step Outside to Find a Fenced Yard and a Rear Deck, Creating an Excellent Outdoor Space for Entertaining, Barbecues, or Simply Unwinding in the Fresh Air. This Property Also Includes a Convenient Storage Shed, Providing Ample Space for Your Belongings. This home is Located with an Easy Commute to Harrisburg, Lancaster, or Maryland, Making it a Strategic Choice for Work and Leisure. Don't Miss the Chance to Make this Lovely Property Your New Home, Where Charm and Convenience Come Together to Create a Warm and Welcoming Living Space.

5. 2023-12-20
   soldstatus $157,500
6. 2023-12-08
   status Pending 1017-char remark

   Show marketing remark (1017 chars)

   Welcome to 220 Locust Street- Where You'll Discover a Charming 4-bedroom, 1.5 Bath Home with a Wrap-Around Front Porch that's Perfect for Enjoying Lazy Afternoons and Cool Evenings. Inside, This Home Features a Spacious and Cozy Living Room, Ideal for Family Gatherings and Relaxation. The Open and Airy Eat-in Kitchen and the Adjacent Dining Room is the Perfect Setting for Sharing Meals with Loved Ones. A Wood/Coal Stove Adds a Touch of Rustic Warmth to the Heart of the Home. Step Outside to Find a Fenced Yard and a Rear Deck, Creating an Excellent Outdoor Space for Entertaining, Barbecues, or Simply Unwinding in the Fresh Air. This Property Also Includes a Convenient Storage Shed, Providing Ample Space for Your Belongings. This home is Located with an Easy Commute to Harrisburg, Lancaster, or Maryland, Making it a Strategic Choice for Work and Leisure. Don't Miss the Chance to Make this Lovely Property Your New Home, Where Charm and Convenience Come Together to Create a Warm and Welcoming Living Space.

7. 2023-11-29
   price $164,900 1017-char remark

   Show marketing remark (1017 chars)

   Welcome to 220 Locust Street- Where You'll Discover a Charming 4-bedroom, 1.5 Bath Home with a Wrap-Around Front Porch that's Perfect for Enjoying Lazy Afternoons and Cool Evenings. Inside, This Home Features a Spacious and Cozy Living Room, Ideal for Family Gatherings and Relaxation. The Open and Airy Eat-in Kitchen and the Adjacent Dining Room is the Perfect Setting for Sharing Meals with Loved Ones. A Wood/Coal Stove Adds a Touch of Rustic Warmth to the Heart of the Home. Step Outside to Find a Fenced Yard and a Rear Deck, Creating an Excellent Outdoor Space for Entertaining, Barbecues, or Simply Unwinding in the Fresh Air. This Property Also Includes a Convenient Storage Shed, Providing Ample Space for Your Belongings. This home is Located with an Easy Commute to Harrisburg, Lancaster, or Maryland, Making it a Strategic Choice for Work and Leisure. Don't Miss the Chance to Make this Lovely Property Your New Home, Where Charm and Convenience Come Together to Create a Warm and Welcoming Living Space.

8. 2023-11-21
   price $179,000 1017-char remark

   Show marketing remark (1017 chars)

   Welcome to 220 Locust Street- Where You'll Discover a Charming 4-bedroom, 1.5 Bath Home with a Wrap-Around Front Porch that's Perfect for Enjoying Lazy Afternoons and Cool Evenings. Inside, This Home Features a Spacious and Cozy Living Room, Ideal for Family Gatherings and Relaxation. The Open and Airy Eat-in Kitchen and the Adjacent Dining Room is the Perfect Setting for Sharing Meals with Loved Ones. A Wood/Coal Stove Adds a Touch of Rustic Warmth to the Heart of the Home. Step Outside to Find a Fenced Yard and a Rear Deck, Creating an Excellent Outdoor Space for Entertaining, Barbecues, or Simply Unwinding in the Fresh Air. This Property Also Includes a Convenient Storage Shed, Providing Ample Space for Your Belongings. This home is Located with an Easy Commute to Harrisburg, Lancaster, or Maryland, Making it a Strategic Choice for Work and Leisure. Don't Miss the Chance to Make this Lovely Property Your New Home, Where Charm and Convenience Come Together to Create a Warm and Welcoming Living Space.

9. 2023-11-10
   listed $179,900 Active 1017-char remark

   Show marketing remark (1017 chars)

   Welcome to 220 Locust Street- Where You'll Discover a Charming 4-bedroom, 1.5 Bath Home with a Wrap-Around Front Porch that's Perfect for Enjoying Lazy Afternoons and Cool Evenings. Inside, This Home Features a Spacious and Cozy Living Room, Ideal for Family Gatherings and Relaxation. The Open and Airy Eat-in Kitchen and the Adjacent Dining Room is the Perfect Setting for Sharing Meals with Loved Ones. A Wood/Coal Stove Adds a Touch of Rustic Warmth to the Heart of the Home. Step Outside to Find a Fenced Yard and a Rear Deck, Creating an Excellent Outdoor Space for Entertaining, Barbecues, or Simply Unwinding in the Fresh Air. This Property Also Includes a Convenient Storage Shed, Providing Ample Space for Your Belongings. This home is Located with an Easy Commute to Harrisburg, Lancaster, or Maryland, Making it a Strategic Choice for Work and Leisure. Don't Miss the Chance to Make this Lovely Property Your New Home, Where Charm and Convenience Come Together to Create a Warm and Welcoming Living Space.

10. 2023-11-08
    historical $179,900 1017-char remark

    Show marketing remark (1017 chars)

    Welcome to 220 Locust Street- Where You'll Discover a Charming 4-bedroom, 1.5 Bath Home with a Wrap-Around Front Porch that's Perfect for Enjoying Lazy Afternoons and Cool Evenings. Inside, This Home Features a Spacious and Cozy Living Room, Ideal for Family Gatherings and Relaxation. The Open and Airy Eat-in Kitchen and the Adjacent Dining Room is the Perfect Setting for Sharing Meals with Loved Ones. A Wood/Coal Stove Adds a Touch of Rustic Warmth to the Heart of the Home. Step Outside to Find a Fenced Yard and a Rear Deck, Creating an Excellent Outdoor Space for Entertaining, Barbecues, or Simply Unwinding in the Fresh Air. This Property Also Includes a Convenient Storage Shed, Providing Ample Space for Your Belongings. This home is Located with an Easy Commute to Harrisburg, Lancaster, or Maryland, Making it a Strategic Choice for Work and Leisure. Don't Miss the Chance to Make this Lovely Property Your New Home, Where Charm and Convenience Come Together to Create a Warm and Welcoming Living Space.

11. 2010-01-11
    historical
12. 2004-03-05
    listed $120,900
13. 1997-11-12
    soldstatus $57,000

ⓘ 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: $3,560 · $297/mo
• Projected year-2 tax: $3,560 · $297/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 ≥102°F today · 15 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 9% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,781
• − Mortgage interest: −$8,957
• − Property taxes: −$3,560
• − Insurance: −$800
• − Repairs & maintenance: −$1,822
• − Management: −$1,822
• − Depreciation: −$4,652
• Taxable income: $1,168
• Est. tax owed @ 24.0%: −$280
• After-tax cash flow: $3,294/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: Hanover Public SD
• NCES district ID: 4211450
• Math proficiency: 34% ▼ -11.00%
• Reading proficiency: 54% ▼ -8.00%
• Median HH income: $45,022
• Composite: 37.26/100
• National rank: #4457
• State rank: #294 of 539 in PA

Livability — Hanover

• Score: 76/100
• State rank: #373
• US rank: #3295

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hanover, PA
• County: York County · 278,806 people
• City population: 56,443
• Metro: York-Hanover, PA
• Population (ZIP): 56,443
• Household income: $79,488
• Rent vs Own: 23.6% rent · 76.4% own
• Severe rent burden: 1076.0

Population outlook (York County) Hauer SSP2

• Today (2025): 454,205 people
• By 2030: 457,407 · +0.7%
• By 2040: 457,529 · +0.7%
• By 2050: 448,261 · -1.3%
• By 2075: 427,388 · -5.9%
• By 2100: 384,218 · -15.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Hispanic / Latino 7% Two or more races 7% Black 3% Asian 1%
• Hispanic origin (detail): Mexican 3% Puerto Rican 2%
• Common ancestry: Romanian 3% Lithuanian 2% Slovak 2%
• Foreign-born: 4% · Canada
• Languages at home: 95% English-only · Spanish 3%

Political lean MEDSL · York

• 2024 margin: Strong R (+25.3) · D 36.9% · R 62.1%
• 2008→2024 swing: -11.7pp toward R · 2008: -13.6pp · 2024: -25.3pp
• All cycles: 2024: R+25.3 2020: R+24.6 2016: R+29.3 2012: R+21.2 2008: R+13.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -128.48%
• Current HPI: 251.8974
• Rent YoY: ▲ 4.67%
• Metro: York-Hanover, 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

+180.5% since first listed

13 events — show timeline

• 2026-04-19 Pending — BRIGHT MLS
• 2026-04-16 Listed $159,900 BRIGHT MLS
• 2026-04-15 Coming Soon $159,900 BRIGHT MLS
• 2023-12-22 Sold (MLS) $157,500 BRIGHT MLS
• 2023-12-20 Sold (Public Records) $157,500 Public Records
• 2023-12-08 Pending — BRIGHT MLS
• 2023-11-29 Price Changed $164,900 BRIGHT MLS
• 2023-11-21 Price Changed $179,000 BRIGHT MLS
• 2023-11-10 Listed $179,900 BRIGHT MLS
• 2023-11-08 Coming Soon $179,900 BRIGHT MLS
• 2010-01-11 Listing Removed — BRIGHT MLS
• 2004-03-05 Listed $120,900 BRIGHT MLS
• 1997-11-12 Sold (Public Records) $57,000 Public Records

Property tax history

+1.9%/yr

Latest (2025): $3,560 · +0.8% YoY. Source: county tax records.