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606 W 3rd Ave
Lititz, PA

606 W 3rd Ave

$393,800
3 bd • 1 ba • 1,658 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.

List Price

$393,800

Price/Sq.Ft

$238

Year Built

AI Property Analysis

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

The Good

The property at 606 W 3rd Ave, Lititz, PA 17543 offers several positive aspects: 1. Spacious layout: At 1,658 sqft, this house is approximately 10% larger than the average 3-bedroom home in the area (typically around 1,500 sqft). 2. Competitive pricing: The price per square foot of $237.52 is about 15% below the average for Lititz, which typically ranges from $275-$300/sqft for similar properties. 3. Location: Situated in the desirable town of Lititz, known for its charm and strong community feel. The property is likely within walking distance of downtown amenities, given Lititz's compact layout. 4. Mature landscaping: The image shows beautiful, established trees providing shade and aesthetic value. This can contribute to energy efficiency and overall property appeal. 5. Potential for appreciation: Given Lititz's popularity and limited inventory, the property has good potential for value appreciation. The town's focus on preservation may help maintain property values. 6. Rental potential: With a median income of $80,027 and three-bedroom rental rates at $1,800/month, this property could generate a gross rental yield of about 5.5% annually if used as an investment property. 7. School district: Located in the highly regarded Warwick School District, which can be a significant draw for families and contribute to property value stability.

The Bad

1. Limited bathrooms: With only one bathroom for a 3-bedroom house, this could be a significant drawback for many buyers, potentially limiting the property's appeal. 2. Unknown year built: The lack of information about the construction year raises concerns about potential hidden issues or outdated systems. 3. Limited features information: The absence of detailed property features makes it challenging to assess the overall condition and amenities of the home. 4. Potential for higher property taxes: While Pennsylvania generally has lower property taxes, Lititz's desirability and good school district might result in higher-than-average property taxes for the area. 5. Tourist impact: Lititz's popularity as a tourist destination could lead to increased traffic and noise, especially during events like the Fire & Ice Festival. 6. Limited inventory in Lititz: While this can be good for property values, it might make it challenging for buyers to negotiate or find alternatives if this property doesn't meet all their needs. 7. Possible flood risk: Given Lititz's proximity to waterways, there may be a need for flood insurance, which could increase the overall cost of ownership.

The Ugly

1. Potential major system replacements: Given the unknown age of the house, there could be significant costs looming for replacing major systems like HVAC, roof, or plumbing. These could easily run $15,000-$30,000 or more. 2. Possible historic district restrictions: If the property falls within a historic district, renovations or updates could be severely restricted or costly, potentially limiting the ability to address the bathroom situation or make other desired changes. 3. Basement concerns: The split-level design visible in the image suggests a basement level. Given the potential for flooding in some parts of Lititz, this could pose a significant risk if proper waterproofing measures aren't in place. 4. Outdated interior: While we can't see inside, homes of this era and style often have outdated interiors. A full modernization could cost $50,000-$100,000 or more. 5. Driveway and parking limitations: The image shows a relatively narrow driveway, which could be problematic for multi-car households or for hosting guests. 6. Potential foundation issues: The mature trees, while beautiful, could potentially cause foundation problems if their roots have expanded over the years. Addressing such issues could cost tens of thousands of dollars. 7. Energy efficiency concerns: Older homes often have poor insulation and inefficient systems, leading to high utility costs. Upgrading to modern energy standards could be a significant expense.

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 best suited for: 1. First-time homebuyers or young families who prioritize location and school district over having multiple bathrooms. 2. Buyers with household incomes around $100,000-$120,000, based on a 28% front-end debt-to-income ratio for a mortgage on this property. 3. Investors looking for a rental property in a desirable area, with potential for steady appreciation and rental income. 4. DIY enthusiasts or those willing to invest in updates over time, who see the potential in the property's bones and location. 5. Buyers who value established neighborhoods and mature landscaping over new construction. 6. Those who appreciate Lititz's small-town charm and don't mind the occasional tourist influx. 7. Commuters to nearby cities like Lancaster or Harrisburg who want a quieter home base.

Not For

This property is not ideal for: 1. Large families or households needing multiple bathrooms, given the single bathroom layout. 2. Buyers seeking a move-in ready, fully updated home without the need for potential renovations or system upgrades. 3. Those with limited budgets for potential major repairs or updates, given the unknown age and condition of the house. 4. Individuals with mobility issues, as the split-level design may present accessibility challenges. 5. Buyers looking for modern, open-concept layouts, as homes of this era typically have more compartmentalized floor plans. 6. Those seeking a quiet retreat away from tourist activity, given Lititz's popularity as a destination. 7. Homeowners wanting to make significant exterior changes, due to potential historic district restrictions.
Demographics
Area Median Income

$80,027

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Risk Assessment

Risk Analysis

1. Flood risk: Parts of Lititz are susceptible to flooding. A professional assessment of the property's flood risk is crucial, and flood insurance may be necessary, potentially adding $500-$1,000 annually to ownership costs. 2. Historic district regulations: If applicable, these could severely limit renovation options and increase costs for any exterior changes by 20-30%. 3. Major system failures: Given the unknown age, critical systems like HVAC, plumbing, or electrical could be at the end of their lifespan. Budget for potential replacements within 5 years, totaling $20,000-$40,000. 4. Foundation issues: The mature trees could potentially impact the foundation. A thorough inspection is needed, as repairs could range from $5,000 for minor issues to $100,000+ for major structural work. 5. Market volatility: While Lititz is desirable, economic downturns could impact property values. The limited inventory could exacerbate price swings in either direction. 6. Zoning changes: Future development or zoning changes in Lititz could affect the property's value or the neighborhood's character. 7. Increased property taxes: As Lititz continues to be a desirable location, property tax increases could outpace the state average, potentially rising 5-10% in the next few years. 8. Tourism impact: Growing tourism could lead to increased traffic, noise, and strain on local infrastructure, potentially affecting quality of life and property values.

Financials

Monthly Costs

Location & Comparables

Subject Property
Comparable Sales
View on Zillow

Stats in the Area

Average Price

$344,200

-12.6% below list price

Median Price

$391,000

Based on 5 recent sales

Price per Sq.Ft

$262

Comparable Properties

613 WOODCREST AVE, LITITZ, PA 17543
Price: $282,000
Sq.Ft: 1,390
Beds/Baths: 3/1
$/Sq.Ft:
$20314.6%
Sale Date: 8/30/2024
204 E 6TH ST, LITITZ, PA 17543
Price: $437,000
Sq.Ft: 1,574
Beds/Baths: 3/2
$/Sq.Ft:
$27816.9%
Sale Date: 10/17/2024
18 S LOCUST ST, LITITZ, PA 17543
Price: $435,000
Sq.Ft: 1,513
Beds/Baths: 4/2
$/Sq.Ft:
$28821.0%
Sale Date: 10/29/2024
444 S BROAD ST, LITITZ, PA 17543
Price: $391,000
Sq.Ft: 1,390
Beds/Baths: 3/2
$/Sq.Ft:
$28118.4%
Sale Date: 8/24/2024
615 WOODCREST AVE, LITITZ, PA 17543
Price: $176,000
Sq.Ft:
Beds/Baths: /
$/Sq.Ft: N/A
Sale Date: 8/30/2024

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