33 George St · Hanover, PA 17331

$119,900

4 bd · 1.5 ba · 1,392 sqft · SingleFamily public records · 13 Days on market

Built 1920 4,779 sqft lot

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 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

An excellent investment opportunity awaits with this 4-bedroom home ideally located within walking distance to the hospital. Offering over 1,300 square feet of living space, this two-story traditional home retains much of its original character, including beautiful original woodwork and generously sized rooms throughout. The exterior is in fair condition, while the interior will require a complete restoration—making this a prime opportunity for investors, contractors, or buyers looking to bring new life to a classic home. A sizable detached two-car garage provides additional flexibility and potential for storage, workshop space, or future use. CASH ONLY. Agents are encouraged to revie

Key facts

• Original woodwork
• 4,779 sq ft lot
• 2 garage spots

Tags

• WALKING DISTANCE TO HOSPITAL
• ORIGINAL WOODWORK
• TWO-STORY TRADITIONAL HOME
• DETACHED TWO-CAR GARAGE

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $469 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Cap rate 11.0% vs local median 3.9% 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.
• Market conditions: Rents rising fast (+4.7%/yr); 386 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 59% 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 $829 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 4.7% rent growth), your $34k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: property tax is 3.0% of price; built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $119,900

Questions for the listing agent

1. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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: 1.53% ✓
• Cap rate: 10.98%
• Cash-on-cash: 16.75%
• DSCR: 1.75
• GRM: 5.5

CMA / ARV

• ARV (on-the-fly): $242,208
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
19 Fulton St	0.18mi	4/1.5	1,502 (+8%)	6mo	$195,000	$130	73
632 E Walnut St	0.39mi	4/2.0	1,328 (-5%)	4mo	$256,000	$193	69
26 Ridge Ave	0.39mi	3/1.5 (-1)	1,350 (-3%)	7mo	$249,900	$185	66
406 Allegheny Ave	0.29mi	3/1.5 (-1)	1,285 (-8%)	6mo	$235,000	$183	64
636 Broadway	0.35mi	3/1.5 (-1)	1,472 (+6%)	7mo	$184,900	$126	64
102 George St	0.24mi	3/1.0 (-1)	1,511 (+8%)	6mo	$267,500	$177	63
241 Clearview Rd	0.57mi	3/1.0 (-1)	1,364 (-2%)	2mo	$222,000	$163	61
524 Fulton St	0.55mi	4/1.0	1,490 (+7%)	1mo	$236,000	$158	60
348 High St	0.58mi	3/1.5 (-1)	1,492 (+7%)	3mo	$260,000	$174	53
209 Centennial Ave	0.68mi	3/1.5 (-1)	1,472 (+6%)	1mo	$220,000	$149	53
210 Centennial Ave	0.67mi	4/1.0	1,548 (+11%)	6mo	$210,000	$136	43
3 Sprenkle Ave	0.65mi	3/2.0 (-1)	1,232 (-12%)	1mo	$250,000	$203	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: 10.1%
• Equity multiple: 1.41×
• Total profit: $13,667
• Equity at exit: $17,877

10-year hold

• IRR: 20.7%
• Equity multiple: 2.91×
• Total profit: $64,088
• Equity at exit: $10,367

Cash invested: $33,572 (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 17331

• Home prices YoY: -33.8%
• Rents YoY: 4.7%
• Active inventory: 386
• Price-to-rent: 5.5×

Monthly cashflow live

• Estimated rent: $1,829 high
• Mortgage (P&I): −$629
• Tax from tax record: −$297 /mo · $3,569/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$384
• Net cashflow: $469

Break-even live

Break-even rent $1,236

Max offer price $119,900

Occupancy floor 69%

Sensitivity live

Price	-10% $537	-5% $503	+0% $469	+5% $435	+10% $401
Rent	-10% $324	-5% $396	+0% $469	+5% $541	+10% $613
Rate	-1.0pp $529	-0.5pp $499	base $469	+0.5pp $438	+1.0pp $406

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: $29,975
• Closing costs: $3,597
• Reserves months: —
• Total cash needed: —

Rent comps 17 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	0.16mi
261 N Franklin St Unit 302 Hanover, PA	3.0	2.0	1398	$1,130	$0.81	44d	1	0.35mi
285 South St Hanover, PA	3.0	1.5	1000	$1,350	$1.35	14d	1	1.13mi
76 Brookside Ave Hanover, PA	3.0	2.5	1625	$1,906	$1.17	44d	1	1.14mi
76 Brookside Ave Hanover, PA	3.0	2.5	1625	$1,963	$1.21	22d	1	1.14mi
88 Brookside Ave Hanover, PA	3.0	2.5	1625	$1,906	$1.17	44d	1	1.15mi
88 Brookside Ave Hanover, PA	3.0	2.5	1625	$1,963	$1.21	22d	1	1.15mi
607 3rd St Hanover, PA	3.0	1.0	1276	$1,400	$1.10	22d	1	1.28mi
51 Overlook Dr Unit F Hanover, PA	3.0	2.5	1820	$1,983	$1.09	44d	1	1.39mi
51 Overlook Dr Unit J Hanover, PA	3.0	2.5	1820	$2,120	$1.16	44d	1	1.39mi
101 Pacer Dr Unit L Hanover, PA	3.0	2.5	1252	$1,901	$1.52	14d	1	1.42mi
101 Pacer Dr Unit K Hanover, PA	3.0	2.5	1252	$1,846	$1.47	44d	1	1.42mi
101 Pacer Dr Unit M Hanover, PA	3.0	2.5	1252	$1,751	$1.40	44d	1	1.42mi
34 Overlook Dr Hanover, PA	3.0	2.5	1749	$2,000	$1.14	14d	1	1.43mi
22 Mustang Dr Hanover, PA	3.0	2.5	1625	$1,843	$1.13	44d	1	1.47mi
40 Mustang Dr Hanover, PA	4.0	2.5	1625	$1,843	$1.13	44d	1	1.48mi
20 Mustang Dr Hanover, PA	4.0	2.5	1625	$1,931	$1.19	44d	1	1.49mi

Listing history 2 events

1. 2026-03-23
   status Pending
2. 2026-03-10
   listed $119,900 Active

ⓘ 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: $3,569 · $297/mo
• Projected year-2 tax: $3,569 · $297/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 · 16 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 7% 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: $21,948
• − Mortgage interest: −$6,716
• − Property taxes: −$3,569
• − Insurance: −$600
• − Repairs & maintenance: −$1,756
• − Management: −$1,756
• − Depreciation: −$3,488
• Taxable income: $4,063
• Est. tax owed @ 24.0%: −$975
• After-tax cash flow: $4,650/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

2 events — show timeline

• 2026-03-23 Pending — BRIGHT MLS
• 2026-03-10 Listed $119,900 BRIGHT MLS

Property tax history

+1.9%/yr

Latest (2025): $3,569 · +0.8% YoY. Source: county tax records.