348 W Gay Ave · York, PA 17401

$125,000

3 bd · 1.0 ba · 1,128 sqft · Townhouse public records · 72 Days on market

Built 1890 1,307 sqft lot Est $115k · 9% over

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Why this score? — see what drove the D+ 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 +21.3/30.0
• DSCR +6.8/10.0
• 1% rule +5.8/10.0
• Rent growth +4.1/5.0
• Livability +3.8/5.0
• ARV discount +3.6/15.0
• Condition / age +2.5/5.0
• Schools +0.8/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

GREAT INVESTMENT. 2 BEDROOMS WITH A POSSIBLE THIRD THAT IS FRAMED OUT ON THE TOP FLOOR. FENCED BACK YARD. SEPARATE DINING ROOM. PRICED TO SELL. Needs some work.

Key facts

• Built 1890
• Listed 72 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath townhouse listed at $125k.

Deal economics

• At list price, monthly cash flow is $183 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $125k).
• Recommended offer: $118k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.0% vs local median 5.0% in York — 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 75/100 on livability (#427 in PA, #3,987 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A; Watch: amenities D+, crime F, employment F.
• York City SD (urban): math 4% / reading 16% proficiency, ranked #534 of 539 in PA (top 99%) — 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: William Penn Shs (math 22% / reading 8%, grade F, #407 of 437 statewide, top 94%, 1,534 students, 100% FRL) — zoned schools average 100% FRL vs 72% district-wide (28 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+6.4%/yr); 63 active listings in the ZIP; 38 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 1,328 units permitted in York County in 2024 (338 in 5+ unit buildings).
• This rent runs 38% of the median local income ($43k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $864 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 6.4% rent growth), your $35k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 72 days — a 6% lower offer ($118k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 20y ago; this cycle's ask has dropped $25k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $19k; list at $125k implies a 554% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1890 — 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 $117,500 (6.0% below list)

Questions for the listing agent

1. It's been on market 72 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 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
7. 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.
8. 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.
9. 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: 1.08% ✓
• Cap rate: 8.05%
• Cash-on-cash: 6.27%
• DSCR: 1.28
• GRM: 7.7

CMA / ARV

• ARV (on-the-fly): $115,056
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
348 W Gay Ave	0.00mi	3/1.0	1,128 (0%)	1mo	$92,000	$82	99
411 Saint Paul St	0.11mi	3/1.0	1,168 (+4%)	6mo	$135,000	$116	84
230 Park Pl	0.17mi	4/1.5 (+1)	1,147 (+2%)	6mo	$145,000	$126	77
431 Juniper St	0.24mi	3/1.0	1,194 (+6%)	3mo	$108,000	$90	76
571 W Philadelphia St	0.36mi	3/1.5	1,134 (+0%)	8mo	$115,000	$101	74
330 N Newberry St	0.16mi	4/1.0 (+1)	1,036 (-8%)	5mo	$105,500	$102	70
143 Stevens Ave	0.34mi	3/1.0	1,260 (+12%)	10mo	$85,000	$67	56
138 S Penn St	0.38mi	3/1.0	1,260 (+12%)	10mo	$115,000	$91	55
478 W Princess St	0.46mi	3/2.0	1,236 (+10%)	7mo	$110,000	$89	53
115 S Newberry St	0.34mi	2/1.0 (-1)	980 (-13%)	8mo	$119,000	$121	50
600 N Hartley St #204	0.60mi	2/2.0 (-1)	1,056 (-6%)	4mo	$120,000	$114	49
18 S George St #34	0.52mi	2/2.0 (-1)	1,034 (-8%)	6mo	$182,900	$177	48

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 · 6.37% rent growth · sell at horizon

5-year hold

• IRR: -2.8%
• Equity multiple: 0.89×
• Total profit: $-3,834
• Equity at exit: $18,638

10-year hold

• IRR: 10.4%
• Equity multiple: 1.93×
• Total profit: $32,674
• Equity at exit: $10,808

Cash invested: $35,000 (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 17401

• Home prices YoY: -16.5%
• Rents YoY: 6.4%
• Active inventory: 63
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $1,355 high
• Mortgage (P&I): −$656
• Tax from tax record: −$180 /mo · $2,158/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$284
• Net cashflow: $183

Break-even live

Break-even rent $1,123

Max offer price $125,000

Occupancy floor 82%

Sensitivity live

Price	-10% $253	-5% $218	+0% $183	+5% $147	+10% $112
Rent	-10% $76	-5% $129	+0% $183	+5% $236	+10% $290
Rate	-1.0pp $246	-0.5pp $215	base $183	+0.5pp $150	+1.0pp $117

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Rent comps 38 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
314 W Gay Ave York, PA	3.0	1.0	1060	$1,250	$1.18	22d	1	0.10mi
216 Park Pl York, PA	4.0	1.0	1192	$1,350	$1.13	14d	1	0.13mi
289 Union St York, PA	4.0	1.0	1450	$1,600	$1.10	44d	1	0.22mi
403 N Newberry St Unit A10 York, PA	2.0	1.0	750	$1,095	$1.46	22d	1	0.25mi
403 N Newberry St Unit B12 York, PA	2.0	1.0	750	$1,050	$1.40	44d	1	0.25mi
330 W King St York, PA	3.0	1.0	713	$1,195	$1.68	14d	1	0.30mi
588 Company St York, PA	3.0	1.5	1416	$1,475	$1.04	44d	1	0.33mi
175 W Gay Ave York, PA	1.0–2.0	1.0	1219	$1,650	$1.35	14d	2	0.35mi
133 Stevens Ave York, PA	3.0	1.0	1200	$1,300	$1.08	44d	1	0.40mi
450 Madison Ave York, PA	1.0–2.0	1.0	862	$1,250	$1.45	14d	1	0.40mi
334 N Beaver St York, PA	3.0	1.0	1140	$1,050	$0.92	14d	1	0.45mi
49 W Market St Unit 2 R York, PA	2.0	1.0	788	$975	$1.24	14d	1	0.45mi
631 Roosevelt Ave Unit 2 York, PA	3.0	1.0	1170	$1,150	$0.98	14d	1	0.48mi
466 W College Ave York, PA	3.0	1.0	1068	$1,295	$1.21	44d	1	0.51mi
132 S Beaver St Apt 4 York, PA	2.0	2.0	1000	$1,250	$1.25	44d	1	0.52mi
28 N George St Unit H York, PA	2.0	2.0	1400	$1,550	$1.11	44d	1	0.52mi
720 Elm Ter York, PA	3.0	1.5	1200	$1,950	$1.62	22d	1	0.54mi
251 N George St York, PA	2.0	2.0	1100	$1,595	$1.45	14d	1	0.55mi
648 W College Ave York, PA	3.0	1.0	1100	$1,275	$1.16	44d	1	0.67mi
813 Madison Ave York, PA	2.0	1.5	1100	$1,175	$1.07	14d	1	0.68mi
113 Arch St York, PA	4.0	1.0	1188	$1,200	$1.01	14d	1	0.70mi
231 Franklin Way York, PA	3.0	1.0	920	$1,195	$1.30	14d	1	0.80mi
245 Franklin Way York, PA	2.0	2.0	1240	$1,150	$0.93	14d	1	0.83mi
444 S Duke St York, PA	3.0	1.0	1200	$1,200	$1.00	44d	1	0.91mi
443 S Duke St York, PA	3.0	1.0	1028	$1,225	$1.19	44d	1	0.92mi
208 Liberty Ct York, PA	3.0	1.0	1096	$1,195	$1.09	44d	1	0.93mi
514 S Duke St York, PA	3.0	1.0	1289	$1,625	$1.26	22d	1	0.95mi
446 Wallace St York, PA	3.0	1.0	1092	$1,295	$1.19	22d	1	1.08mi
42 Laurel St York, PA	3.0	1.0	1136	$1,375	$1.21	22d	1	1.11mi
606 E Market St Unit 1STFLRREAR York, PA	2.0	1.0	700	$925	$1.32	14d	1	1.24mi
50 S Highland Ave York, PA	2.0–3.0	1.0–1.5	1015	$1,394	$1.37	14d	1	1.24mi
516 E Boundary Ave York, PA	2.0	1.0	1128	$1,200	$1.06	14d	1	1.32mi
1410 Monroe St Ste M West York, PA	2.0	1.0	1100	$1,195	$1.09	22d	1	1.33mi
715 Vander Ave York, PA	3.0	1.0	1180	$1,295	$1.10	14d	1	1.33mi
30 N Franklin St York, PA	3.0	1.0	1400	$1,395	$1.00	44d	1	1.35mi
720 Chestnut St Apt 2 York, PA	4.0	1.0	1400	$1,300	$0.93	14d	1	1.38mi
1627 Filbert St York, PA	3.0	1.0	1193	$1,395	$1.17	22d	1	1.43mi
728 E Princess St Apt 3 York, PA	2.0	1.0	822	$995	$1.21	44d	1	1.45mi

Listing history 20 events

1. 2026-04-02
   status Pending
2. 2026-03-23
   price $125,000
3. 2026-03-11
   price $130,000
4. 2026-02-27
   price $135,000
5. 2026-02-04
   price $144,900
6. 2026-01-21
   listed $149,900 Active
7. 2026-01-19
   historical $149,900
8. 2010-12-31
   historical
9. 2010-03-15
   listed $34,900
10. 2008-01-31
    soldstatus $19,100
11. 2008-01-24
    soldstatus $19,100 160-char remark

    Show marketing remark (160 chars)

    GREAT INVESTMENT. 2 BEDROOMS WITH A POSSIBLE THIRD THAT IS FRAMED OUT ON THE TOP FLOOR. FENCED BACK YARD. SEPARATE DINING ROOM. PRICED TO SELL. Needs some work.

12. 2007-11-14
    listed $25,000 160-char remark

    Show marketing remark (160 chars)

    GREAT INVESTMENT. 2 BEDROOMS WITH A POSSIBLE THIRD THAT IS FRAMED OUT ON THE TOP FLOOR. FENCED BACK YARD. SEPARATE DINING ROOM. PRICED TO SELL. Needs some work.

13. 2007-05-04
    historical
14. 2007-05-03
    soldstatus $21,000
15. 2007-04-30
    soldstatus $21,000
16. 2007-01-09
    listed $25,900
17. 2006-10-30
    soldstatus $10,100
18. 2006-10-10
    soldstatus $10,100
19. 2006-09-26
    historical
20. 2006-09-22
    listed $9,000

ⓘ 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: $2,158 · $180/mo
• Projected year-2 tax: $2,158 · $180/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 ≥103°F today · 15 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 10% 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: $16,256
• − Mortgage interest: −$7,002
• − Property taxes: −$2,158
• − Insurance: −$625
• − Repairs & maintenance: −$1,300
• − Management: −$1,300
• − Depreciation: −$3,636
• Taxable income: $233
• Est. tax owed @ 24.0%: −$56
• After-tax cash flow: $2,137/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: York City SD
• NCES district ID: 4226820
• Math proficiency: 4% ▼ -7.00%
• Reading proficiency: 16% ▼ -9.00%
• Median HH income: $29,470
• Composite: 7.61/100
• National rank: #9943
• State rank: #534 of 539 in PA

Livability — York

• Score: 75/100
• State rank: #427
• US rank: #3987

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: York, PA
• County: York County · 278,806 people
• City population: 184,764
• Metro: York-Hanover, PA
• Population (ZIP): 18,570
• Household income: $42,826
• Rent vs Own: 67.4% rent · 32.6% own
• Severe rent burden: 1360.0

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: Diverse neighborhood (Simpson 0.69)
• Race & ethnicity: Hispanic / Latino 39% White 31% Black 24% Two or more races 15%
• Hispanic origin (detail): Mexican 5% Puerto Rican 22% Dominican 10%
• Common ancestry: Romanian 2% Hispanic 1% Italian 1%
• Foreign-born: 14% · Canada
• Languages at home: 72% English-only · Spanish 25% French/Haitian/Cajun 2%

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: ▼ -63.82%
• Current HPI: 323.5537
• Rent YoY: ▲ 6.37%
• 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

+1288.9% since first listed

20 events — show timeline

• 2026-04-02 Pending — BRIGHT MLS
• 2026-03-23 Price Changed $125,000 BRIGHT MLS
• 2026-03-11 Price Changed $130,000 BRIGHT MLS
• 2026-02-27 Price Changed $135,000 BRIGHT MLS
• 2026-02-04 Price Changed $144,900 BRIGHT MLS
• 2026-01-21 Listed $149,900 BRIGHT MLS
• 2026-01-19 Coming Soon $149,900 BRIGHT MLS
• 2010-12-31 Listing Removed — BRIGHT MLS
• 2010-03-15 Listed $34,900 BRIGHT MLS
• 2008-01-31 Sold (Public Records) $19,100 Public Records
• 2008-01-24 Sold (MLS) $19,100 BRIGHT MLS
• 2007-11-14 Listed $25,000 BRIGHT MLS
• 2007-05-04 Listing Removed — BRIGHT MLS
• 2007-05-03 Sold (Public Records) $21,000 Public Records
• 2007-04-30 Sold (MLS) $21,000 BRIGHT MLS
• 2007-01-09 Listed $25,900 BRIGHT MLS
• 2006-10-30 Sold (Public Records) $10,100 Public Records
• 2006-10-10 Sold (MLS) $10,100 BRIGHT MLS
• 2006-09-26 Listing Removed — BRIGHT MLS
• 2006-09-22 Listed $9,000 BRIGHT MLS

Property tax history

+0.7%/yr

Latest (2025): $2,158 · +0.9% YoY. Source: county tax records.