216 Lehman St, Lebanon, PA 17046

Property Description

Looking for your first rental or a solid addition to your portfolio? 216 Lehman St is a fully occupied two-unit property with tenants already in place, so you collect rent from day one. The upper unit is a 2-bedroom rented at $950/month, and the lower unit is a 1-bedroom rented at $850/month, for $1,800/month and $21,600 a year in gross scheduled income. Each unit has its own gas meter, its own gas furnace, and its own gas water heater. Tenants pay their own heat and hot water, and you won’t have one system carrying two units or a shared gas bill to split. If something needs repair or replacement, it affects one unit instead of the whole building. The landlord covers water, sewer, and trash. Utility costs are predictable, and the bundled utilities make the units easier to rent and keep filled. Current rents sit at or below what similar units on Lehman Street are asking, which leaves room to raise rents as leases renew. With a 2-bed and a 1-bed under one roof, the property draws two different tenant pools, which helps limit vacancy risk. It’s also a straightforward setup for a new investor learning the landlord side, or a house-hacker who wants to live in one unit while the other helps pay the mortgage. Located in the city of Lebanon, close to downtown, shopping, and major routes toward Hershey, Harrisburg, and Lancaster. This is a great addition to your portfolio, or a great way to start one!