326 E Middle St · Hanover, PA 17331

$175,000

3 bd · 1.0 ba · 1,636 sqft · MultiFamily public records · 23 Days on market

Built 1895 Est $204k · 14% under

---

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 +14.9/30.0
• ARV discount +14.0/15.0
• 1% rule +4.7/10.0
• DSCR +4.6/10.0
• Livability +3.8/5.0
• Rent growth +3.7/5.0
• Schools +3.7/10.0
• Condition / age +2.5/5.0
• 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

Spacious 3 bedroom 2 1/2 bath semi-detached featuring a fenced rear yard and detached garage. Home needs work and is sold as is.

Key facts

• Centrally located
• Bus stop close by
• Vintage brick floor

Tags

• VINTAGE BRICK FLOOR
• CENTRALLY LOCATED
• BUS STOP CLOSE BY
• GOOD INVESTMENT FIXER UPPER

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath multifamily listed at $175k.

Deal economics

• At list price, monthly cash flow is $51 ($614/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $170k (2.6% below list).
• Recommended offer: $170k (2.6% below list) — sets the bar for 1% rule.
• Cap rate 6.6% vs local median 3.9% 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 Public SD (urban): math 34% / reading 54% proficiency, ranked #294 of 539 in PA (top 54%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+4.7%/yr); 386 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 56% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 1,328 units permitted in York County in 2024 (338 in 5+ unit buildings).

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

• It's been on market 23 days — a 2% lower offer ($172k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 26y 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 $56k; list at $175k implies a 212% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1895 — 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 $170,453 (2.6% below list)

Questions for the listing agent

1. Built in 1895 — 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: 0.97% ✗
• Cap rate: 6.64%
• Cash-on-cash: 1.25%
• DSCR: 1.06
• GRM: 8.6

CMA / ARV

• ARV (on-the-fly): $204,500
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
213 Locust St	0.19mi	2/— (-1)	1,512 (-8%)	4mo	$145,000	$96	70
316-316B Fulton St	0.14mi	3/2.0	1,752 (+7%)	18mo	$215,000	$123	63
222 2nd Ave	0.62mi	4/— (+1)	1,784 (+9%)	2mo	$230,000	$129	49
819-8191/2 York St	0.68mi	3/2.0	1,834 (+12%)	1mo	$263,000	$143	43
325 High St	0.70mi	4/2.0 (+1)	1,804 (+10%)	2mo	$225,000	$125	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 · 4.67% rent growth · sell at horizon

5-year hold

• IRR: -12.3%
• Equity multiple: 0.55×
• Total profit: $-22,110
• Equity at exit: $26,093

10-year hold

• IRR: -0.7%
• Equity multiple: 0.95×
• Total profit: $-2,378
• Equity at exit: $15,131

Cash invested: $49,000 (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 17331

• Home prices YoY: -33.8%
• Rents YoY: 4.7%
• Active inventory: 386
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $1,705 high
• Mortgage (P&I): −$918
• Tax from tax record: −$305 /mo · $3,658/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$358
• Net cashflow: $51

Break-even live

Break-even rent $1,640

Max offer price $175,000

Occupancy floor 92%

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
514 Broadway Unit 1st Floor Hanover, PA	2.0	1.0	1130	$1,320	$1.17	13d	1	0.21mi
28 McCosh St Hanover, PA	3.0	1.0	1800	$2,050	$1.14	13d	1	0.39mi
261 N Franklin St Unit 302 Hanover, PA	3.0	2.0	1398	$1,130	$0.81	43d	1	0.50mi
261 N Franklin St Unit 212 Hanover, PA	2.0	1.0	1187	$1,139	$0.96	21d	1	0.50mi
76 Brookside Ave Hanover, PA	3.0	2.5	1625	$1,963	$1.21	21d	1	0.89mi
76 Brookside Ave Hanover, PA	3.0	2.5	1625	$1,906	$1.17	43d	1	0.89mi
88 Brookside Ave Hanover, PA	3.0	2.5	1625	$1,906	$1.17	43d	1	0.90mi
88 Brookside Ave Hanover, PA	3.0	2.5	1625	$1,963	$1.21	21d	1	0.90mi
51 Overlook Dr Unit F Hanover, PA	3.0	2.5	1820	$1,983	$1.09	43d	1	1.14mi
51 Overlook Dr Unit J Hanover, PA	3.0	2.5	1820	$2,120	$1.16	43d	1	1.14mi
101 Pacer Dr Unit L Hanover, PA	3.0	2.5	1252	$1,901	$1.52	13d	1	1.16mi
101 Pacer Dr Unit K Hanover, PA	3.0	2.5	1252	$1,846	$1.47	43d	1	1.16mi
101 Pacer Dr Unit M Hanover, PA	3.0	2.5	1252	$1,751	$1.40	43d	1	1.16mi
34 Overlook Dr Hanover, PA	3.0	2.5	1749	$2,000	$1.14	13d	1	1.18mi
22 Mustang Dr Hanover, PA	3.0	2.5	1625	$1,843	$1.13	43d	1	1.24mi
40 Mustang Dr Hanover, PA	4.0	2.5	1625	$1,843	$1.13	43d	1	1.24mi
20 Mustang Dr Hanover, PA	4.0	2.5	1625	$1,931	$1.19	43d	1	1.25mi
607 3rd St Hanover, PA	3.0	1.0	1276	$1,400	$1.10	21d	1	1.49mi

Listing history 26 events

1. 2026-06-18
   days on market $175,000 Active 23 DOM
2. 2026-06-17
   days on market $175,000 Active 22 DOM
3. 2026-06-16
   days on market $175,000 Active 21 DOM
4. 2026-06-15
   days on market $175,000 Active 20 DOM
5. 2026-06-14
   days on market $175,000 Active 18 DOM
6. 2026-06-13
   days on market $175,000 Active 17 DOM
7. 2026-06-10
   days on market $175,000 Active 15 DOM
8. 2026-06-09
   days on market $175,000 Active 14 DOM
9. 2026-06-08
   days on market $175,000 Active 13 DOM
10. 2026-06-07
    days on market $175,000 Active 12 DOM
11. 2026-06-03
    days on market $175,000 Active 8 DOM
12. 2026-06-02
    days on market $175,000 Active 7 DOM
13. 2026-06-01
    days on market $175,000 Active 6 DOM
14. 2026-05-31
    days on market $175,000 Active 5 DOM
15. 2026-05-30
    days on market $175,000 Active 4 DOM
16. 2026-05-26
    listed $175,000 Active
17. 2014-03-19
    soldstatus $56,000 128-char remark

    Show marketing remark (128 chars)

    Spacious 3 bedroom 2 1/2 bath semi-detached featuring a fenced rear yard and detached garage. Home needs work and is sold as is.

18. 2014-03-11
    historical 128-char remark

    Show marketing remark (128 chars)

    Spacious 3 bedroom 2 1/2 bath semi-detached featuring a fenced rear yard and detached garage. Home needs work and is sold as is.

19. 2014-01-21
    listed $54,900 128-char remark

    Show marketing remark (128 chars)

    Spacious 3 bedroom 2 1/2 bath semi-detached featuring a fenced rear yard and detached garage. Home needs work and is sold as is.

20. 2002-11-04
    soldstatus $91,000
21. 2001-01-31
    soldstatus $32,100
22. 2001-01-22
    historical 238-char remark

    Show marketing remark (238 chars)

    THIS IS A HUD PROPERTY. SOLD AS IS. CASE#441-514952. SUBMIT A BID ON WWW. FIRSTPRESTON. COM. BUYER PAYS 2% TRANSFER TAX. YOU NEED THE HUD MASTERLOCK KEY TO SHOW NO LOCKBOX. PROPERTY IN NEED OF REHAB. FHA 203K IS AN OPTION FOR FINANCING. |

23. 2001-01-16
    soldstatus $32,100 238-char remark

    Show marketing remark (238 chars)

    THIS IS A HUD PROPERTY. SOLD AS IS. CASE#441-514952. SUBMIT A BID ON WWW. FIRSTPRESTON. COM. BUYER PAYS 2% TRANSFER TAX. YOU NEED THE HUD MASTERLOCK KEY TO SHOW NO LOCKBOX. PROPERTY IN NEED OF REHAB. FHA 203K IS AN OPTION FOR FINANCING. |

24. 2000-11-09
    listed $32,000 238-char remark

    Show marketing remark (238 chars)

    THIS IS A HUD PROPERTY. SOLD AS IS. CASE#441-514952. SUBMIT A BID ON WWW. FIRSTPRESTON. COM. BUYER PAYS 2% TRANSFER TAX. YOU NEED THE HUD MASTERLOCK KEY TO SHOW NO LOCKBOX. PROPERTY IN NEED OF REHAB. FHA 203K IS AN OPTION FOR FINANCING. |

25. 1996-03-19
    soldstatus $73,000
26. 1995-03-20
    soldstatus $55,000

ⓘ 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: $3,658 · $305/mo
• Projected year-2 tax: $3,658 · $305/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥102°F today · 15 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 9% 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: $20,454
• − Mortgage interest: −$9,803
• − Property taxes: −$3,658
• − Insurance: −$875
• − Repairs & maintenance: −$1,636
• − Management: −$1,636
• − Depreciation: −$5,091
• Taxable loss: −$2,245
• Est. tax savings @ 24.0%: +$539
• After-tax cash flow: $1,152/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 Public SD
• NCES district ID: 4211450
• Math proficiency: 34% ▼ -11.00%
• Reading proficiency: 54% ▼ -8.00%
• Median HH income: $45,022
• Composite: 37.26/100
• National rank: #4457
• State rank: #294 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

• Census place: Hanover, PA
• County: York County · 278,806 people
• City population: 56,443
• Metro: York-Hanover, PA
• Population (ZIP): 56,443
• Household income: $79,488
• Rent vs Own: 23.6% rent · 76.4% own
• Severe rent burden: 1076.0

Population outlook (York County) Hauer SSP2

• Today (2025): 454,205 people
• By 2030: 457,407 · +0.7%
• By 2040: 457,529 · +0.7%
• By 2050: 448,261 · -1.3%
• By 2075: 427,388 · -5.9%
• By 2100: 384,218 · -15.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Hispanic / Latino 7% Two or more races 7% Black 3% Asian 1%
• Hispanic origin (detail): Mexican 3% Puerto Rican 2%
• Common ancestry: Romanian 3% Lithuanian 2% Slovak 2%
• Foreign-born: 4% · Canada
• Languages at home: 95% English-only · Spanish 3%

Political lean MEDSL · York

• 2024 margin: Strong R (+25.3) · D 36.9% · R 62.1%
• 2008→2024 swing: -11.7pp toward R · 2008: -13.6pp · 2024: -25.3pp
• All cycles: 2024: R+25.3 2020: R+24.6 2016: R+29.3 2012: R+21.2 2008: R+13.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -128.48%
• Current HPI: 251.8974
• Rent YoY: ▲ 4.67%
• Metro: York-Hanover, 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

+218.2% since first listed

11 events — show timeline

• 2026-05-26 Listed $175,000 FSBO.com
• 2014-03-19 Sold (MLS) $56,000 BRIGHT MLS
• 2014-03-11 Listing Removed — BRIGHT MLS
• 2014-01-21 Listed $54,900 BRIGHT MLS
• 2002-11-04 Sold (Public Records) $91,000 Public Records
• 2001-01-31 Sold (Public Records) $32,100 Public Records
• 2001-01-22 Listing Removed — BRIGHT MLS
• 2001-01-16 Sold (MLS) $32,100 BRIGHT MLS
• 2000-11-09 Listed $32,000 BRIGHT MLS
• 1996-03-19 Sold (Public Records) $73,000 Public Records
• 1995-03-20 Sold (Public Records) $55,000 Public Records

Property tax history

+1.9%/yr

Latest (2025): $3,658 · +0.8% YoY. Source: county tax records.