526 W James St · Lancaster, PA 17603

$469,900

4 bd · 4.0 ba · 2,261 sqft · MultiFamily public records · 36 Days on market

Built 1870 3,049 sqft lot Est $330k · 42% over

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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 +25.0/30.0
• DSCR +8.2/10.0
• 1% rule +6.5/10.0
• Livability +4.2/5.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks

MOTIVATED SELLER! Fully occupied 4‑unit on Lancaster’s West Side, steps from F & M College, Buchanan Park and popular LUCA Italian Kitchen. All four units are 1 BR/1 BA with a strong history of consistent occupancy, providing immediate in‑place income. Current rents are below market, offering a clear value‑add opportunity through strategic upgrades and rent increases over time. Classic Victorian brick architecture, covered front porch, and a highly walkable Chestnut Hill location support long‑term tenant demand and future appreciation. See Documents for Rent Roll. Sellers have identified a 1031 exchange opportunity and are prepared to engage and respond quickly to written offers.

Key facts

• Covered front porch
• Luca italian kitchen
• 4 unit

Tags

• 4 UNIT
• STEPS FROM F AND M COLLEGE
• BUCHANAN PARK
• LUCA ITALIAN KITCHEN
• COVERED FRONT PORCH

What this means for you Summary

Snapshot

• This is a 4 × 1.0-bed/1.0-bath units multifamily listed at $470k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive. Per door: $256/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $470k).
• Recommended offer: $456k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.9% vs local median 4.3% 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.
• Zoned schools: Wharton El Sch (math 32% / reading 52%, grade F, #883 of 1,518 statewide, top 61%, 326 students, 100% FRL); Reynolds Ms (math 6% / reading 31%, grade F, #451 of 512 statewide, top 88%, 527 students, 92% FRL); Mccaskey Campus (math 50% / reading 34%, grade F, #230 of 437 statewide, top 53%, 2,620 students, 88% FRL) — zoned schools average 93% FRL vs 72% district-wide (21 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 34% at this address vs 18% district-wide (+16 pts) — the actual schools serving this property are materially stronger than the Lancaster SD average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents flat; 296 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% 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 $5,387/mo this rent would consume 84% of the median local household income ($77k/yr) (locally 2557% 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 $3k of loan paydown is wiped out by about $14k 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 36 days — a 3% lower offer ($456k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $122k; list at $470k implies a 284% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1870 — 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 $455,803 (3.0% below list)

Questions for the listing agent

1. It's been on market 36 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 1870 — 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: 1.15% ✓
• Cap rate: 8.91%
• Cash-on-cash: 9.35%
• DSCR: 1.42
• GRM: 7.3

CMA / ARV

• ARV (on-the-fly): $330,106
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
329 W King St	0.56mi	4/—	2,149 (-5%)	1mo	$270,000	$126	64
14 W James St	0.49mi	4/2.0	2,280 (+1%)	4mo	$330,000	$145	64
102 Ruby St	0.59mi	4/3.0	2,379 (+5%)	1mo	$300,000	$126	59
213 N Mulberry St	0.40mi	5/— (+1)	2,592 (+15%)	1mo	$400,000	$154	51
503-505 Manor St	0.63mi	4/3.0	2,056 (-9%)	1mo	$355,000	$173	51
433 N Queen St	0.53mi	4/—	2,468 (+9%)	12mo	$472,500	$191	50
128 E New St	0.71mi	4/—	2,474 (+9%)	2mo	$360,000	$146	49
410 W Vine St	0.72mi	5/2.5 (+1)	2,311 (+2%)	5mo	$252,500	$109	48
642 Second St	0.67mi	4/—	2,013 (-11%)	4mo	$270,000	$134	48
528 Manor St	0.67mi	4/4.0	2,465 (+9%)	8mo	$434,000	$176	47
506 N Queen St	0.51mi	5/3.0 (+1)	2,553 (+13%)	1mo	$440,000	$172	45
635 Manor St	0.74mi	4/—	2,490 (+10%)	5mo	$356,775	$143	44

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: -5.1%
• Equity multiple: 0.82×
• Total profit: $-24,175
• Equity at exit: $70,064

10-year hold

• IRR: 1.3%
• Equity multiple: 1.08×
• Total profit: $11,113
• Equity at exit: $40,628

Cash invested: $131,572 (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: 296
• Price-to-rent: 29.1×

Monthly cashflow live

• Estimated rent: $5,387 high
• Mortgage (P&I): −$2,464
• Tax from tax record: −$571 /mo · $6,851/yr
• Insurance: −$196
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,131
• Net cashflow: $1,025

Break-even live

Break-even rent $4,090

Max offer price $469,900

Occupancy floor 76%

Sensitivity live

Price	-10% $1,291	-5% $1,158	+0% $1,025	+5% $892	+10% $759
Rent	-10% $599	-5% $812	+0% $1,025	+5% $1,238	+10% $1,450
Rate	-1.0pp $1,261	-0.5pp $1,144	base $1,025	+0.5pp $903	+1.0pp $779

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

Units	Beds	Baths	Est. rent
▸ 4× units	1.0	1	$5,388
Total (4 units)			$5,387

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: $117,475
• Closing costs: $14,097
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
520 W Frederick St Lancaster, PA	4.0	1.0	1713	$1,895	$1.11	45d	1	0.09mi
337 W Lemon St Unit 2 Lancaster, PA	3.0	1.0	1588	$1,895	$1.19	15d	1	0.22mi
403 N Queen St Lancaster, PA	3.0	2.0	1950	$3,500	$1.79	15d	1	0.55mi
118 N Prince St Lancaster, PA	1.0–3.0	1.0–3.0	1274	$4,703	$3.69	15d	48	0.57mi
49 W Farnum St Lancaster, PA	3.0	1.0	1820	$1,650	$0.91	45d	1	0.89mi
1121 Spring Grove Ave Lancaster, PA	4.0	2.0	1755	$2,200	$1.25	45d	1	1.00mi
611 S West End Ave Lancaster, PA	4.0	1.5	1589	$1,800	$1.13	15d	1	1.02mi
836 N Plum St Lancaster, PA	3.0	2.0	1602	$2,150	$1.34	15d	1	1.03mi
631 E Frederick St Lancaster, PA	3.0	1.0	1830	$1,850	$1.01	45d	1	1.21mi
708 S Lime St Unit 3 Lancaster, PA	4.0	1.0	1742	$1,850	$1.06	45d	1	1.43mi

Listing history 5 events

1. 2026-04-18
   status Pending
2. 2026-03-31
   price $469,900
3. 2026-03-12
   listed $499,900 Active
4. 2003-07-22
   soldstatus $122,500
5. 1996-05-13
   soldstatus $59,900

ⓘ 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: $6,851 · $571/mo
• Projected year-2 tax: $7,138 · $595/mo
• Expected delta: +$287/yr (+$24/mo · 4.2%)

ⓘ 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: $64,644
• − Mortgage interest: −$26,322
• − Property taxes: −$6,851
• − Insurance: −$2,350
• − Repairs & maintenance: −$5,172
• − Management: −$5,172
• − Depreciation: −$13,670
• Taxable income: $5,109
• Est. tax owed @ 24.0%: −$1,226
• After-tax cash flow: $11,072/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

+684.5% since first listed

5 events — show timeline

• 2026-04-18 Pending — BRIGHT MLS
• 2026-03-31 Price Changed $469,900 BRIGHT MLS
• 2026-03-12 Listed $499,900 BRIGHT MLS
• 2003-07-22 Sold (Public Records) $122,500 Public Records
• 1996-05-13 Sold (Public Records) $59,900 Public Records

Property tax history

+3.9%/yr

Latest (2026): $6,851 · +3.3% YoY. Source: county tax records.