117 Baltimore St · Hanover, PA 17331

$235,000

4 bd · 2.0 ba · 2,593 sqft · MultiFamily public records · 71 Days on market

Built 1900 6,900 sqft lot $91/sqft · 8% above area Est $217k · 8% 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 +28.0/30.0
• DSCR +9.9/10.0
• 1% rule +8.0/10.0
• Livability +3.8/5.0
• ARV discount +3.7/15.0
• Rent growth +3.7/5.0
• Schools +3.7/10.0
• Condition / age +2.5/5.0
• 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

Great investment! Priced below appraised value by certified appraiser. The first floor unit is now vacant, live there and rent the upstairs, a GREAT way to grow wealth. Units in good condition. Spacious up/down 2 unit with separate water heaters, electric panels, furnaces, and lots of parking! Each unit has electric baseboard, and gas radiator heat. Wood floors, newer kitchens, and off street parking including a couple carports, easily made into garages with overhead doors added! Front and back entrances, basement, and attic.

Key facts

• Gas radiator heat
• Off street parking
• Newer kitchens

Tags

• SEPARATE WATER HEATERS
• ELECTRIC PANELS
• ELECTRIC BASEBOARD
• GAS RADIATOR HEAT
• NEWER KITCHENS
• OFF STREET PARKING

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $235k.

Deal economics

• At list price, monthly cash flow is $732 ($9k/yr) — positive. Per door: $366/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $235k).
• Recommended offer: $221k (6.0% below list) — sets the bar for market timing.
• Cap rate 10.0% 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 Public SD (urban): math 34% / reading 54% proficiency, ranked #294 of 539 in PA (top 54%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+4.7%/yr); 386 active listings in the ZIP; 4 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).
• At $3,062/mo this rent would consume 46% of the median local household income ($79k/yr) (locally 1076% 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 $7k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 4.7% rent growth), your $66k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 71 days — a 6% lower offer ($221k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y ago; this cycle's ask has dropped $40k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $182k; 29% 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: major flood risk; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $220,900 (6.0% below list)

Questions for the listing agent

1. It's been on market 71 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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.
8. 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.
9. 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: 1.30% ✓
• Cap rate: 10.03%
• Cash-on-cash: 13.36%
• DSCR: 1.59
• GRM: 6.4

CMA / ARV

• ARV (median comp): $216,696
• List price: $235,000
• Delta: 8.45%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
9 E Middle St	0.09mi	4/4.0	2,800 (+8%)	7mo	$324,900	$116	69
530 Baer Ave	0.59mi	4/2.0	2,504 (-3%)	4mo	$230,000	$92	63

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 · 4.67% rent growth · sell at horizon

5-year hold

• IRR: 5.3%
• Equity multiple: 1.21×
• Total profit: $13,876
• Equity at exit: $35,039

10-year hold

• IRR: 16.3%
• Equity multiple: 2.44×
• Total profit: $94,692
• Equity at exit: $20,319

Cash invested: $65,800 (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 17331

• Home prices YoY: -33.8%
• Rents YoY: 4.7%
• Active inventory: 386
• Price-to-rent: 12.8×

Monthly cashflow live

• Estimated rent: $3,062 high
• Mortgage (P&I): −$1,232
• Tax from tax record: −$356 /mo · $4,277/yr
• Insurance: −$98
• HOA: −$0
• Vacancy / Maint / Mgmt: −$643
• Net cashflow: $732

Break-even live

Break-even rent $2,135

Max offer price $235,000

Occupancy floor 71%

Sensitivity live

Price	-10% $865	-5% $799	+0% $732	+5% $666	+10% $599
Rent	-10% $490	-5% $611	+0% $732	+5% $853	+10% $974
Rate	-1.0pp $851	-0.5pp $792	base $732	+0.5pp $671	+1.0pp $609

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,062
Total (2 units)			$3,062

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: $58,750
• Closing costs: $7,050
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
28 McCosh St Hanover, PA	3.0	1.0	1800	$2,050	$1.14	14d	1	0.49mi
409 Carlisle St Unit A Hanover, PA	3.0	1.0	2372	$1,200	$0.51	14d	1	0.51mi
51 Overlook Dr Unit J Hanover, PA	3.0	2.5	1820	$2,120	$1.16	44d	1	1.22mi
51 Overlook Dr Unit F Hanover, PA	3.0	2.5	1820	$1,983	$1.09	44d	1	1.22mi

Listing history 7 events

1. 2026-05-12
   status Pending 533-char remark

   Show marketing remark (533 chars)

   Great investment! Priced below appraised value by certified appraiser. The first floor unit is now vacant, live there and rent the upstairs, a GREAT way to grow wealth. Units in good condition. Spacious up/down 2 unit with separate water heaters, electric panels, furnaces, and lots of parking! Each unit has electric baseboard, and gas radiator heat. Wood floors, newer kitchens, and off street parking including a couple carports, easily made into garages with overhead doors added! Front and back entrances, basement, and attic.

2. 2026-05-06
   price $235,000 533-char remark

   Show marketing remark (533 chars)

   Great investment! Priced below appraised value by certified appraiser. The first floor unit is now vacant, live there and rent the upstairs, a GREAT way to grow wealth. Units in good condition. Spacious up/down 2 unit with separate water heaters, electric panels, furnaces, and lots of parking! Each unit has electric baseboard, and gas radiator heat. Wood floors, newer kitchens, and off street parking including a couple carports, easily made into garages with overhead doors added! Front and back entrances, basement, and attic.

3. 2026-04-02
   price $249,900 533-char remark

   Show marketing remark (533 chars)

   Great investment! Priced below appraised value by certified appraiser. The first floor unit is now vacant, live there and rent the upstairs, a GREAT way to grow wealth. Units in good condition. Spacious up/down 2 unit with separate water heaters, electric panels, furnaces, and lots of parking! Each unit has electric baseboard, and gas radiator heat. Wood floors, newer kitchens, and off street parking including a couple carports, easily made into garages with overhead doors added! Front and back entrances, basement, and attic.

4. 2026-03-02
   listed $275,000 Active 533-char remark

   Show marketing remark (533 chars)

   Great investment! Priced below appraised value by certified appraiser. The first floor unit is now vacant, live there and rent the upstairs, a GREAT way to grow wealth. Units in good condition. Spacious up/down 2 unit with separate water heaters, electric panels, furnaces, and lots of parking! Each unit has electric baseboard, and gas radiator heat. Wood floors, newer kitchens, and off street parking including a couple carports, easily made into garages with overhead doors added! Front and back entrances, basement, and attic.

5. 2024-09-18
   historical $995
6. 2024-09-05
   listed $995
7. 1988-12-19
   soldstatus $182,250

ⓘ 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: $4,277 · $356/mo
• Projected year-2 tax: $4,277 · $356/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 (unshaded) · 68% 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 9% 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: $36,744
• − Mortgage interest: −$13,164
• − Property taxes: −$4,277
• − Insurance: −$1,175
• − Repairs & maintenance: −$2,940
• − Management: −$2,940
• − Depreciation: −$6,836
• Taxable income: $5,413
• Est. tax owed @ 24.0%: −$1,299
• After-tax cash flow: $7,488/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 Public SD
• NCES district ID: 4211450
• Math proficiency: 34% ▼ -11.00%
• Reading proficiency: 54% ▼ -8.00%
• Median HH income: $45,022
• Composite: 37.26/100
• National rank: #4457
• State rank: #294 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

• Census place: Hanover, PA
• County: York County · 278,806 people
• City population: 56,443
• Metro: York-Hanover, PA
• Population (ZIP): 56,443
• Household income: $79,488
• Rent vs Own: 23.6% rent · 76.4% own
• Severe rent burden: 1076.0

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: Predominantly White (86%)
• Race & ethnicity: White 86% Hispanic / Latino 7% Two or more races 7% Black 3% Asian 1%
• Hispanic origin (detail): Mexican 3% Puerto Rican 2%
• Common ancestry: Romanian 3% Lithuanian 2% Slovak 2%
• Foreign-born: 4% · Canada
• Languages at home: 95% English-only · Spanish 3%

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: ▼ -128.48%
• Current HPI: 251.8974
• Rent YoY: ▲ 4.67%
• 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

+28.9% since first listed

7 events — show timeline

• 2026-05-12 Pending — BRIGHT MLS
• 2026-05-06 Price Changed $235,000 BRIGHT MLS
• 2026-04-02 Price Changed $249,900 BRIGHT MLS
• 2026-03-02 Listed $275,000 BRIGHT MLS
• 2024-09-18 Rental Removed $995 RENTALBEAST
• 2024-09-05 Listed for Rent $995 RENTALBEAST
• 1988-12-19 Sold (Public Records) $182,250 Public Records

Property tax history

+1.9%/yr

Latest (2025): $4,277 · +0.8% YoY. Source: county tax records.