38 Cottage St · Waynesboro, PA 17268

$149,900

3 bd · 2.0 ba · 1,490 sqft · Other · 16 Days on market

Built 1940 5,227 sqft lot

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Why this score? — see what drove the C- 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 +21.3/30.0
• ARV discount +7.5/15.0
• DSCR +6.8/10.0
• 1% rule +6.3/10.0
• Livability +3.9/5.0
• Schools +3.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

3 BD 2 BA home with newer 2-car detached garage and concrete driveway. Fenced rear yard. Hardwood Floors, Built-in China Cabinets, and Wood-burning Fireplace! Den/library on first floor could be 4th bedroom.

Key facts

• Hardwood flooring
• Bright and sunny den
• Fenced backyard

Tags

• HARDWOOD FLOORING
• BRIGHT AND SUNNY DEN
• ORIGINAL STAIRS AND BANNISTER
• DECORATIVE ENTRYWAY
• FENCED BACKYARD
• DETACHED GARAGE

Property features AI

Finance

• Other: Fee simple ownership

Exterior

• Parking: Detached 2-car garage with front entry and garage door opener; Driveway with space for 2 cars; On-street parking available; Total of 4 garage/parking spaces
• Utilities: 100 Amp electrical service; Public water; Public sewer
• Home design: Detached property; Two levels; Main entrance faces east
• Construction: Combination of frame, block and masonry construction; Block foundation; Asphalt shingle pitched roof; Building not winterized; Estimated year built
• Exterior features: Gutter system; Sidewalks; Not in a federal flood zone; Above-grade and below-grade structures

Interior

• Bedrooms: Three bedrooms on the upper level
• Flooring: Hardwood floors
• Bathrooms: Two full bathrooms (one on main level, one on upper level)
• Heating & cooling: Radiator heat (oil-fired); Electric hot water
• Interior features: Dining area; Wood floors; Hardwood flooring; One fireplace; Full, unfinished basement with interior access

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath other listed at $150k.

Deal economics

• At list price, monthly cash flow is $220 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $148k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.1% 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.

Location & tenants

• 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.
• Market conditions: 230 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 633 units permitted in Franklin County in 2024 (112 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($148k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 12y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• 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.

Recommended offer $147,651 (1.5% below list)

Questions for the listing agent

1. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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.

Investment metrics

• 1% rule: 1.13% ✓
• Cap rate: 8.06%
• Cash-on-cash: 6.30%
• DSCR: 1.28
• GRM: 7.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -6.5%
• Equity multiple: 0.76×
• Total profit: $-10,177
• Equity at exit: $22,351

10-year hold

• IRR: 3.1%
• Equity multiple: 1.23×
• Total profit: $9,515
• Equity at exit: $12,961

Cash invested: $41,972 (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 17268

• Active inventory: 230
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $1,689 medium
• Mortgage (P&I): −$786
• Tax from tax record: −$265 /mo · $3,181/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$355
• Net cashflow: $220

Break-even live

Break-even rent $1,410

Max offer price $149,900

Occupancy floor 82%

Sensitivity live

Price	-10% $305	-5% $263	+0% $220	+5% $178	+10% $136
Rent	-10% $87	-5% $154	+0% $220	+5% $287	+10% $354
Rate	-1.0pp $296	-0.5pp $259	base $220	+0.5pp $182	+1.0pp $142

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: $37,475
• Closing costs: $4,497
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
228 Ridge Ave Waynesboro, PA	3.0	1.0	1300	$1,500	$1.15	44d	1	0.74mi
8820 Hillside Way Waynesboro, PA	3.0	2.5	1536	$2,100	$1.37	44d	1	1.02mi
13061-13121 Welty Rd Unit 18B Waynesboro, PA	3.0	1.5	1200	$1,300	$1.08	44d	1	1.31mi

Listing history 19 events

1. 2026-05-07
   listed $149,900 Active 799-char remark
2. 2017-10-02
   soldstatus $132,500 208-char remark

   Show marketing remark (208 chars)

   3 BD 2 BA home with newer 2-car detached garage and concrete driveway. Fenced rear yard. Hardwood Floors, Built-in China Cabinets, and Wood-burning Fireplace! Den/library on first floor could be 4th bedroom.

3. 2017-10-02
   soldstatus $132,500 Sold

   Show marketing remark (208 chars)

   3 BD 2 BA home with newer 2-car detached garage and concrete driveway. Fenced rear yard. Hardwood Floors, Built-in China Cabinets, and Wood-burning Fireplace! Den/library on first floor could be 4th bedroom.

4. 2017-08-05
   status Contract

   Show marketing remark (208 chars)

   3 BD 2 BA home with newer 2-car detached garage and concrete driveway. Fenced rear yard. Hardwood Floors, Built-in China Cabinets, and Wood-burning Fireplace! Den/library on first floor could be 4th bedroom.

5. 2017-07-18
   price $132,000

   Show marketing remark (208 chars)

   3 BD 2 BA home with newer 2-car detached garage and concrete driveway. Fenced rear yard. Hardwood Floors, Built-in China Cabinets, and Wood-burning Fireplace! Den/library on first floor could be 4th bedroom.

6. 2017-06-24
   price $134,900

   Show marketing remark (208 chars)

   3 BD 2 BA home with newer 2-car detached garage and concrete driveway. Fenced rear yard. Hardwood Floors, Built-in China Cabinets, and Wood-burning Fireplace! Den/library on first floor could be 4th bedroom.

7. 2017-05-30
   listed $139,900 Active

   Show marketing remark (208 chars)

   3 BD 2 BA home with newer 2-car detached garage and concrete driveway. Fenced rear yard. Hardwood Floors, Built-in China Cabinets, and Wood-burning Fireplace! Den/library on first floor could be 4th bedroom.

8. 2014-12-19
   soldstatus $109,900
9. 2014-10-04
   historical
10. 2014-10-03
    soldstatus $109,900 Sold
11. 2014-10-03
    soldstatus $109,900
12. 2014-09-04
    status Contract
13. 2014-08-19
    historical Contingent (Kick Out)
14. 2014-08-12
    historical
15. 2014-07-31
    price $109,900
16. 2014-06-17
    price $119,900
17. 2014-04-27
    price $129,900
18. 2014-04-12
    listed $139,900 Active
19. 2014-04-12
    listed $109,900

ⓘ 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: $3,181 · $265/mo
• Projected year-2 tax: $3,181 · $265/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 5/10 Major 7 d/yr ≥100°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 3% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,264
• − Mortgage interest: −$8,397
• − Property taxes: −$3,181
• − Insurance: −$750
• − Repairs & maintenance: −$1,621
• − Management: −$1,621
• − Depreciation: −$4,361
• Taxable income: $334
• Est. tax owed @ 24.0%: −$80
• After-tax cash flow: $2,565/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: Waynesboro Area SD
• NCES district ID: 4225110
• Math proficiency: 36% ▼ -15.00%
• Reading proficiency: 52% ▼ -15.00%
• Median HH income: $50,445
• Composite: 37.79/100
• National rank: #4342
• State rank: #283 of 539 in PA

Livability — Waynesboro

• Score: 78/100
• State rank: #280
• US rank: #2482

Category grades

Amenities B Commute F Cost of living A+ Crime A Employment D Housing A+ Health & safety A+ User ratings B-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Waynesboro, PA
• County: Franklin County · 56,916 people
• City population: 29,362
• Metro: Chambersburg-Waynesboro, PA
• Population (ZIP): 29,362
• Household income: $73,161
• Rent vs Own: 28.8% rent · 71.2% own
• Severe rent burden: 539.0

Population outlook (Franklin County) Hauer SSP2

• Today (2025): 157,827 people
• By 2030: 158,933 · +0.7%
• By 2040: 159,060 · +0.8%
• By 2050: 155,132 · -1.7%
• By 2075: 138,545 · -12.2%
• By 2100: 112,321 · -28.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Hispanic / Latino 7% Two or more races 6% Black 3%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3%
• Common ancestry: Lithuanian 3% Romanian 2% Slovak 2%
• Foreign-born: 3% · Canada
• Languages at home: 95% English-only · Spanish 4%

Political lean MEDSL · Franklin

• 2024 margin: Solid R (+43.0) · D 28.1% · R 71.1%
• 2008→2024 swing: -10.4pp toward R · 2008: -32.6pp · 2024: -43.0pp
• All cycles: 2024: R+43.0 2020: R+43.1 2016: R+46.5 2012: R+38.5 2008: R+32.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -113.20%
• Current HPI: 189.6931
• Rent YoY: —
• Metro: Chambersburg-Waynesboro, 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

+27.4% since first listed

22 events — show timeline

• 2026-06-05 Sold (MLS) $140,000 BRIGHT MLS
• 2026-05-28 Pending — BRIGHT MLS
• 2026-05-23 Contingent — BRIGHT MLS
• 2026-05-07 Listed $149,900 BRIGHT MLS
• 2017-10-02 Sold (MLS) $132,500 MRIS
• 2017-10-02 Sold (MLS) $132,500 BRIGHT MLS
• 2017-08-05 Pending — MRIS
• 2017-07-18 Price Changed $132,000 MRIS
• 2017-06-24 Price Changed $134,900 MRIS
• 2017-05-30 Listed $139,900 MRIS
• 2014-12-19 Sold (Public Records) $109,900 Public Records
• 2014-10-04 Delisted — MRIS
• 2014-10-03 Sold (MLS) $109,900 BRIGHT MLS
• 2014-10-03 Sold (MLS) $109,900 MRIS
• 2014-09-04 Pending — MRIS
• 2014-08-19 Contingent — MRIS
• 2014-08-12 Listing Removed — BRIGHT MLS
• 2014-07-31 Price Changed $109,900 MRIS
• 2014-06-17 Price Changed $119,900 MRIS
• 2014-04-27 Price Changed $129,900 MRIS
• 2014-04-12 Listed $139,900 MRIS
• 2014-04-12 Listed $109,900 BRIGHT MLS

Property tax history

+10.1%/yr

Latest (2026): $3,181 · +0.0% YoY. Source: county tax records.