600 East Main St · Waynesboro, VA 22980

$824,900

10 bd · 7.0 ba · 5,618 sqft · MultiFamily public records · 269 Days on market

Built 1911 10,454 sqft lot $147/sqft · at area comps Est $802k · at est.

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Why this score? — see what drove the B- 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 +27.9/30.0
• DSCR +9.8/10.0
• 1% rule +6.8/10.0
• ARV discount +6.2/15.0
• Rent growth +4.7/5.0
• Schools +3.9/10.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 8 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Exceptional investment opportunity—this 8-unit multifamily property delivers strong income performance with a 10% cap rate. Recent appraisal of $910,000 Positioned on a high-visibility corner, the building features a well-balanced unit mix of 2 studios, 3 one-bedroom units, and 3 two-bedroom units, appealing to a wide range of tenants. The property offers updated interiors, a large paved parking area, and separately metered utilities for streamlined management and reduced owner expenses. Its prominent location ensures excellent traffic exposure, contributing to consistent demand and stable occupancy. Located just minutes from Downtown Waynesboro, the 250 Greenway, Basic City Brewery, Happ Coffee Roasters, and popular local amenities, this property attracts tenants seeking convenience and walkability. Quick access to Interstate 64 further enhances renter appeal. A rare chance to acquire a turnkey, income-producing multifamily property with proven performance and strong future potential.

Key facts

• Investment property
• High traffic
• Fully occupied

Tags

• INVESTMENT PROPERTY
• FULLY OCCUPIED
• LARGE PAVED PARKING AREA
• UPDATED ACCOMMODATIONS
• EXCELLENT STREET VISIBILITY
• HIGH TRAFFIC

What this means for you Summary

Snapshot

• This is a 2×2bd/1ba + 6×1bd/1ba units multifamily listed at $825k.

Deal economics

• At list price, monthly cash flow is $3k ($30k/yr) — positive. Per door: $316/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($10k rent vs $825k).
• Recommended offer: $726k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.0% 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.
• Market conditions: Rents rising fast (+8.9%/yr); 302 active listings in the ZIP; 138 units permitted in Waynesboro city in 2024 (0 in 5+ unit buildings).
• At $9,740/mo this rent would consume 183% of the median local household income ($64k/yr) (locally 858% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $6k of loan paydown is wiped out by about $25k 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.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $231k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 269 days — a 12% lower offer ($726k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 20y ago; this cycle's ask has dropped $85k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $251k; list at $825k implies a 229% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1911 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $725,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 269 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1911 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.18% ✓
• Cap rate: 9.97%
• Cash-on-cash: 13.14%
• DSCR: 1.58
• GRM: 7.1

CMA / ARV

• ARV (median comp): $801,694
• List price: $824,900
• Delta: 2.89%
• Verdict: FAIR
• Comps: 2 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 8.2%
• Equity multiple: 1.34×
• Total profit: $78,734
• Equity at exit: $122,995

10-year hold

• IRR: 21.2%
• Equity multiple: 3.21×
• Total profit: $509,556
• Equity at exit: $71,322

Cash invested: $230,972 (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: 302
• Price-to-rent: 54.1×

Monthly cashflow live

• Estimated rent: $9,740 medium
• Mortgage (P&I): −$4,326
• Tax from tax record: −$495 /mo · $5,945/yr
• Insurance: −$344
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,045
• Net cashflow: $2,530

Break-even live

Break-even rent $6,538

Max offer price $824,900

Occupancy floor 69%

8-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,540
▸ 6× units	1	1	$7,200
Total (8 units)			$9,740

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: $206,225
• Closing costs: $24,747
• Reserves months: —
• Total cash needed: —

Listing history 29 events

1. 2026-06-19
   days on market $824,900 Active 269 DOM
2. 2026-06-18
   days on market $824,900 Active 268 DOM
3. 2026-06-17
   days on market $824,900 Active 267 DOM
4. 2026-06-16
   days on market $824,900 Active 266 DOM
5. 2026-06-15
   days on market $824,900 Active 265 DOM
6. 2026-06-14
   days on market $824,900 Active 263 DOM
7. 2026-06-13
   days on market $824,900 Active 262 DOM
8. 2026-06-10
   days on market $824,900 Active 260 DOM
9. 2026-06-09
   days on market $824,900 Active 259 DOM
10. 2026-06-08
    days on market $824,900 Active 258 DOM
11. 2026-06-07
    days on market $824,900 Active 257 DOM
12. 2026-06-02
    days on market $824,900 Active 252 DOM
13. 2026-06-01
    days on market $824,900 Active 251 DOM
14. 2026-05-31
    days on market $824,900 Active 250 DOM
15. 2026-05-30
    days on market $824,900 Active 249 DOM
16. 2026-05-17
    price $824,900 1006-char remark

    Show marketing remark (1006 chars)

    Exceptional investment opportunity—this 8-unit multifamily property delivers strong income performance with a 10% cap rate. Recent appraisal of $910,000 Positioned on a high-visibility corner, the building features a well-balanced unit mix of 2 studios, 3 one-bedroom units, and 3 two-bedroom units, appealing to a wide range of tenants. The property offers updated interiors, a large paved parking area, and separately metered utilities for streamlined management and reduced owner expenses. Its prominent location ensures excellent traffic exposure, contributing to consistent demand and stable occupancy. Located just minutes from Downtown Waynesboro, the 250 Greenway, Basic City Brewery, Happ Coffee Roasters, and popular local amenities, this property attracts tenants seeking convenience and walkability. Quick access to Interstate 64 further enhances renter appeal. A rare chance to acquire a turnkey, income-producing multifamily property with proven performance and strong future potential.

17. 2026-04-05
    price $834,900 1006-char remark

    Show marketing remark (1006 chars)

    Exceptional investment opportunity—this 8-unit multifamily property delivers strong income performance with a 10% cap rate. Recent appraisal of $910,000 Positioned on a high-visibility corner, the building features a well-balanced unit mix of 2 studios, 3 one-bedroom units, and 3 two-bedroom units, appealing to a wide range of tenants. The property offers updated interiors, a large paved parking area, and separately metered utilities for streamlined management and reduced owner expenses. Its prominent location ensures excellent traffic exposure, contributing to consistent demand and stable occupancy. Located just minutes from Downtown Waynesboro, the 250 Greenway, Basic City Brewery, Happ Coffee Roasters, and popular local amenities, this property attracts tenants seeking convenience and walkability. Quick access to Interstate 64 further enhances renter appeal. A rare chance to acquire a turnkey, income-producing multifamily property with proven performance and strong future potential.

18. 2026-03-25
    price $839,900 1006-char remark

    Show marketing remark (1006 chars)

    Exceptional investment opportunity—this 8-unit multifamily property delivers strong income performance with a 10% cap rate. Recent appraisal of $910,000 Positioned on a high-visibility corner, the building features a well-balanced unit mix of 2 studios, 3 one-bedroom units, and 3 two-bedroom units, appealing to a wide range of tenants. The property offers updated interiors, a large paved parking area, and separately metered utilities for streamlined management and reduced owner expenses. Its prominent location ensures excellent traffic exposure, contributing to consistent demand and stable occupancy. Located just minutes from Downtown Waynesboro, the 250 Greenway, Basic City Brewery, Happ Coffee Roasters, and popular local amenities, this property attracts tenants seeking convenience and walkability. Quick access to Interstate 64 further enhances renter appeal. A rare chance to acquire a turnkey, income-producing multifamily property with proven performance and strong future potential.

19. 2026-02-15
    price $845,000 1006-char remark

    Show marketing remark (1006 chars)

    Exceptional investment opportunity—this 8-unit multifamily property delivers strong income performance with a 10% cap rate. Recent appraisal of $910,000 Positioned on a high-visibility corner, the building features a well-balanced unit mix of 2 studios, 3 one-bedroom units, and 3 two-bedroom units, appealing to a wide range of tenants. The property offers updated interiors, a large paved parking area, and separately metered utilities for streamlined management and reduced owner expenses. Its prominent location ensures excellent traffic exposure, contributing to consistent demand and stable occupancy. Located just minutes from Downtown Waynesboro, the 250 Greenway, Basic City Brewery, Happ Coffee Roasters, and popular local amenities, this property attracts tenants seeking convenience and walkability. Quick access to Interstate 64 further enhances renter appeal. A rare chance to acquire a turnkey, income-producing multifamily property with proven performance and strong future potential.

20. 2026-01-23
    price $869,000 1006-char remark

    Show marketing remark (1006 chars)

    Exceptional investment opportunity—this 8-unit multifamily property delivers strong income performance with a 10% cap rate. Recent appraisal of $910,000 Positioned on a high-visibility corner, the building features a well-balanced unit mix of 2 studios, 3 one-bedroom units, and 3 two-bedroom units, appealing to a wide range of tenants. The property offers updated interiors, a large paved parking area, and separately metered utilities for streamlined management and reduced owner expenses. Its prominent location ensures excellent traffic exposure, contributing to consistent demand and stable occupancy. Located just minutes from Downtown Waynesboro, the 250 Greenway, Basic City Brewery, Happ Coffee Roasters, and popular local amenities, this property attracts tenants seeking convenience and walkability. Quick access to Interstate 64 further enhances renter appeal. A rare chance to acquire a turnkey, income-producing multifamily property with proven performance and strong future potential.

21. 2025-10-20
    price $889,000 1006-char remark

    Show marketing remark (1006 chars)

    Exceptional investment opportunity—this 8-unit multifamily property delivers strong income performance with a 10% cap rate. Recent appraisal of $910,000 Positioned on a high-visibility corner, the building features a well-balanced unit mix of 2 studios, 3 one-bedroom units, and 3 two-bedroom units, appealing to a wide range of tenants. The property offers updated interiors, a large paved parking area, and separately metered utilities for streamlined management and reduced owner expenses. Its prominent location ensures excellent traffic exposure, contributing to consistent demand and stable occupancy. Located just minutes from Downtown Waynesboro, the 250 Greenway, Basic City Brewery, Happ Coffee Roasters, and popular local amenities, this property attracts tenants seeking convenience and walkability. Quick access to Interstate 64 further enhances renter appeal. A rare chance to acquire a turnkey, income-producing multifamily property with proven performance and strong future potential.

22. 2025-09-23
    listed $910,000 Active 1006-char remark

    Show marketing remark (1006 chars)

    Exceptional investment opportunity—this 8-unit multifamily property delivers strong income performance with a 10% cap rate. Recent appraisal of $910,000 Positioned on a high-visibility corner, the building features a well-balanced unit mix of 2 studios, 3 one-bedroom units, and 3 two-bedroom units, appealing to a wide range of tenants. The property offers updated interiors, a large paved parking area, and separately metered utilities for streamlined management and reduced owner expenses. Its prominent location ensures excellent traffic exposure, contributing to consistent demand and stable occupancy. Located just minutes from Downtown Waynesboro, the 250 Greenway, Basic City Brewery, Happ Coffee Roasters, and popular local amenities, this property attracts tenants seeking convenience and walkability. Quick access to Interstate 64 further enhances renter appeal. A rare chance to acquire a turnkey, income-producing multifamily property with proven performance and strong future potential.

23. 2025-05-30
    status Active
24. 2025-05-30
    historical
25. 2024-11-05
    listed $995,000 Active
26. 2017-02-16
    soldstatus $250,745
27. 2016-01-04
    listed $289,500
28. 2006-08-24
    soldstatus $360,000
29. 2006-02-21
    listed $395,000

ⓘ 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: $5,945 · $495/mo
• Projected year-2 tax: $6,764 · $564/mo
• Expected delta: +$819/yr (+$68/mo · 13.8%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $116,880
• − Mortgage interest: −$46,207
• − Property taxes: −$5,945
• − Insurance: −$4,124
• − Repairs & maintenance: −$9,350
• − Management: −$9,350
• − Depreciation: −$23,997
• Taxable income: $17,905
• Est. tax owed @ 24.0%: −$4,297
• After-tax cash flow: $26,058/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

+108.8% since first listed

14 events — show timeline

• 2026-05-17 Price Changed $824,900 HRAR
• 2026-04-05 Price Changed $834,900 HRAR
• 2026-03-25 Price Changed $839,900 HRAR
• 2026-02-15 Price Changed $845,000 HRAR
• 2026-01-23 Price Changed $869,000 HRAR
• 2025-10-20 Price Changed $889,000 HRAR
• 2025-09-23 Listed $910,000 HRAR
• 2025-05-30 Relisted — HRAR
• 2025-05-30 Delisted — HRAR
• 2024-11-05 Listed $995,000 HRAR
• 2017-02-16 Sold (MLS) $250,745 GAAR
• 2016-01-04 Listed $289,500 GAAR
• 2006-08-24 Sold (MLS) $360,000 GAAR
• 2006-02-21 Listed $395,000 GAAR

Property tax history

+8.8%/yr

Latest (2025): $5,945 · +154.1% YoY. Source: county tax records.