242 N 2nd St · Steelton, PA 17113

$59,900

2 bd · 1.0 ba · 831 sqft · SingleFamily public records · 63 Days on market

Built 1900 1,307 sqft lot $72/sqft · 40% below area Est $103k · 42% under ↓ 25% since listing

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Why this score? — see what drove the B 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +0.5/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Handyman Special – Instant Equity Opportunity! Welcome to 242 N 2nd St in Steelton Borough, a fantastic opportunity for investors or buyers looking to build serious sweat equity. This home needs major TLC but offers incredible potential with solid bones and a functional layout. The main level features a spacious living room, formal dining room, kitchen, full bathroom, and an enclosed rear porch for added living space. The second floor offers two generously sized bedrooms, while the third-level attic provides a large bonus area that could easily be converted into a third bedroom, office, or flex space. The full basement offers plenty of storage and additional potential. Outside, enjoy a nicely sized backyard in a great neighborhood setting. The property is being sold strictly as-is, and the seller will make no repairs. With the right vision, this one is a true value-add opportunity that won’t last—schedule your private showing today!

Key facts

• Full basement
• Large bonus area
• Enclosed rear porch

Tags

• ENCLOSED REAR PORCH
• LARGE BONUS AREA
• NICELY SIZED BACKYARD
• FULL BASEMENT

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $60k.

Deal economics

• At list price, monthly cash flow is $321 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $60k).
• Recommended offer: $56k (6.0% below list) — sets the bar for market timing.
• Cap rate 13.8% vs local median 6.9% in Steelton — 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 67/100 on livability (#971 in PA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment C-, schools F, crime F.
• Steelton-Highspire SD (suburban): math 2% / reading 9% proficiency, ranked #538 of 539 in PA (top 100%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 68% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 68 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 14d on market — plan ~3-4 weeks tenant-placement turnaround); 540 units permitted in Dauphin County in 2024 (194 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $414 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 63 days — a 6% lower offer ($56k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $10k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $56,306 (6.0% below list)

Questions for the listing agent

1. It's been on market 63 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
8. 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.
9. 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.
10. 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: 1.77% ✓
• Cap rate: 13.84%
• Cash-on-cash: 26.94%
• DSCR: 2.20
• GRM: 4.7

CMA / ARV

• ARV (median comp): $103,434
• List price: $59,900
• Delta: -42.09%
• Verdict: UNDERPRICED
• Comps: 18 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 16.0%
• Equity multiple: 1.64×
• Total profit: $10,815
• Equity at exit: $8,931

10-year hold

• IRR: 24.7%
• Equity multiple: 3.15×
• Total profit: $36,063
• Equity at exit: $5,179

Cash invested: $16,772 (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 17113

• Home prices YoY: -16.3%
• Active inventory: 68
• Price-to-rent: 4.7×

Monthly cashflow live

• Estimated rent: $1,062 high
• Mortgage (P&I): −$314
• Tax from tax record: −$123 /mo · $1,481/yr
• Insurance: −$25
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$223
• Net cashflow: $321

Break-even live

Break-even rent $656

Max offer price $59,900

Occupancy floor 65%

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: $14,975
• Closing costs: $1,797
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
156 Frank S Brown Blvd Steelton, PA	1.0	1.0	950	$950	$1.00	43d	1	0.13mi
322 Pine St Unit 2 Steelton, PA	3.0	1.0	1100	$995	$0.90	43d	1	0.27mi
363 Locust St Unit 2W Steelton, PA	1.0	1.0	550	$895	$1.63	23d	1	0.33mi
266 S 2nd St Steelton, PA	1.0	1.0	648	$895	$1.38	14d	1	0.57mi
589 Yale St Harrisburg, PA	2.0	2.0	911	$1,549	$1.70	14d	1	0.92mi
209 Reno Ave Unit 2 New Cumberland, PA	3.0	1.0	771	$1,350	$1.75	14d	1	1.36mi
971 Monroe St Harrisburg, PA	2.0	1.5	1120	$1,600	$1.43	14d	1	1.38mi

Listing history 23 events

1. 2026-06-18
   days on market $59,900 Active 63 DOM
2. 2026-06-17
   days on market $59,900 Active 62 DOM
3. 2026-06-16
   days on market $59,900 Active 61 DOM
4. 2026-06-15
   days on market $59,900 Active 60 DOM
5. 2026-06-14
   days on market $59,900 Active 58 DOM
6. 2026-06-10
   days on market $59,900 Active 55 DOM
7. 2026-06-09
   days on market $59,900 Active 54 DOM
8. 2026-06-08
   days on market $59,900 Active 53 DOM
9. 2026-06-07
   days on market $59,900 Active 52 DOM
10. 2026-06-05
    days on market $59,900 Active 49 DOM
11. 2026-06-03
    days on market $59,900 Active 48 DOM
12. 2026-06-02
    days on market $59,900 Active 47 DOM
13. 2026-06-01
    days on market $59,900 Active 46 DOM
14. 2026-05-31
    days on market $59,900 Active 45 DOM
15. 2026-05-31
    days on market $59,900 Active 44 DOM
16. 2026-05-12
    price $59,900 964-char remark

    Show marketing remark (964 chars)

    Handyman Special – Instant Equity Opportunity! Welcome to 242 N 2nd St in Steelton Borough, a fantastic opportunity for investors or buyers looking to build serious sweat equity. This home needs major TLC but offers incredible potential with solid bones and a functional layout. The main level features a spacious living room, formal dining room, kitchen, full bathroom, and an enclosed rear porch for added living space. The second floor offers two generously sized bedrooms, while the third-level attic provides a large bonus area that could easily be converted into a third bedroom, office, or flex space. The full basement offers plenty of storage and additional potential. Outside, enjoy a nicely sized backyard in a great neighborhood setting. The property is being sold strictly as-is, and the seller will make no repairs. With the right vision, this one is a true value-add opportunity that won’t last—schedule your private showing today!

17. 2026-04-28
    price $65,000 964-char remark

    Show marketing remark (964 chars)

    Handyman Special – Instant Equity Opportunity! Welcome to 242 N 2nd St in Steelton Borough, a fantastic opportunity for investors or buyers looking to build serious sweat equity. This home needs major TLC but offers incredible potential with solid bones and a functional layout. The main level features a spacious living room, formal dining room, kitchen, full bathroom, and an enclosed rear porch for added living space. The second floor offers two generously sized bedrooms, while the third-level attic provides a large bonus area that could easily be converted into a third bedroom, office, or flex space. The full basement offers plenty of storage and additional potential. Outside, enjoy a nicely sized backyard in a great neighborhood setting. The property is being sold strictly as-is, and the seller will make no repairs. With the right vision, this one is a true value-add opportunity that won’t last—schedule your private showing today!

18. 2026-04-16
    listed $69,900 Active 964-char remark

    Show marketing remark (964 chars)

    Handyman Special – Instant Equity Opportunity! Welcome to 242 N 2nd St in Steelton Borough, a fantastic opportunity for investors or buyers looking to build serious sweat equity. This home needs major TLC but offers incredible potential with solid bones and a functional layout. The main level features a spacious living room, formal dining room, kitchen, full bathroom, and an enclosed rear porch for added living space. The second floor offers two generously sized bedrooms, while the third-level attic provides a large bonus area that could easily be converted into a third bedroom, office, or flex space. The full basement offers plenty of storage and additional potential. Outside, enjoy a nicely sized backyard in a great neighborhood setting. The property is being sold strictly as-is, and the seller will make no repairs. With the right vision, this one is a true value-add opportunity that won’t last—schedule your private showing today!

19. 2026-04-16
    historical

    Show marketing remark (964 chars)

    Handyman Special – Instant Equity Opportunity! Welcome to 242 N 2nd St in Steelton Borough, a fantastic opportunity for investors or buyers looking to build serious sweat equity. This home needs major TLC but offers incredible potential with solid bones and a functional layout. The main level features a spacious living room, formal dining room, kitchen, full bathroom, and an enclosed rear porch for added living space. The second floor offers two generously sized bedrooms, while the third-level attic provides a large bonus area that could easily be converted into a third bedroom, office, or flex space. The full basement offers plenty of storage and additional potential. Outside, enjoy a nicely sized backyard in a great neighborhood setting. The property is being sold strictly as-is, and the seller will make no repairs. With the right vision, this one is a true value-add opportunity that won’t last—schedule your private showing today!

20. 2026-04-14
    price $69,900
21. 2026-03-20
    price $75,000
22. 2026-03-05
    listed $79,900 Active
23. 2026-02-28
    historical

ⓘ 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: $1,481 · $123/mo
• Projected year-2 tax: $1,481 · $123/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 8/10 Severe FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥100°F today · 16 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 5% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,744
• − Mortgage interest: −$3,355
• − Property taxes: −$1,481
• − Insurance: −$966
• − Repairs & maintenance: −$1,020
• − Management: −$1,020
• − Depreciation: −$1,743
• Taxable income: $3,160
• Est. tax owed @ 24.0%: −$758
• After-tax cash flow: $3,093/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: Steelton-Highspire SD
• NCES district ID: 4222800
• Math proficiency: 2% ▼ -4.00%
• Reading proficiency: 9% ▼ -12.00%
• Median HH income: $40,685
• Composite: 4.98/100
• National rank: #10040
• State rank: #538 of 539 in PA

Livability — Steelton

• Score: 67/100
• State rank: #971
• US rank: #10606

Category grades

Amenities F Commute D- Cost of living A+ Crime F Employment C- Housing A+ Health & safety A+ User ratings D

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Steelton, PA
• County: Dauphin County · 247,857 people
• City population: 19,401
• Metro: Harrisburg-Carlisle, PA
• Population (ZIP): 11,724
• Household income: $68,244
• Rent vs Own: 37.6% rent · 62.4% own
• Severe rent burden: 338.0

Population outlook (Dauphin County) Hauer SSP2

• Today (2025): 281,628 people
• By 2030: 283,549 · +0.7%
• By 2040: 285,385 · +1.3%
• By 2050: 286,188 · +1.6%
• By 2075: 291,053 · +3.3%
• By 2100: 282,374 · +0.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.67)
• Race & ethnicity: White 48% Hispanic / Latino 24% Black 22% Two or more races 19% Native American 2% Asian 2%
• Hispanic origin (detail): Mexican 7% Puerto Rican 11% Cuban 2%
• Common ancestry: Romanian 1% Lithuanian 1% Iranian 1%
• Foreign-born: 7% · Canada, India
• Languages at home: 80% English-only · Spanish 17% Other Indo-European 1% Russian/Polish/Slavic 1%

Political lean MEDSL · Dauphin

• 2024 margin: Lean D (+5.9) · D 52.4% · R 46.5% · Other 1.1%
• 2008→2024 swing: -3.1pp toward R · 2008: 9.1pp · 2024: 5.9pp
• All cycles: 2024: D+5.9 2020: D+8.5 2016: D+2.8 2012: D+6.0 2008: D+9.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -54.73%
• Current HPI: 281.6906
• Rent YoY: —
• Metro: Harrisburg-Carlisle, 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

-25.0% since first listed

8 events — show timeline

• 2026-05-12 Price Changed $59,900 BRIGHT MLS
• 2026-04-28 Price Changed $65,000 BRIGHT MLS
• 2026-04-16 Listing Removed — BRIGHT MLS
• 2026-04-16 Listed $69,900 BRIGHT MLS
• 2026-04-14 Price Changed $69,900 BRIGHT MLS
• 2026-03-20 Price Changed $75,000 BRIGHT MLS
• 2026-03-05 Listed $79,900 BRIGHT MLS
• 2026-02-28 Coming Soon — BRIGHT MLS

Property tax history

+1.2%/yr

Latest (2026): $1,481 · +7.2% YoY. Source: county tax records.