346 Port Republic Rd · Waynesboro, VA 22980

$219,000

3 bd · 1.0 ba · 1,274 sqft · Other public records · 23 Days on market

Built 1939 6,098 sqft lot

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Why this score? — see what drove the D+ 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 +15.2/30.0
• ARV discount +7.5/15.0
• DSCR +4.7/10.0
• Rent growth +4.7/5.0
• Schools +3.9/10.0
• Livability +3.7/5.0
• 1% rule +3.3/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Nice and cozy brick home that's awaiting your creative ideas for upgrades to make it your home or potential smart investment. Located in the historical neighborhood of Waynesboro known as the "Hill" and the home of Rosenwald Community Center which is a very convenient location for shopping in downtown Waynesboro and also easy access to I64. Come on out and feed your curiosity by seeing if this is the right home for you!

Key facts

• Easy access to i64
• Brick home
• Convenient location

Tags

• BRICK HOME
• HISTORICAL NEIGHBORHOOD
• CONVENIENT LOCATION
• EASY ACCESS TO I64

Property features AI

Finance

• Other: Lot size about 0.14 acres; Total building area approximately 2,002 (includes finished and unfinished areas)

Exterior

• Security: Surveillance system
• Utilities: Cable available; Satellite internet available; Public sewer; Public water
• Home design: Detached single-family home; One and one-half stories; Above-grade finished and below-grade finished living areas
• Construction: Stick built construction; Block foundation; Built with a shingled roof
• Exterior features: Cable available; Satellite internet available; Public sewer; Public water

Interior

• Bathrooms: 1 full bathroom
• Heating & cooling: Natural gas heating; Window air conditioning units
• Interior features: Full basement; Surveillance system

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath other listed at $219k.

Deal economics

• At list price, monthly cash flow is $75 ($905/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 $182k (17.1% below list).
• Recommended offer: $182k (17.1% below list) — sets the bar for 1% rule.
• Cap rate 6.7% vs local median 3.3% 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 74/100 on livability (#155 in VA, #4,902 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A; Watch: employment D, commute F.
• Waynesboro City Public School District (urban): math 35% / reading 57% proficiency, ranked #108 of 131 in VA (top 82%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: William Perry Elementary (math 32% / reading 52%, grade F, #866 of 1,108 statewide, top 80%, 446 students, 85% FRL); Kate Collins Middle (math 28% / reading 57%, grade D-, #291 of 342 statewide, top 86%, 644 students, 86% FRL); Waynesboro High (math 47% / reading 72%, grade C+, #247 of 319 statewide, top 80%, 905 students, 87% FRL) — zoned schools average 86% FRL vs 50% district-wide (36 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+8.9%/yr); 304 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); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 138 units permitted in Waynesboro city in 2024 (0 in 5+ unit buildings).
• This rent runs 34% of the median local income ($64k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Waynesboro County population projected at +3% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 23 days — a 2% lower offer ($216k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1939 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $181,539 (17.1% below list)

Questions for the listing agent

1. Built in 1939 — 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. 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?
5. 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.
6. 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.
7. 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: 0.83% ✗
• Cap rate: 6.71%
• Cash-on-cash: 1.48%
• DSCR: 1.07
• GRM: 10.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -9.0%
• Equity multiple: 0.65×
• Total profit: $-21,158
• Equity at exit: $32,654

10-year hold

• IRR: 5.7%
• Equity multiple: 1.51×
• Total profit: $31,151
• Equity at exit: $18,935

Cash invested: $61,320 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 55 Moderately Landlord-Leaning
• State Virginia: 55 Moderately Landlord-Leaning · D+2
• County: — inherits STATE
• City: — inherits STATE

VRLTA gives some tenant protections; Northern Virginia courts slower; rural VA landlord-leaning.

Methodology + full state rankings →

ZIP-level market 22980

• Rents YoY: 8.9%
• Active inventory: 304
• Price-to-rent: 10.1×

Monthly cashflow live

• Estimated rent: $1,815 medium
• Mortgage (P&I): −$1,148
• Tax from tax record: −$119 /mo · $1,428/yr
• Insurance: −$91
• HOA: −$0
• Vacancy / Maint / Mgmt: −$381
• Net cashflow: $75

Break-even live

Break-even rent $1,720

Max offer price $219,000

Occupancy floor 91%

Sensitivity live

Price	-10% $199	-5% $137	+0% $75	+5% $13	+10% $-49
Rent	-10% $-68	-5% $4	+0% $75	+5% $147	+10% $219
Rate	-1.0pp $186	-0.5pp $131	base $75	+0.5pp $19	+1.0pp $-39

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: $54,750
• Closing costs: $6,570
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1048 Bridge Ave Waynesboro, VA	2.0	2.0	1400	$1,750	$1.25	45d	1	0.70mi
113 Oakshire Ct Waynesboro, VA	4.0	3.5	1851	$2,285	$1.23	45d	1	0.80mi
236 Willowshire Ct Waynesboro, VA	3.0	3.0	1851	$2,100	$1.13	45d	1	0.85mi
605 Hamlet Ave Unit I Waynesboro, VA	2.0	1.5	1050	$1,200	$1.14	45d	1	1.02mi

Listing history 16 events

1. 2026-06-21
   days on market $219,000 Active 23 DOM
2. 2026-06-19
   days on market $219,000 Active 21 DOM
3. 2026-06-18
   days on market $219,000 Active 20 DOM
4. 2026-06-17
   days on market $219,000 Active 19 DOM
5. 2026-06-16
   days on market $219,000 Active 18 DOM
6. 2026-06-15
   days on market $219,000 Active 17 DOM
7. 2026-06-14
   days on market $219,000 Active 15 DOM
8. 2026-06-13
   days on market $219,000 Active 14 DOM
9. 2026-06-10
   days on market $219,000 Active 12 DOM
10. 2026-06-09
    days on market $219,000 Active 11 DOM
11. 2026-06-08
    days on market $219,000 Active 10 DOM
12. 2026-06-07
    days on market $219,000 Active 9 DOM
13. 2026-06-02
    days on market $219,000 Active 4 DOM
14. 2026-06-01
    days on market $219,000 Active 3 DOM
15. 2026-05-31
    days on market $219,000 Active 2 DOM
16. 2026-05-29
    listed $219,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast VA · Resets to sale price

• Current annual tax: $1,428 · $119/mo
• Projected year-2 tax: $1,796 · $150/mo
• Expected delta: +$367/yr (+$31/mo · 25.7%)

ⓘ 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 2/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥99°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,785
• − Mortgage interest: −$12,267
• − Property taxes: −$1,428
• − Insurance: −$1,095
• − Repairs & maintenance: −$1,743
• − Management: −$1,743
• − Depreciation: −$6,371
• Taxable loss: −$2,863
• Est. tax savings @ 24.0%: +$687
• After-tax cash flow: $1,592/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 City Public School District
• NCES district ID: 5103930
• Math proficiency: 35% ▼ -36.00%
• Reading proficiency: 57% ▼ -10.00%
• Median HH income: $43,171
• Composite: 38.73/100
• National rank: #4131
• State rank: #108 of 131 in VA

Livability — Waynesboro

• Score: 74/100
• State rank: #155
• US rank: #4902

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Waynesboro, VA
• County: Waynesboro City · 32,965 people
• City population: 32,965
• Metro: Staunton, VA
• Population (ZIP): 32,965
• Household income: $63,943
• Rent vs Own: 31.2% rent · 68.8% own
• Severe rent burden: 858.0

Population outlook (Waynesboro County) Hauer SSP2

• Today (2025): 22,329 people
• By 2030: 22,567 · +1.1%
• By 2040: 22,947 · +2.8%
• By 2050: 23,061 · +3.3%
• By 2075: 22,739 · +1.8%
• By 2100: 21,058 · -5.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (77%)
• Race & ethnicity: White 77% Hispanic / Latino 9% Black 8% Two or more races 7% Asian 1%
• Hispanic origin (detail): Mexican 6% Puerto Rican 1%
• Common ancestry: Slovak 2% Italian 2% Serbian 2%
• Foreign-born: 5% · Canada, Vietnam
• Languages at home: 93% English-only · Spanish 5% Vietnamese 1% Other Indo-European 1%

Political lean MEDSL · Waynesboro

• 2024 margin: Lean R (+5.7) · D 46.5% · R 52.2% · Other 1.4%
• 2008→2024 swing: +4.6pp toward D · 2008: -10.3pp · 2024: -5.7pp
• All cycles: 2024: R+5.7 2020: R+5.1 2016: R+11.4 2012: R+10.9 2008: R+10.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -216.72%
• Current HPI: 183.3216
• Rent YoY: ▲ 8.88%
• Metro: Staunton, VA
• State GDP YoY: ▲ 2.40%
• F500 in state: 50

Industry mix (Fortune 500 HQ in VA)

Industry	F500 HQs	Revenue
▸Aerospace / Defense	4	$236B
▸Technology / Defense	3	$32B
▸Financial Services	2	$176B
▸Utilities	2	$27B
▸Insurance	2	$25B
▸Technology	2	$15B

Price history

1 event — show timeline

• 2026-05-29 Listed $219,000 CAAR

Property tax history

+8.2%/yr

Latest (2025): $1,428 · +42.0% YoY. Source: county tax records.