597 W Philadelphia St · York, PA 17403

$399,000

40 bd · None ba · 5,251 sqft · MultiFamily public records · 65 Days on market

Built 1900 2,762 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 +3.6/5.0
• Condition / age +2.5/5.0
• Schools +0.8/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 5 units. estimate disagrees with records

Listing remarks MLS

Welcome to 597 W Philadelphia St - a 5 unit apartment building ready for its new owner. With $61,500 in annual rents, this apartment building makes for a good addition to any investors portfolio. The building features three 2 bedroom, 1 bathroom units and two 1 bedroom, 1 bathroom units. Electric is split with 6 meters, including 1 for the owner(vestibule and hallways). Tenant pays electric and gas for stove and HWH. Owner pays gas heat, water, sewer, trash. Some rents are under market allowing for the new owner to increase rents and add more cash flow. Call today to schedule a private showing!

Key facts

• 2,762 sq ft lot
• Built 1900
• Listed 65 days

What this means for you Summary

Snapshot

• This is a 3×2bd/1ba + 2×1bd/1ba units multifamily listed at $399k.

Deal economics

• At list price, monthly cash flow is $2k ($26k/yr) — positive. Per door: $430/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $399k).
• Recommended offer: $375k (6.0% below list) — sets the bar for market timing.
• Cap rate 12.8% 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.
• Market conditions: Rents rising fast (+4.4%/yr); 213 active listings in the ZIP; solid renter incomes; 1,328 units permitted in York County in 2024 (338 in 5+ unit buildings).
• At $6,065/mo this rent would consume 97% of the median local household income ($75k/yr) (locally 1305% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 4.4% rent growth), your $112k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 65 days — a 6% lower offer ($375k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 10y ago; this cycle's ask has dropped $45k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.

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 $375,060 (6.0% below list)

Questions for the listing agent

1. It's been on market 65 days. Have you received any prior offers? Is the seller open to a 6% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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 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: 1.52% ✓
• Cap rate: 12.76%
• Cash-on-cash: 23.09%
• DSCR: 2.03
• GRM: 5.5

CMA / ARV

• ARV (median comp): $189,856
• List price: $399,000
• Delta: 110.16%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 4.43% rent growth · sell at horizon

5-year hold

• IRR: 17.7%
• Equity multiple: 1.73×
• Total profit: $81,139
• Equity at exit: $59,492

10-year hold

• IRR: 27.1%
• Equity multiple: 3.55×
• Total profit: $284,441
• Equity at exit: $34,498

Cash invested: $111,720 (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 17403

• Home prices YoY: -26.9%
• Rents YoY: 4.4%
• Active inventory: 213
• Price-to-rent: 26.3×

Monthly cashflow live

• Estimated rent: $6,065 high
• Mortgage (P&I): −$2,092
• Tax from tax record: −$383 /mo · $4,594/yr
• Insurance: −$166
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,274
• Net cashflow: $2,150

Break-even live

Break-even rent $3,344

Max offer price $399,000

Occupancy floor 60%

Sensitivity live

Price	-10% $2,376	-5% $2,263	+0% $2,150	+5% $2,037	+10% $1,924
Rent	-10% $1,671	-5% $1,910	+0% $2,150	+5% $2,389	+10% $2,629
Rate	-1.0pp $2,351	-0.5pp $2,251	base $2,150	+0.5pp $2,046	+1.0pp $1,941

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$3,792
▸ 2× units	1	1	$2,274
Total (5 units)			$6,065

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: $99,750
• Closing costs: $11,970
• Reserves months: —
• Total cash needed: —

Listing history 37 events

1. 2026-06-16
   status $399,000 Pending 65 DOM
2. 2026-06-16
   days on market $399,000 Active 65 DOM
3. 2026-06-15
   days on market $399,000 Active 64 DOM
4. 2026-06-14
   days on market $399,000 Active 62 DOM
5. 2026-06-13
   pricedays on market $399,000 Active 61 DOM
6. 2026-06-10
   days on market $424,000 Active 59 DOM
7. 2026-06-09
   days on market $424,000 Active 58 DOM
8. 2026-06-08
   days on market $424,000 Active 57 DOM
9. 2026-06-07
   days on market $424,000 Active 56 DOM
10. 2026-06-03
    days on market $424,000 Active 52 DOM
11. 2026-06-02
    days on market $424,000 Active 51 DOM
12. 2026-06-01
    days on market $424,000 Active 50 DOM
13. 2026-05-31
    days on market $424,000 Active 49 DOM
14. 2026-05-30
    days on market $424,000 Active 48 DOM
15. 2026-05-19
    price $424,000 601-char remark

    Show marketing remark (601 chars)

    Welcome to 597 W Philadelphia St - a 5 unit apartment building ready for its new owner. With $61,500 in annual rents, this apartment building makes for a good addition to any investors portfolio. The building features three 2 bedroom, 1 bathroom units and two 1 bedroom, 1 bathroom units. Electric is split with 6 meters, including 1 for the owner(vestibule and hallways). Tenant pays electric and gas for stove and HWH. Owner pays gas heat, water, sewer, trash. Some rents are under market allowing for the new owner to increase rents and add more cash flow. Call today to schedule a private showing!

16. 2026-04-12
    listed $444,000 Active 601-char remark

    Show marketing remark (601 chars)

    Welcome to 597 W Philadelphia St - a 5 unit apartment building ready for its new owner. With $61,500 in annual rents, this apartment building makes for a good addition to any investors portfolio. The building features three 2 bedroom, 1 bathroom units and two 1 bedroom, 1 bathroom units. Electric is split with 6 meters, including 1 for the owner(vestibule and hallways). Tenant pays electric and gas for stove and HWH. Owner pays gas heat, water, sewer, trash. Some rents are under market allowing for the new owner to increase rents and add more cash flow. Call today to schedule a private showing!

17. 2025-10-29
    historical $925
18. 2025-10-28
    listed $925
19. 2025-09-30
    historical $925
20. 2025-09-27
    listed $925
21. 2025-08-26
    soldstatus $420,000
22. 2025-08-21
    soldstatus $420,000 Closed 526-char remark

    Show marketing remark (526 chars)

    Welcome to 597 W Philadelphia St - a fully occupied 5 unit apartment building ready for its new owner. With $56,220 in annual rents, this apartment building makes for a good addition to any investors portfolio. The building features three 2 bedroom, 1 bathroom units and two 1 bedroom, 1 bathroom units. Electric is split with 6 meters, including 1 for the owner(vestibule and hallways). Some rents are under market allowing for the new owner to increase rents and add more cash flow. Call today to schedule a private showing!

23. 2025-07-26
    status Pending 526-char remark

    Show marketing remark (526 chars)

    Welcome to 597 W Philadelphia St - a fully occupied 5 unit apartment building ready for its new owner. With $56,220 in annual rents, this apartment building makes for a good addition to any investors portfolio. The building features three 2 bedroom, 1 bathroom units and two 1 bedroom, 1 bathroom units. Electric is split with 6 meters, including 1 for the owner(vestibule and hallways). Some rents are under market allowing for the new owner to increase rents and add more cash flow. Call today to schedule a private showing!

24. 2025-07-18
    listed $425,000 Active 526-char remark

    Show marketing remark (526 chars)

    Welcome to 597 W Philadelphia St - a fully occupied 5 unit apartment building ready for its new owner. With $56,220 in annual rents, this apartment building makes for a good addition to any investors portfolio. The building features three 2 bedroom, 1 bathroom units and two 1 bedroom, 1 bathroom units. Electric is split with 6 meters, including 1 for the owner(vestibule and hallways). Some rents are under market allowing for the new owner to increase rents and add more cash flow. Call today to schedule a private showing!

25. 2025-04-27
    historical $995
26. 2025-04-25
    listed $995
27. 2025-03-22
    historical $995
28. 2025-03-21
    listed $995
29. 2024-09-30
    soldstatus $265,000
30. 2024-08-23
    historical $800
31. 2024-08-07
    listed $800
32. 2023-07-16
    historical
33. 2017-01-27
    soldstatus $75,000
34. 2017-01-11
    soldstatus $75,000
35. 2016-12-07
    historical
36. 2016-09-21
    listed $69,900
37. 1989-05-02
    soldstatus $46,000

ⓘ 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: $4,594 · $383/mo
• Projected year-2 tax: $5,449 · $454/mo
• Expected delta: +$855/yr (+$71/mo · 18.6%)

ⓘ 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 12% 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: $72,780
• − Mortgage interest: −$22,350
• − Property taxes: −$4,594
• − Insurance: −$1,995
• − Repairs & maintenance: −$5,822
• − Management: −$5,822
• − Depreciation: −$11,607
• Taxable income: $20,588
• Est. tax owed @ 24.0%: −$4,941
• After-tax cash flow: $20,857/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): 40,287
• Household income: $75,384
• Rent vs Own: 36.2% rent · 63.8% own
• Severe rent burden: 1305.0

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 0.58)
• Race & ethnicity: White 60% Hispanic / Latino 20% Black 12% Two or more races 9% Asian 3%
• Hispanic origin (detail): Mexican 3% Puerto Rican 10% Dominican 3%
• Common ancestry: Romanian 3% Lithuanian 1% Slovak 1%
• Foreign-born: 10% · Canada, Vietnam, Jamaica
• Languages at home: 81% English-only · Spanish 14% Other Indo-European 1% Arabic 1%

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: ▼ -104.51%
• Current HPI: 284.0731
• Rent YoY: ▲ 4.43%
• 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

+821.7% since first listed

23 events — show timeline

• 2026-05-19 Price Changed $424,000 BRIGHT MLS
• 2026-04-12 Listed $444,000 BRIGHT MLS
• 2025-10-29 Rental Removed $925 RENTEC
• 2025-10-28 Listed for Rent $925 RENTEC
• 2025-09-30 Rental Removed $925 RENTEC
• 2025-09-27 Listed for Rent $925 RENTEC
• 2025-08-26 Sold (Public Records) $420,000 Public Records
• 2025-08-21 Sold (MLS) $420,000 BRIGHT MLS
• 2025-07-26 Pending — BRIGHT MLS
• 2025-07-18 Listed $425,000 BRIGHT MLS
• 2025-04-27 Rental Removed $995 RENTALBEAST
• 2025-04-25 Listed for Rent $995 RENTALBEAST
• 2025-03-22 Rental Removed $995 LEASESTAR
• 2025-03-21 Listed for Rent $995 LEASESTAR
• 2024-09-30 Sold (Public Records) $265,000 Public Records
• 2024-08-23 Rental Removed $800 APPFOLIO
• 2024-08-07 Listed for Rent $800 APPFOLIO
• 2023-07-16 Rental Removed — APPFOLIO
• 2017-01-27 Sold (Public Records) $75,000 Public Records
• 2017-01-11 Sold (MLS) $75,000 BRIGHT MLS
• 2016-12-07 Listing Removed — BRIGHT MLS
• 2016-09-21 Listed $69,900 BRIGHT MLS
• 1989-05-02 Sold (Public Records) $46,000 Public Records

Property tax history

+0.7%/yr

Latest (2025): $4,594 · +0.9% YoY. Source: county tax records.