221 N 2nd St · Steelton, PA 17113

$379,950

45 bd · None ba · 4,100 sqft · MultiFamily public records · 16 Days on market

Built 1900 7,405 sqft lot

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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
• DSCR +10.0/10.0
• 1% rule +9.0/10.0
• ARV discount +7.5/15.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +0.5/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 5 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Incredible Multi-Unit Cash Cow Investment Opportunity! This 5 Unit Show Stopper is in the Heart of Steelton Borough Featuring Spacious Units, 3 Tier Deck, Too Many Upgrades to Mention & Long-Term Tenants. Property will Be Transferred w/ A separate Lot on Ridge St Which Sits Right Behind the Property & Serves as Off Street Parking for the Tenants & Building. (Taxes are $203/year and are in property tax amount. ) If You're Looking for a Sit Back & Collect Property w/ Low Maintenance & High Returns at a True 10% Cap Rate, Then Make This Your Next Income Producer Today!

Key facts

• 3 tier deck
• Off street parking
• 7,405 sq ft lot

Tags

• HEART OF STEELTON BOROUGH
• 3 TIER DECK
• OFF STREET PARKING

Property features AI

Finance

• Financial info: Total of 4 rental units with 4 currently leased; Improvement assessed value: $68,500; Land assessed value: $12,900; Tax assessed value: $81,400; Trash expense listed

Exterior

• Parking: Private parking in a parking lot
• Utilities: 100 Amp electrical service; Electric hot water; Public water; Public sewer
• Home design: Detached structure; Very good condition; Effective year of major remodel: 2022; Ownership: Fee simple
• Construction: Vinyl siding, frame, and stone exterior; Block foundation; Rubber roof; Above-grade and below-grade structures
• Exterior features: Additional lot(s)

Interior

• Bedrooms: Three 2-bedroom units; One 3-bedroom unit
• Flooring: Luxury vinyl plank; Vinyl; Partially carpeted
• Heating & cooling: Electric baseboard heat
• Interior features: Six-panel and storm doors; Luxury vinyl plank and vinyl flooring with some carpeting

What this means for you Summary

Snapshot

• This is a 5 × 2-bed/1.5-bath units multifamily listed at $380k.

Deal economics

• At list price, monthly cash flow is $2k ($19k/yr) — positive. Per door: $319/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $380k).
• Recommended offer: $374k (1.5% below list) — sets the bar for market timing.
• Cap rate 11.5% vs local median 6.9% in Steelton — 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 67/100 on livability (#971 in PA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment C-, crime F, amenities F.
• Steelton-Highspire SD (suburban): math 2% / reading 9% proficiency, ranked #538 of 539 in PA (top 100%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 68% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Steelton-Highspire Hs (math 2% / reading 6%, grade F, #434 of 437 statewide, top 99%, 599 students, 100% FRL) — zoned schools average 100% FRL vs 68% district-wide (32 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 68 active listings in the ZIP; 540 units permitted in Dauphin County in 2024 (194 in 5+ unit buildings).
• At $5,308/mo this rent would consume 93% of the median local household income ($68k/yr) (locally 338% 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 $3k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $106k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($374k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 4y ago; this cycle's ask is 34472% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $180k; list at $380k implies a 111% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $374,250 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
8. 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.
9. 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.
10. 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: 1.40% ✓
• Cap rate: 11.53%
• Cash-on-cash: 18.71%
• DSCR: 1.83
• GRM: 6.0

CMA / ARV

• ARV (median comp): $200,350
• List price: $379,950
• Delta: 89.64%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 9.5%
• Equity multiple: 1.38×
• Total profit: $39,934
• Equity at exit: $56,652

10-year hold

• IRR: 18.7%
• Equity multiple: 2.56×
• Total profit: $165,654
• Equity at exit: $32,851

Cash invested: $106,386 (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 17113

• Home prices YoY: -16.3%
• Active inventory: 68
• Price-to-rent: 29.8×

Monthly cashflow live

• Estimated rent: $5,308 high
• Mortgage (P&I): −$1,992
• Tax from tax record: −$383 /mo · $4,601/yr
• Insurance: −$158
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,115
• Net cashflow: $1,593

Break-even live

Break-even rent $3,292

Max offer price $379,950

Occupancy floor 65%

Sensitivity live

Price	-10% $1,808	-5% $1,700	+0% $1,593	+5% $1,485	+10% $1,378
Rent	-10% $1,173	-5% $1,383	+0% $1,593	+5% $1,802	+10% $2,012
Rate	-1.0pp $1,784	-0.5pp $1,689	base $1,593	+0.5pp $1,494	+1.0pp $1,394

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

Units	Beds	Baths	Est. rent
▸ 5× units	2	1.5	$5,310
Total (5 units)			$5,308

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: $94,988
• Closing costs: $11,398
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-19
   pricestatusdays on market $379,950 Active 16 DOM
2. 2026-05-18
   listed $1,099
3. 2026-05-15
   historical
4. 2026-05-08
   price $379,950
5. 2026-04-29
   listed $389,950 Active
6. 2025-08-30
   historical $999
7. 2025-08-24
   listed $999
8. 2024-08-19
   historical $1,149
9. 2024-06-12
   listed $1,149
10. 2024-05-30
    historical $1,149
11. 2024-05-29
    price $1,149
12. 2024-05-18
    price $1,199
13. 2024-05-08
    listed $1,299
14. 2022-04-19
    status Pending
15. 2022-04-19
    status Active
16. 2022-04-19
    historical
17. 2022-04-17
    status Pending
18. 2022-04-11
    listed $299,000 Active
19. 2022-02-22
    soldstatus $180,000
20. 1993-05-03
    soldstatus $52,000

ⓘ 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: $4,601 · $383/mo
• Projected year-2 tax: $5,302 · $442/mo
• Expected delta: +$701/yr (+$58/mo · 15.2%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X (unshaded) · 78% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥100°F today · 15 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 5% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $63,696
• − Mortgage interest: −$21,283
• − Property taxes: −$4,601
• − Insurance: −$2,697
• − Repairs & maintenance: −$5,096
• − Management: −$5,096
• − Depreciation: −$11,053
• Taxable income: $13,871
• Est. tax owed @ 24.0%: −$3,329
• After-tax cash flow: $15,783/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: Steelton-Highspire SD
• NCES district ID: 4222800
• Math proficiency: 2% ▼ -4.00%
• Reading proficiency: 9% ▼ -12.00%
• Median HH income: $40,685
• Composite: 4.98/100
• National rank: #10040
• State rank: #538 of 539 in PA

Livability — Steelton

• Score: 67/100
• State rank: #971
• US rank: #10606

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Steelton, PA
• County: Dauphin County · 247,857 people
• City population: 19,401
• Metro: Harrisburg-Carlisle, PA
• Population (ZIP): 11,724
• Household income: $68,244
• Rent vs Own: 37.6% rent · 62.4% own
• Severe rent burden: 338.0

Population outlook (Dauphin County) Hauer SSP2

• Today (2025): 281,628 people
• By 2030: 283,549 · +0.7%
• By 2040: 285,385 · +1.3%
• By 2050: 286,188 · +1.6%
• By 2075: 291,053 · +3.3%
• By 2100: 282,374 · +0.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.67)
• Race & ethnicity: White 48% Hispanic / Latino 24% Black 22% Two or more races 19% Native American 2% Asian 2%
• Hispanic origin (detail): Mexican 7% Puerto Rican 11% Cuban 2%
• Common ancestry: Romanian 1% Lithuanian 1% Iranian 1%
• Foreign-born: 7% · Canada, India
• Languages at home: 80% English-only · Spanish 17% Other Indo-European 1% Russian/Polish/Slavic 1%

Political lean MEDSL · Dauphin

• 2024 margin: Lean D (+5.9) · D 52.4% · R 46.5% · Other 1.1%
• 2008→2024 swing: -3.1pp toward R · 2008: 9.1pp · 2024: 5.9pp
• All cycles: 2024: D+5.9 2020: D+8.5 2016: D+2.8 2012: D+6.0 2008: D+9.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -54.73%
• Current HPI: 281.6906
• Rent YoY: —
• Metro: Harrisburg-Carlisle, 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

-97.9% since first listed

21 events — show timeline

• 2026-06-18 Relisted — BRIGHT MLS
• 2026-05-19 Rental Removed $1,099 RENTALBEAST
• 2026-05-18 Listed for Rent $1,099 RENTALBEAST
• 2026-05-15 Listing Removed — BRIGHT MLS
• 2026-05-08 Price Changed $379,950 BRIGHT MLS
• 2026-04-29 Listed $389,950 BRIGHT MLS
• 2025-08-30 Rental Removed $999 RENTALBEAST
• 2025-08-24 Listed for Rent $999 RENTALBEAST
• 2024-08-19 Rental Removed $1,149 LEASESTAR
• 2024-06-12 Listed for Rent $1,149 LEASESTAR
• 2024-05-30 Rental Removed $1,149 LEASESTAR
• 2024-05-29 Price Changed $1,149 LEASESTAR
• 2024-05-18 Price Changed $1,199 LEASESTAR
• 2024-05-08 Listed for Rent $1,299 LEASESTAR
• 2022-04-19 Pending — BRIGHT MLS
• 2022-04-19 Relisted — BRIGHT MLS
• 2022-04-19 Listing Removed — BRIGHT MLS
• 2022-04-17 Pending — BRIGHT MLS
• 2022-04-11 Listed $299,000 BRIGHT MLS
• 2022-02-22 Sold (Public Records) $180,000 Public Records
• 1993-05-03 Sold (Public Records) $52,000 Public Records

Property tax history

+1.2%/yr

Latest (2026): $4,601 · +7.2% YoY. Source: county tax records.