361 E Ross St · Lancaster, PA 17602

$350,000

6 bd · 5.0 ba · — sqft · MultiFamily · 3 Days on market

Built 1900 1,307 sqft 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 +18.6/30.0
• ARV discount +7.5/15.0
• DSCR +5.9/10.0
• 1% rule +5.0/10.0
• Livability +4.2/5.0
• Rent growth +2.8/5.0
• 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: 2 units. confirmed

Listing remarks MLS

Well maintained and updated 2-unit with first floor barber shop and 3 bedroom/2 bathroom apartment. Includes a 2-car garage. Replacement windows, new gas boiler, central air on first floor. Excellent location and move-in ready.

Key facts

• 1,307 sq ft lot
• Built 1900
• Listed 3 days

Property features AI

Finance

• Other: Building not winterized
• Financial info: Two total units with one unit leased (month-to-month); Improvement and land assessed values recorded

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer; Hot water: S/W changeover
• Home design: Fee simple ownership
• Construction: Brick exterior
• Exterior features: Brick construction; Other structures noted above and below grade; Ground rent paid annually

Interior

• Bedrooms: One 3-bedroom unit (Unit 1)
• Heating & cooling: Radiator heating with natural gas; Central air conditioning (electric)
• Interior features: Assessor-provided living area and finished area details

What this means for you Summary

Snapshot

• This is a 1×3bd/2ba + 1×?bd/?ba units multifamily listed at $350k.

Deal economics

• At list price, monthly cash flow is $342 ($4k/yr) — positive. Per door: $171/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 $350k (0.1% below list).
• Recommended offer: $350k (0.1% below list) — sets the bar for 1% rule.
• Cap rate 7.5% vs local median 4.2% 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 rising (+1.2%/yr); 161 active listings in the ZIP; solid renter incomes; 1,093 units permitted in Lancaster County in 2024 (201 in 5+ unit buildings).
• At $3,495/mo this rent would consume 55% of the median local household income ($76k/yr) (locally 1556% 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 $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 3 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $170k; list at $350k implies a 106% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $349,500 (0.1% 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: 1.00% ✗
• Cap rate: 7.47%
• Cash-on-cash: 4.19%
• DSCR: 1.19
• GRM: 8.3

CMA / ARV

No comps found within radius.

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
235 E Clay St	0.17mi	5/— (-1)	2,162	16mo	$309,900	$143	61
709 N Duke St	0.36mi	6/5.0	3,603	14mo	$875,000	$243	59
413 N Queen St	0.63mi	6/—	3,131	2mo	$435,000	$139	56
154 E Lemon St	0.55mi	5/— (-1)	2,429	9mo	$365,000	$150	49
614 N Duke St	0.42mi	6/4.0	4,050	21mo	$625,000	$154	46
506 N Queen St	0.59mi	5/3.0 (-1)	2,553	1mo	$440,000	$172	46
146 E Lemon St	0.56mi	5/3.0 (-1)	3,212	9mo	$375,000	$117	41
113 E Walnut St	0.66mi	5/4.0 (-1)	3,363	18mo	$615,000	$183	33

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 · 1.2% rent growth · sell at horizon

5-year hold

• IRR: -11.8%
• Equity multiple: 0.58×
• Total profit: $-41,081
• Equity at exit: $52,186

10-year hold

• IRR: -5.5%
• Equity multiple: 0.67×
• Total profit: $-32,098
• Equity at exit: $30,262

Cash invested: $98,000 (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 17602

• Rents YoY: 1.2%
• Active inventory: 161
• Price-to-rent: 15.2×

Monthly cashflow live

• Estimated rent: $3,495 high
• Mortgage (P&I): −$1,835
• Tax est. 1.5%: −$438 /mo · $5,250/yr
• Insurance: −$146
• HOA: −$0
• Vacancy / Maint / Mgmt: −$734
• Net cashflow: $342

Break-even live

Break-even rent $3,062

Max offer price $350,000

Occupancy floor 85%

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

Units	Beds	Baths	Est. rent
1× unit	3	2	$1,915
1× unit	0	0	$1,580
Total (2 units)			$3,495

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: $87,500
• Closing costs: $10,500
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2026-06-09
   status $350,000 Pending 3 DOM
2. 2026-06-08
   days on market $350,000 Active 3 DOM
3. 2026-06-07
   statusdays on market $350,000 Active 2 DOM
4. 2026-06-03
   days on market $350,000 Coming Soon 5 DOM
5. 2026-06-02
   days on market $350,000 Coming Soon 4 DOM
6. 2026-06-01
   days on market $350,000 Coming Soon 3 DOM
7. 2026-05-31
   days on market $350,000 Coming Soon 2 DOM
8. 2026-05-30
   remarks 695-char remark
9. 2026-05-30
   listed $350,000 Coming Soon 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $41,940
• − Mortgage interest: −$19,605
• − Property taxes: −$5,250
• − Insurance: −$1,750
• − Repairs & maintenance: −$3,355
• − Management: −$3,355
• − Depreciation: −$10,182
• Taxable loss: −$1,558
• Est. tax savings @ 24.0%: +$374
• After-tax cash flow: $4,481/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): 52,217
• Household income: $75,862
• Rent vs Own: 41.7% rent · 58.3% own
• Severe rent burden: 1556.0

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 0.61)
• Race & ethnicity: White 52% Hispanic / Latino 32% Two or more races 12% Black 11% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 21% Cuban 1% Dominican 4%
• Common ancestry: Romanian 2% Italian 1% Lithuanian 1%
• Foreign-born: 13% · Canada, Vietnam, South Korea
• Languages at home: 70% English-only · Spanish 22% German/W. Germanic 2% French/Haitian/Cajun 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: ▼ -248.05%
• Current HPI: 288.9141
• Rent YoY: ▲ 1.20%
• 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

+106.0% since first listed

4 events — show timeline

• 2026-05-29 Coming Soon $350,000 BRIGHT MLS
• 2015-11-23 Sold (MLS) $169,900 BRIGHT MLS
• 2015-09-16 Listing Removed — BRIGHT MLS
• 2015-03-20 Listed $169,900 BRIGHT MLS