253 S Ann St · Lancaster, PA 17602

$259,900

3 bd · 2.0 ba · 1,504 sqft · MultiFamily public records · 52 Days on market

Built 1905 2,178 sqft lot $173/sqft · at area comps Est $249k · at est.

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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 +26.9/30.0
• DSCR +9.3/10.0
• 1% rule +6.9/10.0
• ARV discount +5.4/15.0
• Livability +4.2/5.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Two unit investment property in Lancaster city! Newer flooring and fresh paint throughout! Check it out while it is still available!

Key facts

• 2,178 sq ft lot
• 2 parking spots
• Built 1905

Property features AI

Finance

• Other: Ground rent payable annually
• Financial info: Existing leases on a month-to-month basis; Rent control not in effect

Exterior

• Parking: Off-street parking for 2 vehicles (total 2 parking spaces)
• Utilities: Public water; Public sewer; Natural gas available; Electric available; Cable TV available; Phone service available
• Home design: Interior townhouse / rowhouse; Fee simple ownership
• Construction: Brick and masonry construction; Brick/mortar foundation; Assessor-recorded year built
• Exterior features: Above-grade and below-grade structures noted

Interior

• Kitchen: Refrigerator; Stove
• Bedrooms: One 1-bedroom unit; One 3-bedroom unit
• Heating & cooling: Radiator heating; Hot water heating; Electric baseboard heating; Natural gas fuel for heating and hot water
• Interior features: Unfinished basement; Two residential units (multi-family)

What this means for you Summary

Snapshot

• This is a 1×2bd/1ba + 1×3bd/1ba units multifamily listed at $260k.

Deal economics

• At list price, monthly cash flow is $716 ($9k/yr) — positive. Per door: $358/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $260k).
• Recommended offer: $252k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.6% 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 rising (+1.2%/yr); 161 active listings in the ZIP; 31 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 45% 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 $3,083/mo this rent would consume 49% of the median local household income ($76k/yr) (locally 1556% 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 $2k of loan paydown is wiped out by about $8k 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 52 days — a 3% lower offer ($252k) is reasonable based on typical stale-listing flexibility.
• 4 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 $210k; 24% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1905 — 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 $252,103 (3.0% below list)

Questions for the listing agent

1. It's been on market 52 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1905 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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.
7. 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.
8. 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: 1.19% ✓
• Cap rate: 9.60%
• Cash-on-cash: 11.80%
• DSCR: 1.53
• GRM: 7.0

CMA / ARV

• ARV (median comp): $248,572
• List price: $259,900
• Delta: 4.56%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
320 S Ann St	0.06mi	4/2.0 (+1)	1,538 (+2%)	6mo	$350,000	$228	83
350 S Ann St	0.10mi	4/2.0 (+1)	1,574 (+5%)	15mo	$370,000	$235	70
347 N Reservoir St N	0.75mi	2/— (-1)	1,518 (+1%)	16mo	$300,000	$198	45
742 E Marion St	0.49mi	2/2.0 (-1)	1,290 (-14%)	16mo	$228,000	$177	35
114 S Prince St	0.72mi	4/2.0 (+1)	1,708 (+14%)	6mo	$249,000	$146	34
344-346 Beaver St	0.67mi	4/— (+1)	1,342 (-11%)	17mo	$214,000	$159	32

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 · 1.2% rent growth · sell at horizon

5-year hold

• IRR: -0.7%
• Equity multiple: 0.97×
• Total profit: $-2,015
• Equity at exit: $38,752

10-year hold

• IRR: 7.0%
• Equity multiple: 1.48×
• Total profit: $35,233
• Equity at exit: $22,471

Cash invested: $72,772 (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 17602

• Rents YoY: 1.2%
• Active inventory: 161
• Price-to-rent: 14.8×

Monthly cashflow live

• Estimated rent: $3,083 high
• Mortgage (P&I): −$1,363
• Tax from tax record: −$249 /mo · $2,983/yr
• Insurance: −$108
• HOA: −$0
• Vacancy / Maint / Mgmt: −$647
• Net cashflow: $716

Break-even live

Break-even rent $2,177

Max offer price $259,900

Occupancy floor 72%

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

Units	Beds	Baths	Est. rent
1× unit	2	1	$1,460
1× unit	3	1	$1,623
Total (2 units)			$3,083

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: $64,975
• Closing costs: $7,797
• Reserves months: —
• Total cash needed: —

Rent comps 31 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
708 S Lime St Unit 3 Lancaster, PA	4.0	1.0	1742	$1,850	$1.06	43d	1	0.16mi
225 E King St Unit 2 Lancaster, PA	2.0	2.5	1075	$2,600	$2.42	43d	1	0.42mi
537 Woodward St Lancaster, PA	3.0	2.0	1288	$1,650	$1.28	23d	1	0.46mi
549 Howard Ave Lancaster, PA	4.0	1.0	1439	$1,700	$1.18	43d	1	0.57mi
231 N Shippen St #224 Lancaster, PA	2.0	2.0	1155	$2,285	$1.98	13d	1	0.62mi
345 1/2 Beaver St Lancaster, PA	4.0	1.0	1382	$2,095	$1.52	43d	1	0.65mi
49 W Farnum St Lancaster, PA	3.0	1.0	1820	$1,650	$0.91	43d	1	0.68mi
738 E Madison St Lancaster, PA	3.0	1.0	1102	$1,750	$1.59	43d	1	0.70mi
214 W Strawberry St Lancaster, PA	3.0	1.0	1175	$1,345	$1.14	21d	1	0.82mi
118 N Prince St Lancaster, PA	1.0–3.0	1.0–3.0	1274	$4,703	$3.69	13d	48	0.84mi
403 N Queen St Lancaster, PA	3.0	2.0	1950	$3,500	$1.79	13d	1	0.94mi
513 Poplar St Lancaster, PA	3.0	1.5	1184	$1,695	$1.43	43d	1	0.94mi
1216 Clark St Lancaster, PA	4.0	1.5	1270	$2,195	$1.73	13d	1	0.95mi
128 N Mulberry St Unit 1 Lancaster, PA	2.0	2.0	1500	$2,250	$1.50	23d	1	0.98mi
425 N Prince St Apt 206 Lancaster, PA	2.0	2.0	1138	$1,995	$1.75	43d	1	1.02mi
609 Saint Joseph St Lancaster, PA	4.0	2.0	1523	$1,695	$1.11	43d	1	1.03mi
631 E Frederick St Lancaster, PA	3.0	1.0	1830	$1,850	$1.01	43d	1	1.09mi
766 New Holland Ave Lancaster, PA	3.0	1.0	1152	$1,795	$1.56	13d	1	1.10mi
529 Manor St Lancaster, PA	3.0	1.0	1434	$1,635	$1.14	13d	1	1.11mi
1013 Willow Street Pike Lancaster, PA	2.0	1.0	1144	$1,499	$1.31	13d	1	1.13mi
337 W Lemon St Unit 2 Lancaster, PA	3.0	1.0	1588	$1,895	$1.19	13d	1	1.19mi
836 N Plum St Lancaster, PA	3.0	2.0	1602	$2,150	$1.34	13d	1	1.20mi
2500 Hickory Dr Lancaster, PA	2.0	2.5	1711	$2,650	$1.55	13d	1	1.26mi
14 Coral St Lancaster, PA	3.0	1.5	1355	$1,525	$1.13	43d	1	1.30mi
701 Martha Ave Lancaster, PA	2.0	1.0–2.0	1096	$2,600	$2.37	13d	1	1.31mi
741 Manor St Lancaster, PA	3.0	1.0	1200	$1,695	$1.41	43d	1	1.32mi
40 Fairview Ave Lancaster, PA	3.0	1.0	1152	$1,700	$1.48	13d	1	1.34mi
1635 Old Philadelphia Pike Lancaster, PA	2.0	2.0	1160	$1,845	$1.59	13d	1	1.37mi
678 1/2 Columbia Ave Apt 2 Lancaster, PA	3.0	1.0	1100	$1,495	$1.36	13d	1	1.37mi
860 N Market St Lancaster, PA	3.0	2.0	1514	$1,850	$1.22	43d	1	1.40mi
520 W Frederick St Lancaster, PA	4.0	1.0	1713	$1,895	$1.11	43d	1	1.44mi

Listing history 25 events

1. 2026-06-18
   days on market $259,900 Active 52 DOM
2. 2026-06-17
   days on market $259,900 Active 51 DOM
3. 2026-06-16
   days on market $259,900 Active 50 DOM
4. 2026-06-15
   days on market $259,900 Active 49 DOM
5. 2026-06-14
   days on market $259,900 Active 47 DOM
6. 2026-06-13
   days on market $259,900 Active 46 DOM
7. 2026-06-10
   days on market $259,900 Active 44 DOM
8. 2026-06-09
   days on market $259,900 Active 43 DOM
9. 2026-06-08
   days on market $259,900 Active 42 DOM
10. 2026-06-07
    days on market $259,900 Active 41 DOM
11. 2026-06-03
    days on market $259,900 Active 37 DOM
12. 2026-06-02
    days on market $259,900 Active 36 DOM
13. 2026-06-01
    days on market $259,900 Active 35 DOM
14. 2026-05-31
    days on market $259,900 Active 34 DOM
15. 2026-05-30
    days on market $259,900 Active 33 DOM
16. 2026-04-27
    listed $262,000 Active 599-char remark
17. 2023-05-23
    soldstatus $210,000 132-char remark

    Show marketing remark (132 chars)

    Two unit investment property in Lancaster city! Newer flooring and fresh paint throughout! Check it out while it is still available!

18. 2023-05-23
    listed $210,000 132-char remark

    Show marketing remark (132 chars)

    Two unit investment property in Lancaster city! Newer flooring and fresh paint throughout! Check it out while it is still available!

19. 2021-07-12
    historical
20. 2021-07-02
    listed $185,000 Active
21. 2021-06-15
    historical
22. 2021-06-02
    price $189,999
23. 2021-05-27
    listed $194,999 Active
24. 2018-09-26
    soldstatus $42,000
25. 1989-01-10
    soldstatus $22,000

ⓘ 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: $2,983 · $249/mo
• Projected year-2 tax: $3,545 · $295/mo
• Expected delta: +$562/yr (+$47/mo · 18.8%)

ⓘ 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: $36,996
• − Mortgage interest: −$14,558
• − Property taxes: −$2,983
• − Insurance: −$1,300
• − Repairs & maintenance: −$2,960
• − Management: −$2,960
• − Depreciation: −$7,561
• Taxable income: $4,675
• Est. tax owed @ 24.0%: −$1,122
• After-tax cash flow: $7,467/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): 52,217
• Household income: $75,862
• Rent vs Own: 41.7% rent · 58.3% own
• Severe rent burden: 1556.0

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 0.61)
• Race & ethnicity: White 52% Hispanic / Latino 32% Two or more races 12% Black 11% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 21% Cuban 1% Dominican 4%
• Common ancestry: Romanian 2% Italian 1% Lithuanian 1%
• Foreign-born: 13% · Canada, Vietnam, South Korea
• Languages at home: 70% English-only · Spanish 22% German/W. Germanic 2% French/Haitian/Cajun 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: ▼ -248.05%
• Current HPI: 288.9141
• Rent YoY: ▲ 1.20%
• 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

+1081.4% since first listed

11 events — show timeline

• 2026-05-20 Price Changed $259,900 BRIGHT MLS
• 2026-04-27 Listed $262,000 BRIGHT MLS
• 2023-05-23 Listed $210,000 BRIGHT MLS
• 2023-05-23 Sold (MLS) $210,000 BRIGHT MLS
• 2021-07-12 Listing Removed — BRIGHT MLS
• 2021-07-02 Listed $185,000 BRIGHT MLS
• 2021-06-15 Listing Removed — BRIGHT MLS
• 2021-06-02 Price Changed $189,999 BRIGHT MLS
• 2021-05-27 Listed $194,999 BRIGHT MLS
• 2018-09-26 Sold (Public Records) $42,000 Public Records
• 1989-01-10 Sold (Public Records) $22,000 Public Records

Property tax history

+2.9%/yr

Latest (2026): $2,983 · +3.3% YoY. Source: county tax records.