931 S Queen St · York, PA 17403

$195,000

2 bd · 2.0 ba · 2,694 sqft · MultiFamily public records · 9 Days on market

Built 1900 2,762 sqft lot $72/sqft · 9% above area Est $180k · 9% over

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Why this score? — see what drove the C+ 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 +29.1/30.0
• DSCR +10.0/10.0
• 1% rule +8.8/10.0
• Livability +3.8/5.0
• ARV discount +3.7/15.0
• Rent growth +3.6/5.0
• Condition / age +2.5/5.0
• Schools +0.8/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Spacious and freshly renovated 2 unit apartment building, 1st floor occupied, 2nd floor unit vacant, Listed and sold simultaneously. Info for comp purposes'

Key facts

• Stable returns
• Desirable unit mix
• 2,762 sq ft lot

Tags

• TURNKEY INVESTMENT OPPORTUNITY
• STRONG CASH FLOW POTENTIAL
• ACCESS TO PRIVATE LAUNDRY
• CONSISTENT RENTAL DEMAND
• DESIRABLE UNIT MIX
• STABLE RETURNS

Property features AI

Finance

• Other: Ownership is fee simple; Existing leases are long term
• Financial info: Total of 2 residential units; 2 units currently leased; Gross scheduled income reported; Total actual rent reported; Net operating income reported; Operating expenses include insurance and trash; Vacancy allowance rate reported; Insurance, pest control, and trash expenses reported
• HOA & community: Maintenance expense reported

Exterior

• Parking: Off-street parking (1 space); On-street parking available; Total of 1 garage/parking space
• Utilities: Public water; Public sewer; Municipal trash service; Trash expense reported
• Home design: Semi-detached structure; Above-grade finished living area reported by assessor
• Construction: Brick construction; Stone foundation; Rubber roof; Built year reported by assessor
• Exterior features: No tidal water

Interior

• Kitchen: Electric oven/range
• Bedrooms: One 1-bedroom unit; Three 3-bedroom units
• Flooring: Carpet; Hardwood
• Heating & cooling: Central heating; Natural gas heating; Hot water from electric and natural gas
• Interior features: Dry wall, paneled walls, and plaster walls; Outside entrance to basement
• Laundry & utility: Stacked washer/dryer

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath multifamily listed at $195k.

Deal economics

• At list price, monthly cash flow is $676 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $195k).
• Cap rate 10.5% vs local median 5.0% in York — 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 75/100 on livability (#427 in PA, #3,987 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A; Watch: amenities D+, crime F, employment F.
• York City SD (urban): math 4% / reading 16% proficiency, ranked #534 of 539 in PA (top 99%) — 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 fast (+4.4%/yr); 219 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 1,328 units permitted in York County in 2024 (338 in 5+ unit buildings).
• This rent runs 43% of the median local income ($75k/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 $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 4.4% rent growth), your $55k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 7y 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 $138k; 41% 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→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $195,000

Questions for the listing agent

1. Built in 1900 — 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 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: 1.38% ✓
• Cap rate: 10.45%
• Cash-on-cash: 14.85%
• DSCR: 1.66
• GRM: 6.0

CMA / ARV

• ARV (median comp): $179,707
• List price: $195,000
• Delta: 8.51%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
839 S Queen St	0.10mi	3/— (+1)	2,530 (-6%)	9mo	$240,000	$95	73
919 S Queen St	0.03mi	3/3.0 (+1)	2,384 (-12%)	10mo	$284,000	$119	62
257 E College Ave	0.65mi	3/— (+1)	2,400 (-11%)	4mo	$220,000	$92	43

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: 7.1%
• Equity multiple: 1.28×
• Total profit: $15,490
• Equity at exit: $29,075

10-year hold

• IRR: 17.8%
• Equity multiple: 2.57×
• Total profit: $85,995
• Equity at exit: $16,860

Cash invested: $54,600 (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 17403

• Home prices YoY: -26.9%
• Rents YoY: 4.4%
• Active inventory: 219
• Price-to-rent: 12.7×

Monthly cashflow live

• Estimated rent: $2,700 high
• Mortgage (P&I): −$1,023
• Tax from tax record: −$353 /mo · $4,241/yr
• Insurance: −$81
• HOA: −$0
• Vacancy / Maint / Mgmt: −$567
• Net cashflow: $676

Break-even live

Break-even rent $1,845

Max offer price $195,000

Occupancy floor 70%

Sensitivity live

Price	-10% $786	-5% $731	+0% $676	+5% $621	+10% $565
Rent	-10% $462	-5% $569	+0% $676	+5% $782	+10% $889
Rate	-1.0pp $774	-0.5pp $725	base $676	+0.5pp $625	+1.0pp $574

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

Units	Beds	Baths	Est. rent
1× unit	1	1	$1,281
1× unit	3	1	$1,419
Total (2 units)			$2,700

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: $48,750
• Closing costs: $5,850
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
540 Dallas St Apt 2 York, PA	3.0	1.0	1924	$1,225	$0.64	15d	1	0.73mi
310 E King St York, PA	1.0	1.0	2340	$895	$0.38	45d	1	0.87mi
537 W Jackson St York, PA	3.0	2.0	1795	$1,795	$1.00	15d	1	1.08mi
511 E Philadelphia St Unit 2 York, PA	3.0	1.0	2194	$895	$0.41	45d	1	1.18mi
1403 2nd Ave Unit 2ND FL York, PA	1.0	1.0	2340	$1,200	$0.51	15d	1	1.46mi
983 E Philadelphia St Unit 1ST FLOOR York, PA	2.0	1.0	2268	$925	$0.41	45d	1	1.47mi

Listing history 13 events

1. 2026-05-11
   listed $195,000 Active 976-char remark
2. 2024-04-23
   soldstatus $138,000
3. 2022-04-11
   listed $138,000 156-char remark

   Show marketing remark (156 chars)

   Spacious and freshly renovated 2 unit apartment building, 1st floor occupied, 2nd floor unit vacant, Listed and sold simultaneously. Info for comp purposes'

4. 2022-04-08
   soldstatus $138,000 156-char remark

   Show marketing remark (156 chars)

   Spacious and freshly renovated 2 unit apartment building, 1st floor occupied, 2nd floor unit vacant, Listed and sold simultaneously. Info for comp purposes'

5. 2019-07-22
   soldstatus $121,700
6. 2019-07-12
   soldstatus $121,700 Closed

   Show marketing remark (103 chars)

   Awesome investment opportunity to build wealth and monthly cash flow. Multi unit with tenants in place.

7. 2019-05-30
   status Pending

   Show marketing remark (103 chars)

   Awesome investment opportunity to build wealth and monthly cash flow. Multi unit with tenants in place.

8. 2019-05-29
   listed $124,900 Active

   Show marketing remark (103 chars)

   Awesome investment opportunity to build wealth and monthly cash flow. Multi unit with tenants in place.

9. 2019-02-05
   status Pending
10. 2019-02-02
    historical
11. 2019-02-02
    price $130,000
12. 2019-01-31
    listed $120,000 Active
13. 2009-01-13
    soldstatus $75,000

ⓘ 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: $4,241 · $353/mo
• Projected year-2 tax: $4,241 · $353/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥102°F today · 15 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 11% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $32,400
• − Mortgage interest: −$10,923
• − Property taxes: −$4,241
• − Insurance: −$975
• − Repairs & maintenance: −$2,592
• − Management: −$2,592
• − Depreciation: −$5,673
• Taxable income: $5,405
• Est. tax owed @ 24.0%: −$1,297
• After-tax cash flow: $6,812/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: York City SD
• NCES district ID: 4226820
• Math proficiency: 4% ▼ -7.00%
• Reading proficiency: 16% ▼ -9.00%
• Median HH income: $29,470
• Composite: 7.61/100
• National rank: #9943
• State rank: #534 of 539 in PA

Livability — York

• Score: 75/100
• State rank: #427
• US rank: #3987

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: York, PA
• County: York County · 278,806 people
• City population: 184,764
• Metro: York-Hanover, PA
• Population (ZIP): 40,287
• Household income: $75,384
• Rent vs Own: 36.2% rent · 63.8% own
• Severe rent burden: 1305.0

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: Diverse neighborhood (Simpson 0.58)
• Race & ethnicity: White 60% Hispanic / Latino 20% Black 12% Two or more races 9% Asian 3%
• Hispanic origin (detail): Mexican 3% Puerto Rican 10% Dominican 3%
• Common ancestry: Romanian 3% Lithuanian 1% Slovak 1%
• Foreign-born: 10% · Canada, Vietnam, Jamaica
• Languages at home: 81% English-only · Spanish 14% Other Indo-European 1% Arabic 1%

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: ▼ -104.51%
• Current HPI: 284.0731
• Rent YoY: ▲ 4.43%
• 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

+160.0% since first listed

14 events — show timeline

• 2026-05-20 Pending — BRIGHT MLS
• 2026-05-11 Listed $195,000 BRIGHT MLS
• 2024-04-23 Sold (Public Records) $138,000 Public Records
• 2022-04-11 Listed $138,000 BRIGHT MLS
• 2022-04-08 Sold (MLS) $138,000 BRIGHT MLS
• 2019-07-22 Sold (Public Records) $121,700 Public Records
• 2019-07-12 Sold (MLS) $121,700 BRIGHT MLS
• 2019-05-30 Pending — BRIGHT MLS
• 2019-05-29 Listed $124,900 BRIGHT MLS
• 2019-02-05 Pending — BRIGHT MLS
• 2019-02-02 Listing Removed — BRIGHT MLS
• 2019-02-02 Price Changed $130,000 BRIGHT MLS
• 2019-01-31 Listed $120,000 BRIGHT MLS
• 2009-01-13 Sold (Public Records) $75,000 Public Records

Property tax history

+0.8%/yr

Latest (2026): $4,241 · +1.6% YoY. Source: county tax records.