246 Locust St · Hanover, PA 17331

$175,000

4 bd · 1.0 ba · 1,632 sqft · SingleFamily public records · 9 Days on market

Built 1910 5,881 sqft lot Est $258k · 32% 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 +20.3/30.0
• ARV discount +15.0/15.0
• DSCR +6.4/10.0
• 1% rule +5.9/10.0
• 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

Listing remarks

Opportunity awaits in this charming two-story with 3 Bedrooms and 2 Full Baths, beautiful hardwood floors and a number of new replacement windows. Several recent upgrades have already been completed, offering a great head start for the next owner. Appliances are included, making this home move-in ready while still leaving room for your personal touch and finishing updates, with plenty of potential to make it your own. Home is being sold as-is, a fantastic opportunity for homeowners or investors looking to build equity in a desirable location. Bring your vision and unlock the possibilities this gem has to offer!

Key facts

• Move-in ready
• Recent upgrades
• Desirable location

Tags

• HARDWOOD FLOORS
• NEW REPLACEMENT WINDOWS
• RECENT UPGRADES
• MOVE-IN READY
• DESIRABLE LOCATION

Property features AI

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer; Municipal trash service; 110V and 220V electrical service
• Home design: Detached single-family home; Above-grade finished living area (per assessor)
• Construction: Vinyl siding and aluminum siding exterior; Other type foundation; Double-hung replacement windows; Built in year per assessor
• Exterior features: Shed on the property; Not in a federal flood zone

Interior

• Kitchen: Dishwasher; Microwave; Gas oven/range; Refrigerator; Eat-in kitchen
• Bedrooms: Four bedrooms on the upper level
• Flooring: Hardwood floors
• Bathrooms: Two full bathrooms (one on the main level, one on the first upper level)
• Heating & cooling: Central heating; Natural gas heating and hot water; Ceiling fans; Window air conditioning units
• Interior features: Attic; Tub with shower; Built-in shelving; Ceiling fans; Dining area; Eat-in kitchen; Wood floors
• Laundry & utility: Washer included; Main floor laundry

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $175k.

Deal economics

• At list price, monthly cash flow is $225 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $175k).
• Cap rate 7.8% vs local median 3.7% 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.
• Zoned schools: Hanover Ms (math 22% / reading 48%, grade F, #322 of 512 statewide, top 64%, 615 students, 69% FRL); Hanover Shs (math 67%, 585 students, 64% FRL) — zoned schools average 67% FRL vs 49% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+4.7%/yr); 386 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% 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

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $53k; list at $175k implies a 230% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — 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 $175,000

Questions for the listing agent

1. Built in 1910 — 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 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: 1.09% ✓
• Cap rate: 7.83%
• Cash-on-cash: 5.50%
• DSCR: 1.24
• GRM: 7.7

CMA / ARV

• ARV (on-the-fly): $257,856
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
246 Locust St	0.00mi	4/2.0	1,632 (0%)	0mo	$125,000	$77	96
551 York St	0.32mi	4/1.0	1,704 (+4%)	4mo	$242,000	$142	74
524 Fulton St	0.24mi	4/1.0	1,490 (-9%)	1mo	$236,000	$158	73
300 Baer Ave	0.09mi	3/1.5 (-1)	1,804 (+10%)	2mo	$260,000	$144	69
139 Mussetta St	0.45mi	3/1.5 (-1)	1,652 (+1%)	3mo	$300,000	$182	68
2 Orchard St	0.29mi	3/2.0 (-1)	1,768 (+8%)	4mo	$225,000	$127	60
566 Baer Ave	0.40mi	4/1.0	1,854 (+14%)	1mo	$250,000	$135	58
209 Centennial Ave	0.45mi	3/1.5 (-1)	1,472 (-10%)	1mo	$220,000	$149	54
416 S High St	0.54mi	3/1.5 (-1)	1,488 (-9%)	4mo	$250,000	$168	50
315 Meade Ave	0.62mi	3/1.5 (-1)	1,508 (-8%)	2mo	$274,900	$182	49
501 Hartman Ave	0.73mi	4/2.0	1,809 (+11%)	2mo	$325,000	$180	42
150 Mumma Ave	0.69mi	3/1.0 (-1)	1,456 (-11%)	3mo	$257,000	$177	42

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: -5.8%
• Equity multiple: 0.78×
• Total profit: $-10,733
• Equity at exit: $26,093

10-year hold

• IRR: 5.9%
• Equity multiple: 1.47×
• Total profit: $23,155
• 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: 7.7×

Monthly cashflow live

• Estimated rent: $1,902 high
• Mortgage (P&I): −$918
• Tax from tax record: −$287 /mo · $3,445/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$399
• Net cashflow: $225

Break-even live

Break-even rent $1,617

Max offer price $175,000

Occupancy floor 83%

Sensitivity live

Price	-10% $324	-5% $274	+0% $225	+5% $175	+10% $126
Rent	-10% $74	-5% $149	+0% $225	+5% $300	+10% $375
Rate	-1.0pp $313	-0.5pp $269	base $225	+0.5pp $179	+1.0pp $133

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 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
28 McCosh St Hanover, PA	3.0	1.0	1800	$2,050	$1.14	14d	1	0.58mi
261 N Franklin St Unit 302 Hanover, PA	3.0	2.0	1398	$1,130	$0.81	44d	1	0.62mi
76 Brookside Ave Hanover, PA	3.0	2.5	1625	$1,963	$1.21	21d	1	0.67mi
76 Brookside Ave Hanover, PA	3.0	2.5	1625	$1,906	$1.17	44d	1	0.67mi
88 Brookside Ave Hanover, PA	3.0	2.5	1625	$1,906	$1.17	44d	1	0.68mi
88 Brookside Ave Hanover, PA	3.0	2.5	1625	$1,963	$1.21	21d	1	0.68mi
51 Overlook Dr Unit J Hanover, PA	3.0	2.5	1820	$2,120	$1.16	44d	1	0.95mi
51 Overlook Dr Unit F Hanover, PA	3.0	2.5	1820	$1,983	$1.09	44d	1	0.95mi
101 Pacer Dr Unit L Hanover, PA	3.0	2.5	1252	$1,901	$1.52	14d	1	0.96mi
101 Pacer Dr Unit K Hanover, PA	3.0	2.5	1252	$1,846	$1.47	44d	1	0.96mi
101 Pacer Dr Unit M Hanover, PA	3.0	2.5	1252	$1,751	$1.40	44d	1	0.96mi
34 Overlook Dr Hanover, PA	3.0	2.5	1749	$2,000	$1.14	14d	1	0.98mi
22 Mustang Dr Hanover, PA	3.0	2.5	1625	$1,843	$1.13	44d	1	1.01mi
40 Mustang Dr Hanover, PA	4.0	2.5	1625	$1,843	$1.13	44d	1	1.01mi
20 Mustang Dr Hanover, PA	4.0	2.5	1625	$1,931	$1.19	44d	1	1.02mi

Listing history 9 events

1. 2026-06-07
   statusdays on market $175,000 Pending 9 DOM
2. 2026-06-03
   days on market $175,000 Active 8 DOM
3. 2026-06-02
   days on market $175,000 Active 7 DOM
4. 2026-06-01
   days on market $175,000 Active 6 DOM
5. 2026-05-31
   days on market $175,000 Active 5 DOM
6. 2026-05-30
   days on market $175,000 Active 4 DOM
7. 2026-05-26
   listed $175,000 Active
8. 1987-11-09
   soldstatus $53,000
9. 1984-12-10
   soldstatus $27,800

ⓘ 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: $3,445 · $287/mo
• Projected year-2 tax: $3,445 · $287/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: $22,820
• − Mortgage interest: −$9,803
• − Property taxes: −$3,445
• − Insurance: −$875
• − Repairs & maintenance: −$1,826
• − Management: −$1,826
• − Depreciation: −$5,091
• Taxable loss: −$45
• Est. tax savings @ 24.0%: +$11
• After-tax cash flow: $2,706/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

+529.5% since first listed

3 events — show timeline

• 2026-05-26 Listed $175,000 BRIGHT MLS
• 1987-11-09 Sold (Public Records) $53,000 Public Records
• 1984-12-10 Sold (Public Records) $27,800 Public Records

Property tax history

+1.9%/yr

Latest (2025): $3,445 · +0.8% YoY. Source: county tax records.