18 N Washington St

Gettysburg, PA 17325

$318,999C+

9 bd · None ba · 2,497 sqft · Built 1900 · MultiFamily · Active · 354 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,499/mo
• Mortgage (P&I): −$1,673
• Tax + insurance: −$532
• HOA: −$0
• Vac / Maint / Mgmt: −$735
• Net cashflow: $560/mo
• Annual: $6,716/yr
• Cap rate: 8.40%
• Cash-on-cash: 7.52%
• DSCR: 1.33
• 1% rule: 1.10%
• Cash to close: $89,320

Investor read

• This is a 3 × 1-bed/1-bath units multifamily listed at $319k. Condition is rated fair.
• At list price, monthly cash flow is $560 ($7k/yr) — positive. Per door: $187/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $319k).
• It's been on market 354 days — a 12% lower offer ($281k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $281k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• 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.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 313 active listings in the ZIP; solid renter incomes; 403 units permitted in Adams County in 2024 (0 in 5+ unit buildings).
• Adams County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 8 sale attempts since 5y 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 $273k; 17% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Cap rate 8.4% vs local median 2.1% 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.
• At $3,499/mo this rent would consume 52% of the median local household income ($81k/yr) (locally 447% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 354 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?

Repairs flagged (vision-AI assessment)

• Major: exterior siding — The exterior siding shows visible cracks and discoloration, indicating a major issue that needs to be addressed.
• Major: interior walls — The interior walls show signs of peeling and discoloration, indicating a major issue that needs to be addressed.
• Major: bathrooms — The bathrooms appear to be in poor condition, with outdated fixtures and a lack of maintenance, indicating a major issue that needs to be addressed.
• Major: HVAC/mechanicals — The HVAC and mechanical systems show signs of wear and tear, indicating a major issue that needs to be addressed.