1117 New Hope Rd · Waynesboro, VA 22980

$125,000

2 bd · 1.0 ba · 834 sqft · Other public records · 65 Days on market

Built 1930 6,534 sqft lot $150/sqft · 41% below area Est $211k · 41% under ↓ 10% since listing

---

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 +21.2/30.0
• ARV discount +15.0/15.0
• DSCR +6.8/10.0
• 1% rule +4.8/10.0
• 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

Listing remarks MLS

Opportunity awaits! This 2 Bedroom / 1 Bathroom home is ready for investors with a vision. Look at the possibilities with a fenced yard, rear parking available, and possible 3rd bedroom. Home sold as-is, where-is. May not qualify for all types of financing.

Key facts

• 6,534 sq ft lot
• Built 1930
• Listed 65 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath other listed at $125k.

Deal economics

• At list price, monthly cash flow is $181 ($2k/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 $123k (1.8% below list).
• Recommended offer: $118k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.0% 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); 304 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; 138 units permitted in Waynesboro city in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $864 of loan paydown is wiped out by about $4k 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 $35k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 65 days — a 6% lower offer ($118k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $117,500 (6.0% below list)

Questions for the listing agent

1. It's been on market 65 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 0.98% ✗
• Cap rate: 8.03%
• Cash-on-cash: 6.21%
• DSCR: 1.28
• GRM: 8.5

CMA / ARV

• ARV (median comp): $210,803
• List price: $125,000
• Delta: -40.70%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -1.6%
• Equity multiple: 0.94×
• Total profit: $-2,253
• Equity at exit: $18,638

10-year hold

• IRR: 12.5%
• Equity multiple: 2.21×
• Total profit: $42,321
• Equity at exit: $10,808

Cash invested: $35,000 (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: 8.5×

Monthly cashflow live

• Estimated rent: $1,228 medium
• Mortgage (P&I): −$656
• Tax from tax record: −$81 /mo · $974/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$258
• Net cashflow: $181

Break-even live

Break-even rent $998

Max offer price $125,000

Occupancy floor 80%

Sensitivity live

Price	-10% $252	-5% $217	+0% $181	+5% $146	+10% $110
Rent	-10% $84	-5% $133	+0% $181	+5% $230	+10% $278
Rate	-1.0pp $244	-0.5pp $213	base $181	+0.5pp $149	+1.0pp $116

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
600 E Main St Unit 6-2 Waynesboro, VA	2.0	1.0	800	$1,299	$1.62	44d	1	0.93mi
280 N Commerce Ave Waynesboro, VA	1.0–2.0	1.0	775	$975	$1.26	44d	1	1.00mi
605 Hamlet Ave Unit I Waynesboro, VA	2.0	1.5	1050	$1,200	$1.14	44d	1	1.44mi

Listing history 11 events

1. 2026-06-13
   statusdays on market $125,000 Pending 65 DOM
2. 2026-06-10
   days on market $125,000 Active 64 DOM
3. 2026-06-09
   days on market $125,000 Active 63 DOM
4. 2026-06-08
   days on market $125,000 Active 62 DOM
5. 2026-06-07
   days on market $125,000 Active 61 DOM
6. 2026-06-02
   days on market $125,000 Active 56 DOM
7. 2026-06-01
   days on market $125,000 Active 55 DOM
8. 2026-05-31
   days on market $125,000 Active 54 DOM
9. 2026-05-30
   days on market $125,000 Active 53 DOM
10. 2026-05-15
    price $125,000 257-char remark

    Show marketing remark (257 chars)

    Opportunity awaits! This 2 Bedroom / 1 Bathroom home is ready for investors with a vision. Look at the possibilities with a fenced yard, rear parking available, and possible 3rd bedroom. Home sold as-is, where-is. May not qualify for all types of financing.

11. 2026-04-07
    listed $139,000 Active 257-char remark

    Show marketing remark (257 chars)

    Opportunity awaits! This 2 Bedroom / 1 Bathroom home is ready for investors with a vision. Look at the possibilities with a fenced yard, rear parking available, and possible 3rd bedroom. Home sold as-is, where-is. May not qualify for all types of financing.

ⓘ 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: $974 · $81/mo
• Projected year-2 tax: $1,025 · $85/mo
• Expected delta: +$51/yr (+$4/mo · 5.2%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 74% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥100°F today · 19 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: $14,734
• − Mortgage interest: −$7,002
• − Property taxes: −$974
• − Insurance: −$625
• − Repairs & maintenance: −$1,179
• − Management: −$1,179
• − Depreciation: −$3,636
• Taxable income: $139
• Est. tax owed @ 24.0%: −$33
• After-tax cash flow: $2,141/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

-10.1% since first listed

2 events — show timeline

• 2026-05-15 Price Changed $125,000 GAAR
• 2026-04-07 Listed $139,000 GAAR

Property tax history

+7.4%/yr

Latest (2025): $974 · +28.3% YoY. Source: county tax records.