254 E Lemon St · Lancaster, PA 17602

$259,900

3 bd · 1.5 ba · 989 sqft · MultiFamily public records · 26 Days on market

Built 1875 1,742 sqft lot $263/sqft · 20% above area Est $238k · 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 +26.4/30.0
• DSCR +9.0/10.0
• 1% rule +6.8/10.0
• Livability +4.2/5.0
• ARV discount +3.3/15.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0
• 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

Welcome to your very own "cottage in the city"! Super cute piece of history located right where you want to be! Within walking distance to Musser Park, the hospital, baseball stadium, Central Market, art district, nearby shops, cafes, pubs, and everything Lancaster has to offer in the revitalized downtown area. New roof, new chimney, refinished floors, newer windows and natural gas heat. Private yard. Convenient 1st floor powder room. Recent home inspection report available and 1-year home warranty included!

Key facts

• Modern updates
• Private backyard
• Minutes from shops

Tags

• PRIVATE BACKYARD
• MODERN UPDATES
• UPDATED INTERIOR
• MINUTES FROM SHOPS

Property features AI

Exterior

• Parking: On-street parking (public)
• Utilities: Public water; Public sewer; Electric hot water
• Home design: Fee simple ownership
• Construction: Frame construction with vinyl siding; Stone and block foundation; Above-grade and below-grade structures
• Exterior features: End-of-row/townhouse; Storage barn/shed on the property; Not in a federal flood zone

Interior

• Bedrooms: Two bedrooms on the first upper level; One bedroom on the second upper level
• Bathrooms: One full bathroom total; One half bathroom on the main level
• Heating & cooling: Natural gas heating; Baseboard electric heating; Forced air heating; Window air conditioning units
• Interior features: Partial basement; Basement laundry
• Laundry & utility: Laundry located in the basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath multifamily listed at $260k.

Deal economics

• At list price, monthly cash flow is $678 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $260k).
• Recommended offer: $256k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.4% vs local median 4.2% in Lancaster — 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 85/100 on livability (#71 in PA, #498 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: crime C-, employment C-.
• Lancaster SD (urban): math 12% / reading 25% proficiency, ranked #500 of 539 in PA (top 93%) — 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 (+1.2%/yr); 161 active listings in the ZIP; 24 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,093 units permitted in Lancaster County in 2024 (201 in 5+ unit buildings).
• At $3,063/mo this rent would consume 48% of the median local household income ($76k/yr) (locally 1556% 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 $8k of value loss. Plan a longer hold.
• Lancaster County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 26 days — a 2% lower offer ($256k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 12y 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 $180k; 44% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1875 — 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 $256,001 (1.5% below list)

Questions for the listing agent

1. Built in 1875 — 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. 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.
4. 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.
5. 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: 1.18% ✓
• Cap rate: 9.42%
• Cash-on-cash: 11.17%
• DSCR: 1.50
• GRM: 7.1

CMA / ARV

• ARV (median comp): $237,699
• List price: $259,900
• Delta: 9.34%
• Verdict: FAIR
• Comps: 8 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 1.2% rent growth · sell at horizon

5-year hold

• IRR: -1.6%
• Equity multiple: 0.94×
• Total profit: $-4,398
• Equity at exit: $38,752

10-year hold

• IRR: 6.1%
• Equity multiple: 1.42×
• Total profit: $30,222
• Equity at exit: $22,471

Cash invested: $72,772 (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 17602

• Rents YoY: 1.2%
• Active inventory: 161
• Price-to-rent: 14.1×

Monthly cashflow live

• Estimated rent: $3,063 medium
• Mortgage (P&I): −$1,363
• Tax from tax record: −$271 /mo · $3,252/yr
• Insurance: −$108
• HOA: −$0
• Vacancy / Maint / Mgmt: −$643
• Net cashflow: $678

Break-even live

Break-even rent $2,205

Max offer price $259,900

Occupancy floor 73%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1.5	$3,062
Total (2 units)			$3,063

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: $64,975
• Closing costs: $7,797
• Reserves months: —
• Total cash needed: —

Rent comps 24 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
202 N Queen St Lancaster, PA	2.0	1.0–2.0	697	$2,718	$3.90	14d	12	0.35mi
225 E King St Unit 2 Lancaster, PA	2.0	2.5	1075	$2,600	$2.42	44d	1	0.37mi
225 E King St Unit 1 Lancaster, PA	2.0	1.0	957	$1,950	$2.04	14d	1	0.37mi
605 Lehigh Ave Lancaster, PA	2.0	1.0	784	$1,395	$1.78	44d	1	0.38mi
72 Howard Ave Lancaster, PA	2.0	1.0	572	$1,495	$2.61	21d	1	0.45mi
61 Howard Ave Apt 1 Lancaster, PA	2.0	1.0	650	$1,045	$1.61	44d	1	0.46mi
118 N Prince St Lancaster, PA	1.0–3.0	1.0–3.0	1274	$4,703	$3.69	14d	48	0.49mi
738 E Madison St Lancaster, PA	3.0	1.0	1102	$1,750	$1.59	44d	1	0.54mi
135 E Ross St Unit 2nd Floor Lancaster, PA	2.0	1.0	1000	$1,575	$1.57	14d	1	0.56mi
816 N Prince St Lancaster, PA	1.0–2.0	1.0–2.0	794	$2,195	$2.76	14d	7	0.68mi
433 W Walnut St Apt 2 Lancaster, PA	2.0	1.0	900	$1,840	$2.04	23d	1	0.74mi
701 Martha Ave Lancaster, PA	2.0	1.0–2.0	1096	$2,600	$2.37	14d	1	0.75mi
34 Conestoga St Unit 1 Lancaster, PA	2.0	1.0	671	$995	$1.48	21d	1	0.81mi
37 E Filbert St Lancaster, PA	3.0	1.0	1002	$1,750	$1.75	44d	1	0.88mi
767 Clermont Ave Lancaster, PA	2.0	1.0	850	$1,395	$1.64	14d	1	0.89mi
404 Beaver St Lancaster, PA	3.0	1.0	1025	$1,425	$1.39	23d	1	0.91mi
324 New Dorwart St Lancaster, PA	3.0	1.0	1020	$1,495	$1.47	14d	1	1.01mi
422 Hillside Ave Lancaster, PA	2.0	1.0	960	$1,245	$1.30	44d	1	1.03mi
5000 Foundry Dr Lancaster, PA	1.0–2.0	1.0–2.0	970	$2,575	$2.65	14d	10	1.04mi
519 1/2 S Prince St Lancaster, PA	2.0	1.0	848	$1,550	$1.83	14d	1	1.06mi
678 1/2 Columbia Ave Apt 2 Lancaster, PA	3.0	1.0	1100	$1,495	$1.36	14d	1	1.08mi
1000 Strand WAY Neffsville, PA	1.0–2.0	1.0–2.0	1033	$2,850	$2.76	14d	15	1.18mi
1405 Oregon Pike Apt A Lancaster, PA	2.0	1.0	1000	$1,295	$1.29	44d	1	1.22mi
850 Highland Ave Lancaster, PA	2.0	1.0	1000	$1,300	$1.30	21d	1	1.40mi

Listing history 11 events

1. 2026-05-01
   listed $259,900 Active 624-char remark
2. 2023-03-07
   price $225,000
3. 2021-04-19
   soldstatus $180,000
4. 2021-04-15
   soldstatus $180,000 Closed

   Show marketing remark (525 chars)

   Welcome to your very own "cottage in the city"! Super cute piece of history located right where you want to be! Within walking distance to Musser Park, the hospital, baseball stadium, Central Market, art district, nearby shops, cafes, pubs, and everything Lancaster has to offer in the revitalized downtown area. New roof, new chimney, refinished floors, newer windows and natural gas heat. Private yard. Convenient 1st floor powder room. Recent home inspection report available and 1-year home warranty included!

5. 2021-03-18
   status Pending

   Show marketing remark (525 chars)

   Welcome to your very own "cottage in the city"! Super cute piece of history located right where you want to be! Within walking distance to Musser Park, the hospital, baseball stadium, Central Market, art district, nearby shops, cafes, pubs, and everything Lancaster has to offer in the revitalized downtown area. New roof, new chimney, refinished floors, newer windows and natural gas heat. Private yard. Convenient 1st floor powder room. Recent home inspection report available and 1-year home warranty included!

6. 2021-03-17
   listed $159,900 Active

   Show marketing remark (525 chars)

   Welcome to your very own "cottage in the city"! Super cute piece of history located right where you want to be! Within walking distance to Musser Park, the hospital, baseball stadium, Central Market, art district, nearby shops, cafes, pubs, and everything Lancaster has to offer in the revitalized downtown area. New roof, new chimney, refinished floors, newer windows and natural gas heat. Private yard. Convenient 1st floor powder room. Recent home inspection report available and 1-year home warranty included!

7. 2014-11-25
   soldstatus $74,000
8. 2014-11-21
   soldstatus $74,000
9. 2014-09-12
   listed $78,000
10. 2014-09-12
    historical
11. 1991-06-07
    soldstatus $52,000

ⓘ 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: $3,252 · $271/mo
• Projected year-2 tax: $3,679 · $307/mo
• Expected delta: +$427/yr (+$36/mo · 13.1%)

ⓘ 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 6/10 Major 7 d/yr ≥101°F today · 15 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 15% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $36,756
• − Mortgage interest: −$14,558
• − Property taxes: −$3,252
• − Insurance: −$1,300
• − Repairs & maintenance: −$2,940
• − Management: −$2,940
• − Depreciation: −$7,561
• Taxable income: $4,205
• Est. tax owed @ 24.0%: −$1,009
• After-tax cash flow: $7,122/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: Lancaster SD
• NCES district ID: 4213140
• Math proficiency: 12% ▼ -10.00%
• Reading proficiency: 25% ▼ -13.00%
• Median HH income: $38,500
• Composite: 15.52/100
• National rank: #9301
• State rank: #500 of 539 in PA

Livability — Lancaster

• Score: 85/100
• State rank: #71
• US rank: #498

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lancaster, PA
• County: Lancaster County · 390,309 people
• City population: 176,170
• Metro: Lancaster, PA
• Population (ZIP): 52,217
• Household income: $75,862
• Rent vs Own: 41.7% rent · 58.3% own
• Severe rent burden: 1556.0

Population outlook (Lancaster County) Hauer SSP2

• Today (2025): 561,011 people
• By 2030: 570,969 · +1.8%
• By 2040: 585,929 · +4.4%
• By 2050: 591,056 · +5.4%
• By 2075: 594,747 · +6.0%
• By 2100: 558,850 · -0.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.61)
• Race & ethnicity: White 52% Hispanic / Latino 32% Two or more races 12% Black 11% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 21% Cuban 1% Dominican 4%
• Common ancestry: Romanian 2% Italian 1% Lithuanian 1%
• Foreign-born: 13% · Canada, Vietnam, South Korea
• Languages at home: 70% English-only · Spanish 22% German/W. Germanic 2% French/Haitian/Cajun 1%

Political lean MEDSL · Lancaster

• 2024 margin: R (+15.9) · D 41.5% · R 57.5%
• 2008→2024 swing: -4.1pp toward R · 2008: -11.8pp · 2024: -15.9pp
• All cycles: 2024: R+15.9 2020: R+15.8 2016: R+19.7 2012: R+19.2 2008: R+11.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -248.05%
• Current HPI: 288.9141
• Rent YoY: ▲ 1.20%
• Metro: Lancaster, 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

+399.8% since first listed

12 events — show timeline

• 2026-05-27 Listing Removed — BRIGHT MLS
• 2026-05-01 Listed $259,900 BRIGHT MLS
• 2023-03-07 Price Changed $225,000 BRIGHT MLS
• 2021-04-19 Sold (Public Records) $180,000 Public Records
• 2021-04-15 Sold (MLS) $180,000 BRIGHT MLS
• 2021-03-18 Pending — BRIGHT MLS
• 2021-03-17 Listed $159,900 BRIGHT MLS
• 2014-11-25 Sold (Public Records) $74,000 Public Records
• 2014-11-21 Sold (MLS) $74,000 BRIGHT MLS
• 2014-09-12 Listing Removed — BRIGHT MLS
• 2014-09-12 Listed $78,000 BRIGHT MLS
• 1991-06-07 Sold (Public Records) $52,000 Public Records

Property tax history

+2.6%/yr

Latest (2026): $3,252 · +3.3% YoY. Source: county tax records.