31 E Water St · Gettysburg, PA 17325

$225,000

4 bd · 2.0 ba · 1,512 sqft · Other public records · 84 Days on market

Built 1982 1,742 sqft lot $149/sqft · 29% below area Est $317k · 29% under

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Why this score? — see what drove the D 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).

• ARV discount +15.0/15.0
• Cash flow +10.0/30.0
• Schools +4.6/10.0
• Livability +4.4/5.0
• 1% rule +3.0/10.0
• DSCR +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

4 bedroom, 2 bath home in the heart of historic downtown Gettysburg. This 1,500 sq. ft. home features newer luxury vinyl plank flooring, updated kitchen countertops and stainless-steel appliances, and updated bathrooms. The home features a rear deck, ample off-street parking, and is conveniently located within walking distance of Gettysburg College, Lincoln Square, shops, restaurants, and all of the amenities downtown Gettysburg has to offer. Schedule your private tour today!

Key facts

• Updated bathrooms
• Rear deck
• 1,742 sq ft lot

Tags

• UPDATED KITCHEN COUNTERTOPS
• STAINLESS STEEL APPLIANCES
• UPDATED BATHROOMS
• REAR DECK
• AMPLE OFF STREET PARKING
• WALKING DISTANCE OF SHOPS

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath other listed at $225k.

Deal economics

• At list price, monthly cash flow is $-201 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $189k (15.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $180k (20.0% below list).
• Recommended offer: $180k (20.0% below list) — sets the bar for 1% rule.
• Cap rate 5.6% vs local median 2.3% in Gettysburg — 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 87/100 on livability (#45 in PA, #253 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, commute A+; Watch: housing C-, employment D.
• Gettysburg Area SD (rural): math 46% / reading 60% proficiency, ranked #132 of 539 in PA (top 24%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: James Gettys El Sch (math 52% / reading 67%, grade B-, #377 of 1,518 statewide, top 28%, 331 students, 47% FRL); Gettysburg Area Ms (math 28% / reading 60%, grade D, #202 of 512 statewide, top 40%, 682 students, 43% FRL); Gettysburg Area Hs (math 80% / reading 24%, grade C-, #112 of 437 statewide, top 26%, 1,024 students, 37% FRL) — zoned schools at 43% FRL track the district average.
• Market conditions: 320 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 403 units permitted in Adams County in 2024 (0 in 5+ unit buildings).

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.
• Adams County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 84 days — a 6% lower offer ($212k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 25y 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 $186k; 21% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: severe flood risk; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $180,036 (20.0% 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. It's been on market 84 days. Have you received any prior offers? Is the seller open to a 20% concession, seller financing, or rate buy-down credit?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
7. 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?
8. 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.
9. 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.
10. 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: 0.80% ✗
• Cap rate: 5.58%
• Cash-on-cash: -2.56%
• DSCR: 0.89
• GRM: 10.4

CMA / ARV

• ARV (median comp): $316,647
• List price: $225,000
• Delta: -28.94%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -22.7%
• Equity multiple: 0.22×
• Total profit: $-49,193
• Equity at exit: $33,548

10-year hold

• IRR: -16.9%
• Equity multiple: 0.06×
• Total profit: $-59,042
• Equity at exit: $19,454

Cash invested: $63,000 (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 17325

• Home prices YoY: -22.4%
• Active inventory: 320
• Price-to-rent: 10.4×

Monthly cashflow live

• Estimated rent: $1,800 medium
• Mortgage (P&I): −$1,180
• Tax from tax record: −$283 /mo · $3,398/yr
• Insurance: −$94
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$378
• Net cashflow: $-201

Break-even live

Break-even rent $2,055

Max offer price $189,489

Occupancy floor —

Sensitivity live

Price	-10% $-74	-5% $-137	+0% $-201	+5% $-265	+10% $-328
Rent	-10% $-343	-5% $-272	+0% $-201	+5% $-130	+10% $-59
Rate	-1.0pp $-88	-0.5pp $-144	base $-201	+0.5pp $-259	+1.0pp $-319

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
239 N Stratton St Gettysburg, PA	3.0	1.5	1506	$1,850	$1.23	23d	1	0.09mi
802 Sunset Ave Gettysburg, PA	3.0	1.5	1116	$1,950	$1.75	45d	1	1.02mi
37 Winslow Ct Gettysburg, PA	3.0	2.0	1680	$1,750	$1.04	45d	1	1.42mi

Listing history 40 events

1. 2026-06-22
   days on market $225,000 Active 84 DOM
2. 2026-06-21
   days on market $225,000 Active 83 DOM
3. 2026-06-19
   days on market $225,000 Active 81 DOM
4. 2026-06-18
   days on market $225,000 Active 80 DOM
5. 2026-06-17
   days on market $225,000 Active 79 DOM
6. 2026-06-16
   days on market $225,000 Active 78 DOM
7. 2026-06-16
   days on market $225,000 Active 77 DOM
8. 2026-06-14
   days on market $225,000 Active 75 DOM
9. 2026-06-12
   days on market $225,000 Active 74 DOM
10. 2026-06-09
    days on market $225,000 Active 71 DOM
11. 2026-06-08
    days on market $225,000 Active 70 DOM
12. 2026-06-07
    days on market $225,000 Active 69 DOM
13. 2026-06-05
    days on market $225,000 Active 66 DOM
14. 2026-06-02
    days on market $225,000 Active 64 DOM
15. 2026-06-01
    days on market $225,000 Active 63 DOM
16. 2026-05-31
    days on market $225,000 Active 62 DOM
17. 2026-05-30
    days on market $225,000 Active 61 DOM
18. 2026-05-01
    price $225,000 480-char remark

    Show marketing remark (480 chars)

    4 bedroom, 2 bath home in the heart of historic downtown Gettysburg. This 1,500 sq. ft. home features newer luxury vinyl plank flooring, updated kitchen countertops and stainless-steel appliances, and updated bathrooms. The home features a rear deck, ample off-street parking, and is conveniently located within walking distance of Gettysburg College, Lincoln Square, shops, restaurants, and all of the amenities downtown Gettysburg has to offer. Schedule your private tour today!

19. 2026-03-30
    listed $235,000 Active 480-char remark

    Show marketing remark (480 chars)

    4 bedroom, 2 bath home in the heart of historic downtown Gettysburg. This 1,500 sq. ft. home features newer luxury vinyl plank flooring, updated kitchen countertops and stainless-steel appliances, and updated bathrooms. The home features a rear deck, ample off-street parking, and is conveniently located within walking distance of Gettysburg College, Lincoln Square, shops, restaurants, and all of the amenities downtown Gettysburg has to offer. Schedule your private tour today!

20. 2025-12-31
    historical
21. 2025-11-29
    historical $1,600
22. 2025-10-09
    listed $1,600
23. 2025-09-29
    price $240,000
24. 2025-07-21
    price $249,900
25. 2025-07-21
    listed $225,000 Active
26. 2022-05-04
    historical
27. 2022-04-07
    price $200,000
28. 2022-02-11
    listed $210,000 Active
29. 2021-06-24
    soldstatus $186,000 Closed
30. 2021-04-08
    status Pending
31. 2021-03-30
    listed $180,000 Active
32. 2019-05-31
    soldstatus $135,000 Closed
33. 2019-05-01
    status Pending
34. 2019-04-24
    listed $149,000 Active
35. 2016-09-30
    soldstatus $102,000
36. 2015-08-31
    historical
37. 2015-04-23
    listed $152,000
38. 2002-06-21
    soldstatus $82,000
39. 2002-04-25
    historical
40. 2001-06-28
    listed $86,500

ⓘ 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: $3,398 · $283/mo
• Projected year-2 tax: $3,477 · $290/mo
• Expected delta: +$78/yr (+$7/mo · 2.3%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥103°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 · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,604
• − Mortgage interest: −$12,603
• − Property taxes: −$3,398
• − Insurance: −$1,922
• − Repairs & maintenance: −$1,728
• − Management: −$1,728
• − Depreciation: −$6,545
• Taxable loss: −$6,322
• Est. tax savings @ 24.0%: +$1,517
• After-tax cash flow: $-895/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: Gettysburg Area SD
• NCES district ID: 4210710
• Math proficiency: 46% ▼ -9.00%
• Reading proficiency: 60% ▼ -9.00%
• Median HH income: $58,451
• Composite: 46.03/100
• National rank: #2526
• State rank: #132 of 539 in PA

Livability — Gettysburg

• Score: 87/100
• State rank: #45
• US rank: #253

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Gettysburg, PA
• County: Adams County · 30,373 people
• City population: 30,373
• Metro: Gettysburg, PA
• Population (ZIP): 30,373
• Household income: $80,948
• Rent vs Own: 27.3% rent · 72.7% own
• Severe rent burden: 447.0

Population outlook (Adams County) Hauer SSP2

• Today (2025): 102,494 people
• By 2030: 101,890 · -0.6%
• By 2040: 98,417 · -4.0%
• By 2050: 92,014 · -10.2%
• By 2075: 76,128 · -25.7%
• By 2100: 58,931 · -42.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Hispanic / Latino 9% Two or more races 5% Black 4% Asian 2%
• Hispanic origin (detail): Mexican 4% Puerto Rican 2%
• Common ancestry: Romanian 3% Lithuanian 3% Serbian 2%
• Foreign-born: 5% · Canada, China, Vietnam
• Languages at home: 92% English-only · Spanish 4% Other Indo-European 1% Russian/Polish/Slavic 1%

Political lean MEDSL · Adams

• 2024 margin: Solid R (+33.6) · D 32.7% · R 66.4%
• 2008→2024 swing: -14.1pp toward R · 2008: -19.6pp · 2024: -33.6pp
• All cycles: 2024: R+33.6 2020: R+34.1 2016: R+36.4 2012: R+27.6 2008: R+19.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -81.49%
• Current HPI: 282.6594
• Rent YoY: —
• Metro: Gettysburg, 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

+160.1% since first listed

23 events — show timeline

• 2026-05-01 Price Changed $225,000 BRIGHT MLS
• 2026-03-30 Listed $235,000 BRIGHT MLS
• 2025-12-31 Listing Removed — BRIGHT MLS
• 2025-11-29 Rental Removed $1,600 BRIGHTMLS
• 2025-10-09 Listed for Rent $1,600 BRIGHTMLS
• 2025-09-29 Price Changed $240,000 BRIGHT MLS
• 2025-07-21 Price Changed $249,900 BRIGHT MLS
• 2025-07-21 Listed $225,000 BRIGHT MLS
• 2022-05-04 Listing Removed — BRIGHT MLS
• 2022-04-07 Price Changed $200,000 BRIGHT MLS
• 2022-02-11 Listed $210,000 BRIGHT MLS
• 2021-06-24 Sold (MLS) $186,000 BRIGHT MLS
• 2021-04-08 Pending — BRIGHT MLS
• 2021-03-30 Listed $180,000 BRIGHT MLS
• 2019-05-31 Sold (MLS) $135,000 BRIGHT MLS
• 2019-05-01 Pending — BRIGHT MLS
• 2019-04-24 Listed $149,000 BRIGHT MLS
• 2016-09-30 Sold (Public Records) $102,000 Public Records
• 2015-08-31 Listing Removed — BRIGHT MLS
• 2015-04-23 Listed $152,000 BRIGHT MLS
• 2002-06-21 Sold (MLS) $82,000 BRIGHT MLS
• 2002-04-25 Listing Removed — BRIGHT MLS
• 2001-06-28 Listed $86,500 BRIGHT MLS

Property tax history

+4.5%/yr

Latest (2026): $3,398 · +1.5% YoY. Source: county tax records.