523 High St · Lancaster, PA 17603

$185,000

3 bd · 1.0 ba · 1,258 sqft · SingleFamily public records · 37 Days on market

Built 1860 3,485 sqft lot $147/sqft · 13% below area Est $212k · 13% 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 +17.2/30.0
• ARV discount +13.3/15.0
• DSCR +5.4/10.0
• 1% rule +4.5/10.0
• Livability +4.2/5.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0
• Appreciation +0.0/10.0

Listing remarks

Step into a charming piece of history with this classic 1860 traditional home, brimming with timeless character and exciting potential. Nestled on a city lot, this detached residence offers 1,258 sq. ft. of inviting living space — the perfect opportunity for buyers looking to add their personal touch while enjoying the charm of a historic property. Inside, hardwood floors flow through the combined living and dining area, where natural light fills the space and a cozy fireplace creates an inviting focal point. The kitchen is equipped with essential appliances, including a gas oven/range and refrigerator, offering a functional starting point for future updates and customization. The ho

Key facts

• Private patio
• Cozy fireplace
• Hardwood floors

Tags

• HARDWOOD FLOORS
• COZY FIREPLACE
• PRIVATE PATIO
• ADDITIONAL SHED

Property features AI

Finance

• Other: Not in a federal flood zone; 2+ access exits (accessibility feature)

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer; Natural gas
• Home design: Detached property; Very good condition; Fee simple ownership
• Construction: Stucco and masonry construction; Block foundation; Shingle roof; Built year recorded by assessor
• Exterior features: Patio; Chain link fencing; Shed

Interior

• Kitchen: Gas oven/range; Refrigerator
• Bedrooms: Three bedrooms on the main level
• Flooring: Hardwood; Laminate; Carpet
• Bathrooms: One full bathroom
• Heating & cooling: Forced air heating; Natural gas heating and hot water
• Interior features: Tub shower; Ceiling fans; Combination dining and living area; Wood floors; Carpet
• Laundry & utility: Washer and dryer; Laundry in basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $185k.

Deal economics

• At list price, monthly cash flow is $131 ($2k/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 $176k (5.1% below list).
• Recommended offer: $176k (5.1% below list) — sets the bar for 1% rule.
• Cap rate 7.1% 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; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k 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 37 days — a 3% lower offer ($179k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $51k; list at $185k implies a 263% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1860 — 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 $175,600 (5.1% below list)

Questions for the listing agent

1. It's been on market 37 days. Have you received any prior offers? Is the seller open to a 5% concession, seller financing, or rate buy-down credit?
2. Built in 1860 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 0.95% ✗
• Cap rate: 7.14%
• Cash-on-cash: 3.03%
• DSCR: 1.14
• GRM: 8.8

CMA / ARV

• ARV (median comp): $212,491
• List price: $185,000
• Delta: -12.94%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
632 High St	0.13mi	3/1.0	1,287 (+2%)	6mo	$209,900	$163	85
329 Mill St	0.37mi	3/1.0	1,307 (+4%)	7mo	$200,000	$153	70
753 High St	0.32mi	2/1.0 (-1)	1,299 (+3%)	7mo	$185,000	$142	68
129 Old Dorwart St	0.13mi	3/1.0	1,079 (-14%)	5mo	$170,000	$158	66
730 High St	0.28mi	3/1.5	1,118 (-11%)	4mo	$232,950	$208	63
816 W Vine St	0.38mi	3/1.5	1,176 (-6%)	8mo	$295,000	$251	63
474 Poplar St	0.15mi	2/2.5 (-1)	1,359 (+8%)	11mo	$307,000	$226	60
117 Nevin St	0.36mi	3/1.5	1,424 (+13%)	2mo	$223,000	$157	58
433 Hillside Ave	0.38mi	2/1.0 (-1)	1,151 (-8%)	6mo	$259,900	$226	58
114 S West End Ave	0.59mi	3/1.0	1,371 (+9%)	10mo	$290,000	$212	49
1032 High St	0.60mi	3/1.0	1,127 (-10%)	12mo	$232,500	$206	45
206 Hershey Ave	0.67mi	2/1.5 (-1)	1,142 (-9%)	11mo	$295,000	$258	37

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: -14.4%
• Equity multiple: 0.50×
• Total profit: $-25,982
• Equity at exit: $27,584

10-year hold

• IRR: -10.3%
• Equity multiple: 0.44×
• Total profit: $-28,837
• Equity at exit: $15,995

Cash invested: $51,800 (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: 8.8×

Monthly cashflow live

• Estimated rent: $1,756 high
• Mortgage (P&I): −$970
• Tax from tax record: −$209 /mo · $2,508/yr
• Insurance: −$77
• HOA: −$0
• Vacancy / Maint / Mgmt: −$369
• Net cashflow: $131

Break-even live

Break-even rent $1,590

Max offer price $185,000

Occupancy floor 88%

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: $46,250
• Closing costs: $5,550
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
37 E Filbert St Lancaster, PA	3.0	1.0	1002	$1,750	$1.75	43d	1	0.02mi
529 Manor St Lancaster, PA	3.0	1.0	1434	$1,635	$1.14	13d	1	0.10mi
513 Poplar St Lancaster, PA	3.0	1.5	1184	$1,695	$1.43	43d	1	0.13mi
609 Saint Joseph St Lancaster, PA	4.0	2.0	1523	$1,695	$1.11	43d	1	0.15mi
214 W Strawberry St Lancaster, PA	3.0	1.0	1175	$1,345	$1.14	21d	1	0.18mi
324 New Dorwart St Lancaster, PA	3.0	1.0	1020	$1,495	$1.47	13d	1	0.24mi
49 W Farnum St Lancaster, PA	3.0	1.0	1820	$1,650	$0.91	43d	1	0.33mi
14 Coral St Lancaster, PA	3.0	1.5	1355	$1,525	$1.13	43d	1	0.33mi
741 Manor St Lancaster, PA	3.0	1.0	1200	$1,695	$1.41	43d	1	0.34mi
128 N Mulberry St Unit 1 Lancaster, PA	2.0	2.0	1500	$2,250	$1.50	23d	1	0.35mi
422 Hillside Ave Lancaster, PA	2.0	1.0	960	$1,245	$1.30	43d	1	0.36mi
678 1/2 Columbia Ave Apt 2 Lancaster, PA	3.0	1.0	1100	$1,495	$1.36	13d	1	0.40mi
40 Fairview Ave Lancaster, PA	3.0	1.0	1152	$1,700	$1.48	13d	1	0.41mi
118 N Prince St Lancaster, PA	1.0–3.0	1.0–3.0	1274	$4,703	$3.69	13d	48	0.41mi
345 1/2 Beaver St Lancaster, PA	4.0	1.0	1382	$2,095	$1.52	43d	1	0.45mi
404 Beaver St Lancaster, PA	3.0	1.0	1025	$1,425	$1.39	23d	1	0.46mi
549 Howard Ave Lancaster, PA	4.0	1.0	1439	$1,700	$1.18	43d	1	0.49mi
433 W Walnut St Apt 2 Lancaster, PA	2.0	1.0	900	$1,840	$2.04	23d	1	0.50mi
202 N Queen St Lancaster, PA	2.0	1.0–2.0	697	$2,718	$3.90	13d	12	0.55mi
337 W Lemon St Unit 2 Lancaster, PA	3.0	1.0	1588	$1,895	$1.19	13d	1	0.61mi
611 S West End Ave Lancaster, PA	4.0	1.5	1589	$1,800	$1.13	13d	1	0.65mi
537 Woodward St Lancaster, PA	3.0	2.0	1288	$1,650	$1.28	23d	1	0.71mi
225 E King St Unit 1 Lancaster, PA	2.0	1.0	957	$1,950	$2.04	13d	1	0.71mi
225 E King St Unit 2 Lancaster, PA	2.0	2.5	1075	$2,600	$2.42	43d	1	0.71mi
425 N Prince St Apt 206 Lancaster, PA	2.0	2.0	1138	$1,995	$1.75	43d	1	0.72mi
1127 Wabank St Lancaster, PA	1.0–2.0	1.0	760	$1,650	$2.17	23d	1	0.79mi
520 W Frederick St Lancaster, PA	4.0	1.0	1713	$1,895	$1.11	43d	1	0.80mi
231 N Shippen St #224 Lancaster, PA	2.0	2.0	1155	$2,285	$1.98	13d	1	0.89mi
480 Euclid Ave Lancaster, PA	1.0–2.0	1.0–1.5	830	$1,695	$2.04	43d	1	0.89mi
1121 Spring Grove Ave Lancaster, PA	4.0	2.0	1755	$2,200	$1.25	43d	1	0.91mi
850 Highland Ave Lancaster, PA	2.0	1.0	1000	$1,300	$1.30	21d	1	0.92mi
708 S Lime St Unit 3 Lancaster, PA	4.0	1.0	1742	$1,850	$1.06	43d	1	0.95mi
27 Roselle Ave Lancaster, PA	2.0	1.0	1128	$1,575	$1.40	43d	1	1.01mi
816 N Prince St Lancaster, PA	1.0–2.0	1.0–2.0	794	$2,195	$2.76	13d	7	1.02mi
135 Grandview Ave Lancaster, PA	3.0	2.0	1395	$3,295	$2.36	13d	1	1.05mi
1115 Marietta Ave Unit WH15037 Lancaster, PA	2.0	2.0	1298	$1,695	$1.31	43d	1	1.07mi
1013 Willow Street Pike Lancaster, PA	2.0	1.0	1144	$1,499	$1.31	13d	1	1.14mi
860 N Market St Lancaster, PA	3.0	2.0	1514	$1,850	$1.22	43d	1	1.15mi
101 Roselawn Ave Lancaster, PA	3.0	2.0	1166	$1,785	$1.53	13d	1	1.16mi
1415 Spencer Ave Lancaster, PA	1.0–3.0	1.0–2.0	1181	$3,720	$3.15	13d	1	1.17mi

Listing history 17 events

1. 2026-06-18
   days on market $185,000 Active 37 DOM
2. 2026-06-17
   days on market $185,000 Active 36 DOM
3. 2026-06-16
   days on market $185,000 Active 35 DOM
4. 2026-06-15
   days on market $185,000 Active 34 DOM
5. 2026-06-14
   days on market $185,000 Active 32 DOM
6. 2026-06-13
   days on market $185,000 Active 31 DOM
7. 2026-06-10
   days on market $185,000 Active 29 DOM
8. 2026-06-09
   days on market $185,000 Active 28 DOM
9. 2026-06-08
   days on market $185,000 Active 27 DOM
10. 2026-06-07
    days on market $185,000 Active 26 DOM
11. 2026-06-03
    days on market $185,000 Active 22 DOM
12. 2026-06-02
    days on market $185,000 Active 21 DOM
13. 2026-06-01
    days on market $185,000 Active 20 DOM
14. 2026-05-31
    days on market $185,000 Active 19 DOM
15. 2026-05-30
    days on market $185,000 Active 18 DOM
16. 2026-05-12
    listed $185,000 Active 1312-char remark
17. 1991-05-01
    soldstatus $50,900

ⓘ 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: $2,508 · $209/mo
• Projected year-2 tax: $2,716 · $226/mo
• Expected delta: +$207/yr (+$17/mo · 8.3%)

ⓘ 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: $21,072
• − Mortgage interest: −$10,363
• − Property taxes: −$2,508
• − Insurance: −$925
• − Repairs & maintenance: −$1,686
• − Management: −$1,686
• − Depreciation: −$5,382
• Taxable loss: −$1,477
• Est. tax savings @ 24.0%: +$355
• After-tax cash flow: $1,926/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

+263.5% since first listed

2 events — show timeline

• 2026-05-12 Listed $185,000 BRIGHT MLS
• 1991-05-01 Sold (Public Records) $50,900 Public Records

Property tax history

-0.6%/yr

Latest (2026): $2,508 · +3.3% YoY. Source: county tax records.