14 Spring St · Hanover, PA 18706

$250,000

4 bd · 2.0 ba · 1,848 sqft · MultiFamily public records · 16 Days on market

Built 1939 7,405 sqft lot Est $177k · 41% over

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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 +7.7/30.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• DSCR +1.8/10.0
• 1% rule +1.5/10.0
• ARV discount +0.0/15.0
• 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

Welcome to this spacious 4 bedroom, 2 bath home in Hanover Township! Previously a multi-unit property, this home has been converted into a single-family residence offering a flexible layout with a first floor bedroom, first floor laundry, and generous living space. Enjoy a large yard, detached garage, and recent updates including a new roof, windows, and siding. Don't miss this move-in-ready home.

Key facts

• First floor laundry
• Large yard
• New roof

Tags

• FIRST FLOOR BEDROOM
• FIRST FLOOR LAUNDRY
• LARGE YARD
• DETACHED GARAGE
• NEW ROOF
• NEW WINDOWS

Property features AI

Exterior

• Parking: Detached 1-car garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Two levels
• Construction: Vinyl siding construction
• Exterior features: Vinyl siding; Lot approximately 50 x 150 (0.17 acres); Residential zoning

Interior

• Flooring: Hardwood
• Bathrooms: Two full bathrooms
• Heating & cooling: Natural gas heating; Hot water heating; Radiant heating; Ceiling fans for cooling
• Interior features: Hardwood flooring; Fireplace in the dining room; Nine total rooms

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $250k.

Deal economics

• At list price, monthly cash flow is $-293 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $198k (20.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $164k (34.6% below list).
• Recommended offer: $164k (34.6% below list) — sets the bar for 1% rule.
• Cap rate 4.9% vs local median 3.7% 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: 83 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 57% of comp listings sitting > 30 days — soft ceiling on asking rent; 349 units permitted in Luzerne County in 2024 (16 in 5+ unit buildings).
• This rent runs 34% of the median local income ($59k/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 $2k of loan paydown is wiped out by about $8k 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.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($246k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $37k; list at $250k implies a 576% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1939 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $163,586 (34.6% 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. Built in 1939 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 0.65% ✗
• Cap rate: 4.89%
• Cash-on-cash: -5.02%
• DSCR: 0.78
• GRM: 12.7

CMA / ARV

• ARV (on-the-fly): $177,408
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
16-18 Griffith Ln	0.70mi	5/2.0 (+1)	1,848 (0%)	18mo	$189,900	$103	48
195-197 Brown St	0.54mi	5/3.0 (+1)	2,030 (+10%)	11mo	$195,000	$96	40
85 Blackman St	0.67mi	3/2.0 (-1)	1,580 (-14%)	19mo	$150,000	$95	24

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -24.9%
• Equity multiple: 0.15×
• Total profit: $-59,211
• Equity at exit: $37,276

10-year hold

• IRR: -20.8%
• Equity multiple: -0.08×
• Total profit: $-75,813
• Equity at exit: $21,615

Cash invested: $70,000 (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: 83
• Price-to-rent: 12.7×

Monthly cashflow live

• Estimated rent: $1,636 high
• Mortgage (P&I): −$1,311
• Tax from tax record: −$170 /mo · $2,037/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$344
• Net cashflow: $-293

Break-even live

Break-even rent $2,006

Max offer price $198,309

Occupancy floor —

Sensitivity live

Price	-10% $-151	-5% $-222	+0% $-293	+5% $-363	+10% $-434
Rent	-10% $-422	-5% $-357	+0% $-293	+5% $-228	+10% $-163
Rate	-1.0pp $-167	-0.5pp $-229	base $-293	+0.5pp $-357	+1.0pp $-423

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: $62,500
• Closing costs: $7,500
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
233 Gilligan St Wilkes Barre, PA	3.0	1.0	1440	$1,600	$1.11	22d	1	0.07mi
407 McLean St Wilkes Barre, PA	3.0	1.0	1482	$1,400	$0.94	15d	1	0.24mi
249 Parrish St Wilkes Barre, PA	5.0	2.0	2214	$2,000	$0.90	15d	1	0.47mi
96 McLean St Wilkes-Barre Township, PA	3.0	1.0	1535	$1,550	$1.01	45d	1	0.57mi
243 Stanton St Wilkes Barre, PA	3.0	1.0	2024	$1,450	$0.72	45d	1	0.64mi
243 Stanton St Wilkes Barre, PA	3.0	1.0	2024	$1,395	$0.69	15d	1	0.64mi
279 Hazle St Wilkes Barre, PA	5.0	1.0	1400	$1,400	$1.00	15d	1	0.78mi
56 Kent Ln Wilkes Barre, PA	3.0	2.0	1542	$1,800	$1.17	45d	1	0.95mi
216 Horton St Wilkes Barre, PA	3.0	1.5	1475	$1,575	$1.07	45d	1	1.20mi
131 Academy St Wilkes Barre, PA	3.0	1.0	1300	$1,500	$1.15	45d	1	1.32mi
6 Magnolia St Wilkes Barre, PA	3.0	2.5	1700	$1,450	$0.85	45d	1	1.33mi
27 Oak St Wilkes Barre, PA	3.0	1.5	1500	$1,700	$1.13	45d	1	1.39mi
342 Horton St Wilkes Barre, PA	3.0	1.5	1472	$1,650	$1.12	15d	1	1.43mi
1259 Sively St Wilkes-Barre, PA	3.0	1.0	1232	$1,550	$1.26	45d	1	1.48mi

Listing history 12 events

1. 2026-06-21
   days on market $250,000 Active 16 DOM
2. 2026-06-18
   days on market $250,000 Active 13 DOM
3. 2026-06-17
   days on market $250,000 Active 12 DOM
4. 2026-06-16
   days on market $250,000 Active 11 DOM
5. 2026-06-15
   days on market $250,000 Active 10 DOM
6. 2026-06-14
   days on market $250,000 Active 8 DOM
7. 2026-06-13
   days on market $250,000 Active 7 DOM
8. 2026-06-10
   days on market $250,000 Active 5 DOM
9. 2026-06-09
   days on market $250,000 Active 4 DOM
10. 2026-06-08
    days on market $250,000 Active 3 DOM
11. 2026-06-07
    remarks 400-char remark
12. 2026-06-07
    listed $250,000 Active 2 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: $2,037 · $170/mo
• Projected year-2 tax: $2,993 · $249/mo
• Expected delta: +$957/yr (+$80/mo · 47.0%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥94°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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,630
• − Mortgage interest: −$14,004
• − Property taxes: −$2,037
• − Insurance: −$1,250
• − Repairs & maintenance: −$1,570
• − Management: −$1,570
• − Depreciation: −$7,273
• Taxable loss: −$8,074
• Est. tax savings @ 24.0%: +$1,938
• After-tax cash flow: $-1,574/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

+575.7% since first listed

2 events — show timeline

• 2026-06-04 Listed $250,000 LCAR
• 2018-11-29 Sold (Public Records) $37,000 Public Records

Property tax history

+0.8%/yr

Latest (2026): $2,037 · +0.3% YoY. Source: county tax records.