1228 Broadway · Hanover, PA 17331

$285,000

3 bd · 2.0 ba · 2,228 sqft · MultiFamily public records · 19 Days on market

Built 1900 0.31 ac lot

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Why this score? — see what drove the D+ 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 +16.2/30.0
• ARV discount +7.5/15.0
• DSCR +5.0/10.0
• 1% rule +4.1/10.0
• 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

Multi-family units

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

Listing remarks MLS

Great Investment * Brick w/ Ornamental Block Front * 2 Units w/ Separate Utilities * Fully Rented w/ Long Term Tenants * Plenty of Off St Parking * Updated Electric & Roof * Lau Hookups in Basement * 1st Fl Unit-Liv Rm & Bed Rm w/ Red Oak Floors, Kitchen w/ Pantry * 2nd Unit-Kit/Din Area, Sm Office & 2 Bed Rms on 2nd Fl * Liv Rm & 3rd Bed Rm on 3rd Fl * Front, Rear & Enclosed Porches.

Key facts

• Small office space
• Entrance mud room
• Ample closet space

Tags

• MAIN LEVEL
• ENTRANCE MUD ROOM
• KITCHEN DINING AREA
• SMALL OFFICE SPACE
• AMPLE CLOSET SPACE
• STORAGE AND LAUNDRY HOOKUPS

Property features AI

Finance

• Other: Ground rent paid annually
• Financial info: Two residential units total; Both units currently month-to-month leases; Income includes apartment rentals; Two units are currently leased; Units are not furnished
• HOA & community: No HOA information provided

Exterior

• Parking: Paved off-street parking
• Security: No specific security systems listed
• Utilities: 100 amp electric service; Natural gas available and used for heating and hot water; Public water; Public sewer; Cable TV available; Municipal trash service
• Home design: Detached structure; Good overall condition; Fee simple ownership; Urban location; Property faces state-maintained road
• Construction: Block and brick construction; Stone foundation; Asphalt shingle roof; Building not winterized; Estimated year built
• Exterior features: Rear yard and side yards; Porches; Fire escape; Chimney caps; Screens and storm windows; Wood frame and vinyl-clad windows

Interior

• Kitchen: Electric oven/range; Refrigerator
• Bedrooms: One 1-bedroom unit; One 3-bedroom unit
• Flooring: Wood flooring; Vinyl flooring; Carpet
• Bathrooms: Bathrooms include tub/shower combinations
• Heating & cooling: Hot water baseboard heating (natural gas)
• Interior features: Tub with shower; Breakfast area; Ceiling fan(s); Combination kitchen/dining; Dining area; Efficiency layout; Entry-level bedroom; Eat-in kitchen; Kitchen with table space; Pantry; Wood floors; Drywall and plaster walls
• Laundry & utility: Water heater

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $285k.

Deal economics

• At list price, monthly cash flow is $150 ($2k/yr) — positive. Per door: $75/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $260k (8.8% below list).
• Recommended offer: $260k (8.8% below list) — sets the bar for 1% rule.
• Cap rate 6.9% vs local median 3.9% 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.
• Zoned schools: Hanover Ms (math 22% / reading 48%, grade F, #322 of 512 statewide, top 64%, 615 students, 69% FRL); Hanover Shs (math 67%, 585 students, 64% FRL) — zoned schools average 67% FRL vs 49% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+4.7%/yr); 386 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 1,328 units permitted in York County in 2024 (338 in 5+ unit buildings).
• This rent runs 39% of the median local income ($79k/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 $9k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($281k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 13y 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.
• Current owner paid $90k; list at $285k implies a 217% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: 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 $260,000 (8.8% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.91% ✗
• Cap rate: 6.93%
• Cash-on-cash: 2.26%
• DSCR: 1.10
• GRM: 9.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.67% rent growth · sell at horizon

5-year hold

• IRR: -10.9%
• Equity multiple: 0.60×
• Total profit: $-32,164
• Equity at exit: $42,494

10-year hold

• IRR: 0.5%
• Equity multiple: 1.04×
• Total profit: $3,178
• Equity at exit: $24,642

Cash invested: $79,800 (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: 18.3×

Monthly cashflow live

• Estimated rent: $2,600 high
• Mortgage (P&I): −$1,495
• Tax from tax record: −$290 /mo · $3,483/yr
• Insurance: −$119
• HOA: −$0
• Vacancy / Maint / Mgmt: −$546
• Net cashflow: $150

Break-even live

Break-even rent $2,410

Max offer price $285,000

Occupancy floor 89%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,600
Total (2 units)			$2,600

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: $71,250
• Closing costs: $8,550
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
28 McCosh St Hanover, PA	3.0	1.0	1800	$2,050	$1.14	14d	1	1.42mi

Listing history 15 events

1. 2026-06-18
   days on market $285,000 Active 19 DOM
2. 2026-06-17
   days on market $285,000 Active 18 DOM
3. 2026-06-16
   days on market $285,000 Active 17 DOM
4. 2026-06-15
   days on market $285,000 Active 16 DOM
5. 2026-06-14
   days on market $285,000 Active 14 DOM
6. 2026-06-13
   days on market $285,000 Active 13 DOM
7. 2026-06-10
   days on market $285,000 Active 11 DOM
8. 2026-06-09
   days on market $285,000 Active 10 DOM
9. 2026-06-08
   days on market $285,000 Active 9 DOM
10. 2026-06-07
    days on market $285,000 Active 8 DOM
11. 2026-06-03
    days on market $285,000 Active 4 DOM
12. 2026-06-02
    days on market $285,000 Active 3 DOM
13. 2026-06-01
    days on market $285,000 Active 2 DOM
14. 2026-05-30
    remarks 699-char remark
15. 2026-05-30
    listed $285,000 Active 1 DOM

ⓘ 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: $3,483 · $290/mo
• Projected year-2 tax: $3,993 · $333/mo
• Expected delta: +$510/yr (+$42/mo · 14.6%)

ⓘ 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 ≥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: $31,200
• − Mortgage interest: −$15,964
• − Property taxes: −$3,483
• − Insurance: −$1,425
• − Repairs & maintenance: −$2,496
• − Management: −$2,496
• − Depreciation: −$8,291
• Taxable loss: −$2,956
• Est. tax savings @ 24.0%: +$709
• After-tax cash flow: $2,514/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

+1800.0% since first listed

6 events — show timeline

• 2026-05-30 Listed $285,000 BRIGHT MLS
• 2013-04-26 Sold (Public Records) $89,900 Public Records
• 2013-04-24 Sold (MLS) $89,900 BRIGHT MLS
• 2013-02-25 Listing Removed — BRIGHT MLS
• 2013-02-06 Listed $99,900 BRIGHT MLS
• 1983-01-01 Sold (Public Records) $15,000 Public Records

Property tax history

+1.9%/yr

Latest (2025): $3,483 · +0.8% YoY. Source: county tax records.