1851 Spencer St · Harrisburg, PA 17104

$119,900

3 bd · 1.0 ba · 1,380 sqft · Townhouse public records · 6 Days on market

Built 1910 1,742 sqft lot Est $138k · 13% under

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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 +26.9/30.0
• ARV discount +13.4/15.0
• DSCR +9.3/10.0
• 1% rule +7.3/10.0
• Livability +4.2/5.0
• Rent growth +3.6/5.0
• Condition / age +2.5/5.0
• Schools +0.8/10.0
• Appreciation +0.0/10.0

Listing remarks

Don't miss this excellent opportunity to own a 3 bedroom, 1.5 bath home with most of the hard work already completed. This property only needs a few finishing touches, making it the perfect project for an investor or savvy buyer looking for instant equity and strong upside potential. Whether you're looking for your next flip, rental property, or affordable home to customize, this property offers tremendous value at an attractive price. Being sold cash only, as is, allowing for a quick and easy transaction.

Key facts

• Built 1910
• Listed 6 days

Property features AI

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer
• Home design: Semi-detached property; Fee simple ownership
• Construction: Brick construction; Other foundation
• Exterior features: Not in a federal flood zone; Above-grade and below-grade structures

Interior

• Bedrooms: Three bedrooms on the first upper level
• Bathrooms: One full bathroom on upper level; One half bathroom on main level
• Heating & cooling: Other heating system; Other heating fuel; Other hot water system
• Interior features: Unfinished basement; Multiple access exits (2+)

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath townhouse listed at $120k.

Deal economics

• At list price, monthly cash flow is $333 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $120k).
• Cap rate 9.6% vs local median 6.6% in Harrisburg — 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 84/100 on livability (#107 in PA, #826 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: employment D, crime F.
• Harrisburg City SD (urban): math 6% / reading 13% proficiency, ranked #535 of 539 in PA (top 99%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 82% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Harrisburg Hs (math 24% / reading 10%, grade F, #399 of 437 statewide, top 92%, 1,230 students, 100% FRL) — zoned schools average 100% FRL vs 82% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+4.4%/yr); 67 active listings in the ZIP; 30 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 47% of comp listings sitting > 30 days — soft ceiling on asking rent; 540 units permitted in Dauphin County in 2024 (194 in 5+ unit buildings).
• This rent runs 38% of the median local income ($47k/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 $829 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 4.4% rent growth), your $34k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $27k; list at $120k implies a 344% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — 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 $119,900

Questions for the listing agent

1. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.23% ✓
• Cap rate: 9.63%
• Cash-on-cash: 11.90%
• DSCR: 1.53
• GRM: 6.8

CMA / ARV

• ARV (on-the-fly): $138,000
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
409 S 19th St	0.09mi	3/2.5	1,426 (+3%)	1mo	$141,000	$99	83
2117 Brookwood St	0.45mi	3/1.5	1,365 (-1%)	3mo	$170,000	$125	73
2134 Swatara St	0.32mi	3/1.0	1,288 (-7%)	2mo	$154,900	$120	72
1623 Hunter St	0.25mi	3/1.0	1,180 (-14%)	1mo	$85,000	$72	63
2446 Brookwood St	0.75mi	3/1.0	1,422 (+3%)	0mo	$147,700	$104	60
1937 Zarker St	0.30mi	4/1.0 (+1)	1,568 (+14%)	2mo	$125,000	$80	57
2309 Luce St	0.72mi	3/1.0	1,300 (-6%)	2mo	$130,000	$100	55
1717 North St	0.73mi	3/2.5	1,418 (+3%)	1mo	$160,000	$113	54
1828 State St	0.67mi	3/1.0	1,496 (+8%)	2mo	$125,000	$84	53
116 Hoerner St	0.64mi	4/1.0 (+1)	1,283 (-7%)	1mo	$82,500	$64	52
137 Hoerner St	0.66mi	3/1.5	1,532 (+11%)	2mo	$148,000	$97	47
2346 Kensington St	0.57mi	4/2.0 (+1)	1,206 (-13%)	2mo	$120,000	$100	41

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 · 4.43% rent growth · sell at horizon

5-year hold

• IRR: 3.0%
• Equity multiple: 1.12×
• Total profit: $3,951
• Equity at exit: $17,877

10-year hold

• IRR: 13.9%
• Equity multiple: 2.19×
• Total profit: $39,921
• Equity at exit: $10,367

Cash invested: $33,572 (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 17104

• Home prices YoY: -6.3%
• Rents YoY: 4.4%
• Active inventory: 67
• Price-to-rent: 6.8×

Monthly cashflow live

• Estimated rent: $1,472 high
• Mortgage (P&I): −$629
• Tax from tax record: −$151 /mo · $1,817/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$309
• Net cashflow: $333

Break-even live

Break-even rent $1,051

Max offer price $119,900

Occupancy floor 72%

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: $29,975
• Closing costs: $3,597
• Reserves months: —
• Total cash needed: —

Rent comps 30 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2016 Swatara St Harrisburg, PA	3.0	1.0	1380	$1,175	$0.85	43d	1	0.16mi
1610 Hunter St Harrisburg, PA	4.0	1.0	1776	$1,450	$0.82	23d	1	0.28mi
2121 Kensington St Harrisburg, PA	3.0	1.0	1088	$1,450	$1.33	43d	1	0.31mi
1615 Naudain St Harrisburg, PA	3.0	1.0	1148	$1,400	$1.22	43d	1	0.35mi
337 S 15th St Harrisburg, PA	3.0	1.0	1440	$1,195	$0.83	21d	1	0.36mi
349 S 14th St Harrisburg, PA	3.0	1.0	1544	$1,450	$0.94	23d	1	0.43mi
52 N 18th St Harrisburg, PA	3.0	1.0	1100	$1,250	$1.14	14d	1	0.44mi
1429 Naudain St Harrisburg, PA	3.0	1.0	1254	$1,400	$1.12	23d	1	0.46mi
331 Hummel St Unit B Harrisburg, PA	3.0	1.0	1590	$1,800	$1.13	43d	1	0.57mi
331 Hummel St Unit A Harrisburg, PA	2.0	1.0	1590	$1,400	$0.88	43d	1	0.57mi
1517 Walnut St Harrisburg, PA	3.0	1.0	1172	$1,150	$0.98	43d	1	0.60mi
1728 Paxton St Harrisburg, PA	3.0	1.5	1320	$1,295	$0.98	14d	1	0.61mi
2410 Kensington St Harrisburg, PA	3.0	1.0	1024	$1,495	$1.46	43d	1	0.61mi
649 S 23rd St Unit 1 Harrisburg, PA	3.0	1.0	1450	$1,465	$1.01	43d	1	0.64mi
649 S 23rd St Harrisburg, PA	3.0	1.0	1450	$1,465	$1.01	21d	1	0.64mi
1251 Bailey St Harrisburg, PA	3.0	1.0	1200	$1,500	$1.25	43d	1	0.65mi
1207 Market St Harrisburg, PA	4.0	1.5	1423	$1,995	$1.40	43d	1	0.67mi
1139 Mulberry St Harrisburg, PA	1.0–3.0	1.0	900	$1,185	$1.32	43d	1	0.70mi
21 Summit St Harrisburg, PA	3.0	1.0	1200	$1,550	$1.29	14d	1	0.71mi
200 S Court St Harrisburg, PA	1.0–3.0	1.0–2.5	950	$1,800	$1.89	14d	14	1.06mi
301 Chestnut St Harrisburg, PA	1.0–4.0	1.0–2.5	1437	$2,097	$1.46	43d	1	1.07mi
301 Chestnut St Harrisburg, PA	4.0	1.0–2.5	1437	$2,525	$1.76	14d	10	1.07mi
319 Market St Harrisburg, PA	2.0	1.5	990	$1,135	$1.15	43d	1	1.12mi
101 S 2nd St Harrisburg, PA	2.0	1.0	736	$1,749	$2.37	14d	32	1.13mi
3106 Hoffer St Unit 3106 Penbrook, PA	2.0	1.0	900	$1,675	$1.86	14d	1	1.15mi
210 Walnut St Unit 206 Harrisburg, PA	2.0	1.0	1007	$1,695	$1.68	14d	1	1.29mi
660 Boas St Harrisburg, PA	2.0	1.0–2.0	800	$1,574	$1.97	14d	21	1.39mi
919 Grand St Harrisburg, PA	2.0	1.5	1116	$1,695	$1.52	23d	1	1.41mi
918 Grand St Harrisburg, PA	3.0	1.5	890	$1,450	$1.63	43d	1	1.42mi
116 Pine St Harrisburg, PA	1.0–2.0	1.0–2.0	900	$1,638	$1.82	14d	14	1.44mi

Listing history 5 events

1. 2026-06-15
   days on market $119,900 Active 6 DOM
2. 2026-06-14
   days on market $119,900 Active 4 DOM
3. 2026-06-13
   days on market $119,900 Active 3 DOM
4. 2026-06-10
   remarks 511-char remark
5. 2026-06-10
   listed $119,900 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: $1,817 · $151/mo
• Projected year-2 tax: $1,856 · $155/mo
• Expected delta: +$39/yr (+$3/mo · 2.1%)

ⓘ 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 ≥100°F today · 15 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 6% 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: $17,668
• − Mortgage interest: −$6,716
• − Property taxes: −$1,817
• − Insurance: −$600
• − Repairs & maintenance: −$1,413
• − Management: −$1,413
• − Depreciation: −$3,488
• Taxable income: $2,220
• Est. tax owed @ 24.0%: −$533
• After-tax cash flow: $3,463/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: Harrisburg City SD
• NCES district ID: 4211580
• Math proficiency: 6% ▼ -6.00%
• Reading proficiency: 13% ▼ -10.00%
• Median HH income: $33,432
• Composite: 7.6/100
• National rank: #9945
• State rank: #535 of 539 in PA

Livability — Harrisburg

• Score: 84/100
• State rank: #107
• US rank: #826

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Harrisburg, PA
• County: Dauphin County · 247,857 people
• City population: 184,296
• Metro: Harrisburg-Carlisle, PA
• Population (ZIP): 18,541
• Household income: $46,510
• Rent vs Own: 54.4% rent · 45.6% own
• Severe rent burden: 1166.0

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 0.69)
• Race & ethnicity: Black 44% Hispanic / Latino 29% White 19% Two or more races 12% Asian 3% Native American 1%
• Hispanic origin (detail): Puerto Rican 21% Dominican 6%
• Common ancestry: Polish 1% Romanian 1% Slovak 1%
• Foreign-born: 10% · Canada, China, Vietnam
• Languages at home: 73% English-only · Spanish 21% Other Indo-European 1% Chinese 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: ▼ -22.83%
• Current HPI: 340.2808
• Rent YoY: ▲ 4.43%
• 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

+699.3% since first listed

3 events — show timeline

• 2026-06-09 Listed $119,900 BRIGHT MLS
• 1998-01-08 Sold (Public Records) $27,000 Public Records
• 1983-08-06 Sold (Public Records) $15,000 Public Records

Property tax history

+1.0%/yr

Latest (2026): $1,817 · +1.6% YoY. Source: county tax records.