44 E Water St · Gettysburg, PA 17325

$209,000

3 bd · 1.0 ba · 1,600 sqft · Other public records · 85 Days on market

Built 1900 2,614 sqft lot $131/sqft · 21% below area Est $212k · at est.

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Why this score? — see what drove the F 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 +8.1/30.0
• ARV discount +8.1/15.0
• Schools +4.6/10.0
• Livability +4.4/5.0
• 1% rule +2.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +2.1/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great investment or owner-occupied home! Tons of character in this all-brick, 4 bedroom , 1277 sqft home less than 2 blocks from historic Gettysburg Square. On-street and off-street parking. Front and rear covered porches, wide floor moldings, new windows, 2 zone hotwater baseboard natural gas heat and updated electric service. So close to everything Gettysburg has to offer!

Key facts

• Covered porches
• On-street parking
• Off-street parking

Tags

• HISTORIC GETTYSBURG SQUARE
• ON-STREET PARKING
• OFF-STREET PARKING
• COVERED PORCHES
• NEW WINDOWS
• UPDATED ELECTRIC SERVICE

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath other listed at $209k.

Deal economics

• At list price, monthly cash flow is $-206 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $173k (17.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $157k (25.1% below list).
• Recommended offer: $157k (25.1% below list) — sets the bar for 1% rule.
• Cap rate 5.1% vs local median 2.3% in Gettysburg — 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 87/100 on livability (#45 in PA, #253 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, commute A+; Watch: housing C-, employment D.
• Gettysburg Area SD (rural): math 46% / reading 60% proficiency, ranked #132 of 539 in PA (top 24%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: James Gettys El Sch (math 52% / reading 67%, grade B-, #377 of 1,518 statewide, top 28%, 331 students, 47% FRL); Gettysburg Area Ms (math 28% / reading 60%, grade D, #202 of 512 statewide, top 40%, 682 students, 43% FRL); Gettysburg Area Hs (math 80% / reading 24%, grade C-, #112 of 437 statewide, top 26%, 1,024 students, 37% FRL) — zoned schools at 43% FRL track the district average.
• Market conditions: 318 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 403 units permitted in Adams County in 2024 (0 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 $6k of value loss. Plan a longer hold.
• Adams County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 85 days — a 6% lower offer ($196k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 10y ago; this cycle's ask has dropped $16k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $163k; 28% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $156,575 (25.1% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 85 days. Have you received any prior offers? Is the seller open to a 25% concession, seller financing, or rate buy-down credit?
3. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
7. 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?
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 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: 0.75% ✗
• Cap rate: 5.11%
• Cash-on-cash: -4.22%
• DSCR: 0.81
• GRM: 11.1

CMA / ARV

• ARV (median comp): $212,009
• List price: $209,000
• Delta: -1.42%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -23.4%
• Equity multiple: 0.20×
• Total profit: $-46,951
• Equity at exit: $31,163

10-year hold

• IRR: -18.1%
• Equity multiple: 0.01×
• Total profit: $-57,670
• Equity at exit: $18,071

Cash invested: $58,520 (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 17325

• Home prices YoY: -22.4%
• Active inventory: 318
• Price-to-rent: 11.1×

Monthly cashflow live

• Estimated rent: $1,566 high
• Mortgage (P&I): −$1,096
• Tax from tax record: −$260 /mo · $3,116/yr
• Insurance: −$87
• HOA: −$0
• Vacancy / Maint / Mgmt: −$329
• Net cashflow: $-206

Break-even live

Break-even rent $1,826

Max offer price $172,646

Occupancy floor —

Sensitivity live

Price	-10% $-87	-5% $-147	+0% $-206	+5% $-265	+10% $-324
Rent	-10% $-329	-5% $-268	+0% $-206	+5% $-144	+10% $-82
Rate	-1.0pp $-101	-0.5pp $-153	base $-206	+0.5pp $-260	+1.0pp $-315

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: $52,250
• Closing costs: $6,270
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
239 N Stratton St Gettysburg, PA	3.0	1.5	1506	$1,850	$1.23	22d	1	0.09mi
140 Carlisle St Gettysburg, PA	2.0	1.0–2.0	887	$1,162	$1.31	5d	1	0.10mi
802 Sunset Ave Gettysburg, PA	3.0	1.5	1116	$1,950	$1.75	45d	1	1.02mi
37 Winslow Ct Gettysburg, PA	3.0	2.0	1680	$1,750	$1.04	45d	1	1.42mi
1115 York Rd Gettysburg, PA	1.0–2.0	1.0–2.0	1186	$1,870	$1.58	13d	20	1.44mi

Listing history 11 events

1. 2026-04-19
   price $209,000 378-char remark

   Show marketing remark (378 chars)

   Great investment or owner-occupied home! Tons of character in this all-brick, 4 bedroom , 1277 sqft home less than 2 blocks from historic Gettysburg Square. On-street and off-street parking. Front and rear covered porches, wide floor moldings, new windows, 2 zone hotwater baseboard natural gas heat and updated electric service. So close to everything Gettysburg has to offer!

2. 2026-03-04
   listed $225,000 Active 378-char remark

   Show marketing remark (378 chars)

   Great investment or owner-occupied home! Tons of character in this all-brick, 4 bedroom , 1277 sqft home less than 2 blocks from historic Gettysburg Square. On-street and off-street parking. Front and rear covered porches, wide floor moldings, new windows, 2 zone hotwater baseboard natural gas heat and updated electric service. So close to everything Gettysburg has to offer!

3. 2022-06-10
   soldstatus $163,071
4. 2022-06-08
   soldstatus $163,071 Closed 457-char remark

   Show marketing remark (457 chars)

   * Recently Renovated * Ideal investment or owner occupied home. If you are looking for a home with character this 4 bedroom home may be the place for you! Located in Historic Gettysburg; this home has brand new modern lvp flooring throughout, ample amount of lighting with living and dining area. Kitchen comes equipped with stove and refrigerator as well as washer/dryer hookup in the kitchen and off-street parking. Front & Rear Porches (End unit)

5. 2022-04-27
   status Pending 457-char remark

   Show marketing remark (457 chars)

   * Recently Renovated * Ideal investment or owner occupied home. If you are looking for a home with character this 4 bedroom home may be the place for you! Located in Historic Gettysburg; this home has brand new modern lvp flooring throughout, ample amount of lighting with living and dining area. Kitchen comes equipped with stove and refrigerator as well as washer/dryer hookup in the kitchen and off-street parking. Front & Rear Porches (End unit)

6. 2022-04-21
   listed $174,000 Active 457-char remark

   Show marketing remark (457 chars)

   * Recently Renovated * Ideal investment or owner occupied home. If you are looking for a home with character this 4 bedroom home may be the place for you! Located in Historic Gettysburg; this home has brand new modern lvp flooring throughout, ample amount of lighting with living and dining area. Kitchen comes equipped with stove and refrigerator as well as washer/dryer hookup in the kitchen and off-street parking. Front & Rear Porches (End unit)

7. 2021-11-23
   historical
8. 2021-09-28
   listed $169,000 Active
9. 2017-01-31
   historical
10. 2016-08-08
    listed $155,000
11. 2002-08-06
    soldstatus $78,000

ⓘ 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: $3,116 · $260/mo
• Projected year-2 tax: $3,209 · $267/mo
• Expected delta: +$93/yr (+$8/mo · 3.0%)

ⓘ 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 ≥103°F today · 16 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 4% 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: $18,789
• − Mortgage interest: −$11,707
• − Property taxes: −$3,116
• − Insurance: −$1,045
• − Repairs & maintenance: −$1,503
• − Management: −$1,503
• − Depreciation: −$6,080
• Taxable loss: −$6,165
• Est. tax savings @ 24.0%: +$1,480
• After-tax cash flow: $-990/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: Gettysburg Area SD
• NCES district ID: 4210710
• Math proficiency: 46% ▼ -9.00%
• Reading proficiency: 60% ▼ -9.00%
• Median HH income: $58,451
• Composite: 46.03/100
• National rank: #2526
• State rank: #132 of 539 in PA

Livability — Gettysburg

• Score: 87/100
• State rank: #45
• US rank: #253

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Gettysburg, PA
• County: Adams County · 30,373 people
• City population: 30,373
• Metro: Gettysburg, PA
• Population (ZIP): 30,373
• Household income: $80,948
• Rent vs Own: 27.3% rent · 72.7% own
• Severe rent burden: 447.0

Population outlook (Adams County) Hauer SSP2

• Today (2025): 102,494 people
• By 2030: 101,890 · -0.6%
• By 2040: 98,417 · -4.0%
• By 2050: 92,014 · -10.2%
• By 2075: 76,128 · -25.7%
• By 2100: 58,931 · -42.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Hispanic / Latino 9% Two or more races 5% Black 4% Asian 2%
• Hispanic origin (detail): Mexican 4% Puerto Rican 2%
• Common ancestry: Romanian 3% Lithuanian 3% Serbian 2%
• Foreign-born: 5% · Canada, China, Vietnam
• Languages at home: 92% English-only · Spanish 4% Other Indo-European 1% Russian/Polish/Slavic 1%

Political lean MEDSL · Adams

• 2024 margin: Solid R (+33.6) · D 32.7% · R 66.4%
• 2008→2024 swing: -14.1pp toward R · 2008: -19.6pp · 2024: -33.6pp
• All cycles: 2024: R+33.6 2020: R+34.1 2016: R+36.4 2012: R+27.6 2008: R+19.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -81.49%
• Current HPI: 282.6594
• Rent YoY: —
• Metro: Gettysburg, 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

+167.9% since first listed

11 events — show timeline

• 2026-04-19 Price Changed $209,000 BRIGHT MLS
• 2026-03-04 Listed $225,000 BRIGHT MLS
• 2022-06-10 Sold (Public Records) $163,071 Public Records
• 2022-06-08 Sold (MLS) $163,071 BRIGHT MLS
• 2022-04-27 Pending — BRIGHT MLS
• 2022-04-21 Listed $174,000 BRIGHT MLS
• 2021-11-23 Listing Removed — BRIGHT MLS
• 2021-09-28 Listed $169,000 BRIGHT MLS
• 2017-01-31 Listing Removed — BRIGHT MLS
• 2016-08-08 Listed $155,000 BRIGHT MLS
• 2002-08-06 Sold (Public Records) $78,000 Public Records

Property tax history

+3.0%/yr

Latest (2026): $3,116 · +1.5% YoY. Source: county tax records.