303 Phillips St · Hanover, PA 18706

$200,000

9 bd · 6.0 ba · 3,695 sqft · MultiFamily public records · 23 Days on market

Built 1927 $54/sqft · 21% below area Est $254k · 21% 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

FOR RECORDS ONLY: Property is sold 3 unit building in poor condition large yard 1 car detached garage in a quiet neighborhood convenient location

Key facts

• Updated electric
• Convenient location
• New roof

Tags

• NEW ROOF
• UPDATED ELECTRIC
• STRONG RENTAL POTENTIAL
• CONVENIENT LOCATION

Property features AI

Exterior

• Parking: Detached 1-car garage
• Utilities: Public water; Public sewer
• Home design: Multi-family residential income property
• Exterior features: Vinyl siding; Residential zoning; Corner lot (lot dimensions: 36 X 75 X 64 X 54 & 54 X 55)

Interior

• Heating & cooling: Natural gas heating; Steam heating
• Interior features: Full, unfinished basement

What this means for you Summary

Snapshot

• This is a 3 × 3.0-bed/2.0-bath units multifamily listed at $200k.

Deal economics

• At list price, monthly cash flow is $2k ($23k/yr) — positive. Per door: $644/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $200k).
• Recommended offer: $197k (1.5% below list) — sets the bar for market timing.
• Cap rate 17.9% 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 Area SD (suburban): math 19% / reading 25% proficiency, ranked #484 of 539 in PA (top 90%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 81 active listings in the ZIP; 349 units permitted in Luzerne County in 2024 (16 in 5+ unit buildings).
• At $4,212/mo this rent would consume 86% of the median local household income ($59k/yr) (locally 568% 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 $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Luzerne County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $56k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 23 days — a 2% lower offer ($197k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts 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 $200k implies a 122% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1927 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $197,000 (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 1927 — 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. 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.
6. 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.
7. 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: 2.11% ✓
• Cap rate: 17.88%
• Cash-on-cash: 41.40%
• DSCR: 2.84
• GRM: 4.0

CMA / ARV

• ARV (median comp): $253,976
• List price: $200,000
• Delta: -21.25%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 38.0%
• Equity multiple: 2.62×
• Total profit: $90,705
• Equity at exit: $29,821

10-year hold

• IRR: 44.5%
• Equity multiple: 5.24×
• Total profit: $237,712
• Equity at exit: $17,292

Cash invested: $56,000 (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 18706

• Active inventory: 81
• Price-to-rent: 11.9×

Monthly cashflow live

• Estimated rent: $4,212 high
• Mortgage (P&I): −$1,049
• Tax from tax record: −$263 /mo · $3,161/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$885
• Net cashflow: $1,932

Break-even live

Break-even rent $1,767

Max offer price $200,000

Occupancy floor 49%

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

Units	Beds	Baths	Est. rent
▸ 3× units	3.0	2	$4,212
Total (3 units)			$4,212

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: $50,000
• Closing costs: $6,000
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-06-19
   status $200,000 Pending 23 DOM
2. 2026-06-18
   days on market $200,000 Active 23 DOM
3. 2026-06-17
   days on market $200,000 Active 22 DOM
4. 2026-06-16
   days on market $200,000 Active 21 DOM
5. 2026-06-15
   days on market $200,000 Active 20 DOM
6. 2026-06-14
   days on market $200,000 Active 18 DOM
7. 2026-06-13
   status $200,000 Active 17 DOM
8. 2026-05-15
   status Pending 366-char remark
9. 2026-04-28
   listed $200,000 Active 366-char remark
10. 2025-10-30
    soldstatus $90,000
11. 2025-10-29
    soldstatus $90,000 146-char remark

    Show marketing remark (146 chars)

    FOR RECORDS ONLY: Property is sold 3 unit building in poor condition large yard 1 car detached garage in a quiet neighborhood convenient location

12. 2025-10-10
    listed $90,000 146-char remark

    Show marketing remark (146 chars)

    FOR RECORDS ONLY: Property is sold 3 unit building in poor condition large yard 1 car detached garage in a quiet neighborhood convenient location

ⓘ 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: $3,161 · $263/mo
• Projected year-2 tax: $3,161 · $263/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 6/10 Major FEMA zone X · 27% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥97°F today · 16 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 5% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $50,544
• − Mortgage interest: −$11,203
• − Property taxes: −$3,161
• − Insurance: −$1,000
• − Repairs & maintenance: −$4,044
• − Management: −$4,044
• − Depreciation: −$5,818
• Taxable income: $21,274
• Est. tax owed @ 24.0%: −$5,106
• After-tax cash flow: $18,077/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 Area SD
• NCES district ID: 4211420
• Math proficiency: 19% ▼ -3.00%
• Reading proficiency: 25% ▼ -21.00%
• Median HH income: $40,015
• Composite: 18.6/100
• National rank: #8903
• State rank: #484 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

• County: Luzerne County · 118,885 people
• City population: 56,443
• Metro: Scranton--Wilkes-Barre, PA
• Population (ZIP): 16,387
• Household income: $58,558
• Rent vs Own: 33.7% rent · 66.3% own
• Severe rent burden: 568.0

Population outlook (Luzerne County) Hauer SSP2

• Today (2025): 319,505 people
• By 2030: 319,943 · +0.1%
• By 2040: 322,643 · +1.0%
• By 2050: 330,817 · +3.5%
• By 2075: 379,145 · +18.7%
• By 2100: 431,908 · +35.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (76%)
• Race & ethnicity: White 76% Hispanic / Latino 17% Two or more races 11% Black 3%
• Hispanic origin (detail): Puerto Rican 9% Dominican 4%
• Common ancestry: Romanian 18% Scotch-Irish 3% Subsaharan African 1%
• Foreign-born: 6% · Canada
• Languages at home: 88% English-only · Spanish 10% Other Asian/Pacific 1%

Political lean MEDSL · Luzerne

• 2024 margin: R (+19.2) · D 40.0% · R 59.2%
• 2008→2024 swing: -27.6pp toward R · 2008: 8.4pp · 2024: -19.2pp
• All cycles: 2024: R+19.2 2020: R+14.4 2016: R+19.6 2012: D+4.8 2008: D+8.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -150.02%
• Current HPI: 196.19
• Rent YoY: —
• Metro: Scranton--Wilkes-Barre, 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

+122.2% since first listed

7 events — show timeline

• 2026-06-18 Pending — LCAR
• 2026-06-12 Relisted — LCAR
• 2026-05-15 Pending — LCAR
• 2026-04-28 Listed $200,000 LCAR
• 2025-10-30 Sold (Public Records) $90,000 Public Records
• 2025-10-29 Sold (MLS) $90,000 LCAR
• 2025-10-10 Listed $90,000 LCAR

Property tax history

+0.8%/yr

Latest (2026): $3,161 · +0.3% YoY. Source: county tax records.