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120 Spruce St
Fredericksburg, PA

120 Spruce St

$238,000
0 bd • 0 ba • 0 sf

This analysis was generated by artificial intelligence on 1/24/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.

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AI Property Analysis

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List Price

$238,000

Price/Sq.Ft

$Infinity

Year Built

2023

AI Property Analysis

A comprehensive evaluation of this property's features, market position, and investment potential.

The Good

This property offers exceptional potential with its prime location near Lake Strause and 18,000 acres of State game lands. The lot includes a newly built (2023) 36' x 56' 3-car garage, valued at approximately $50,000-$60,000 based on current construction costs. The property has two wells, sewer connection, and electricity available, saving an estimated $15,000-$20,000 in utility setup costs. The lot is approved for a 2.5 story house, providing flexibility for future construction. With a minimal flood risk score of 1/10, it outperforms the regional average, potentially leading to lower insurance costs. The proximity to Swatara State Park (within minutes) adds recreational value, enhancing the property's appeal for outdoor enthusiasts.

The Bad

The property is currently just a lot with a garage, lacking a primary residence. This means additional construction costs for buyers, estimated at $150-$200 per square foot for a new home build in the area. The listing price of $238,000 for essentially a vacant lot with a garage is 240% higher than its last sale price of $70,000 in October 2022, suggesting a significant markup. The property has been on the market for 114 days, indicating potential overpricing or limited buyer interest. The lack of specific square footage for the lot size makes it difficult to assess the true value of the land.

The Ugly

The property is subject to HOA regulations, which could limit future development options and add ongoing costs (fees are not specified in the listing). The current building permit expires in 2025, potentially causing issues if construction doesn't begin promptly. The lot requires significant development, including landscaping and home construction, which could easily exceed $300,000-$400,000 on top of the purchase price. The heat risk score of 5/10 is concerning, with 7 hot days per year over 99°F, which could lead to higher cooling costs and potential discomfort.

Who is this property for?

These details are presented solely for entertainment purposes and are not meant to steer or limit any prospective buyer.

Best For

This property is ideal for buyers with a household income of $150,000+ who can afford the purchase price plus significant construction costs. It's perfect for outdoor enthusiasts and those seeking a custom-built home near natural amenities. The lot suits DIY-minded individuals or those willing to manage a home construction project. Investors looking for long-term appreciation in a growing recreational area might find this attractive, especially if they can leverage the existing garage for immediate rental income (e.g., boat or RV storage).

Not For

This property is not suitable for buyers seeking an immediate move-in ready home or those with limited budgets for extensive construction. It's not ideal for investors looking for quick returns or passive income, as it requires significant additional investment. The property wouldn't suit those uncomfortable with rural living or those requiring immediate access to urban amenities, as Fredericksburg is a small town with limited services.
Demographics
Area Median Income

$87,206

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Risk Assessment

Climate Risks

heatMAJOR

7 extreme heat days per year

98th percentile: 99°F

windMODERATE

Insurance: Recommended

fireMINOR

Insurance: Recommended

airMINOR

1 bad air quality days per year

floodMINIMAL

FEMA Zone: X_UNSHADED

Insurance: Optional

Risk Analysis

The main risks include potential HOA restrictions limiting development options, the expiring building permit in 2025, and the significant additional costs required for home construction. The heat risk score of 5/10 suggests increasing climate-related challenges. The property's 240% price increase since 2022 poses a risk of overvaluation, potentially leading to difficulties in future resale or refinancing. The rural location may face challenges with internet connectivity and access to services, which could impact property value and quality of life.
Insurance
Annual Cost

$857

$71 per month

Financials

Monthly Costs
Market Rent (0 bed)

$793

Get a detailed rental estimate on Zillow®
HOA Fee

$58

Price History

Property Taxes

$4,447
2024 Tax Assessment
2.4%from previous year
Assessed Value$208,100
Tax Rate2.14%

Location & Comparables

Subject Property
View on Zillow

Frequently Asked Questions

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