503-505 Manor St · Lancaster, PA 17603

$364,900

4 bd · 3.0 ba · 2,056 sqft · MultiFamily public records · 25 Days on market

Built 1930 2,614 sqft lot Est $306k · 19% 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 +26.1/30.0
• DSCR +8.8/10.0
• 1% rule +6.4/10.0
• Livability +4.2/5.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0
• 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: 3 units. confirmed

Listing remarks MLS

A freshly renovated 3 unit + 3 garages with great income. Well maintained and new roof. Separate electric, Fully occupied.

Key facts

• 2,614 sq ft lot
• 3 garage spots
• Built 1930

What this means for you Summary

Snapshot

• This is a 1×2bd/1.0ba + 2×1bd/1.0ba units multifamily listed at $365k.

Deal economics

• At list price, monthly cash flow is $918 ($11k/yr) — positive. Per door: $306/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $365k).
• Recommended offer: $359k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.3% 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 flat; 292 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals lingering (median 44d 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; 1,093 units permitted in Lancaster County in 2024 (201 in 5+ unit buildings).
• At $4,175/mo this rent would consume 65% of the median local household income ($77k/yr) (locally 2557% 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 $3k of loan paydown is wiped out by about $11k 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 25 days — a 2% lower offer ($359k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 15y 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.

Risks & watch-outs

• Watch-outs: built in 1930 — 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 $359,426 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.14% ✓
• Cap rate: 9.31%
• Cash-on-cash: 10.78%
• DSCR: 1.48
• GRM: 7.3

CMA / ARV

• ARV (on-the-fly): $306,344
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
503-505 Manor St	0.00mi	4/3.0	2,056 (0%)	1mo	$355,000	$173	99
329 W King St	0.19mi	4/—	2,149 (+4%)	1mo	$270,000	$126	83
747-749 Manor St	0.33mi	4/3.0	2,048 (-0%)	2mo	$335,000	$164	82
642 Second St	0.29mi	4/—	2,013 (-2%)	4mo	$270,000	$134	80
751 High St	0.36mi	5/— (+1)	2,152 (+5%)	2mo	$383,500	$178	69
411-413 S Arch St	0.28mi	5/— (+1)	1,896 (-8%)	1mo	$230,500	$122	68
662 Saint Joseph St	0.29mi	5/2.0 (+1)	1,941 (-6%)	2mo	$290,000	$149	66
348 S Queen St	0.57mi	4/2.0	2,080 (+1%)	2mo	$229,900	$111	66
410 W Vine St	0.20mi	5/2.5 (+1)	2,311 (+12%)	4mo	$252,500	$109	59
612 W Chestnut St	0.34mi	3/— (-1)	1,862 (-9%)	7mo	$385,000	$207	58
136-142 Fairview Ave	0.42mi	5/— (+1)	1,810 (-12%)	10mo	$405,000	$224	47
432 S Queen St	0.64mi	5/2.0 (+1)	1,827 (-11%)	3mo	$245,000	$134	40

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 · 0.47% rent growth · sell at horizon

5-year hold

• IRR: -3.0%
• Equity multiple: 0.89×
• Total profit: $-11,078
• Equity at exit: $54,408

10-year hold

• IRR: 3.8%
• Equity multiple: 1.25×
• Total profit: $25,074
• Equity at exit: $31,550

Cash invested: $102,172 (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 17603

• Rents YoY: 0.5%
• Active inventory: 292
• Price-to-rent: 20.6×

Monthly cashflow live

• Estimated rent: $4,175 high
• Mortgage (P&I): −$1,914
• Tax from tax record: −$315 /mo · $3,781/yr
• Insurance: −$152
• HOA: −$0
• Vacancy / Maint / Mgmt: −$877
• Net cashflow: $918

Break-even live

Break-even rent $3,014

Max offer price $364,900

Occupancy floor 73%

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

Units	Beds	Baths	Est. rent
1× unit	2	1	$1,475
▸ 2× units	1	1	$2,700
Total (3 units)			$4,175

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: $91,225
• Closing costs: $10,947
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
529 Manor St Lancaster, PA	3.0	1.0	1434	$1,635	$1.14	13d	1	0.07mi
609 Saint Joseph St Lancaster, PA	4.0	2.0	1523	$1,695	$1.11	43d	1	0.22mi
49 W Farnum St Lancaster, PA	3.0	1.0	1820	$1,650	$0.91	43d	1	0.39mi
118 N Prince St Lancaster, PA	1.0–3.0	1.0–3.0	1274	$4,703	$3.69	13d	48	0.40mi
337 W Lemon St Unit 2 Lancaster, PA	3.0	1.0	1588	$1,895	$1.19	13d	1	0.55mi
549 Howard Ave Lancaster, PA	4.0	1.0	1439	$1,700	$1.18	43d	1	0.56mi
611 S West End Ave Lancaster, PA	4.0	1.5	1589	$1,800	$1.13	13d	1	0.63mi
403 N Queen St Lancaster, PA	3.0	2.0	1950	$3,500	$1.79	13d	1	0.70mi
520 W Frederick St Lancaster, PA	4.0	1.0	1713	$1,895	$1.11	43d	1	0.72mi
1121 Spring Grove Ave Lancaster, PA	4.0	2.0	1755	$2,200	$1.25	43d	1	0.86mi
708 S Lime St Unit 3 Lancaster, PA	4.0	1.0	1742	$1,850	$1.06	43d	1	1.02mi
860 N Market St Lancaster, PA	3.0	2.0	1514	$1,850	$1.22	43d	1	1.10mi
1415 Spencer Ave Lancaster, PA	1.0–3.0	1.0–2.0	1181	$3,720	$3.15	13d	1	1.16mi
1330 Wabank Rd Lancaster, PA	1.0–3.0	1.0–2.5	1423	$2,062	$1.45	13d	21	1.29mi
836 N Plum St Lancaster, PA	3.0	2.0	1602	$2,150	$1.34	13d	1	1.33mi
631 E Frederick St Lancaster, PA	3.0	1.0	1830	$1,850	$1.01	43d	1	1.42mi

Listing history 25 events

1. 2026-04-21
   status Pending
2. 2026-03-27
   listed $364,900 Active
3. 2023-05-05
   soldstatus $327,550 Closed 122-char remark

   Show marketing remark (122 chars)

   A freshly renovated 3 unit + 3 garages with great income. Well maintained and new roof. Separate electric, Fully occupied.

4. 2023-03-30
   status Pending 122-char remark

   Show marketing remark (122 chars)

   A freshly renovated 3 unit + 3 garages with great income. Well maintained and new roof. Separate electric, Fully occupied.

5. 2023-03-09
   listed $339,000 Active 122-char remark

   Show marketing remark (122 chars)

   A freshly renovated 3 unit + 3 garages with great income. Well maintained and new roof. Separate electric, Fully occupied.

6. 2023-03-03
   historical $339,000 122-char remark

   Show marketing remark (122 chars)

   A freshly renovated 3 unit + 3 garages with great income. Well maintained and new roof. Separate electric, Fully occupied.

7. 2022-04-08
   soldstatus $245,000 Closed 137-char remark

   Show marketing remark (137 chars)

   Well Maintained 3 unit & 3 garages bringing in approximately 2,300/month income. Great opportunity for a great investment property

8. 2022-04-08
   soldstatus $245,000

   Show marketing remark (137 chars)

   Well Maintained 3 unit & 3 garages bringing in approximately 2,300/month income. Great opportunity for a great investment property

9. 2022-03-09
   historical Active Under Contract 137-char remark

   Show marketing remark (137 chars)

   Well Maintained 3 unit & 3 garages bringing in approximately 2,300/month income. Great opportunity for a great investment property

10. 2022-02-17
    price $255,000 137-char remark

    Show marketing remark (137 chars)

    Well Maintained 3 unit & 3 garages bringing in approximately 2,300/month income. Great opportunity for a great investment property

11. 2022-02-17
    status Active 137-char remark

    Show marketing remark (137 chars)

    Well Maintained 3 unit & 3 garages bringing in approximately 2,300/month income. Great opportunity for a great investment property

12. 2021-12-13
    status Pending 137-char remark

    Show marketing remark (137 chars)

    Well Maintained 3 unit & 3 garages bringing in approximately 2,300/month income. Great opportunity for a great investment property

13. 2021-11-24
    listed $245,000 Active 137-char remark

    Show marketing remark (137 chars)

    Well Maintained 3 unit & 3 garages bringing in approximately 2,300/month income. Great opportunity for a great investment property

14. 2021-06-14
    soldstatus $215,000
15. 2013-05-28
    soldstatus $104,000
16. 2013-05-22
    soldstatus $104,000
17. 2013-04-29
    historical
18. 2013-03-04
    listed $109,900
19. 2013-02-07
    historical
20. 2012-02-08
    listed $109,900
21. 2011-12-01
    historical
22. 2011-06-17
    listed $119,900
23. 2005-11-03
    soldstatus $84,000
24. 2003-06-25
    soldstatus $65,000
25. 1990-09-19
    soldstatus $33,000

ⓘ 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: $3,781 · $315/mo
• Projected year-2 tax: $4,773 · $398/mo
• Expected delta: +$992/yr (+$83/mo · 26.2%)

ⓘ 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 16% 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: $50,100
• − Mortgage interest: −$20,440
• − Property taxes: −$3,781
• − Insurance: −$1,824
• − Repairs & maintenance: −$4,008
• − Management: −$4,008
• − Depreciation: −$10,615
• Taxable income: $5,424
• Est. tax owed @ 24.0%: −$1,302
• After-tax cash flow: $9,709/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): 67,571
• Household income: $77,084
• Rent vs Own: 38.1% rent · 61.9% own
• Severe rent burden: 2557.0

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 0.59)
• Race & ethnicity: White 58% Hispanic / Latino 27% Two or more races 12% Black 7% Asian 4%
• Hispanic origin (detail): Mexican 1% Puerto Rican 19% Cuban 1% Dominican 2%
• Common ancestry: Romanian 2% Slovak 2% Lithuanian 1%
• Foreign-born: 9% · Canada, China, India
• Languages at home: 77% English-only · Spanish 17% Other Indo-European 1% Chinese 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: ▼ -508.78%
• Current HPI: 289.3324
• Rent YoY: ▲ 0.47%
• 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

+1005.8% since first listed

25 events — show timeline

• 2026-04-21 Pending — BRIGHT MLS
• 2026-03-27 Listed $364,900 BRIGHT MLS
• 2023-05-05 Sold (MLS) $327,550 BRIGHT MLS
• 2023-03-30 Pending — BRIGHT MLS
• 2023-03-09 Listed $339,000 BRIGHT MLS
• 2023-03-03 Coming Soon $339,000 BRIGHT MLS
• 2022-04-08 Sold (Public Records) $245,000 Public Records
• 2022-04-08 Sold (MLS) $245,000 BRIGHT MLS
• 2022-03-09 Contingent — BRIGHT MLS
• 2022-02-17 Price Changed $255,000 BRIGHT MLS
• 2022-02-17 Relisted — BRIGHT MLS
• 2021-12-13 Pending — BRIGHT MLS
• 2021-11-24 Listed $245,000 BRIGHT MLS
• 2021-06-14 Sold (Public Records) $215,000 Public Records
• 2013-05-28 Sold (Public Records) $104,000 Public Records
• 2013-05-22 Sold (MLS) $104,000 BRIGHT MLS
• 2013-04-29 Listing Removed — BRIGHT MLS
• 2013-03-04 Listed $109,900 BRIGHT MLS
• 2013-02-07 Listing Removed — BRIGHT MLS
• 2012-02-08 Listed $109,900 BRIGHT MLS
• 2011-12-01 Listing Removed — BRIGHT MLS
• 2011-06-17 Listed $119,900 BRIGHT MLS
• 2005-11-03 Sold (Public Records) $84,000 Public Records
• 2003-06-25 Sold (Public Records) $65,000 Public Records
• 1990-09-19 Sold (Public Records) $33,000 Public Records

Property tax history

+0.4%/yr

Latest (2026): $3,781 · +3.3% YoY. Source: county tax records.