361 -363 Black Rock Rd · Penn, PA 17331

$230,000

6 bd · None ba · 1,736 sqft · MultiFamily · 31 Days on market

Built 1900 Good condition 0.61 ac lot $132/sqft · 24% above area Est $186k · 24% over ↓ 4% since listing

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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 +27.2/30.0
• DSCR +9.5/10.0
• 1% rule +7.4/10.0
• Schools +4.2/10.0
• Condition / age +3.8/5.0
• Rent growth +3.7/5.0
• Livability +2.8/5.0
• 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: 2 units. confirmed

Listing remarks

A fantastic two-unit apartment / investment property in excellent condition, situated in the highly sought-after Penn Township, Southwestern Schools / Hanover region. Both units are currently occupied by long-term month-to-month tenants. This multi-unit residence features a spacious parking area and a generous backyard, complete with a sizable two-unit shed for tenant storage requirements. Please see floor plans with room dimensions for each unit, posted in photos.

Key facts

• Investment property
• Two unit apartment
• Generous backyard

Tags

• TWO UNIT APARTMENT
• INVESTMENT PROPERTY
• SPACIOUS PARKING AREA
• GENEROUS BACKYARD

Property features AI

Finance

• Other: No rent control
• Financial info: Two total units with month-to-month leases (both currently leased); Gross scheduled income: $22,020; Total actual rent: $21,300; Net operating income: $15,843; Operating expenses: $11,761; Income includes apartment rentals and other

Exterior

• Parking: Off-street parking; Other parking
• Utilities: Public water; Public sewer; Natural gas available; Electric available with circuit breakers; Cable TV available; Cable internet service; Phone service available; Electric hot water
• Home design: Detached structure; Good overall condition; Fee simple ownership
• Construction: Brick construction; Block foundation; Asphalt shingle roof; Building not winterized; Built (year per assessor)
• Exterior features: Balcony; Patio(s); Porch(es); Storage barn/shed; Above-ground utilities available

Interior

• Kitchen: Kitchen modifications (accessible)
• Bedrooms: One 1-bedroom unit; One 2-bedroom unit
• Heating & cooling: Heat pump with gas backup; Central air conditioning (electric)
• Interior features: Accessible switches and outlets; Kitchen modifications for accessibility; Unfinished, poured concrete basement with outside entrance and partial daylight

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1-bath units multifamily listed at $230k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $658 ($8k/yr) — positive. Per door: $329/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $230k).
• Recommended offer: $223k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 56/100 on livability (#1,637 in PA) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: crime D+, amenities F, commute F.
• South Western SD (suburban): math 37% / reading 56% proficiency, ranked #206 of 539 in PA (top 38%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: South Western Shs (math 83% / reading 75%, grade A-, #20 of 437 statewide, top 4%, 1,299 students, 31% FRL).
• Zoned-school proficiency averages 79% at this address vs 46% district-wide (+32 pts) — the actual schools serving this property are materially stronger than the South Western SD average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising fast (+4.7%/yr); 386 active listings in the ZIP; solid renter incomes; 1,328 units permitted in York County in 2024 (338 in 5+ unit buildings).
• This rent runs 43% of the median local income ($79k/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 $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 4.7% rent growth), your $64k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 31 days — a 3% lower offer ($223k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: built in 1900 — 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 $223,100 (3.0% below list)

Questions for the listing agent

1. It's been on market 31 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 1900 — 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. 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 D 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 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: 1.24% ✓
• Cap rate: 9.73%
• Cash-on-cash: 12.26%
• DSCR: 1.55
• GRM: 6.7

CMA / ARV

• ARV (median comp): $186,028
• List price: $230,000
• Delta: 23.64%
• Verdict: OVERPRICED
• Comps: 4 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 4.67% rent growth · sell at horizon

5-year hold

• IRR: 3.8%
• Equity multiple: 1.15×
• Total profit: $9,546
• Equity at exit: $34,294

10-year hold

• IRR: 14.8%
• Equity multiple: 2.29×
• Total profit: $83,090
• Equity at exit: $19,886

Cash invested: $64,400 (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: 13.5×

Monthly cashflow live

• Estimated rent: $2,845 high
• Mortgage (P&I): −$1,206
• Tax est. 1.5%: −$288 /mo · $3,450/yr
• Insurance: −$96
• HOA: −$0
• Vacancy / Maint / Mgmt: −$597
• Net cashflow: $658

Break-even live

Break-even rent $2,012

Max offer price $230,000

Occupancy floor 72%

Sensitivity live

Price	-10% $817	-5% $738	+0% $658	+5% $579	+10% $499
Rent	-10% $433	-5% $546	+0% $658	+5% $770	+10% $883
Rate	-1.0pp $774	-0.5pp $717	base $658	+0.5pp $598	+1.0pp $538

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,846
Total (2 units)			$2,845

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: $57,500
• Closing costs: $6,900
• Reserves months: —
• Total cash needed: —

Listing history 14 events

1. 2026-06-21
   days on market $230,000 Active 31 DOM
2. 2026-06-18
   days on market $230,000 Active 28 DOM
3. 2026-06-17
   days on market $230,000 Active 27 DOM
4. 2026-06-16
   days on market $230,000 Active 26 DOM
5. 2026-06-15
   days on market $230,000 Active 25 DOM
6. 2026-06-14
   days on market $230,000 Active 23 DOM
7. 2026-06-13
   days on market $230,000 Active 22 DOM
8. 2026-06-10
   days on market $230,000 Active 20 DOM
9. 2026-06-09
   days on market $230,000 Active 19 DOM
10. 2026-06-08
    days on market $230,000 Active 18 DOM
11. 2026-06-07
    days on market $230,000 Active 17 DOM
12. 2026-06-02
    days on market $230,000 Active 12 DOM
13. 2026-06-01
    pricestatus $230,000 Active 11 DOM
14. 2026-05-08
    listed $240,000 Active 469-char remark

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥102°F today · 15 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 11% 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: $34,140
• − Mortgage interest: −$12,884
• − Property taxes: −$3,450
• − Insurance: −$1,150
• − Repairs & maintenance: −$2,731
• − Management: −$2,731
• − Depreciation: −$6,691
• Taxable income: $4,503
• Est. tax owed @ 24.0%: −$1,081
• After-tax cash flow: $6,816/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.

Condition & rehab AI · 1 photo

Good 75/100 Cosmetic rehab

This two-unit apartment is in excellent condition with no major repairs needed. It offers a good investment opportunity in a sought-after location.

Value-add opportunities

• Both Paint exterior trim — Enhances curb appeal and resale value
• Both Clean gutters — Improves drainage and overall appearance

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior trim — Enhances curb appeal and resale value ↑
• Both Clean gutters — Improves drainage and overall appearance ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: South Western SD
• NCES district ID: 4222470
• Math proficiency: 37% ▼ -16.00%
• Reading proficiency: 56% ▼ -11.00%
• Median HH income: $67,689
• Composite: 41.5/100
• National rank: #3456
• State rank: #206 of 539 in PA

Livability — Penn

• Score: 56/100
• State rank: #1637
• US rank: #22584

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Parkville, PA
• County: York County · 278,806 people
• 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

-4.2% since first listed

4 events — show timeline

• 2026-06-01 Price Changed $230,000 BRIGHT MLS
• 2026-06-01 Relisted — BRIGHT MLS
• 2026-05-19 Contingent — BRIGHT MLS
• 2026-05-08 Listed $240,000 BRIGHT MLS