535 Center St · Chambersburg, PA 17201

$167,900

3 bd · 2.0 ba · 1,576 sqft · Other · 4 Days on market

Built 1920 5,227 sqft lot $107/sqft · 21% below area Est $212k · 21% under

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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 +20.4/30.0
• ARV discount +15.0/15.0
• DSCR +6.5/10.0
• 1% rule +5.0/10.0
• Livability +3.7/5.0
• Rent growth +3.6/5.0
• Schools +3.2/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Downtown, Affordable, AND NOW ACTIVE!!!! Are you looking for an affordable house with all of the charm and downtown amenities? Look no further! This gal has everything you need. This 3 bed, 2 bath house is ready for your touch! Enjoy the large kitchen and large living areas on the first floor, with the first bathroom off the kitchen. And who wouldn't enjoy a morning coffee/tea while soaking in the morning breeze from this gorgeous porch!? Travel upstairs to access the second bath and three bedrooms. All with plenty of room for activities! Around back is a spacious yard to make all your own and a playground right across the street!

Key facts

• 5,227 sq ft lot
• Built 1920
• Listed 4 days

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath other listed at $168k.

Deal economics

• At list price, monthly cash flow is $219 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $168k).
• Cap rate 7.9% vs local median 3.9% in Chambersburg — 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 74/100 on livability (#530 in PA, #4,894 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A; Watch: amenities D+, crime D, employment D.
• Chambersburg Area SD (other): math 26% / reading 48% proficiency, ranked #383 of 539 in PA (top 71%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+4.4%/yr); 162 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 633 units permitted in Franklin County in 2024 (112 in 5+ unit buildings).
• This rent runs 33% of the median local income ($61k/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 $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 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.
• Current owner paid $102k; list at $168k implies a 65% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — 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 $167,900

Questions for the listing agent

1. Built in 1920 — 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. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
4. 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.
5. 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.
6. 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: 1.00% ✓
• Cap rate: 7.86%
• Cash-on-cash: 5.60%
• DSCR: 1.25
• GRM: 8.3

CMA / ARV

• ARV (median comp): $212,272
• List price: $167,900
• Delta: -20.90%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 4.37% rent growth · sell at horizon

5-year hold

• IRR: -6.2%
• Equity multiple: 0.77×
• Total profit: $-10,893
• Equity at exit: $25,034

10-year hold

• IRR: 5.0%
• Equity multiple: 1.39×
• Total profit: $18,393
• Equity at exit: $14,517

Cash invested: $47,012 (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 17201

• Home prices YoY: -20.3%
• Rents YoY: 4.4%
• Active inventory: 162
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $1,682 medium
• Mortgage (P&I): −$880
• Tax from tax record: −$159 /mo · $1,904/yr
• Insurance: −$70
• HOA: −$0
• Vacancy / Maint / Mgmt: −$353
• Net cashflow: $219

Break-even live

Break-even rent $1,404

Max offer price $167,900

Occupancy floor 82%

Sensitivity live

Price	-10% $314	-5% $267	+0% $219	+5% $172	+10% $124
Rent	-10% $86	-5% $153	+0% $219	+5% $286	+10% $352
Rate	-1.0pp $304	-0.5pp $262	base $219	+0.5pp $176	+1.0pp $132

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: $41,975
• Closing costs: $5,037
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
548 Nelson St Chambersburg, PA	3.0	1.0	1290	$1,500	$1.16	44d	1	1.11mi

Listing history 10 events

1. 2026-05-11
   status Pending 638-char remark

   Show marketing remark (638 chars)

   Downtown, Affordable, AND NOW ACTIVE!!!! Are you looking for an affordable house with all of the charm and downtown amenities? Look no further! This gal has everything you need. This 3 bed, 2 bath house is ready for your touch! Enjoy the large kitchen and large living areas on the first floor, with the first bathroom off the kitchen. And who wouldn't enjoy a morning coffee/tea while soaking in the morning breeze from this gorgeous porch!? Travel upstairs to access the second bath and three bedrooms. All with plenty of room for activities! Around back is a spacious yard to make all your own and a playground right across the street!

2. 2026-05-08
   listed $167,900 Active 638-char remark

   Show marketing remark (638 chars)

   Downtown, Affordable, AND NOW ACTIVE!!!! Are you looking for an affordable house with all of the charm and downtown amenities? Look no further! This gal has everything you need. This 3 bed, 2 bath house is ready for your touch! Enjoy the large kitchen and large living areas on the first floor, with the first bathroom off the kitchen. And who wouldn't enjoy a morning coffee/tea while soaking in the morning breeze from this gorgeous porch!? Travel upstairs to access the second bath and three bedrooms. All with plenty of room for activities! Around back is a spacious yard to make all your own and a playground right across the street!

3. 2026-04-23
   historical $167,900 638-char remark

   Show marketing remark (638 chars)

   Downtown, Affordable, AND NOW ACTIVE!!!! Are you looking for an affordable house with all of the charm and downtown amenities? Look no further! This gal has everything you need. This 3 bed, 2 bath house is ready for your touch! Enjoy the large kitchen and large living areas on the first floor, with the first bathroom off the kitchen. And who wouldn't enjoy a morning coffee/tea while soaking in the morning breeze from this gorgeous porch!? Travel upstairs to access the second bath and three bedrooms. All with plenty of room for activities! Around back is a spacious yard to make all your own and a playground right across the street!

4. 2011-09-20
   soldstatus $101,500
5. 2011-09-16
   soldstatus $101,500 407-char remark

   Show marketing remark (407 chars)

   2 story home located in great neighborhood, features 3 bedrooms, 2 baths, large eat in country kitchen, fam rm. living, rm, enclosed front and side porch, frnced in back yard, 2 car garage, natural gas hot water baseboard heat, metal roof, large romms, priced to sell, 2nd kichen in basement, rec rm, in basement, walk out level plus much more to offer, lots of potential listing agent is related to seller

6. 2011-09-16
   soldstatus $101,500

   Show marketing remark (407 chars)

   2 story home located in great neighborhood, features 3 bedrooms, 2 baths, large eat in country kitchen, fam rm. living, rm, enclosed front and side porch, frnced in back yard, 2 car garage, natural gas hot water baseboard heat, metal roof, large romms, priced to sell, 2nd kichen in basement, rec rm, in basement, walk out level plus much more to offer, lots of potential listing agent is related to seller

7. 2011-07-06
   historical 407-char remark

   Show marketing remark (407 chars)

   2 story home located in great neighborhood, features 3 bedrooms, 2 baths, large eat in country kitchen, fam rm. living, rm, enclosed front and side porch, frnced in back yard, 2 car garage, natural gas hot water baseboard heat, metal roof, large romms, priced to sell, 2nd kichen in basement, rec rm, in basement, walk out level plus much more to offer, lots of potential listing agent is related to seller

8. 2011-07-06
   historical

   Show marketing remark (407 chars)

   2 story home located in great neighborhood, features 3 bedrooms, 2 baths, large eat in country kitchen, fam rm. living, rm, enclosed front and side porch, frnced in back yard, 2 car garage, natural gas hot water baseboard heat, metal roof, large romms, priced to sell, 2nd kichen in basement, rec rm, in basement, walk out level plus much more to offer, lots of potential listing agent is related to seller

9. 2011-05-23
   listed $99,900 407-char remark

   Show marketing remark (407 chars)

   2 story home located in great neighborhood, features 3 bedrooms, 2 baths, large eat in country kitchen, fam rm. living, rm, enclosed front and side porch, frnced in back yard, 2 car garage, natural gas hot water baseboard heat, metal roof, large romms, priced to sell, 2nd kichen in basement, rec rm, in basement, walk out level plus much more to offer, lots of potential listing agent is related to seller

10. 2011-05-23
    listed $99,900

    Show marketing remark (407 chars)

    2 story home located in great neighborhood, features 3 bedrooms, 2 baths, large eat in country kitchen, fam rm. living, rm, enclosed front and side porch, frnced in back yard, 2 car garage, natural gas hot water baseboard heat, metal roof, large romms, priced to sell, 2nd kichen in basement, rec rm, in basement, walk out level plus much more to offer, lots of potential listing agent is related to seller

ⓘ 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: $1,904 · $159/mo
• Projected year-2 tax: $2,279 · $190/mo
• Expected delta: +$374/yr (+$31/mo · 19.7%)

ⓘ 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 5/10 Major 7 d/yr ≥101°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% 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: $20,179
• − Mortgage interest: −$9,405
• − Property taxes: −$1,904
• − Insurance: −$840
• − Repairs & maintenance: −$1,614
• − Management: −$1,614
• − Depreciation: −$4,884
• Taxable loss: −$82
• Est. tax savings @ 24.0%: +$20
• After-tax cash flow: $2,652/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: Chambersburg Area SD
• NCES district ID: 4205550
• Math proficiency: 26% ▼ -17.00%
• Reading proficiency: 48% ▼ -16.00%
• Median HH income: $52,666
• Composite: 32.17/100
• National rank: #5787
• State rank: #383 of 539 in PA

Livability — Chambersburg

• Score: 74/100
• State rank: #530
• US rank: #4894

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Chambersburg, PA
• County: Franklin County · 56,916 people
• City population: 27,554
• Metro: Chambersburg-Waynesboro, PA
• Population (ZIP): 27,554
• Household income: $61,234
• Rent vs Own: 51.6% rent · 48.4% own
• Severe rent burden: 1306.0

Population outlook (Franklin County) Hauer SSP2

• Today (2025): 157,827 people
• By 2030: 158,933 · +0.7%
• By 2040: 159,060 · +0.8%
• By 2050: 155,132 · -1.7%
• By 2075: 138,545 · -12.2%
• By 2100: 112,321 · -28.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (70%)
• Race & ethnicity: White 70% Hispanic / Latino 18% Black 8% Two or more races 7% Native American 1% Asian 1%
• Hispanic origin (detail): Mexican 6% Puerto Rican 2% Dominican 1%
• Common ancestry: Serbian 3% Slovak 2% Romanian 1%
• Foreign-born: 8% · Canada, China
• Languages at home: 85% English-only · Spanish 13% French/Haitian/Cajun 1%

Political lean MEDSL · Franklin

• 2024 margin: Solid R (+43.0) · D 28.1% · R 71.1%
• 2008→2024 swing: -10.4pp toward R · 2008: -32.6pp · 2024: -43.0pp
• All cycles: 2024: R+43.0 2020: R+43.1 2016: R+46.5 2012: R+38.5 2008: R+32.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -63.07%
• Current HPI: 247.913
• Rent YoY: ▲ 4.37%
• Metro: Chambersburg-Waynesboro, 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

+68.1% since first listed

10 events — show timeline

• 2026-05-11 Pending — BRIGHT MLS
• 2026-05-08 Listed $167,900 BRIGHT MLS
• 2026-04-23 Coming Soon $167,900 BRIGHT MLS
• 2011-09-20 Sold (Public Records) $101,500 Public Records
• 2011-09-16 Sold (MLS) $101,500 MRIS
• 2011-09-16 Sold (MLS) $101,500 BRIGHT MLS
• 2011-07-06 Delisted — MRIS
• 2011-07-06 Listing Removed — BRIGHT MLS
• 2011-05-23 Listed $99,900 MRIS
• 2011-05-23 Listed $99,900 BRIGHT MLS

Property tax history

+13.6%/yr

Latest (2026): $1,904 · +2.0% YoY. Source: county tax records.