211 Fourth St W

Waynesboro, PA 17268

$144,500D

2 bd · 1.0 ba · 1,212 sqft · Built 1908 · Other · Active · 37 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,212/mo
• Mortgage (P&I): −$758
• Tax + insurance: −$138
• HOA: −$0
• Vac / Maint / Mgmt: −$255
• Net cashflow: $61/mo
• Annual: $736/yr
• Cap rate: 6.80%
• Cash-on-cash: 1.82%
• DSCR: 1.08
• 1% rule: 0.84%
• Cash to close: $40,460

Investor read

• This is a 2-bed/1.0-bath other listed at $144k.
• At list price, monthly cash flow is $61 ($736/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $121k (16.1% below list).
• It's been on market 37 days — a 3% lower offer ($140k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $121k (16.1% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $999 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 78/100 on livability (#280 in PA, #2,482 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D, commute F.
• Waynesboro Area SD (town): math 36% / reading 52% proficiency, ranked #283 of 539 in PA (top 52%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1908 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 230 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 633 units permitted in Franklin County in 2024 (112 in 5+ unit buildings).
• 12 sale attempts since 11y ago; this cycle's ask is 15111% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $110k; 31% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Climate carrying-cost: extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.8% vs local median 3.8% in Waynesboro — 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.

Questions for listing agent

• It's been on market 37 days. Have you received any prior offers? Is the seller open to a 16% concession, seller financing, or rate buy-down credit?
• Built in 1908 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.
• 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.
• 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.